# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001193125-26-206359
**Filing Date:** 2026-5
**Character Count:** 1048957
**Document Hash:** b9cb55e10a4824675ee59c66e61a46e9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-206359.hdr.sgml**: 20260505

**ACCESSION NUMBER**: 0001193125-26-206359

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260505

**DATE AS OF CHANGE**: 20260505

**EFFECTIVENESS DATE**: 20260505

**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:** 26942978

**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 Equity Fund (Series ID: S000009315)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025453 | Institutional   | GSPIX           |
| C000025454 | Service         | GSPSX           |
| C000025455 | Class A         | GSCGX           |
| C000025457 | Class C         | GSPCX           |
| C000055743 | Class R         | GSPRX           |
| C000055744 | Investor Shares | GSPTX           |
| C000159652 | Class R6 Shares | GSPUX           |
| C000201801 | Class P Shares  | GGGPX           |

### Goldman Sachs Equity Income Fund (Series ID: S000009316)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025459 | Institutional   | GSIIX           |
| C000025460 | Service         | GSGSX           |
| C000025461 | Class A         | GSGRX           |
| C000025463 | Class C         | GSGCX           |
| C000055745 | Class R         | GRGRX           |
| C000055746 | Investor Shares | GRGTX           |
| C000159653 | Class R6 Shares | GRGUX           |
| C000201802 | Class P Shares  | GABPX           |

### Goldman Sachs Large Cap Value Fund (Series ID: S000009317)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025465 | Institutional   | GSLIX           |
| C000025466 | Service         | GSVSX           |
| C000025467 | Class A         | GSLAX           |
| C000025469 | Class C         | GSVCX           |
| C000055747 | Class R         | GSVRX           |
| C000055748 | Investor Shares | GSVTX           |
| C000159654 | Class R6 Shares | GSVUX           |
| C000201803 | Class P Shares  | GMYPX           |

### Goldman Sachs Mid Cap Value Fund (Series ID: S000009320)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025483 | Institutional   | GSMCX           |
| C000025484 | Service         | GSMSX           |
| C000025485 | Class A         | GCMAX           |
| C000025487 | Class C         | GCMCX           |
| C000055751 | Investor Shares | GCMTX           |
| C000055752 | Class R         | GCMRX           |
| C000159657 | Class R6 Shares | GCMUX           |
| C000201806 | Class P Shares  | GMPPX           |

### Goldman Sachs Mid Cap Growth Fund (Series ID: S000009321)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025489 | Institutional   | GGOIX           |
| C000025490 | Service         | GGOSX           |
| C000025491 | Class A         | GGOAX           |
| C000025493 | Class C         | GGOCX           |
| C000055753 | Class R         | GGORX           |
| C000055754 | Investor Shares | GGOTX           |
| C000161552 | Class R6 Shares | GGOUX           |
| C000200233 | Class P Shares  | GGQPX           |

### Goldman Sachs Small/Mid Cap Growth Fund (Series ID: S000009322)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025495 | Institutional   | GSMYX           |
| C000025496 | Service         | GSMQX           |
| C000025497 | Class A         | GSMAX           |
| C000025499 | Class C         | GSMGX           |
| C000055755 | Class R         | GTMRX           |
| C000055756 | Investor Shares | GTMTX           |
| C000161553 | Class R6 Shares | GTMUX           |
| C000200234 | Class P Shares  | GSWPX           |

### Goldman Sachs Small Cap Value Fund (Series ID: S000009323)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025501 | Institutional   | GSSIX           |
| C000025502 | Service         | GSSSX           |
| C000025503 | Class A         | GSSMX           |
| C000025505 | Class C         | GSSCX           |
| C000055757 | Class R         | GSQRX           |
| C000055758 | Investor Shares | GSQTX           |
| C000159658 | Class R6 Shares | GSSUX           |
| C000201807 | Class P Shares  | GSYPX           |

### Goldman Sachs Tax-Advantaged Global Equity Portfolio (Series ID: S000018302)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000050455 | Institutional   | TIGGX           |
| C000050456 | Class A         | TAGGX           |
| C000196982 | Class R6 Shares | TRGGX           |
| C000201702 | Class P Shares  | GSKPX           |

### Goldman Sachs Enhanced Dividend Global Equity Portfolio (Series ID: S000018303)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000050457 | Institutional   | GIDGX           |
| C000050458 | Class A         | GADGX           |
| C000196983 | Class R6 Shares | GRGDX           |
| C000201703 | Class P Shares  | GAFPX           |

### Goldman Sachs Small/Mid Cap Equity Fund (Series ID: S000044015)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000136623 | Class A         | GMVAX           |
| C000136624 | Class C         | GMVCX           |
| C000136625 | Institutional   | GSMVX           |
| C000136626 | Investor Shares | GMVIX           |
| C000136627 | Class R         | GMVRX           |
| C000161556 | Class R6 Shares | GMCUX           |
| C000201810 | Class P Shares  | GSVPX           |

### Goldman Sachs Small Cap Growth Fund (Series ID: S000061413)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000198881 | Class A Shares       | GSBDX           |
| C000198882 | Class C Shares       | GSBAX           |
| C000198883 | Institutional Shares | GSAJX           |
| C000198884 | Investor Shares      | GSAHX           |
| C000198886 | Class R6 Shares      | GSBEX           |
| C000205965 | Class P Shares       | GSADX           |

?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: August 31

#### Date of reporting period: February 28, 2026
ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders for the Goldman Sachs Large Cap Equity Fund, Goldman Sachs Mid Cap Growth Fund, Goldman Sachs Small Cap Growth Fund, Goldman Sachs Small/Mid Cap Growth Fund, Goldman Sachs Equity Income Fund, Goldman Sachs Large Cap Value Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Small Cap Value Fund, Goldman Sachs Small/Mid Cap Equity Fund, Goldman Sachs Enhanced Dividend Global Equity Portfolio, and Goldman Sachs Tax-Advantaged Global Equity Portfolio is filed herewith.

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Enhanced Dividend Global Equity Portfolio

# Class A: GADGX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Enhanced Dividend Global Equity Portfolio (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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.

### **Fund Allocation (%)** 

---

| | |
|:---|:---|
| Underlying Funds | 85.3% |
| Exchange-Traded Funds | 5.8% |
| Investment Company | 7.0% |

---

## 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 | $26 | 0.51%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$511,488,207

* # of Portfolio Holdings as of Period End18

* Portfolio Turnover Rate for the Period3%

* Total Net Advisory Fees Paid for the Period$334,874

Goldman Sachs Enhanced Dividend Global Equity Portfolio

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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Enhanced Dividend Global Equity Portfolio

38143H167-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Enhanced Dividend Global Equity Portfolio

# Institutional Class: GIDGX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Enhanced Dividend Global Equity Portfolio (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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.

### **Fund Allocation (%)** 

---

| | |
|:---|:---|
| Underlying Funds | 85.3% |
| Exchange-Traded Funds | 5.8% |
| Investment Company | 7.0% |

---

## 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 | $10 | 0.19%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$511,488,207

* # of Portfolio Holdings as of Period End18

* Portfolio Turnover Rate for the Period3%

* Total Net Advisory Fees Paid for the Period$334,874

Goldman Sachs Enhanced Dividend Global Equity Portfolio

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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Enhanced Dividend Global Equity Portfolio

38143H175-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Enhanced Dividend Global Equity Portfolio

# Class R6: GRGDX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Enhanced Dividend Global Equity Portfolio (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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.

### **Fund Allocation (%)** 

---

| | |
|:---|:---|
| Underlying Funds | 85.3% |
| Exchange-Traded Funds | 5.8% |
| Investment Company | 7.0% |

---

## 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 | $10 | 0.19%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$511,488,207

* # of Portfolio Holdings as of Period End18

* Portfolio Turnover Rate for the Period3%

* Total Net Advisory Fees Paid for the Period$334,874

Goldman Sachs Enhanced Dividend Global Equity Portfolio

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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Enhanced Dividend Global Equity Portfolio

38148U197-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Enhanced Dividend Global Equity Portfolio

# Class P: GAFPX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Enhanced Dividend Global Equity Portfolio (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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.

### **Fund Allocation (%)** 

---

| | |
|:---|:---|
| Underlying Funds | 85.3% |
| Exchange-Traded Funds | 5.8% |
| Investment Company | 7.0% |

---

## 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 | $9 | 0.18%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$511,488,207

* # of Portfolio Holdings as of Period End18

* Portfolio Turnover Rate for the Period3%

* Total Net Advisory Fees Paid for the Period$334,874

Goldman Sachs Enhanced Dividend Global Equity Portfolio

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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Enhanced Dividend Global Equity Portfolio

38150B830-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Tax-Advantaged Global Equity Portfolio

# Class A: TAGGX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Tax-Advantaged Global Equity Portfolio (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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.

### **Fund Allocation (%)** 

---

| | |
|:---|:---|
| Underlying Funds | 87.8% |
| Exchange-Traded Funds | 1.8% |
| Investment Company | 8.6% |

---

## 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 | $29 | 0.55%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$5,645,717,738

* # of Portfolio Holdings as of Period End17

* Portfolio Turnover Rate for the Period3%

* Total Net Advisory Fees Paid for the Period$3,666,074

Goldman Sachs Tax-Advantaged Global Equity Portfolio

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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Tax-Advantaged Global Equity Portfolio

38142B120-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Tax-Advantaged Global Equity Portfolio

# Institutional Class: TIGGX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Tax-Advantaged Global Equity Portfolio (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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.

### **Fund Allocation (%)** 

---

| | |
|:---|:---|
| Underlying Funds | 87.8% |
| Exchange-Traded Funds | 1.8% |
| Investment Company | 8.6% |

---

## 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 | $10 | 0.19%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$5,645,717,738

* # of Portfolio Holdings as of Period End17

* Portfolio Turnover Rate for the Period3%

* Total Net Advisory Fees Paid for the Period$3,666,074

Goldman Sachs Tax-Advantaged Global Equity Portfolio

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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Tax-Advantaged Global Equity Portfolio

38142B112-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Tax-Advantaged Global Equity Portfolio

# Class R6: TRGGX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Tax-Advantaged Global Equity Portfolio (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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.

### **Fund Allocation (%)** 

---

| | |
|:---|:---|
| Underlying Funds | 87.8% |
| Exchange-Traded Funds | 1.8% |
| Investment Company | 8.6% |

---

## 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 | $9 | 0.18%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$5,645,717,738

* # of Portfolio Holdings as of Period End17

* Portfolio Turnover Rate for the Period3%

* Total Net Advisory Fees Paid for the Period$3,666,074

Goldman Sachs Tax-Advantaged Global Equity Portfolio

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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Tax-Advantaged Global Equity Portfolio

38148U189-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Tax-Advantaged Global Equity Portfolio

# Class P: GSKPX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Tax-Advantaged Global Equity Portfolio (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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.

### **Fund Allocation (%)** 

---

| | |
|:---|:---|
| Underlying Funds | 87.8% |
| Exchange-Traded Funds | 1.8% |
| Investment Company | 8.6% |

---

## 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 | $9 | 0.18%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$5,645,717,738

* # of Portfolio Holdings as of Period End17

* Portfolio Turnover Rate for the Period3%

* Total Net Advisory Fees Paid for the Period$3,666,074

Goldman Sachs Tax-Advantaged Global Equity Portfolio

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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Tax-Advantaged Global Equity Portfolio

38150B236-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Large Cap Equity Fund

# Class A: GSCGX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Equity Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 30.9% |
| Financials | 12.7% |
| Industrials | 10.4% |
| Consumer Discretionary | 10.0% |
| Health Care | 9.4% |
| Communication Services | 9.3% |
| Consumer Staples | 4.9% |
| Energy | 3.7% |
| Materials | 3.1% |
| 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 | $51 | 1.00%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$1,459,854,834

* # of Portfolio Holdings as of Period End139

* Portfolio Turnover Rate for the Period35%

* Total Net Advisory Fees Paid for the Period$4,837,579

Goldman Sachs Large Cap 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Equity Fund

38141W638-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Large Cap Equity Fund

# Class C: GSPCX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Equity Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 30.9% |
| Financials | 12.7% |
| Industrials | 10.4% |
| Consumer Discretionary | 10.0% |
| Health Care | 9.4% |
| Communication Services | 9.3% |
| Consumer Staples | 4.9% |
| Energy | 3.7% |
| Materials | 3.1% |
| 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 | $89 | 1.75%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$1,459,854,834

* # of Portfolio Holdings as of Period End139

* Portfolio Turnover Rate for the Period35%

* Total Net Advisory Fees Paid for the Period$4,837,579

Goldman Sachs Large Cap 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Equity Fund

38142B344-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Large Cap Equity Fund

# Institutional Class: GSPIX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Equity Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 30.9% |
| Financials | 12.7% |
| Industrials | 10.4% |
| Consumer Discretionary | 10.0% |
| Health Care | 9.4% |
| Communication Services | 9.3% |
| Consumer Staples | 4.9% |
| Energy | 3.7% |
| Materials | 3.1% |
| 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 | $36 | 0.70%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$1,459,854,834

* # of Portfolio Holdings as of Period End139

* Portfolio Turnover Rate for the Period35%

* Total Net Advisory Fees Paid for the Period$4,837,579

Goldman Sachs Large Cap 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Equity Fund

38142B146-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Large Cap Equity Fund

# Service Class: GSPSX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Equity Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 30.9% |
| Financials | 12.7% |
| Industrials | 10.4% |
| Consumer Discretionary | 10.0% |
| Health Care | 9.4% |
| Communication Services | 9.3% |
| Consumer Staples | 4.9% |
| Energy | 3.7% |
| Materials | 3.1% |
| 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** |
| Service | $61 | 1.20%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$1,459,854,834

* # of Portfolio Holdings as of Period End139

* Portfolio Turnover Rate for the Period35%

* Total Net Advisory Fees Paid for the Period$4,837,579

Goldman Sachs Large Cap 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Equity Fund

38142B138-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Large Cap Equity Fund

# Investor Class: GSPTX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Equity Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 30.9% |
| Financials | 12.7% |
| Industrials | 10.4% |
| Consumer Discretionary | 10.0% |
| Health Care | 9.4% |
| Communication Services | 9.3% |
| Consumer Staples | 4.9% |
| Energy | 3.7% |
| Materials | 3.1% |
| 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 | $38 | 0.75%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$1,459,854,834

* # of Portfolio Holdings as of Period End139

* Portfolio Turnover Rate for the Period35%

* Total Net Advisory Fees Paid for the Period$4,837,579

Goldman Sachs Large Cap 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Equity Fund

38144N452-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Large Cap Equity Fund

# Class R6: GSPUX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Equity Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 30.9% |
| Financials | 12.7% |
| Industrials | 10.4% |
| Consumer Discretionary | 10.0% |
| Health Care | 9.4% |
| Communication Services | 9.3% |
| Consumer Staples | 4.9% |
| Energy | 3.7% |
| Materials | 3.1% |
| 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 | $35 | 0.69%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$1,459,854,834

* # of Portfolio Holdings as of Period End139

* Portfolio Turnover Rate for the Period35%

* Total Net Advisory Fees Paid for the Period$4,837,579

Goldman Sachs Large Cap 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Equity Fund

38147X390-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Large Cap Equity Fund

# Class R: GSPRX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Equity Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 30.9% |
| Financials | 12.7% |
| Industrials | 10.4% |
| Consumer Discretionary | 10.0% |
| Health Care | 9.4% |
| Communication Services | 9.3% |
| Consumer Staples | 4.9% |
| Energy | 3.7% |
| Materials | 3.1% |
| 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 | $63 | 1.25%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$1,459,854,834

* # of Portfolio Holdings as of Period End139

* Portfolio Turnover Rate for the Period35%

* Total Net Advisory Fees Paid for the Period$4,837,579

Goldman Sachs Large Cap 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Equity Fund

38144N460-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Large Cap Equity Fund

# Class P: GGGPX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Equity Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 30.9% |
| Financials | 12.7% |
| Industrials | 10.4% |
| Consumer Discretionary | 10.0% |
| Health Care | 9.4% |
| Communication Services | 9.3% |
| Consumer Staples | 4.9% |
| Energy | 3.7% |
| Materials | 3.1% |
| 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 | $35 | 0.69%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$1,459,854,834

* # of Portfolio Holdings as of Period End139

* Portfolio Turnover Rate for the Period35%

* Total Net Advisory Fees Paid for the Period$4,837,579

Goldman Sachs Large Cap 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Equity Fund

38150B608-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Mid Cap Growth Fund

# Class A: GGOAX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Mid Cap Growth Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 27.2% |
| Health Care | 18.4% |
| Consumer Discretionary | 17.7% |
| Information Technology | 15.9% |
| Communication Services | 5.6% |
| Materials | 3.7% |
| Consumer Staples | 3.2% |
| Utilities | 3.1% |
| Financials | 2.6% |
| Other | 2.6% |

---

## 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 | $58 | 1.15%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$980,388,893

* # of Portfolio Holdings as of Period End69

* Portfolio Turnover Rate for the Period46%

* Total Net Advisory Fees Paid for the Period$3,969,690

Goldman Sachs Mid Cap Growth 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Growth Fund

38142Y104-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Mid Cap Growth Fund

# Class C: GGOCX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Mid Cap Growth Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 27.2% |
| Health Care | 18.4% |
| Consumer Discretionary | 17.7% |
| Information Technology | 15.9% |
| Communication Services | 5.6% |
| Materials | 3.7% |
| Consumer Staples | 3.2% |
| Utilities | 3.1% |
| Financials | 2.6% |
| Other | 2.6% |

---

## 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 | $95 | 1.90%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$980,388,893

* # of Portfolio Holdings as of Period End69

* Portfolio Turnover Rate for the Period46%

* Total Net Advisory Fees Paid for the Period$3,969,690

Goldman Sachs Mid Cap Growth 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Growth Fund

38142Y302-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Mid Cap Growth Fund

# Institutional Class: GGOIX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Mid Cap Growth Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 27.2% |
| Health Care | 18.4% |
| Consumer Discretionary | 17.7% |
| Information Technology | 15.9% |
| Communication Services | 5.6% |
| Materials | 3.7% |
| Consumer Staples | 3.2% |
| Utilities | 3.1% |
| Financials | 2.6% |
| Other | 2.6% |

---

## 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 | $43 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$980,388,893

* # of Portfolio Holdings as of Period End69

* Portfolio Turnover Rate for the Period46%

* Total Net Advisory Fees Paid for the Period$3,969,690

Goldman Sachs Mid Cap Growth 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Growth Fund

38142Y401-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Mid Cap Growth Fund

# Service Class: GGOSX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Mid Cap Growth Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 27.2% |
| Health Care | 18.4% |
| Consumer Discretionary | 17.7% |
| Information Technology | 15.9% |
| Communication Services | 5.6% |
| Materials | 3.7% |
| Consumer Staples | 3.2% |
| Utilities | 3.1% |
| Financials | 2.6% |
| Other | 2.6% |

---

## 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 | $68 | 1.35%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$980,388,893

* # of Portfolio Holdings as of Period End69

* Portfolio Turnover Rate for the Period46%

* Total Net Advisory Fees Paid for the Period$3,969,690

Goldman Sachs Mid Cap Growth 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Growth Fund

38142Y500-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Mid Cap Growth Fund

# Investor Class: GGOTX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Mid Cap Growth Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 27.2% |
| Health Care | 18.4% |
| Consumer Discretionary | 17.7% |
| Information Technology | 15.9% |
| Communication Services | 5.6% |
| Materials | 3.7% |
| Consumer Staples | 3.2% |
| Utilities | 3.1% |
| Financials | 2.6% |
| Other | 2.6% |

---

## 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 | $45 | 0.90%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$980,388,893

* # of Portfolio Holdings as of Period End69

* Portfolio Turnover Rate for the Period46%

* Total Net Advisory Fees Paid for the Period$3,969,690

Goldman Sachs Mid Cap Growth 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Growth Fund

38144N346-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Mid Cap Growth Fund

# Class R6: GGOUX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Mid Cap Growth Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 27.2% |
| Health Care | 18.4% |
| Consumer Discretionary | 17.7% |
| Information Technology | 15.9% |
| Communication Services | 5.6% |
| Materials | 3.7% |
| Consumer Staples | 3.2% |
| Utilities | 3.1% |
| Financials | 2.6% |
| Other | 2.6% |

---

## 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 | $42 | 0.84%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$980,388,893

* # of Portfolio Holdings as of Period End69

* Portfolio Turnover Rate for the Period46%

* Total Net Advisory Fees Paid for the Period$3,969,690

Goldman Sachs Mid Cap Growth 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Growth Fund

38148U601-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Mid Cap Growth Fund

# Class R: GGORX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Mid Cap Growth Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 27.2% |
| Health Care | 18.4% |
| Consumer Discretionary | 17.7% |
| Information Technology | 15.9% |
| Communication Services | 5.6% |
| Materials | 3.7% |
| Consumer Staples | 3.2% |
| Utilities | 3.1% |
| Financials | 2.6% |
| Other | 2.6% |

---

## 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 | $70 | 1.40%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$980,388,893

* # of Portfolio Holdings as of Period End69

* Portfolio Turnover Rate for the Period46%

* Total Net Advisory Fees Paid for the Period$3,969,690

Goldman Sachs Mid Cap Growth 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Growth Fund

38144N353-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Mid Cap Growth Fund

# Class P: GGQPX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Mid Cap Growth Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 27.2% |
| Health Care | 18.4% |
| Consumer Discretionary | 17.7% |
| Information Technology | 15.9% |
| Communication Services | 5.6% |
| Materials | 3.7% |
| Consumer Staples | 3.2% |
| Utilities | 3.1% |
| Financials | 2.6% |
| Other | 2.6% |

---

## 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 | $42 | 0.84%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$980,388,893

* # of Portfolio Holdings as of Period End69

* Portfolio Turnover Rate for the Period46%

* Total Net Advisory Fees Paid for the Period$3,969,690

Goldman Sachs Mid Cap Growth 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Growth Fund

38150B699-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Small Cap Growth Fund

# Class A: GSBDX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Growth Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 28.6% |
| Information Technology | 24.1% |
| Health Care | 22.7% |
| Consumer Discretionary | 10.8% |
| Financials | 6.6% |
| Materials | 2.2% |
| Investment Company | 2.2% |
| Consumer Staples | 1.7% |
| Energy | 1.6% |

---

## 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 | $63 | 1.22%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$424,007,615

* # of Portfolio Holdings as of Period End114

* Portfolio Turnover Rate for the Period60%

* Total Net Advisory Fees Paid for the Period$1,647,239

Goldman Sachs Small Cap Growth 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Growth Fund

38145C182-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Small Cap Growth Fund

# Class C: GSBAX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Growth Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 28.6% |
| Information Technology | 24.1% |
| Health Care | 22.7% |
| Consumer Discretionary | 10.8% |
| Financials | 6.6% |
| Materials | 2.2% |
| Investment Company | 2.2% |
| Consumer Staples | 1.7% |
| Energy | 1.6% |

---

## 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 | $102 | 1.97%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$424,007,615

* # of Portfolio Holdings as of Period End114

* Portfolio Turnover Rate for the Period60%

* Total Net Advisory Fees Paid for the Period$1,647,239

Goldman Sachs Small Cap Growth 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Growth Fund

38145C174-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Small Cap Growth Fund

# Institutional Class: GSAJX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Growth Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 28.6% |
| Information Technology | 24.1% |
| Health Care | 22.7% |
| Consumer Discretionary | 10.8% |
| Financials | 6.6% |
| Materials | 2.2% |
| Investment Company | 2.2% |
| Consumer Staples | 1.7% |
| Energy | 1.6% |

---

## 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 | $47 | 0.91%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$424,007,615

* # of Portfolio Holdings as of Period End114

* Portfolio Turnover Rate for the Period60%

* Total Net Advisory Fees Paid for the Period$1,647,239

Goldman Sachs Small Cap Growth 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Growth Fund

38145C141-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Small Cap Growth Fund

# Investor Class: GSAHX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Growth Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 28.6% |
| Information Technology | 24.1% |
| Health Care | 22.7% |
| Consumer Discretionary | 10.8% |
| Financials | 6.6% |
| Materials | 2.2% |
| Investment Company | 2.2% |
| Consumer Staples | 1.7% |
| Energy | 1.6% |

---

## 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 | $50 | 0.97%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$424,007,615

* # of Portfolio Holdings as of Period End114

* Portfolio Turnover Rate for the Period60%

* Total Net Advisory Fees Paid for the Period$1,647,239

Goldman Sachs Small Cap Growth 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Growth Fund

38145C133-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Small Cap Growth Fund

# Class R6: GSBEX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Growth Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 28.6% |
| Information Technology | 24.1% |
| Health Care | 22.7% |
| Consumer Discretionary | 10.8% |
| Financials | 6.6% |
| Materials | 2.2% |
| Investment Company | 2.2% |
| Consumer Staples | 1.7% |
| Energy | 1.6% |

---

## 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 | $47 | 0.90%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$424,007,615

* # of Portfolio Holdings as of Period End114

* Portfolio Turnover Rate for the Period60%

* Total Net Advisory Fees Paid for the Period$1,647,239

Goldman Sachs Small Cap Growth 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Growth Fund

38145C158-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Small Cap Growth Fund

# Class P: GSADX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Growth Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 28.6% |
| Information Technology | 24.1% |
| Health Care | 22.7% |
| Consumer Discretionary | 10.8% |
| Financials | 6.6% |
| Materials | 2.2% |
| Investment Company | 2.2% |
| Consumer Staples | 1.7% |
| Energy | 1.6% |

---

## 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 | $47 | 0.90%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$424,007,615

* # of Portfolio Holdings as of Period End114

* Portfolio Turnover Rate for the Period60%

* Total Net Advisory Fees Paid for the Period$1,647,239

Goldman Sachs Small Cap Growth 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Growth Fund

38145C125-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Small/Mid Cap Growth Fund

# Class A: GSMAX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Growth Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 29.8% |
| Information Technology | 25.2% |
| Health Care | 20.6% |
| Consumer Discretionary | 15.0% |
| Financials | 5.5% |
| Investment Company | 1.7% |
| Materials | 1.4% |
| Energy | 0.9% |
| Consumer Staples | 0.7% |

---

## 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 | $65 | 1.25%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$1,224,503,757

* # of Portfolio Holdings as of Period End102

* Portfolio Turnover Rate for the Period66%

* Total Net Advisory Fees Paid for the Period$5,529,836

Goldman Sachs Small/Mid Cap Growth 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Growth Fund

38143H779-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Small/Mid Cap Growth Fund

# Class C: GSMGX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Growth Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 29.8% |
| Information Technology | 25.2% |
| Health Care | 20.6% |
| Consumer Discretionary | 15.0% |
| Financials | 5.5% |
| Investment Company | 1.7% |
| Materials | 1.4% |
| Energy | 0.9% |
| Consumer Staples | 0.7% |

---

## 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 | 2.00%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$1,224,503,757

* # of Portfolio Holdings as of Period End102

* Portfolio Turnover Rate for the Period66%

* Total Net Advisory Fees Paid for the Period$5,529,836

Goldman Sachs Small/Mid Cap Growth 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Growth Fund

38143H753-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Small/Mid Cap Growth Fund

# Institutional Class: GSMYX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Growth Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 29.8% |
| Information Technology | 25.2% |
| Health Care | 20.6% |
| Consumer Discretionary | 15.0% |
| Financials | 5.5% |
| Investment Company | 1.7% |
| Materials | 1.4% |
| Energy | 0.9% |
| Consumer Staples | 0.7% |

---

## 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 | $49 | 0.93%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$1,224,503,757

* # of Portfolio Holdings as of Period End102

* Portfolio Turnover Rate for the Period66%

* Total Net Advisory Fees Paid for the Period$5,529,836

Goldman Sachs Small/Mid Cap Growth 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Growth Fund

38143H746-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Small/Mid Cap Growth Fund

# Service Class: GSMQX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Growth Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 29.8% |
| Information Technology | 25.2% |
| Health Care | 20.6% |
| Consumer Discretionary | 15.0% |
| Financials | 5.5% |
| Investment Company | 1.7% |
| Materials | 1.4% |
| Energy | 0.9% |
| Consumer Staples | 0.7% |

---

## 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 | $75 | 1.43%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$1,224,503,757

* # of Portfolio Holdings as of Period End102

* Portfolio Turnover Rate for the Period66%

* Total Net Advisory Fees Paid for the Period$5,529,836

Goldman Sachs Small/Mid Cap Growth 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Growth Fund

38143H738-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Small/Mid Cap Growth Fund

# Investor Class: GTMTX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Growth Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 29.8% |
| Information Technology | 25.2% |
| Health Care | 20.6% |
| Consumer Discretionary | 15.0% |
| Financials | 5.5% |
| Investment Company | 1.7% |
| Materials | 1.4% |
| Energy | 0.9% |
| Consumer Staples | 0.7% |

---

## 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 | $52 | 1.00%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$1,224,503,757

* # of Portfolio Holdings as of Period End102

* Portfolio Turnover Rate for the Period66%

* Total Net Advisory Fees Paid for the Period$5,529,836

Goldman Sachs Small/Mid Cap Growth 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Growth Fund

38144N320-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Small/Mid Cap Growth Fund

# Class R6: GTMUX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Growth Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 29.8% |
| Information Technology | 25.2% |
| Health Care | 20.6% |
| Consumer Discretionary | 15.0% |
| Financials | 5.5% |
| Investment Company | 1.7% |
| Materials | 1.4% |
| Energy | 0.9% |
| Consumer Staples | 0.7% |

---

## 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 | $48 | 0.92%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$1,224,503,757

* # of Portfolio Holdings as of Period End102

* Portfolio Turnover Rate for the Period66%

* Total Net Advisory Fees Paid for the Period$5,529,836

Goldman Sachs Small/Mid Cap Growth 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Growth Fund

38148U700-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Small/Mid Cap Growth Fund

# Class R: GTMRX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Growth Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 29.8% |
| Information Technology | 25.2% |
| Health Care | 20.6% |
| Consumer Discretionary | 15.0% |
| Financials | 5.5% |
| Investment Company | 1.7% |
| Materials | 1.4% |
| Energy | 0.9% |
| Consumer Staples | 0.7% |

---

## 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 | $78 | 1.50%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$1,224,503,757

* # of Portfolio Holdings as of Period End102

* Portfolio Turnover Rate for the Period66%

* Total Net Advisory Fees Paid for the Period$5,529,836

Goldman Sachs Small/Mid Cap Growth 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Growth Fund

38144N338-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Small/Mid Cap Growth Fund

# Class P: GSWPX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Growth Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 29.8% |
| Information Technology | 25.2% |
| Health Care | 20.6% |
| Consumer Discretionary | 15.0% |
| Financials | 5.5% |
| Investment Company | 1.7% |
| Materials | 1.4% |
| Energy | 0.9% |
| Consumer Staples | 0.7% |

---

## 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 | $48 | 0.92%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$1,224,503,757

* # of Portfolio Holdings as of Period End102

* Portfolio Turnover Rate for the Period66%

* Total Net Advisory Fees Paid for the Period$5,529,836

Goldman Sachs Small/Mid Cap Growth 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Growth Fund

38150B327-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Equity Income Fund

# Class A: GSGRX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Equity Income Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 17.6% |
| Industrials | 14.7% |
| Health Care | 12.3% |
| Information Technology | 11.0% |
| Energy | 8.2% |
| Communication Services | 8.0% |
| Consumer Staples | 7.9% |
| Utilities | 6.7% |
| Consumer Discretionary | 5.4% |
| Other | 7.8% |

---

## 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 | $52 | 0.99%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$436,858,595

* # of Portfolio Holdings as of Period End77

* Portfolio Turnover Rate for the Period20%

* Total Net Advisory Fees Paid for the Period$1,354,964

Goldman Sachs 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Equity Income Fund

38141W588-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Equity Income Fund

# Class C: GSGCX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Equity Income Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 17.6% |
| Industrials | 14.7% |
| Health Care | 12.3% |
| Information Technology | 11.0% |
| Energy | 8.2% |
| Communication Services | 8.0% |
| Consumer Staples | 7.9% |
| Utilities | 6.7% |
| Consumer Discretionary | 5.4% |
| Other | 7.8% |

---

## 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 | $91 | 1.74%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$436,858,595

* # of Portfolio Holdings as of Period End77

* Portfolio Turnover Rate for the Period20%

* Total Net Advisory Fees Paid for the Period$1,354,964

Goldman Sachs 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Equity Income Fund

38142B310-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Equity Income Fund

# Institutional Class: GSIIX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Equity Income Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 17.6% |
| Industrials | 14.7% |
| Health Care | 12.3% |
| Information Technology | 11.0% |
| Energy | 8.2% |
| Communication Services | 8.0% |
| Consumer Staples | 7.9% |
| Utilities | 6.7% |
| Consumer Discretionary | 5.4% |
| Other | 7.8% |

---

## 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 | $36 | 0.69%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$436,858,595

* # of Portfolio Holdings as of Period End77

* Portfolio Turnover Rate for the Period20%

* Total Net Advisory Fees Paid for the Period$1,354,964

Goldman Sachs 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Equity Income Fund

38141W414-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Equity Income Fund

# Service Class: GSGSX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Equity Income Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 17.6% |
| Industrials | 14.7% |
| Health Care | 12.3% |
| Information Technology | 11.0% |
| Energy | 8.2% |
| Communication Services | 8.0% |
| Consumer Staples | 7.9% |
| Utilities | 6.7% |
| Consumer Discretionary | 5.4% |
| Other | 7.8% |

---

## 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** |
| Service | $62 | 1.19%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$436,858,595

* # of Portfolio Holdings as of Period End77

* Portfolio Turnover Rate for the Period20%

* Total Net Advisory Fees Paid for the Period$1,354,964

Goldman Sachs Equity Income 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Equity Income Fund

38141W422-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Equity Income Fund

# Investor Class: GRGTX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Equity Income Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 17.6% |
| Industrials | 14.7% |
| Health Care | 12.3% |
| Information Technology | 11.0% |
| Energy | 8.2% |
| Communication Services | 8.0% |
| Consumer Staples | 7.9% |
| Utilities | 6.7% |
| Consumer Discretionary | 5.4% |
| Other | 7.8% |

---

## 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 | $39 | 0.74%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$436,858,595

* # of Portfolio Holdings as of Period End77

* Portfolio Turnover Rate for the Period20%

* Total Net Advisory Fees Paid for the Period$1,354,964

Goldman Sachs 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Equity Income Fund

38144N437-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Equity Income Fund

# Class R6: GRGUX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Equity Income Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 17.6% |
| Industrials | 14.7% |
| Health Care | 12.3% |
| Information Technology | 11.0% |
| Energy | 8.2% |
| Communication Services | 8.0% |
| Consumer Staples | 7.9% |
| Utilities | 6.7% |
| Consumer Discretionary | 5.4% |
| Other | 7.8% |

---

## 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 | $36 | 0.68%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$436,858,595

* # of Portfolio Holdings as of Period End77

* Portfolio Turnover Rate for the Period20%

* Total Net Advisory Fees Paid for the Period$1,354,964

Goldman Sachs 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Equity Income Fund

38147X457-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Equity Income Fund

# Class R: GRGRX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Equity Income Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 17.6% |
| Industrials | 14.7% |
| Health Care | 12.3% |
| Information Technology | 11.0% |
| Energy | 8.2% |
| Communication Services | 8.0% |
| Consumer Staples | 7.9% |
| Utilities | 6.7% |
| Consumer Discretionary | 5.4% |
| Other | 7.8% |

---

## 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 | $65 | 1.24%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$436,858,595

* # of Portfolio Holdings as of Period End77

* Portfolio Turnover Rate for the Period20%

* Total Net Advisory Fees Paid for the Period$1,354,964

Goldman Sachs 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Equity Income Fund

38144N445-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Equity Income Fund

# Class P: GABPX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Equity Income Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 17.6% |
| Industrials | 14.7% |
| Health Care | 12.3% |
| Information Technology | 11.0% |
| Energy | 8.2% |
| Communication Services | 8.0% |
| Consumer Staples | 7.9% |
| Utilities | 6.7% |
| Consumer Discretionary | 5.4% |
| Other | 7.8% |

---

## 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 | $36 | 0.68%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$436,858,595

* # of Portfolio Holdings as of Period End77

* Portfolio Turnover Rate for the Period20%

* Total Net Advisory Fees Paid for the Period$1,354,964

Goldman Sachs 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Equity Income Fund

38150B798-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Large Cap Value Fund

# Class A: GSLAX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Value Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 18.7% |
| Financials | 18.2% |
| Health Care | 11.4% |
| Information Technology | 10.6% |
| Communication Services | 8.2% |
| Consumer Staples | 8.1% |
| Consumer Discretionary | 7.7% |
| Materials | 5.0% |
| Energy | 4.9% |
| Other | 7.3% |

---

## 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 | $52 | 1.00%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$447,865,702

* # of Portfolio Holdings as of Period End64

* Portfolio Turnover Rate for the Period41%

* Total Net Advisory Fees Paid for the Period$1,424,149

Goldman Sachs Large Cap Value 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Fund

38142Y815-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Large Cap Value Fund

# Class C: GSVCX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Value Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 18.7% |
| Financials | 18.2% |
| Health Care | 11.4% |
| Information Technology | 10.6% |
| Communication Services | 8.2% |
| Consumer Staples | 8.1% |
| Consumer Discretionary | 7.7% |
| Materials | 5.0% |
| Energy | 4.9% |
| Other | 7.3% |

---

## 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 | $91 | 1.75%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$447,865,702

* # of Portfolio Holdings as of Period End64

* Portfolio Turnover Rate for the Period41%

* Total Net Advisory Fees Paid for the Period$1,424,149

Goldman Sachs Large Cap Value 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Fund

38142Y781-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Large Cap Value Fund

# Institutional Class: GSLIX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Value Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 18.7% |
| Financials | 18.2% |
| Health Care | 11.4% |
| Information Technology | 10.6% |
| Communication Services | 8.2% |
| Consumer Staples | 8.1% |
| Consumer Discretionary | 7.7% |
| Materials | 5.0% |
| Energy | 4.9% |
| Other | 7.3% |

---

## 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 | $37 | 0.70%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$447,865,702

* # of Portfolio Holdings as of Period End64

* Portfolio Turnover Rate for the Period41%

* Total Net Advisory Fees Paid for the Period$1,424,149

Goldman Sachs Large Cap Value 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Fund

38142Y773-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Large Cap Value Fund

# Service Class: GSVSX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Value Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 18.7% |
| Financials | 18.2% |
| Health Care | 11.4% |
| Information Technology | 10.6% |
| Communication Services | 8.2% |
| Consumer Staples | 8.1% |
| Consumer Discretionary | 7.7% |
| Materials | 5.0% |
| Energy | 4.9% |
| Other | 7.3% |

---

## 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 | 1.20%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$447,865,702

* # of Portfolio Holdings as of Period End64

* Portfolio Turnover Rate for the Period41%

* Total Net Advisory Fees Paid for the Period$1,424,149

Goldman Sachs Large Cap Value 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Fund

38142Y765-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Large Cap Value Fund

# Investor Class: GSVTX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Value Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 18.7% |
| Financials | 18.2% |
| Health Care | 11.4% |
| Information Technology | 10.6% |
| Communication Services | 8.2% |
| Consumer Staples | 8.1% |
| Consumer Discretionary | 7.7% |
| Materials | 5.0% |
| Energy | 4.9% |
| Other | 7.3% |

---

## 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 | $39 | 0.75%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$447,865,702

* # of Portfolio Holdings as of Period End64

* Portfolio Turnover Rate for the Period41%

* Total Net Advisory Fees Paid for the Period$1,424,149

Goldman Sachs Large Cap Value 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Fund

38144N411-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Large Cap Value Fund

# Class R6: GSVUX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Value Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 18.7% |
| Financials | 18.2% |
| Health Care | 11.4% |
| Information Technology | 10.6% |
| Communication Services | 8.2% |
| Consumer Staples | 8.1% |
| Consumer Discretionary | 7.7% |
| Materials | 5.0% |
| Energy | 4.9% |
| Other | 7.3% |

---

## 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 | $36 | 0.69%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$447,865,702

* # of Portfolio Holdings as of Period End64

* Portfolio Turnover Rate for the Period41%

* Total Net Advisory Fees Paid for the Period$1,424,149

Goldman Sachs Large Cap Value 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Fund

38147X440-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Large Cap Value Fund

# Class R: GSVRX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Value Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 18.7% |
| Financials | 18.2% |
| Health Care | 11.4% |
| Information Technology | 10.6% |
| Communication Services | 8.2% |
| Consumer Staples | 8.1% |
| Consumer Discretionary | 7.7% |
| Materials | 5.0% |
| Energy | 4.9% |
| Other | 7.3% |

---

## 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 | $65 | 1.25%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$447,865,702

* # of Portfolio Holdings as of Period End64

* Portfolio Turnover Rate for the Period41%

* Total Net Advisory Fees Paid for the Period$1,424,149

Goldman Sachs Large Cap Value 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Fund

38144N429-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Large Cap Value Fund

# Class P: GMYPX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Value Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 18.7% |
| Financials | 18.2% |
| Health Care | 11.4% |
| Information Technology | 10.6% |
| Communication Services | 8.2% |
| Consumer Staples | 8.1% |
| Consumer Discretionary | 7.7% |
| Materials | 5.0% |
| Energy | 4.9% |
| Other | 7.3% |

---

## 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 | $36 | 0.69%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$447,865,702

* # of Portfolio Holdings as of Period End64

* Portfolio Turnover Rate for the Period41%

* Total Net Advisory Fees Paid for the Period$1,424,149

Goldman Sachs Large Cap Value 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Fund

38150B533-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Mid Cap Value Fund

# Class A: GCMAX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Mid Cap Value Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 19.5% |
| Financials | 14.9% |
| Information Technology | 11.0% |
| Consumer Discretionary | 8.3% |
| Materials | 8.0% |
| Energy | 7.9% |
| Real Estate | 7.8% |
| Utilities | 7.5% |
| Health Care | 7.3% |
| Other | 7.8% |

---

## 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 | $62 | 1.19%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$1,131,391,596

* # of Portfolio Holdings as of Period End87

* Portfolio Turnover Rate for the Period48%

* Total Net Advisory Fees Paid for the Period$4,059,756

Goldman Sachs Mid Cap Value 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Value Fund

38142V720-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Mid Cap Value Fund

# Class C: GCMCX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Mid Cap Value Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 19.5% |
| Financials | 14.9% |
| Information Technology | 11.0% |
| Consumer Discretionary | 8.3% |
| Materials | 8.0% |
| Energy | 7.9% |
| Real Estate | 7.8% |
| Utilities | 7.5% |
| Health Care | 7.3% |
| Other | 7.8% |

---

## 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 | $101 | 1.94%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$1,131,391,596

* # of Portfolio Holdings as of Period End87

* Portfolio Turnover Rate for the Period48%

* Total Net Advisory Fees Paid for the Period$4,059,756

Goldman Sachs Mid Cap Value 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Value Fund

38142V696-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Mid Cap Value Fund

# Institutional Class: GSMCX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Mid Cap Value Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 19.5% |
| Financials | 14.9% |
| Information Technology | 11.0% |
| Consumer Discretionary | 8.3% |
| Materials | 8.0% |
| Energy | 7.9% |
| Real Estate | 7.8% |
| Utilities | 7.5% |
| Health Care | 7.3% |
| Other | 7.8% |

---

## 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 | $44 | 0.84%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$1,131,391,596

* # of Portfolio Holdings as of Period End87

* Portfolio Turnover Rate for the Period48%

* Total Net Advisory Fees Paid for the Period$4,059,756

Goldman Sachs Mid Cap Value 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Value Fund

38141W398-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Mid Cap Value Fund

# Service Class: GSMSX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Mid Cap Value Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 19.5% |
| Financials | 14.9% |
| Information Technology | 11.0% |
| Consumer Discretionary | 8.3% |
| Materials | 8.0% |
| Energy | 7.9% |
| Real Estate | 7.8% |
| Utilities | 7.5% |
| Health Care | 7.3% |
| Other | 7.8% |

---

## 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** |
| Service | $70 | 1.34%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$1,131,391,596

* # of Portfolio Holdings as of Period End87

* Portfolio Turnover Rate for the Period48%

* Total Net Advisory Fees Paid for the Period$4,059,756

Goldman Sachs Mid Cap Value 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Value Fund

38141W380-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Mid Cap Value Fund

# Investor Class: GCMTX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Mid Cap Value Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 19.5% |
| Financials | 14.9% |
| Information Technology | 11.0% |
| Consumer Discretionary | 8.3% |
| Materials | 8.0% |
| Energy | 7.9% |
| Real Estate | 7.8% |
| Utilities | 7.5% |
| Health Care | 7.3% |
| Other | 7.8% |

---

## 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 | $49 | 0.94%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$1,131,391,596

* # of Portfolio Holdings as of Period End87

* Portfolio Turnover Rate for the Period48%

* Total Net Advisory Fees Paid for the Period$4,059,756

Goldman Sachs Mid Cap Value 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Value Fund

38144N361-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Mid Cap Value Fund

# Class R6: GCMUX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Mid Cap Value Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 19.5% |
| Financials | 14.9% |
| Information Technology | 11.0% |
| Consumer Discretionary | 8.3% |
| Materials | 8.0% |
| Energy | 7.9% |
| Real Estate | 7.8% |
| Utilities | 7.5% |
| Health Care | 7.3% |
| Other | 7.8% |

---

## 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 | $43 | 0.83%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$1,131,391,596

* # of Portfolio Holdings as of Period End87

* Portfolio Turnover Rate for the Period48%

* Total Net Advisory Fees Paid for the Period$4,059,756

Goldman Sachs Mid Cap Value 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Value Fund

38147X432-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Mid Cap Value Fund

# Class R: GCMRX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Mid Cap Value Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 19.5% |
| Financials | 14.9% |
| Information Technology | 11.0% |
| Consumer Discretionary | 8.3% |
| Materials | 8.0% |
| Energy | 7.9% |
| Real Estate | 7.8% |
| Utilities | 7.5% |
| Health Care | 7.3% |
| Other | 7.8% |

---

## 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 | $75 | 1.44%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$1,131,391,596

* # of Portfolio Holdings as of Period End87

* Portfolio Turnover Rate for the Period48%

* Total Net Advisory Fees Paid for the Period$4,059,756

Goldman Sachs Mid Cap Value 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Value Fund

38144N379-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Mid Cap Value Fund

# Class P: GMPPX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Mid Cap Value Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 19.5% |
| Financials | 14.9% |
| Information Technology | 11.0% |
| Consumer Discretionary | 8.3% |
| Materials | 8.0% |
| Energy | 7.9% |
| Real Estate | 7.8% |
| Utilities | 7.5% |
| Health Care | 7.3% |
| Other | 7.8% |

---

## 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 | $43 | 0.83%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$1,131,391,596

* # of Portfolio Holdings as of Period End87

* Portfolio Turnover Rate for the Period48%

* Total Net Advisory Fees Paid for the Period$4,059,756

Goldman Sachs Mid Cap Value 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Value Fund

38150B475-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Small Cap Value Fund

# Class A: GSSMX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Value Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 26.1% |
| Industrials | 16.6% |
| Consumer Discretionary | 10.0% |
| Materials | 8.7% |
| Energy | 8.4% |
| Health Care | 8.3% |
| Information Technology | 7.8% |
| Real Estate | 6.5% |
| Utilities | 5.4% |
| Other | 2.2% |

---

## 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 | $66 | 1.25%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$940,659,763

* # of Portfolio Holdings as of Period End189

* Portfolio Turnover Rate for the Period41%

* Total Net Advisory Fees Paid for the Period$4,158,546

Goldman Sachs Small Cap Value 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Fund

38141W612-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Small Cap Value Fund

# Class C: GSSCX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Value Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 26.1% |
| Industrials | 16.6% |
| Consumer Discretionary | 10.0% |
| Materials | 8.7% |
| Energy | 8.4% |
| Health Care | 8.3% |
| Information Technology | 7.8% |
| Real Estate | 6.5% |
| Utilities | 5.4% |
| Other | 2.2% |

---

## 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 | 2.00%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$940,659,763

* # of Portfolio Holdings as of Period End189

* Portfolio Turnover Rate for the Period41%

* Total Net Advisory Fees Paid for the Period$4,158,546

Goldman Sachs Small Cap Value 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Fund

38142B336-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Small Cap Value Fund

# Institutional Class: GSSIX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Value Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 26.1% |
| Industrials | 16.6% |
| Consumer Discretionary | 10.0% |
| Materials | 8.7% |
| Energy | 8.4% |
| Health Care | 8.3% |
| Information Technology | 7.8% |
| Real Estate | 6.5% |
| Utilities | 5.4% |
| Other | 2.2% |

---

## 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 | 0.96%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$940,659,763

* # of Portfolio Holdings as of Period End189

* Portfolio Turnover Rate for the Period41%

* Total Net Advisory Fees Paid for the Period$4,158,546

Goldman Sachs Small Cap Value 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Fund

38142V209-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Small Cap Value Fund

# Service Class: GSSSX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Value Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 26.1% |
| Industrials | 16.6% |
| Consumer Discretionary | 10.0% |
| Materials | 8.7% |
| Energy | 8.4% |
| Health Care | 8.3% |
| Information Technology | 7.8% |
| Real Estate | 6.5% |
| Utilities | 5.4% |
| Other | 2.2% |

---

## 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 | 1.46%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$940,659,763

* # of Portfolio Holdings as of Period End189

* Portfolio Turnover Rate for the Period41%

* Total Net Advisory Fees Paid for the Period$4,158,546

Goldman Sachs Small Cap Value 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Fund

38142V308-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Small Cap Value Fund

# Investor Class: GSQTX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Value Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 26.1% |
| Industrials | 16.6% |
| Consumer Discretionary | 10.0% |
| Materials | 8.7% |
| Energy | 8.4% |
| Health Care | 8.3% |
| Information Technology | 7.8% |
| Real Estate | 6.5% |
| Utilities | 5.4% |
| Other | 2.2% |

---

## 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 | $53 | 1.00%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$940,659,763

* # of Portfolio Holdings as of Period End189

* Portfolio Turnover Rate for the Period41%

* Total Net Advisory Fees Paid for the Period$4,158,546

Goldman Sachs Small Cap Value 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Fund

38144N296-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Small Cap Value Fund

# Class R6: GSSUX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Value Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 26.1% |
| Industrials | 16.6% |
| Consumer Discretionary | 10.0% |
| Materials | 8.7% |
| Energy | 8.4% |
| Health Care | 8.3% |
| Information Technology | 7.8% |
| Real Estate | 6.5% |
| Utilities | 5.4% |
| Other | 2.2% |

---

## 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 | 0.95%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$940,659,763

* # of Portfolio Holdings as of Period End189

* Portfolio Turnover Rate for the Period41%

* Total Net Advisory Fees Paid for the Period$4,158,546

Goldman Sachs Small Cap Value 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Fund

38147X424-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Small Cap Value Fund

# Class R: GSQRX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Value Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 26.1% |
| Industrials | 16.6% |
| Consumer Discretionary | 10.0% |
| Materials | 8.7% |
| Energy | 8.4% |
| Health Care | 8.3% |
| Information Technology | 7.8% |
| Real Estate | 6.5% |
| Utilities | 5.4% |
| Other | 2.2% |

---

## 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 | $79 | 1.50%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$940,659,763

* # of Portfolio Holdings as of Period End189

* Portfolio Turnover Rate for the Period41%

* Total Net Advisory Fees Paid for the Period$4,158,546

Goldman Sachs Small Cap Value 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Fund

38144N312-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Small Cap Value Fund

# Class P: GSYPX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Value Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 26.1% |
| Industrials | 16.6% |
| Consumer Discretionary | 10.0% |
| Materials | 8.7% |
| Energy | 8.4% |
| Health Care | 8.3% |
| Information Technology | 7.8% |
| Real Estate | 6.5% |
| Utilities | 5.4% |
| Other | 2.2% |

---

## 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 | 0.95%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$940,659,763

* # of Portfolio Holdings as of Period End189

* Portfolio Turnover Rate for the Period41%

* Total Net Advisory Fees Paid for the Period$4,158,546

Goldman Sachs Small Cap Value 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Fund

38150B343-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Small/Mid Cap Equity Fund

# Class A: GMVAX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Equity Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 24.9% |
| Information Technology | 19.1% |
| Financials | 15.4% |
| Consumer Discretionary | 13.5% |
| Health Care | 8.8% |
| Materials | 7.1% |
| Energy | 4.5% |
| Real Estate | 2.7% |
| Utilities | 1.9% |
| Other | 2.1% |

---

## 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 | $62 | 1.17%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$143,066,702

* # of Portfolio Holdings as of Period End100

* Portfolio Turnover Rate for the Period30%

* Total Net Advisory Fees Paid for the Period$556,782

Goldman Sachs Small/Mid Cap 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Equity Fund

38147X101-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Small/Mid Cap Equity Fund

# Class C: GMVCX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Equity Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 24.9% |
| Information Technology | 19.1% |
| Financials | 15.4% |
| Consumer Discretionary | 13.5% |
| Health Care | 8.8% |
| Materials | 7.1% |
| Energy | 4.5% |
| Real Estate | 2.7% |
| Utilities | 1.9% |
| Other | 2.1% |

---

## 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 | $101 | 1.92%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$143,066,702

* # of Portfolio Holdings as of Period End100

* Portfolio Turnover Rate for the Period30%

* Total Net Advisory Fees Paid for the Period$556,782

Goldman Sachs Small/Mid Cap 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Equity Fund

38147X200-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Small/Mid Cap Equity Fund

# Institutional Class: GSMVX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Equity Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 24.9% |
| Information Technology | 19.1% |
| Financials | 15.4% |
| Consumer Discretionary | 13.5% |
| Health Care | 8.8% |
| Materials | 7.1% |
| Energy | 4.5% |
| Real Estate | 2.7% |
| Utilities | 1.9% |
| Other | 2.1% |

---

## 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 | $44 | 0.84%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$143,066,702

* # of Portfolio Holdings as of Period End100

* Portfolio Turnover Rate for the Period30%

* Total Net Advisory Fees Paid for the Period$556,782

Goldman Sachs Small/Mid Cap 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Equity Fund

38147X309-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Small/Mid Cap Equity Fund

# Investor Class: GMVIX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Equity Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 24.9% |
| Information Technology | 19.1% |
| Financials | 15.4% |
| Consumer Discretionary | 13.5% |
| Health Care | 8.8% |
| Materials | 7.1% |
| Energy | 4.5% |
| Real Estate | 2.7% |
| Utilities | 1.9% |
| Other | 2.1% |

---

## 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
* Total Net Assets as of Period End$143,066,702

* # of Portfolio Holdings as of Period End100

* Portfolio Turnover Rate for the Period30%

* Total Net Advisory Fees Paid for the Period$556,782

Goldman Sachs Small/Mid Cap 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Equity Fund

38147X408-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Small/Mid Cap Equity Fund

# Class R6: GMCUX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Equity Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 24.9% |
| Information Technology | 19.1% |
| Financials | 15.4% |
| Consumer Discretionary | 13.5% |
| Health Care | 8.8% |
| Materials | 7.1% |
| Energy | 4.5% |
| Real Estate | 2.7% |
| Utilities | 1.9% |
| Other | 2.1% |

---

## 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 | $44 | 0.83%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$143,066,702

* # of Portfolio Holdings as of Period End100

* Portfolio Turnover Rate for the Period30%

* Total Net Advisory Fees Paid for the Period$556,782

Goldman Sachs Small/Mid Cap 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Equity Fund

38147X416-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Small/Mid Cap Equity Fund

# Class R: GMVRX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Equity Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 24.9% |
| Information Technology | 19.1% |
| Financials | 15.4% |
| Consumer Discretionary | 13.5% |
| Health Care | 8.8% |
| Materials | 7.1% |
| Energy | 4.5% |
| Real Estate | 2.7% |
| Utilities | 1.9% |
| Other | 2.1% |

---

## 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 | $75 | 1.42%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$143,066,702

* # of Portfolio Holdings as of Period End100

* Portfolio Turnover Rate for the Period30%

* Total Net Advisory Fees Paid for the Period$556,782

Goldman Sachs Small/Mid Cap 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Equity Fund

38147X507-SAR-0226&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g112713g95i44.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Small/Mid Cap Equity Fund

# Class P: GSVPX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Equity Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). 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 | 24.9% |
| Information Technology | 19.1% |
| Financials | 15.4% |
| Consumer Discretionary | 13.5% |
| Health Care | 8.8% |
| Materials | 7.1% |
| Energy | 4.5% |
| Real Estate | 2.7% |
| Utilities | 1.9% |
| Other | 2.1% |

---

## 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 | $44 | 0.83%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets as of Period End$143,066,702

* # of Portfolio Holdings as of Period End100

* Portfolio Turnover Rate for the Period30%

* Total Net Advisory Fees Paid for the Period$556,782

Goldman Sachs Small/Mid Cap 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Equity Fund

38150B319-SAR-0226&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](g112713g66m01.jpg)

------

## Goldman Sachs Fundamental Equity Growth Funds

---

| | |
|:---|:---|
| **Table of Contents** | **Page** |
|  [**Schedule of Investments**](#feg112713_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Large Cap Equity Fund](#feg112713_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Mid Cap Growth Fund](#feg112713_3) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small Cap Growth Fund](#feg112713_4) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small/Mid Cap Growth Fund](#feg112713_5) | 10 |
|  [**Financial Statements**](#feg112713_6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#feg112713_7) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#feg112713_8) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#feg112713_9) | 16 |
|  [**Financial Highlights**](#feg112713_10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Large Cap Equity Fund](#feg112713_11) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Mid Cap Growth Fund](#feg112713_12) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small Cap Growth Fund](#feg112713_13) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small/Mid Cap Growth Fund](#feg112713_14) | 40 |
|  [**Notes to Financial Statements**](#feg112713_15) | 48 |

---

------

GOLDMAN SACHS LARGE CAP EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (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;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 99.6% | Common Stocks – 99.6% | Common Stocks – 99.6% |
| Aerospace & Defense – 2.3% | Aerospace & Defense – 2.3% | Aerospace & Defense – 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45906 | General Electric Co. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15711788 |
| 33023 | L3Harris Technologies, Inc. | 12038204 |
| 14121 | Woodward, Inc. | 5461438 |
|  |  | 33211430 |
| Automobile Components – 0.4% | Automobile Components – 0.4% | Automobile Components – 0.4% |
| 71992 | Aptiv PLC\* | 5294292 |
| Automobiles – 2.0% | Automobiles – 2.0% | Automobiles – 2.0% |
| 71374 | Tesla, Inc.\* | 28728749 |
| Banks – 2.8% | Banks – 2.8% | Banks – 2.8% |
| 143345 | Bank of America Corp. | 7142881 |
| 83421 | Citigroup, Inc. | 9192160 |
| 82902 | JPMorgan Chase & Co. | 24895471 |
|  |  | 41230512 |
| Beverages – 1.5% | Beverages – 1.5% | Beverages – 1.5% |
| 184913 | Coca-Cola Co. (The) | 15081504 |
| 56937 | Coca-Cola Europacific Partners |  |
|  | PLC (United Kingdom) | 6287553 |
|  |  | 21369057 |
| Biotechnology – 1.2% | Biotechnology – 1.2% | Biotechnology – 1.2% |
| 4963 | Argenx SE ADR (Netherlands)\* | 3806224 |
| 29367 | Insmed, Inc.\* | 4385374 |
| 14011 | Ionis Pharmaceuticals, Inc.\* | 1136993 |
| 5746 | Madrigal Pharmaceuticals, Inc.\* | 2482272 |
| 195567 | Roivant Sciences Ltd.\* | 5659709 |
|  |  | 17470572 |
| Broadline Retail – 3.5% | Broadline Retail – 3.5% | Broadline Retail – 3.5% |
| 242142 | Amazon.com, Inc.\* | 50849820 |
| Building Products – 0.8% | Building Products – 0.8% | Building Products – 0.8% |
| 54867 | Builders FirstSource, Inc.\* | 5722079 |
| 14343 | Trane Technologies PLC | 6631056 |
|  |  | 12353135 |
| Capital Markets – 3.2% | Capital Markets – 3.2% | Capital Markets – 3.2% |
| 6940 | Blackrock, Inc. | 7378816 |
| 44686 | Blackstone, Inc. | 5066052 |
| 69355 | Charles Schwab Corp. (The) | 6602596 |
| 33944 | Intercontinental Exchange, Inc. | 5571229 |
| 67505 | Jefferies Financial Group, Inc. | 2997222 |
| 51872 | Morgan Stanley | 8637207 |
| 7638 | MSCI, Inc. | 4367637 |
| 16353 | Robinhood Markets, Inc., Class A\* | 1240375 |
| 12414 | S&P Global, Inc. | 5485498 |
|  |  | 47346632 |
| Chemicals – 1.7% | Chemicals – 1.7% | Chemicals – 1.7% |
| 22245 | Linde PLC | 11302240 |
| 24783 | Sherwin-Williams Co. (The) | 8986068 |
| 57488 | Solstice Advanced Materials, Inc. | 4513383 |
|  |  | 24801691 |
| Commercial Services & Supplies – 0.4% | Commercial Services & Supplies – 0.4% | Commercial Services & Supplies – 0.4% |
| 37164 | Waste Connections, Inc. | 6397039 |
| Communications Equipment – 1.0% | Communications Equipment – 1.0% | Communications Equipment – 1.0% |
| 61326 | Arista Networks, Inc.\* | 8187021 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Communications Equipment – (continued) | Communications Equipment – (continued) | Communications Equipment – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14543 | Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7013507 |
|  |  | 15200528 |
| Construction Materials – 0.6% | Construction Materials – 0.6% | Construction Materials – 0.6% |
| 13904 | Martin Marietta Materials, Inc. | 9407029 |
| Consumer Finance – 0.9% | Consumer Finance – 0.9% | Consumer Finance – 0.9% |
| 64363 | Capital One Financial Corp. | 12591977 |
| Consumer Staples Distribution & Retail – 2.0% | Consumer Staples Distribution & Retail – 2.0% | Consumer Staples Distribution & Retail – 2.0% |
| 8915 | Costco Wholesale Corp. | 9011193 |
| 42098 | Performance Food Group Co.\* | 4086032 |
| 121752 | Walmart, Inc. | 15578168 |
|  |  | 28675393 |
| Containers & Packaging – 0.4% | Containers & Packaging – 0.4% | Containers & Packaging – 0.4% |
| 129844 | International Paper Co. | 5654706 |
| Electric Utilities – 1.1% | Electric Utilities – 1.1% | Electric Utilities – 1.1% |
| 79174 | NextEra Energy, Inc. | 7424146 |
| 209868 | PG&E Corp. | 3987492 |
| 64268 | Xcel Energy, Inc. | 5357381 |
|  |  | 16769019 |
| Electrical Equipment – 2.0% | Electrical Equipment – 2.0% | Electrical Equipment – 2.0% |
| 27505 | Eaton Corp. PLC | 10339679 |
| 13416 | GE Vernova, Inc. | 11720218 |
| 17415 | Rockwell Automation, Inc. | 7095742 |
|  |  | 29155639 |
| Electronic Equipment, Instruments & Components – 1.0% | Electronic Equipment, Instruments & Components – 1.0% | Electronic Equipment, Instruments & Components – 1.0% |
| 70207 | Amphenol Corp., Class A | 10254434 |
| 18976 | Coherent Corp.\* | 4913456 |
|  |  | 15167890 |
| Energy Equipment & Services – 0.4% | Energy Equipment & Services – 0.4% | Energy Equipment & Services – 0.4% |
| 96001 | Baker Hughes Co. | 6265025 |
| Entertainment – 1.0% | Entertainment – 1.0% | Entertainment – 1.0% |
| 83016 | Netflix, Inc.\* | 7989460 |
| 11696 | Spotify Technology SA\* | 6022738 |
|  |  | 14012198 |
| Financial Services – 3.5% | Financial Services – 3.5% | Financial Services – 3.5% |
| 41566 | Berkshire Hathaway, Inc., Class B\* | 20988752 |
| 15805 | Corpay, Inc.\* | 5138206 |
| 31734 | Mastercard, Inc., Class A | 16413142 |
| 19805 | Rocket Cos., Inc., Class A | 360253 |
| 28332 | Visa, Inc., Class A | 9070206 |
|  |  | 51970559 |
| Ground Transportation – 1.8% | Ground Transportation – 1.8% | Ground Transportation – 1.8% |
| 207913 | CSX Corp. | 8875806 |
| 60200 | Old Dominion Freight Line, Inc. | 12223610 |
| 76946 | Uber Technologies, Inc.\* | 5803267 |
|  |  | 26902683 |
| Health Care Equipment & Supplies – 1.6% | Health Care Equipment & Supplies – 1.6% | Health Care Equipment & Supplies – 1.6% |
| 76296 | Abbott Laboratories | 8877040 |
| 81833 | Boston Scientific Corp.\* | 6288866 |
| 14888 | Intuitive Surgical, Inc.\* | 7496257 |
|  |  | 22662163 |

---

&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 EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (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;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care Providers & Services – 1.1% | Health Care Providers & Services – 1.1% | Health Care Providers & Services – 1.1% |
| 32442 | Cencora, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12072966 |
| 43115 | Guardant Health, Inc.\* | 4048498 |
|  |  | 16121464 |
| Health Care REITs – 0.3% | Health Care REITs – 0.3% | Health Care REITs – 0.3% |
| 24474 | Welltower, Inc. REIT | 5069055 |
| Hotels, Restaurants & Leisure – 1.9% | Hotels, Restaurants & Leisure – 1.9% | Hotels, Restaurants & Leisure – 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24726 | DoorDash, Inc., Class A\* | 4363397 |
| 64240 | DraftKings, Inc., Class A\* | 1531482 |
| 37997 | Dutch Bros, Inc., Class A\* | 2037019 |
| 18320 | Hilton Worldwide Holdings, Inc. | 5711810 |
| 15545 | Royal Caribbean Cruises Ltd. | 4833873 |
| 66544 | Starbucks Corp. | 6522643 |
| 9761 | Wingstop, Inc. | 2533077 |
|  |  | 27533301 |
| Household Products – 1.3% | Household Products – 1.3% | Household Products – 1.3% |
| 111798 | Procter & Gamble Co. (The) | 18692626 |
| Independent Power and Renewable Electricity Producers – 0.2% | Independent Power and Renewable Electricity Producers – 0.2% | Independent Power and Renewable Electricity Producers – 0.2% |
| 19334 | Vistra Corp. | 3361989 |
| Industrial Conglomerates – 1.4% | Industrial Conglomerates – 1.4% | Industrial Conglomerates – 1.4% |
| 54763 | 3M Co. | 9053419 |
| 47584 | Honeywell International, Inc. | 11590986 |
|  |  | 20644405 |
| Industrial REITs – 0.6% | Industrial REITs – 0.6% | Industrial REITs – 0.6% |
| 59802 | Prologis, Inc. REIT | 8525971 |
| Insurance – 2.2% | Insurance – 2.2% | Insurance – 2.2% |
| 31573 | Allstate Corp. (The) | 6773040 |
| 53147 | Arch Capital Group Ltd.\* | 5322672 |
| 30884 | Globe Life, Inc. | 4486210 |
| 44104 | Marsh & McLennan Cos., Inc. | 8235981 |
| 25989 | Travelers Cos., Inc. (The) | 8021245 |
|  |  | 32839148 |
| Interactive Media & Services – 7.7% | Interactive Media & Services – 7.7% | Interactive Media & Services – 7.7% |
| 125314 | Alphabet, Inc., Class A | 39067893 |
| 117470 | Alphabet, Inc., Class C | 36583682 |
| 56519 | Meta Platforms, Inc., Class A | 36634485 |
|  |  | 112286060 |
| IT Services – 0.6% | IT Services – 0.6% | IT Services – 0.6% |
| 18356 | International Business Machines |  |
|  | Corp. | 4409295 |
| 20318 | Snowflake, Inc.\* | 3421754 |
|  |  | 7831049 |
| Life Sciences Tools & Services – 1.5% | Life Sciences Tools & Services – 1.5% | Life Sciences Tools & Services – 1.5% |
| 54314 | Agilent Technologies, Inc. | 6592633 |
| 29106 | Repligen Corp.\* | 3746816 |
| 21574 | Thermo Fisher Scientific, Inc. | 11242427 |
|  |  | 21581876 |
| Machinery – 1.2% | Machinery – 1.2% | Machinery – 1.2% |
| 23817 | Caterpillar, Inc. | 17691982 |
| Metals & Mining – 0.3% | Metals & Mining – 0.3% | Metals & Mining – 0.3% |
| 26371 | Steel Dynamics, Inc. | 5093031 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Multi-Utilities – 0.9% | Multi-Utilities – 0.9% | Multi-Utilities – 0.9% |
| 87835 | CMS Energy Corp. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6857279 |
| 59657 | Sempra | 5743179 |
|  |  | 12600458 |
| Oil, Gas & Consumable Fuels – 3.3% | Oil, Gas & Consumable Fuels – 3.3% | Oil, Gas & Consumable Fuels – 3.3% |
| 39022 | Chevron Corp. | 7287749 |
| 82308 | ConocoPhillips | 9338666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19296 | DT Midstream, Inc. | 2679056 |
| 30277 | Expand Energy Corp. | 3267494 |
| 111504 | Exxon Mobil Corp. | 17004360 |
| 81432 | Kinetik Holdings, Inc.<sup>(a)</sup> | 3704342 |
| 28565 | Phillips 66 | 4408436 |
|  |  | 47690103 |
| Passenger Airlines – 0.4% | Passenger Airlines – 0.4% | Passenger Airlines – 0.4% |
| 54129 | United Airlines Holdings, Inc.\* | 5753913 |
| Personal Care Products – 0.2% | Personal Care Products – 0.2% | Personal Care Products – 0.2% |
| 32341 | elf Beauty, Inc.\* | 2976989 |
| Pharmaceuticals – 4.1% | Pharmaceuticals – 4.1% | Pharmaceuticals – 4.1% |
| 29535 | AstraZeneca PLC (United Kingdom) | 6156571 |
| 24205 | Eli Lilly & Co. | 25463418 |
| 74249 | Johnson & Johnson | 18445679 |
| 81155 | Merck & Co., Inc. | 10048612 |
|  |  | 60114280 |
| Real Estate Management & Development – 0.2% | Real Estate Management & Development – 0.2% | Real Estate Management & Development – 0.2% |
| 68724 | CoStar Group, Inc.\* | 3067152 |
| Residential REITs – 0.8% | Residential REITs – 0.8% | Residential REITs – 0.8% |
| 174132 | American Homes 4 Rent, Class A REIT | 5223960 |
| 35318 | AvalonBay Communities, Inc. REIT | 6259409 |
|  |  | 11483369 |
| Semiconductors & Semiconductor Equipment – 13.3% | Semiconductors & Semiconductor Equipment – 13.3% | Semiconductors & Semiconductor Equipment – 13.3% |
| 51677 | Advanced Micro Devices, Inc.\* | 10346252 |
| 31049 | Applied Materials, Inc. | 11559543 |
| 109964 | Broadcom, Inc. | 35138996 |
| 8151 | KLA Corp. | 12426607 |
| 61024 | Marvell Technology, Inc. | 4985050 |
| 33213 | Micron Technology, Inc. | 13696045 |
| 561610 | NVIDIA Corp. | 99511676 |
| 16629 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan) | 6228891 |
|  |  | 193893060 |
| Software – 8.1% | Software – 8.1% | Software – 8.1% |
| 12686 | AppLovin Corp., Class A\* | 5515492 |
| 20799 | Cadence Design Systems, Inc.\* | 6268819 |
| 3053 | Crowdstrike Holdings, Inc., Class A\* | 1135655 |
| 25448 | Datadog, Inc., Class A\* | 2849158 |
| 11951 | Intuit, Inc. | 4888317 |
| 181320 | Microsoft Corp. | 71211617 |
| 51497 | Oracle Corp. | 7487664 |
| 61488 | Palantir Technologies, Inc., Class A\* | 8435539 |

---

&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 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;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Software – (continued) | Software – (continued) | Software – (continued) |
| 18172 | Salesforce, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3539724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121286 | Samsara, Inc., Class A\* | 3505165 |
| 20094 | Zscaler, Inc.\* | 2953617 |
|  |  | 117790767 |
| Specialized REITs – 1.0% | Specialized REITs – 1.0% | Specialized REITs – 1.0% |
| 37998 | American Tower Corp. REIT | 7290296 |
| 6863 | Equinix, Inc. REIT | 6686347 |
|  |  | 13976643 |
| Specialty Retail – 2.3% | Specialty Retail – 2.3% | Specialty Retail – 2.3% |
| 1554 | AutoZone, Inc.\* | 5836171 |
| 39265 | Home Depot, Inc. (The) | 14948971 |
| 30279 | Ross Stores, Inc. | 6226574 |
| 43845 | TJX Cos., Inc. (The) | 7087983 |
|  |  | 34099699 |
| Technology Hardware, Storage & Peripherals – 6.9% | Technology Hardware, Storage & Peripherals – 6.9% | Technology Hardware, Storage & Peripherals – 6.9% |
| 336016 | Apple, Inc. | 88768707 |
| 40154 | Dell Technologies, Inc., Class C | 5946004 |
| 21063 | Western Digital Corp. | 5891321 |
|  |  | 100606032 |
| Wireless Telecommunication Services – 0.7% | Wireless Telecommunication Services – 0.7% | Wireless Telecommunication Services – 0.7% |
| 46126 | T-Mobile US, Inc. | 10013493 |
| TOTAL COMMON STOCKS<br>(Cost $822,732,174) | TOTAL COMMON STOCKS<br>(Cost $822,732,174) | 1454825653 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.3%<sup>(b)</sup> | Investment Company – 0.3%<sup>(b)</sup> | Investment Company – 0.3%<sup>(b)</sup> |
| 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;3869286 | 3.589% | 3869286 |
| (Cost $3,869,286) | (Cost $3,869,286) | (Cost $3,869,286) |
| TOTAL INVESTMENTS BEFORE SECURITIES<br>LENDING REINVESTMENT VEHICLE<br>(Cost $826,601,460) | TOTAL INVESTMENTS BEFORE SECURITIES<br>LENDING REINVESTMENT VEHICLE<br>(Cost $826,601,460) | 1458694939 |
| Securities Lending Reinvestment Vehicle – 0.3%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.3%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.3%<sup>(b)</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3791472 | 3.589% | 3791472 |
| **(Cost $3,791,472)** | **(Cost $3,791,472)** |  |
| TOTAL INVESTMENTS – 100.2%<br>(Cost $830,392,932) | TOTAL INVESTMENTS – 100.2%<br>(Cost $830,392,932) | $1462486411 |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.2)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.2)%** | (2631577) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $1459854834 |

---

---

| | |
|:---|:---|
| 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: |
| ADR | —American Depositary Receipt |
| PLC | —Public Limited Company |
| REIT | —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>5</sub>

------

GOLDMAN SACHS MID CAP GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (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;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 98.6% | Common Stocks – 98.6% | Common Stocks – 98.6% |
| Aerospace & Defense – 10.9% | Aerospace & Defense – 10.9% | Aerospace & Defense – 10.9% |
| 35141 | Axon Enterprise, Inc.\* | $19060478 |
| 157587 | Howmet Aerospace, Inc. | 41371315 |
| 40964 | L3Harris Technologies, Inc. | 14933017 |
| 177004 | Rocket Lab Corp.\* | 12230976 |
| 48656 | Woodward, Inc. | 18818195 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106413981 |
| Beverages – 1.1% | Beverages – 1.1% | Beverages – 1.1% |
| 101549 | Coca-Cola Europacific Partners |  |
|  | PLC (United Kingdom) | 11214056 |
| Biotechnology – 5.6% | Biotechnology – 5.6% | Biotechnology – 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17455 | Alnylam Pharmaceuticals, Inc.\* | 5811119 |
| 7628 | Argenx SE ADR (Netherlands)\* | 5850066 |
| 82818 | Insmed, Inc.\* | 12367212 |
| 116280 | Ionis Pharmaceuticals, Inc.\* | 9436122 |
| 11625 | Madrigal Pharmaceuticals, Inc.\* | 5022000 |
| 42206 | REVOLUTION Medicines, Inc.\* | 4305856 |
| 420943 | Roivant Sciences Ltd.\* | 12182090 |
|  |  | 54974465 |
| Broadline Retail – 0.8% | Broadline Retail – 0.8% | Broadline Retail – 0.8% |
| 87461 | eBay, Inc. | 7946706 |
| Building Products – 0.8% | Building Products – 0.8% | Building Products – 0.8% |
| 71504 | Builders FirstSource, Inc.\* | 7457152 |
| Capital Markets – 0.3% | Capital Markets – 0.3% | Capital Markets – 0.3% |
| 60852 | Jefferies Financial Group, Inc. | 2701829 |
| Chemicals – 1.6% | Chemicals – 1.6% | Chemicals – 1.6% |
| 204986 | Solstice Advanced Materials, Inc. | 16093451 |
| Construction & Engineering – 4.0% | Construction & Engineering – 4.0% | Construction & Engineering – 4.0% |
| 69808 | Quanta Services, Inc. | 39307489 |
| Construction Materials – 2.1% | Construction Materials – 2.1% | Construction Materials – 2.1% |
| 30220 | Martin Marietta Materials, Inc. | 20445945 |
| Consumer Staples Distribution & Retail – 1.0% | Consumer Staples Distribution & Retail – 1.0% | Consumer Staples Distribution & Retail – 1.0% |
| 14432 | Casey's General Stores, Inc. | 9894435 |
| Electrical Equipment – 6.4% | Electrical Equipment – 6.4% | Electrical Equipment – 6.4% |
| 51144 | Rockwell Automation, Inc. | 20838623 |
| 164834 | Vertiv Holdings Co., Class A | 42014538 |
|  |  | 62853161 |
| Electronic Equipment, Instruments & Components – 4.7% | Electronic Equipment, Instruments & Components – 4.7% | Electronic Equipment, Instruments & Components – 4.7% |
| 68047 | Coherent Corp.\* | 17619410 |
| 77865 | Jabil, Inc. | 20633446 |
| 354568 | Mirion Technologies, Inc.\* | 7662214 |
|  |  | 45915070 |
| Entertainment – 4.2% | Entertainment – 4.2% | Entertainment – 4.2% |
| 148465 | Live Nation Entertainment, Inc.\* | 24072115 |
| 245135 | ROBLOX Corp., Class A\* | 16830969 |
|  |  | 40903084 |
| Financial Services – 2.3% | Financial Services – 2.3% | Financial Services – 2.3% |
| 52490 | Corpay, Inc.\* | 17064499 |
| 301083 | Rocket Cos., Inc., Class A | 5476700 |
|  |  | 22541199 |
| Ground Transportation – 1.9% | Ground Transportation – 1.9% | Ground Transportation – 1.9% |
| 56666 | Old Dominion Freight Line, Inc. | $11506031 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Ground Transportation – (continued) | Ground Transportation – (continued) | Ground Transportation – (continued) |
| 18338 | Saia, Inc.\* | 7434042 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18940073 |
| Health Care Equipment & Supplies – 3.0% | Health Care Equipment & Supplies – 3.0% | Health Care Equipment & Supplies – 3.0% |
| 274259 | Dexcom, Inc.\* | 20138838 |
| 36204 | Insulet Corp.\* | 8928269 |
|  |  | 29067107 |
| Health Care Providers & Services – 5.9% | Health Care Providers & Services – 5.9% | Health Care Providers & Services – 5.9% |
| 121780 | Cencora, Inc. | 45319209 |
| 134086 | Guardant Health, Inc.\* | 12590676 |
|  |  | 57909885 |
| Hotels, Restaurants & Leisure – 10.7% | Hotels, Restaurants & Leisure – 10.7% | Hotels, Restaurants & Leisure – 10.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170326 | Cava Group, Inc.\* | 14046785 |
| 55250 | DoorDash, Inc., Class A\* | 9749967 |
| 374427 | DraftKings, Inc., Class A\* | 8926340 |
| 188650 | Dutch Bros, Inc., Class A\* | 10113527 |
| 113707 | Hilton Worldwide Holdings, Inc. | 35451568 |
| 67291 | Royal Caribbean Cruises Ltd. | 20924809 |
| 23586 | Wingstop, Inc. | 6120803 |
|  |  | 105333799 |
| Household Durables – 0.7% | Household Durables – 0.7% | Household Durables – 0.7% |
| 59089 | Lennar Corp., Class A | 6757418 |
| Independent Power and Renewable Electricity Producers – 3.1% | Independent Power and Renewable Electricity Producers – 3.1% | Independent Power and Renewable Electricity Producers – 3.1% |
| 172570 | Vistra Corp. | 30008197 |
| Interactive Media & Services – 1.4% | Interactive Media & Services – 1.4% | Interactive Media & Services – 1.4% |
| 96607 | Reddit, Inc., Class A\* | 14086267 |
| IT Services – 2.5% | IT Services – 2.5% | IT Services – 2.5% |
| 117698 | Cloudflare, Inc., Class A\* | 20266419 |
| 12928 | MongoDB, Inc.\* | 4246460 |
|  |  | 24512879 |
| Life Sciences Tools & Services – 3.4% | Life Sciences Tools & Services – 3.4% | Life Sciences Tools & Services – 3.4% |
| 117180 | Agilent Technologies, Inc. | 14223308 |
| 8549 | Mettler-Toledo International, |  |
|  | Inc.\* | 11683833 |
| 60496 | QIAGEN NV | 3012701 |
| 36071 | Repligen Corp.\* | 4643420 |
|  |  | 33563262 |
| Oil, Gas & Consumable Fuels – 1.3% | Oil, Gas & Consumable Fuels – 1.3% | Oil, Gas & Consumable Fuels – 1.3% |
| 118536 | Expand Energy Corp. | 12792405 |
| Personal Care Products – 1.1% | Personal Care Products – 1.1% | Personal Care Products – 1.1% |
| 113885 | elf Beauty, Inc.\* | 10483114 |
| Pharmaceuticals – 0.5% | Pharmaceuticals – 0.5% | Pharmaceuticals – 0.5% |
| 108532 | Royalty Pharma PLC, Class A | 5015264 |
| Semiconductors & Semiconductor Equipment – 4.4% | Semiconductors & Semiconductor Equipment – 4.4% | Semiconductors & Semiconductor Equipment – 4.4% |
| 64995 | Marvell Technology, Inc. | 5309441 |
| 18657 | Monolithic Power Systems, Inc. | 21320100 |
| 52859 | Teradyne, Inc. | 16916466 |
|  |  | 43546007 |
| Software – 4.2% | Software – 4.2% | Software – 4.2% |
| 142311 | Datadog, Inc., Class A\* | 15933140 |
| 92632 | Elastic NV\* | 4823348 |
| 7931 | Fair Isaac Corp.\* | 11177634 |

---

&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 MID CAP GROWTH 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) |  |
| Software – (continued) | Software – (continued) | Software – (continued) |
| 65214 | Zscaler, Inc.\* | $9585806 |
|  |  | 41519928 |
| Specialty Retail – 4.2% | Specialty Retail – 4.2% | Specialty Retail – 4.2% |
| 41379 | Carvana Co.\* | 13827207 |
| 25083 | Five Below, Inc.\* | 5606803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106183 | Ross Stores, Inc. | 21835472 |
|  |  | 41269482 |
| Textiles, Apparel & Luxury Goods – 1.2% | Textiles, Apparel & Luxury Goods – 1.2% | Textiles, Apparel & Luxury Goods – 1.2% |
| 258088 | On Holding AG, Class A |  |
|  | (Switzerland)\* | 11995930 |
| Trading Companies & Distributors – 3.3% | Trading Companies & Distributors – 3.3% | Trading Companies & Distributors – 3.3% |
| 49816 | FTAI Aviation Ltd. | 15233733 |
| 20124 | United Rentals, Inc. | 16904160 |
|  |  | 32137893 |
| TOTAL COMMON STOCKS<br>(Cost $763,818,138) | TOTAL COMMON STOCKS<br>(Cost $763,818,138) | 967600933 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 1.3%<sup>(a)</sup> | Investment Company – 1.3%<sup>(a)</sup> | Investment Company – 1.3%<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government<br> Fund - Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government<br> Fund - Institutional Shares |  |
| 12280741 | 3.589% | 12280741 |
| **(Cost $12,280,741)** | **(Cost $12,280,741)** |  |
| TOTAL INVESTMENTS – 99.9%<br>(Cost $776,098,879) | TOTAL INVESTMENTS – 99.9%<br>(Cost $776,098,879) | $979881674 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES<br>– 0.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES<br>– 0.1%** | 507219 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $980388893 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of<br> investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of<br> investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |
| (a) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | —American Depositary Receipt |
| PLC | —Public Limited Company |

---

&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 SMALL CAP GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (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;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 98.4% | Common Stocks – 98.4% | Common Stocks – 98.4% |
| Aerospace & Defense – 5.3% | Aerospace & Defense – 5.3% | Aerospace & Defense – 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42504 | Karman Holdings, Inc.\* | $3745027 |
| 91062 | Loar Holdings, Inc.\* | 6446279 |
| 20953 | Moog, Inc., Class A | 7070171 |
| 64129 | Voyager Technologies, Inc., Class A\* | 1711603 |
| 15902 | VSE Corp. | 3610867 |
|  |  | 22583947 |
| Automobile Components – 0.7% | Automobile Components – 0.7% | Automobile Components – 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26340 | Dorman Products, Inc.\* | 3104432 |
| Beverages – 1.0% | Beverages – 1.0% | Beverages – 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71838 | Vita Coco Co., Inc. (The)\* | 4170914 |
| Biotechnology – 9.4% | Biotechnology – 9.4% | Biotechnology – 9.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74613 | Alkermes PLC\* | 2245851 |
| 38036 | Apogee Therapeutics, Inc.\* | 2662520 |
| 30458 | Arcellx, Inc.\* | 3465816 |
| 12765 | Blueprint Medicines Corp.\*<sup>(a)</sup> | 5872 |
| 72608 | CG oncology, Inc.\* | 4269350 |
| 27938 | Cytokinetics, Inc.\* | 1738302 |
| 36809 | Dianthus Therapeutics, Inc.\* | 2031489 |
| 121062 | Erasca, Inc.\* | 1653707 |
| 37118 | Ionis Pharmaceuticals, Inc.\* | 3012126 |
| 9774 | Krystal Biotech, Inc.\* | 2694105 |
| 9173 | Madrigal Pharmaceuticals, Inc.\* | 3962736 |
| 74655 | Mineralys Therapeutics, Inc.\* | 2184405 |
| 34905 | Protagonist Therapeutics, Inc.\* | 3214053 |
| 30348 | REVOLUTION Medicines, Inc.\* | 3096103 |
| 32533 | Ultragenyx Pharmaceutical, Inc.\* | 760947 |
| 59241 | Xenon Pharmaceuticals, Inc. |  |
|  | (Canada)\* | 2560989 |
|  |  | 39558371 |
| Broadline Retail – 0.7% | Broadline Retail – 0.7% | Broadline Retail – 0.7% |
| 26136 | Ollie's Bargain Outlet Holdings, Inc.\* | 2799166 |
| Building Products – 1.4% | Building Products – 1.4% | Building Products – 1.4% |
| 19787 | CSW Industrials, Inc. | 5823908 |
| Capital Markets – 3.4% | Capital Markets – 3.4% | Capital Markets – 3.4% |
| 20630 | Piper Sandler Cos. | 6097196 |
| 42645 | Victory Capital Holdings, Inc., |  |
|  | Class A | 2950181 |
| 306108 | WisdomTree, Inc. | 5237508 |
|  |  | 14284885 |
| Chemicals – 1.8% | Chemicals – 1.8% | Chemicals – 1.8% |
| 49778 | Ingevity Corp.\* | 3585509 |
| 53514 | Solstice Advanced Materials, Inc. | 4201384 |
|  |  | 7786893 |
| Commercial Services & Supplies – 1.3% | Commercial Services & Supplies – 1.3% | Commercial Services & Supplies – 1.3% |
| 57827 | Casella Waste Systems, Inc., |  |
|  | Class A\* | 5387163 |
| Communications Equipment – 1.2% | Communications Equipment – 1.2% | Communications Equipment – 1.2% |
| 62457 | Applied Optoelectronics, Inc.\* | 5260753 |
| Construction & Engineering – 5.8% | Construction & Engineering – 5.8% | Construction & Engineering – 5.8% |
| 94251 | Centuri Holdings, Inc.\* | 2921781 |
| 15127 | Dycom Industries, Inc.\* | 6353643 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Construction & Engineering – (continued) | Construction & Engineering – (continued) | Construction & Engineering – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55510 | Fluor Corp.\* | 2903728 |
| 24468 | MYR Group, Inc.\* | 6605381 |
| 22393 | Primoris Services Corp. | 3375073 |
| 81487 | Solv Energy, Inc., Class A\* | 2568470 |
|  |  | 24728076 |
| Consumer Finance – 0.9% | Consumer Finance – 0.9% | Consumer Finance – 0.9% |
| 26101 | Enova International, Inc.\* | 3629344 |
| Consumer Staples Distribution & Retail – 0.7% | Consumer Staples Distribution & Retail – 0.7% | Consumer Staples Distribution & Retail – 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42048 | Chefs' Warehouse, Inc. (The)\* | 3001807 |
| Diversified Consumer Services – 0.7% | Diversified Consumer Services – 0.7% | Diversified Consumer Services – 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128953 | OneSpaWorld Holdings Ltd. |  |
|  | (Bahamas) | 2776358 |
| Electrical Equipment – 1.5% | Electrical Equipment – 1.5% | Electrical Equipment – 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58922 | Nextpower, Inc., Class A\* | 6192702 |
| Electronic Equipment, Instruments & Components – 7.7% | Electronic Equipment, Instruments & Components – 7.7% | Electronic Equipment, Instruments & Components – 7.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21684 | Advanced Energy Industries, Inc. | 7276500 |
| 30770 | Badger Meter, Inc. | 4690271 |
| 12078 | Fabrinet (Thailand)\* | 6590119 |
| 113471 | Mirion Technologies, Inc.\* | 2452108 |
| 35193 | Novanta, Inc.\* | 4730995 |
| 20073 | Plexus Corp.\* | 3896772 |
| 74060 | Vontier Corp. | 3030535 |
|  |  | 32667300 |
| Energy Equipment & Services – 1.7% | Energy Equipment & Services – 1.7% | Energy Equipment & Services – 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122300 | Archrock, Inc. | 4320859 |
| 23592 | Kodiak Gas Services, Inc. | 1287416 |
| 27878 | Solaris Oilfield Infrastructure, Inc. | 1383585 |
|  |  | 6991860 |
| Financial Services – 0.7% | Financial Services – 0.7% | Financial Services – 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179547 | Remitly Global, Inc.\* | 2998435 |
| Ground Transportation – 1.0% | Ground Transportation – 1.0% | Ground Transportation – 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10845 | Saia, Inc.\* | 4396455 |
| Health Care Equipment & Supplies – 5.8% | Health Care Equipment & Supplies – 5.8% | Health Care Equipment & Supplies – 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35828 | Glaukos Corp.\* | 4313691 |
| 27914 | iRhythm Holdings, Inc.\* | 3733498 |
| 89420 | Kestra Medical Technologies Ltd.\* | 2081698 |
| 51994 | LeMaitre Vascular, Inc. | 5624711 |
| 66416 | Merit Medical Systems, Inc.\* | 5125987 |
| 26944 | TransMedics Group, Inc.\* | 3913885 |
|  |  | 24793470 |
| Health Care Providers & Services – 4.8% | Health Care Providers & Services – 4.8% | Health Care Providers & Services – 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107650 | BrightSpring Health Services, Inc.\* | 4459940 |
| 22909 | GeneDx Holdings Corp.\* | 1826076 |
| 48958 | Guardant Health, Inc.\* | 4597156 |
| 108196 | Lumexa Imaging Holdings, Inc.\* | 1529891 |
| 86212 | Pennant Group, Inc. (The)\* | 2906207 |
| 71405 | RadNet, Inc.\* | 4984783 |
|  |  | 20304053 |
| Health Care Technology – 0.7% | Health Care Technology – 0.7% | Health Care Technology – 0.7% |
| 38856 | HeartFlow, Inc.\* | 899905 |

---

&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 GROWTH 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) |
| Health Care Technology – (continued) | Health Care Technology – (continued) | Health Care Technology – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88407 | Waystar Holding Corp.\* | 2267640 |
|  |  | 3167545 |
| Hotels, Restaurants & Leisure – 5.1% | Hotels, Restaurants & Leisure – 5.1% | Hotels, Restaurants & Leisure – 5.1% |
| 81287 | Black Rock Coffee Bar, Inc., Class A\* | 1084368 |
| 42145 | Brinker International, Inc.\* | 6245889 |
| 34966 | Cava Group, Inc.\* | 2883646 |
| 70356 | Dutch Bros, Inc., Class A\* | 3771785 |
| 158685 | Life Time Group Holdings, Inc.\* | 4284495 |
| 32973 | Shake Shack, Inc., Class A\* | 3165738 |
|  |  | 21435921 |
| Household Durables – 0.9% | Household Durables – 0.9% | Household Durables – 0.9% |
| 11995 | Installed Building Products, Inc. | 3931481 |
| Insurance – 1.7% | Insurance – 1.7% | Insurance – 1.7% |
| 40864 | Goosehead Insurance, Inc., Class A\* | 2214829 |
| 40179 | Palomar Holdings, Inc.\* | 4970544 |
|  |  | 7185373 |
| IT Services – 1.1% | IT Services – 1.1% | IT Services – 1.1% |
| 84588 | DigitalOcean Holdings, Inc.\* | 4742003 |
| Life Sciences Tools & Services – 0.5% | Life Sciences Tools & Services – 0.5% | Life Sciences Tools & Services – 0.5% |
| 17792 | Repligen Corp.\* | 2290364 |
| Machinery – 10.0% | Machinery – 10.0% | Machinery – 10.0% |
| 27472 | Enpro, Inc. | 7105633 |
| 53616 | Esab Corp. | 6764731 |
| 44065 | Federal Signal Corp. | 5130488 |
| 47893 | Franklin Electric Co., Inc. | 4771100 |
| 34125 | Helios Technologies, Inc. | 2433795 |
| 11803 | RBC Bearings, Inc.\* | 6797584 |
| 35019 | Timken Co. (The) | 3795359 |
| 16747 | Watts Water Technologies, Inc., Class A | 5505409 |
|  |  | 42304099 |
| Metals & Mining – 0.3% | Metals & Mining – 0.3% | Metals & Mining – 0.3% |
| 53776 | Coeur Mining, Inc.\* | 1460018 |
| Pharmaceuticals – 1.4% | Pharmaceuticals – 1.4% | Pharmaceuticals – 1.4% |
| 95457 | Definium Therapeutics, Inc.\* | 1665725 |
| 15442 | Ligand Pharmaceuticals, Inc.\* | 3062303 |
| 92513 | WaVe Life Sciences Ltd.\* | 1288706 |
|  |  | 6016734 |
| Professional Services – 0.7% | Professional Services – 0.7% | Professional Services – 0.7% |
| 43720 | Parsons Corp.\* | 2885520 |
| Semiconductors & Semiconductor Equipment – 9.6% | Semiconductors & Semiconductor Equipment – 9.6% | Semiconductors & Semiconductor Equipment – 9.6% |
| 112082 | Allegro MicroSystems, Inc. (Japan)\* | 4087630 |
| 92091 | Ambiq Micro, Inc.\* | 2827194 |
| 30582 | Camtek Ltd. (Israel)\* | 5119121 |
| 44140 | Credo Technology Group Holding Ltd.\* | 4955598 |
| 54285 | FormFactor, Inc.\* | 5367701 |
| 77911 | Lattice Semiconductor Corp.\* | 7449850 |
| 21059 | Onto Innovation, Inc.\* | 4546427 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Semiconductors & Semiconductor Equipment – (continued) | Semiconductors & Semiconductor Equipment – (continued) | Semiconductors & Semiconductor Equipment – (continued) |
| 16161 | SiTime Corp.\* | 6430139 |
|  |  | 40783660 |
| Software – 4.4% | Software – 4.4% | Software – 4.4% |
| 302571 | Amplitude, Inc., Class A\* | 2208768 |
| 116089 | Braze, Inc., Class A\* | 2204530 |
| 81881 | Gitlab, Inc., Class A\* | 2153470 |
| 78614 | Intapp, Inc.\* | 1763312 |
| 70936 | JFrog Ltd.\* | 2848081 |
| 176780 | Klaviyo, Inc., Class A\* | 3077740 |
| 26965 | ServiceTitan, Inc., Class A\* | 1951996 |
| 137359 | Tenable Holdings, Inc.\* | 2641414 |
|  |  | 18849311 |
| Specialty Retail – 2.0% | Specialty Retail – 2.0% | Specialty Retail – 2.0% |
| 21727 | Boot Barn Holdings, Inc.\* | 4111183 |
| 20423 | Five Below, Inc.\* | 4565153 |
|  |  | 8676336 |
| Textiles, Apparel & Luxury Goods – 0.8% | Textiles, Apparel & Luxury Goods – 0.8% | Textiles, Apparel & Luxury Goods – 0.8% |
| 50176 | Kontoor Brands, Inc. | 3271977 |
| Trading Companies & Distributors – 1.7% | Trading Companies & Distributors – 1.7% | Trading Companies & Distributors – 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26824 | Herc Holdings, Inc. | 3749727 |
| 7882 | Watsco, Inc. | 3289395 |
|  |  | 7039122 |
| **TOTAL COMMON STOCKS**<br>**(Cost $330,794,386)** | **TOTAL COMMON STOCKS**<br>**(Cost $330,794,386)** | 417279756 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 2.2%<sup>(b)</sup> | Investment Company – 2.2%<sup>(b)</sup> | Investment Company – 2.2%<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 |
| 9246604 | 3.589% | 9246604 |
| **(Cost $9,246,604)** | **(Cost $9,246,604)** |  |
| TOTAL INVESTMENTS – 100.6%<br>(Cost $340,040,990) | TOTAL INVESTMENTS – 100.6%<br>(Cost $340,040,990) | $426526360 |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.6)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.6)%** | (2518745) |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $424007615 |

---

---

| | |
|:---|:---|
| 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) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (b) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | —Public Limited Company |

---

&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/MID CAP GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (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;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 99.1% | Common Stocks – 99.1% | Common Stocks – 99.1% |
| Aerospace & Defense – 5.9% | Aerospace & Defense – 5.9% | Aerospace & Defense – 5.9% |
| 157155 | Karman Holdings, Inc.\* | $13846927 |
| 302557 | Loar Holdings, Inc.\*<sup>(a)</sup> | 21418010 |
| 61006 | Moog, Inc., Class A | 20585255 |
| 73028 | VSE Corp. | 16582468 |
|  |  | 72432660 |
| Biotechnology – 11.1% | Biotechnology – 11.1% | Biotechnology – 11.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35334 | Ascendis Pharma A/S ADR |  |
|  | (Denmark)\* | 8250489 |
| 165277 | Bridgebio Pharma, Inc.\* | 10987615 |
| 87019 | CG oncology, Inc.\* | 5116717 |
| 112482 | Cytokinetics, Inc.\* | 6998630 |
| 97886 | Insmed, Inc.\* | 14617316 |
| 187207 | Ionis Pharmaceuticals, Inc.\* | 15191848 |
| 20245 | Madrigal Pharmaceuticals, Inc.\* | 8745840 |
| 75083 | Natera, Inc.\* | 15620267 |
| 22286 | Praxis Precision Medicines, Inc.\* | 7504810 |
| 30011 | Protagonist Therapeutics, Inc.\* | 2763413 |
| 133786 | REVOLUTION Medicines, Inc.\* | 13648848 |
| 77319 | Rhythm Pharmaceuticals, Inc.\* | 7169791 |
| 674688 | Roivant Sciences Ltd.\* | 19525471 |
|  |  | 136141055 |
| Broadline Retail – 0.6% | Broadline Retail – 0.6% | Broadline Retail – 0.6% |
| 70431 | Ollie's Bargain Outlet Holdings, Inc.\* | 7543160 |
| Building Products – 1.3% | Building Products – 1.3% | Building Products – 1.3% |
| 53324 | CSW Industrials, Inc. | 15694853 |
| Capital Markets – 2.3% | Capital Markets – 2.3% | Capital Markets – 2.3% |
| 89724 | Houlihan Lokey, Inc. | 14694099 |
| 39130 | Jefferies Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1737372 |
| 38810 | Piper Sandler Cos. | 11470296 |
|  |  | 27901767 |
| Chemicals – 1.0% | Chemicals – 1.0% | Chemicals – 1.0% |
| 157663 | Solstice Advanced Materials, Inc. | 12378122 |
| Communications Equipment – 1.4% | Communications Equipment – 1.4% | Communications Equipment – 1.4% |
| 25082 | Lumentum Holdings, Inc.\* | 17580225 |
| Construction & Engineering – 6.0% | Construction & Engineering – 6.0% | Construction & Engineering – 6.0% |
| 9683 | Comfort Systems USA, Inc. | 13840590 |
| 34601 | Dycom Industries, Inc.\* | 14533112 |
| 22500 | EMCOR Group, Inc. | 16303950 |
| 184290 | Fluor Corp.\* | 9640210 |
| 52440 | MYR Group, Inc.\* | 14156702 |
| 161381 | Solv Energy, Inc., Class A\* | 5086729 |
|  |  | 73561293 |
| Consumer Finance – 0.9% | Consumer Finance – 0.9% | Consumer Finance – 0.9% |
| 75659 | Enova International, Inc.\* | 10520384 |
| Consumer Staples Distribution & Retail – 0.7% | Consumer Staples Distribution & Retail – 0.7% | Consumer Staples Distribution & Retail – 0.7% |
| 12013 | Casey's General Stores, Inc. | 8235993 |
| Electrical Equipment – 2.2% | Electrical Equipment – 2.2% | Electrical Equipment – 2.2% |
| 13728 | Bloom Energy Corp., Class A\* | 2137037 |
| 18587 | Hubbell, Inc. | 9509667 |
| 141868 | Nextpower, Inc., Class A\* | 14910327 |
|  |  | 26557031 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Electronic Equipment, Instruments & Components – 7.9% | Electronic Equipment, Instruments & Components – 7.9% | Electronic Equipment, Instruments & Components – 7.9% |
| 58351 | Advanced Energy Industries, Inc. | $19580845 |
| 45059 | Badger Meter, Inc. | 6868343 |
| 104800 | Coherent Corp.\* | 27135864 |
| 37879 | Fabrinet (Thailand)\* | 20667919 |
| 436945 | Mirion Technologies, Inc.\* | 9442381 |
| 99839 | Novanta, Inc.\* | 13421357 |
|  |  | 97116709 |
| Energy Equipment & Services – 0.9% | Energy Equipment & Services – 0.9% | Energy Equipment & Services – 0.9% |
| 211333 | Archrock, Inc. | 7466395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81444 | Solaris Oilfield Infrastructure, |  |
|  | Inc. | 4042066 |
|  |  | 11508461 |
| Financial Services – 2.4% | Financial Services – 2.4% | Financial Services – 2.4% |
| 202931 | Affirm Holdings, Inc.\* | 9533698 |
| 280858 | Equitable Holdings, Inc. | 11296109 |
| 287074 | Toast, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7839991 |
|  |  | 28669798 |
| Ground Transportation – 1.3% | Ground Transportation – 1.3% | Ground Transportation – 1.3% |
| 40433 | Saia, Inc.\* | 16391134 |
| Health Care Equipment & Supplies – 2.6% | Health Care Equipment & Supplies – 2.6% | Health Care Equipment & Supplies – 2.6% |
| 154424 | Globus Medical, Inc., Class A\* | 14741315 |
| 216223 | Merit Medical Systems, Inc.\* | 16688091 |
|  |  | 31429406 |
| Health Care Providers & Services – 4.2% | Health Care Providers & Services – 4.2% | Health Care Providers & Services – 4.2% |
| 286752 | BrightSpring Health Services, |  |
|  | Inc.\* | 11880135 |
| 73609 | Ensign Group, Inc. (The) | 15764840 |
| 116167 | Guardant Health, Inc.\* | 10908081 |
| 179115 | RadNet, Inc.\* | 12504018 |
|  |  | 51057074 |
| Health Care Technology – 0.5% | Health Care Technology – 0.5% | Health Care Technology – 0.5% |
| 261225 | Waystar Holding Corp.\* | 6700421 |
| Hotels, Restaurants & Leisure – 7.8% | Hotels, Restaurants & Leisure – 7.8% | Hotels, Restaurants & Leisure – 7.8% |
| 86342 | Brinker International, Inc.\* | 12795884 |
| 184274 | Cava Group, Inc.\* | 15197077 |
| 271610 | Dutch Bros, Inc., Class A\* | 14561012 |
| 87026 | Hyatt Hotels Corp., Class A<sup>(a)</sup> | 14054699 |
| 381096 | Life Time Group Holdings, Inc.\* | 10289592 |
| 172053 | Planet Fitness, Inc., Class A\* | 14134154 |
| 79227 | Texas Roadhouse, Inc. | 14488242 |
|  |  | 95520660 |
| Household Durables – 2.0% | Household Durables – 2.0% | Household Durables – 2.0% |
| 127094 | SharkNinja, Inc.\* | 15616040 |
| 53932 | Toll Brothers, Inc. | 8480267 |
|  |  | 24096307 |
| IT Services – 1.6% | IT Services – 1.6% | IT Services – 1.6% |
| 23337 | MongoDB, Inc.\* | 7665505 |
| 102341 | Twilio, Inc., Class A\* | 12379167 |
|  |  | 20044672 |
| Life Sciences Tools & Services – 1.8% | Life Sciences Tools & Services – 1.8% | Life Sciences Tools & Services – 1.8% |
| 225575 | Bio-Techne Corp. | 13308925 |

---

&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/MID CAP GROWTH 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) |
| Life Sciences Tools & Services – (continued) | Life Sciences Tools & Services – (continued) | Life Sciences Tools & Services – (continued) |
| 71329 | Repligen Corp.\* | 9182182 |
|  |  | 22491107 |
| Machinery – 10.3% | Machinery – 10.3% | Machinery – 10.3% |
| 64477 | Crane Co. | 12929573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59664 | Enpro, Inc. | 15432094 |
| 130818 | Esab Corp. | 16505307 |
| 130133 | Federal Signal Corp. | 15151385 |
| 89716 | Franklin Electric Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8937508 |
| 43965 | IDEX Corp. | 9209349 |
| 77305 | Nordson Corp. | 22684379 |
| 34526 | RBC Bearings, Inc.\* | 19884214 |
| 45151 | Timken Co. (The) | 4893465 |
|  |  | 125627274 |
| Metals & Mining – 0.3% | Metals & Mining – 0.3% | Metals & Mining – 0.3% |
| 153040 | Coeur Mining, Inc.\* | 4155036 |
| Pharmaceuticals – 0.4% | Pharmaceuticals – 0.4% | Pharmaceuticals – 0.4% |
| 22370 | Ligand Pharmaceuticals, Inc.\* | 4436195 |
| Semiconductors & Semiconductor Equipment – 9.4% | Semiconductors & Semiconductor Equipment – 9.4% | Semiconductors & Semiconductor Equipment – 9.4% |
| 112391 | Credo Technology Group Holding Ltd.\* | 12618138 |
| 287392 | Lattice Semiconductor Corp.\* | 27480423 |
| 106632 | MACOM Technology Solutions |  |
|  | Holdings, Inc.\* | 26457532 |
| 99423 | Onto Innovation, Inc.\* | 21464431 |
| 85703 | Teradyne, Inc. | 27427531 |
|  |  | 115448055 |
| Software – 3.8% | Software – 3.8% | Software – 3.8% |
| 302759 | Klaviyo, Inc., Class A\* | 5271034 |
| 155060 | Procore Technologies, Inc.\* | 8534503 |
| 59302 | PTC, Inc.\* | 9286100 |
| 131318 | Rubrik, Inc., Class A\* | 6823283 |
| 310020 | SailPoint, Inc.\* | 4371282 |
| 213735 | Samsara, Inc., Class A\* | 6176942 |
| 84347 | ServiceTitan, Inc., Class A\* | 6105879 |
|  |  | 46569023 |
| Specialty Retail – 1.7% | Specialty Retail – 1.7% | Specialty Retail – 1.7% |
| 49822 | Boot Barn Holdings, Inc.\* | 9427319 |
| 55093 | Dick's Sporting Goods, Inc. | 11218587 |
|  |  | 20645906 |
| Technology Hardware, Storage & Peripherals – 1.0% | Technology Hardware, Storage & Peripherals – 1.0% | Technology Hardware, Storage & Peripherals – 1.0% |
| 186669 | Pure Storage, Inc., Class A\* | 11987883 |
| Textiles, Apparel & Luxury Goods – 3.0% | Textiles, Apparel & Luxury Goods – 3.0% | Textiles, Apparel & Luxury Goods – 3.0% |
| 316422 | Amer Sports, Inc. (Finland)\* | 12017708 |
| 190664 | On Holding AG, Class A (Switzerland)\* | 8862063 |
| 98658 | Tapestry, Inc. | 15338359 |
|  |  | 36218130 |
| Trading Companies & Distributors – 2.8% | Trading Companies & Distributors – 2.8% | Trading Companies & Distributors – 2.8% |
| 27855 | Applied Industrial Technologies, Inc. | 7871266 |
| 65662 | Herc Holdings, Inc. | 9178891 |
| 24248 | Watsco, Inc. | 10119418 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Trading Companies & Distributors – (continued) | Trading Companies & Distributors – (continued) | Trading Companies & Distributors – (continued) |
| 25119 | WESCO International, Inc. | $7271950 |
|  |  | 34441525 |
| TOTAL COMMON STOCKS<br>(Cost $928,572,411) | TOTAL COMMON STOCKS<br>(Cost $928,572,411) | 1213101319 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 1.7%<sup>(b)</sup> | Investment Company – 1.7%<sup>(b)</sup> | Investment Company – 1.7%<sup>(b)</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21386463 | 3.589% | 21386463 |
| **(Cost $21,386,463)** | **(Cost $21,386,463)** |  |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $949,958,874)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $949,958,874)** | 1234487782 |
| Securities Lending Reinvestment Vehicle – 0.1%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.1%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.1%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 875852 | 3.589% | 875852 |
| **(Cost $875,852)** | **(Cost $875,852)** |  |
| **TOTAL INVESTMENTS – 100.9%**<br> **(Cost $950,834,726)** | **TOTAL INVESTMENTS – 100.9%**<br> **(Cost $950,834,726)** | $1235363634 |
|  **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.9)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.9)%** | (10859877) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224503757 |

---

---

| | |
|:---|:---|
| 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:** |
| ADR | —American Depositary Receipt |

---

&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 FUNDAMENTAL EQUITY GROWTH FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap Equity Fund** | **Mid Cap Growth Fund** | **Small Cap Growth Fund** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $822,732,174, $763,818,138 and $330,794,386, respectively)<sup>(a)</sup> | $1454825653 | $967600933 | $417279756 |
|  Investments in affiliated issuers, at value (cost $3,869,286, $12,280,741 and $9,246,604, respectively) | 3869286 | 12280741 | 9246604 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 3791472 |  |  |
|  Cash | 731765 |  |  |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 1223557 | 230517 | 53604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 459057 | 5268597 | 2845004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 86800 | 922031 | 510648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 34110 | 16268 | 10332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 2500 |  | 1673 |
|  Other assets | 76711 | 73683 | 49537 |
|  **Total assets** | 1465100911 | 986392770 | 429997158 |
| Liabilities: |  |  |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 3791472 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 786414 | 1239746 | 200286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 330016 | 259227 | 116757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 125361 | 52643 | 9616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  | 4297329 | 5591427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 212814 | 154932 | 71457 |
|  **Total liabilities** | 5246077 | 6003877 | 5989543 |
| Net Assets: |  |  |  |
|  Paid-in capital | 821528476 | 760765942 | 350579347 |
|  Total distributable earnings | 638326358 | 219622951 | 73428268 |
|  **NET ASSETS** | $1459854834 | $980388893 | $424007615 |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $999543198 | $213259382 | $4026831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 17077305 | 8494820 | 1688283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 210648581 | 303830048 | 211193585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 208275 | 22274706 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 24608971 | 128431429 | 164760281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 12566205 | 232322092 | 26480206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 9669153 | 30818317 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 185533146 | 40958099 | 15858429 |
|  Total Net Assets | $1459854834 | $980388893 | $424007615 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 29932912 | 19650956 | 227478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 1490806 | 429466 | 99952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 5011961 | 14459610 | 11675530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 6846 | 2725433 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 708741 | 9278180 | 9155640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 299145 | 11025082 | 1463826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 322303 | 3778606 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 4424592 | 1942305 | 876701 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $33.39 | $10.85 | $17.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 11.46 | 19.78 | 16.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 42.03 | 21.01 | 18.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 30.42 | 8.17 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 34.72 | 13.84 | 18.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 42.01 | 21.07 | 18.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 30.00 | 8.16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 41.93 | 21.09 | 18.09 |

---

<sup>(a)</sup> Includes loaned securities having a market value of $3,593,210, $– and $– for Large Cap Equity Fund, Mid Cap Growth Fund and Small Cap Growth Fund, respectively. 

<sup>(b)</sup> Maximum public offering price per share for Class A Shares of the Large Cap Equity Fund, Mid Cap Growth Fund and Small Cap Growth Fund is $35.33, $11.48 and $18.73, 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;

---

| | |
|:---|:---|
| 12 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Small/Mid Cap Growth<br>Fund** |
| Assets: |  |
|  Investments in unaffiliated issuers, at value (cost $928,572,411)<sup>(a)</sup> | $1213101319 |
|  Investments in affiliated issuers, at value (cost $21,386,463) | 21386463 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 875852 |
|  Cash | 17143563 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 5543206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 248670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 152958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 42 |
|  Other assets | 58388 |
|  **Total assets** | 1258510461 |
| Liabilities: |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 29980233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 2557324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 875852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 346188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 48677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 198430 |
|  **Total liabilities** | 34006704 |
| Net Assets: |  |
|  Paid-in capital | 899807371 |
|  Total distributable earnings | 324696386 |
|  **NET ASSETS** | $1224503757 |
|  Net Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $209985065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 16833113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 437289459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 905021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 183641151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 88095513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 6546973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 281207462 |
|  Total Net Assets | $1224503757 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 10793455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 1382810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 18770207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 50391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 8477749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 3773928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 376155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 12043665 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $19.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 12.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 23.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 17.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 21.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 23.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 17.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 23.35 |

---

<sup>(a)</sup> Includes loaned securities having a market value of $811,134 for Small/Mid Cap Growth Fund. 

<sup>(b)</sup> Maximum public offering price per share for Class A Shares of the Small/Mid Cap Growth Fund is $20.58. 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.<sub>13</sub>

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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 February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap Equity<br>Fund** | **Mid Cap Growth<br>Fund** | **Small Cap Growth<br>Fund** |
| Investment income: |  |  |  |
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $11,580, $– and $–, respectively) | $6789844 | $1588839 | $288112 |
| Dividends — affiliated issuers | 82094 | 274888 | 117700 |
| Securities lending income, net of rebates received or paid to borrowers – affiliated issuer | 15385 |  |  |
| Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer |  | 39384 | 65969 |
|  **Total Investment Income** | 6887323 | 1903111 | 471781 |
| Expenses: |  |  |  |
|  Management fees | 5041399 | 4522434 | 1652234 |
|  Distribution and/or Service (12b-1) fees<sup>(a)</sup> | 1357636 | 413347 | 9790 |
|  Transfer Agency fees<sup>(a)</sup> | 870764 | 390691 | 166622 |
|  Custody, accounting and administrative services | 101558 | 55454 | 31254 |
|  Printing and mailing costs | 71710 | 50289 | 18797 |
|  Professional fees | 63614 | 67735 | 62324 |
|  Registration fees | 51354 | 35897 | 69991 |
|  Service fees — Class C | 22694 | 11081 | 1841 |
|  Service fees — Service | 291 |  |  |
|  Trustee fees | 15144 | 14716 | 14049 |
|  Shareholder Administration fees — Service Shares |  | 28681 |  |
|  Other | 19513 | 14672 | 9205 |
|  **Total expenses** | 7615677 | 5604997 | 2036107 |
|  Less — expense reductions | (817639) | (885453) | (205135) |
|  **Net expenses** | 6798038 | 4719544 | 1830972 |
|  **NET INVESTMENT INCOME (LOSS)** | 89285 | (2816433) | (1359191) |
| Realized and Unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 65821632 | 35312717 | 1862010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (1248) | (2334) |  |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 2724700 | (10948086) | 34571953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 32 |  |  |
|  **Net realized and unrealized gain** | 68545116 | 24362297 | 36433963 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68634401 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21545864 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35074772 |

---

 <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** |
|  Large Cap Equity Fund | $1264368 | $68083 | $291 | $24894 | $758625 | $13617 | $40642 | $47 | $20974 | $2051 | $7468 | $27340 |
|  Mid Cap Growth Fund | 272752 | 33241 | 28681 | 78673 | 163652 | 6648 | 59401 | 4589 | 90127 | 36267 | 23602 | 6405 |
|  Small Cap Growth Fund | 4267 | 5523 |  |  | 2560 | 1104 | 37986 |  | 119849 | 2856 |  | 2267 |

---

&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 FUNDAMENTAL EQUITY GROWTH FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations (continued) *For the Six Months Ended February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Small/Mid Cap<br>Growth Fund** |
| Investment income: |  |
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $–) | $2224004 |
| Dividends — affiliated issuers | 231493 |
| Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | 4060 |
|  **Total Investment Income** | 2459557 |
| Expenses: |  |
|  Management fees | 5539654 |
|  Transfer Agency fees<sup>(a)</sup> | 477967 |
|  Distribution and/or Service (12b-1) fees<sup>(a)</sup> | 344249 |
|  Custody, accounting and administrative services | 71994 |
|  Printing and mailing costs | 65267 |
|  Professional fees | 63107 |
|  Registration fees | 38129 |
|  Service fees — Class C | 22047 |
|  Trustee fees | 15117 |
|  Shareholder Administration fees — Service Shares | 1123 |
|  Other | 32564 |
|  **Total expenses** | 6671218 |
|  Less — expense reductions | (95792) |
|  **Net expenses** | 6575426 |
|  **NET INVESTMENT LOSS** | (4115869) |
| Realized and Unrealized gain (loss): |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 136042323 |
|  Net change in unrealized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (3214012) |
|  **Net realized and unrealized gain** | 132828311 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128712442 |

---

<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** |
|  Small/Mid Cap Growth Fund | $261320 | $66141 | $1123 | $15665 | $156793 | $13228 | $97939 | $180 | $147680 | $14560 | $4700 | $42887 |

---

&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 FUNDAMENTAL EQUITY GROWTH 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;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** |
|  | **For the**<br> **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** | **For the**<br> **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** |
| From operations: |  |  |  |  |
|  Net investment income (loss) | $89285 | $2960556 | $(2816433) | $(3084185) |
|  Net realized gain | 65820384 | 122968484 | 35310383 | 167440803 |
|  Net change in unrealized gain (loss) | 2724732 | 74672930 | (10948086) | 41423658 |
|  **Net increase in net assets resulting from operations** | 68634401 | 200601970 | 21545864 | 205780276 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (110999792) | (111397266) | (45714833) | (31621975) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (4885975) | (4918022) | (1118865) | (849304) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (19445781) | (13667589) | (35698108) | (25038293) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (26219) | (101880) | (6057295) | (3806977) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (3086160) | (6342017) | (21347660) | (12134205) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (1284975) | (1331534) | (29201929) | (18054905) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (1164404) | (1322424) | (8264354) | (5597392) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (16943084) | (15609860) | (5278330) | (3641014) |
|  **Total distributions to shareholders** | (157836390) | (154690592) | (152681374) | (100744065) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 111919093 | 59102972 | 98695709 | 182933340 |
|  Reinvestment of distributions | 151675603 | 147901145 | 142934610 | 94851333 |
|  Cost of shares redeemed | (111907302) | (187324232) | (148884178) | (259755250) |
| **Net increase in net assets resulting from share transactions** | 151687394 | 19679885 | 92746141 | 18029423 |
|  **TOTAL INCREASE (DECREASE)** | 62485405 | 65591263 | (38389369) | 123065634 |
| Net Assets: |  |  |  |  |
|  Beginning of period | $1397369429 | $1331778166 | $1018778262 | $895712628 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459854834 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397369429 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980388893 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018778262 |

---

&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 FUNDAMENTAL EQUITY GROWTH FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** |
|  | **For the**<br> **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** | **For the**<br> **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** |
| From operations: |  |  |  |  |
|  Net investment loss | $(1359191) | $(1138120) | $(4115869) | $(9318653) |
|  Net realized gain (loss) | 1862010 | (8141597) | 136042323 | 126901274 |
|  Net change in unrealized gain (loss) | 34571953 | 28760576 | (3214012) | (139513570) |
|  **Net increase (decrease) in net assets resulting from operations** | 35074772 | 19480859 | 128712442 | (21930949) |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares |  |  | (33451819) | (967308) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares |  |  | (4141905) | (150950) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (63326110) | (2303826) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares |  |  | (158256) | (5907) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  |  | (28283284) | (1034443) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares |  |  | (10797560) | (463579) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares |  |  | (1080075) | (30637) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares |  |  | (37351901) | (1120968) |
|  **Total distributions to shareholders** |  |  | (178590910) | (6077618) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 72676768 | 293372263 | 79163217 | 213638339 |
|  Reinvestment of distributions |  |  | 161882845 | 5599277 |
|  Cost of shares redeemed | (44625780) | (85784884) | (417792132) | (544170985) |
|  **Net increase (decrease) in net assets resulting from share transactions** | 28050988 | 207587379 | (176746070) | (324933369) |
|  **TOTAL INCREASE (DECREASE)** | 63125760 | 227068238 | (226624538) | (352941936) |
| Net Assets: |  |  |  |  |
|  Beginning of period | $360881855 | $133813617 | $1451128295 | $1804070231 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424007615 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360881855 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224503757 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451128295 |

---

&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 LARGE CAP 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended**<br> **February 28, 2026<br>(Unaudited)** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** |
|  | **Six Months Ended**<br> **February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $35.69 | $34.59 | $28.07 | $26.18 | $34.35 | $26.94 |
|  Net investment income (loss)<sup>(a)</sup> | (0.01) | 0.05 | 0.11 | 0.09 | 0.04 | (0.05) |
|  Net realized and unrealized gain (loss) | 1.75 | 5.21 | 6.55 | 3.87 | (4.79) | 8.52 |
|  Total from investment operations | 1.74 | 5.26 | 6.66 | 3.96 | (4.75) | 8.47 |
|  Distributions to shareholders from net investment income | (0.01) | (0.12) | (0.11) | (0.08) |  | (0.06) |
|  Distributions to shareholders from net realized gains | (4.03) | (4.04) | (0.03) | (1.99) | (3.42) | (1.00) |
|  Total distributions | (4.04) | (4.16) | (0.14) | (2.07) | (3.42) | (1.06) |
|  Net asset value, end of period | $33.39 | $35.69 | $34.59 | $28.07 | $26.18 | $34.35 |
|  **Total Return<sup>(b)</sup>** | 4.79% | 16.11% | 23.80% | 16.13% | (15.37)% | 32.38% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;999543 | $&nbsp;&nbsp;&nbsp;&nbsp;1004269 | $&nbsp;&nbsp;&nbsp;&nbsp;941875 | $&nbsp;&nbsp;&nbsp;&nbsp;816621 | $&nbsp;&nbsp;&nbsp;&nbsp;756801 | $&nbsp;&nbsp;&nbsp;&nbsp;961786 |
|  Ratio of net expenses to average net assets | 1.00 %<sup>(c)</sup> | 1.00% | 1.01% | 1.04% | 1.07% | 1.11% |
|  Ratio of total expenses to average net assets | 1.13 %<sup>(c)</sup> | 1.14% | 1.14% | 1.17% | 1.15% | 1.17% |
|  Ratio of net investment income (loss) to average net assets | (0.06)%<sup>(c)</sup> | 0.15% | 0.36% | 0.35% | 0.14% | (0.17)% |
|  Portfolio turnover rate<sup>(d)</sup> | 35% | 56% | 57% | 42% | 63% | 46% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. 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;

---

| | |
|:---|:---|
| 18 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP EQUITY 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 Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended**<br> **February 28, 2026<br>(Unaudited)** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** |
|  | **Six Months Ended**<br> **February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $14.80 | $16.67 | $13.65 | $13.81 | $19.86 | $16.05 |
|  Net investment loss<sup>(a)</sup> | (0.05) | (0.09) | (0.06) | (0.05) | (0.10) | (0.16) |
|  Net realized and unrealized gain (loss) | 0.74 | 2.35 | 3.16 | 1.91 | (2.53) | 4.97 |
|  Total from investment operations | 0.69 | 2.26 | 3.10 | 1.86 | (2.63) | 4.81 |
|  Distributions to shareholders from net investment income |  | (0.09) | (0.05) | (0.03) |  |  |
|  Distributions to shareholders from net realized gains | (4.03) | (4.04) | (0.03) | (1.99) | (3.42) | (1.00) |
|  Total distributions | (4.03) | (4.13) | (0.08) | (2.02) | (3.42) | (1.00) |
|  Net asset value, end of period | $11.46 | $14.80 | $16.67 | $13.65 | $13.81 | $19.86 |
|  **Total Return<sup>(b)</sup>** | 4.42% | 15.27% | 22.85% | 15.32% | (16.04)% | 31.41% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17077 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18384 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20425 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16921 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16518 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21144 |
|  Ratio of net expenses to average net assets | 1.75 %<sup>(c)</sup> | 1.75% | 1.76% | 1.79% | 1.82% | 1.86% |
|  Ratio of total expenses to average net assets | 1.88 %<sup>(c)</sup> | 1.89% | 1.89% | 1.92% | 1.90% | 1.92% |
|  Ratio of net investment loss to average net assets | (0.81)%<sup>(c)</sup> | (0.59)% | (0.39)% | (0.40)% | (0.61)% | (0.92)% |
|  Portfolio turnover rate<sup>(d)</sup> | 35% | 56% | 57% | 42% | 63% | 46% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. 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. | **19** |

---

------

GOLDMAN SACHS LARGE CAP 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended**<br> **February 28, 2026<br>(Unaudited)** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** |
|  | **Six Months Ended**<br> **February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $43.97 | $41.68 | $33.78 | $31.09 | $40.01 | $31.19 |
|  Net investment income<sup>(a)</sup> | 0.05 | 0.19 | 0.25 | 0.21 | 0.17 | 0.07 |
|  Net realized and unrealized gain (loss) | 2.15 | 6.35 | 7.88 | 4.64 | (5.67) | 9.90 |
|  Total from investment operations | 2.20 | 6.54 | 8.13 | 4.85 | (5.50) | 9.97 |
|  Distributions to shareholders from net investment income | (0.11) | (0.21) | (0.20) | (0.17) |  | (0.15) |
|  Distributions to shareholders from net realized gains | (4.03) | (4.04) | (0.03) | (1.99) | (3.42) | (1.00) |
|  Total distributions | (4.14) | (4.25) | (0.23) | (2.16) | (3.42) | (1.15) |
|  Net asset value, end of period | $42.03 | $43.97 | $41.68 | $33.78 | $31.09 | $40.01 |
|  **Total Return<sup>(b)</sup>** | 4.93% | 16.49% | 24.17% | 16.54% | (15.08)% | 32.86% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;210649 | $&nbsp;&nbsp;&nbsp;&nbsp;146210 | $&nbsp;&nbsp;&nbsp;&nbsp;135154 | $&nbsp;&nbsp;&nbsp;&nbsp;104217 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93741 | $&nbsp;&nbsp;&nbsp;&nbsp;118823 |
|  Ratio of net expenses to average net assets | 0.70 %<sup>(c)</sup> | 0.70% | 0.70% | 0.71% | 0.72% | 0.74% |
|  Ratio of total expenses to average net assets | 0.77 %<sup>(c)</sup> | 0.78% | 0.78% | 0.80% | 0.78% | 0.80% |
|  Ratio of net investment income to average net assets | 0.23 %<sup>(c)</sup> | 0.45% | 0.67% | 0.69% | 0.49% | 0.20% |
|  Portfolio turnover rate<sup>(d)</sup> | 35% | 56% | 57% | 42% | 63% | 46% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. 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;

---

| | |
|:---|:---|
| 20 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Six Months Ended**<br> **February 28, 2026<br>(Unaudited)** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** |
|  | **Six Months Ended**<br> **February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $32.88 | $32.18 | $26.13 | $24.51 | $32.41 | $25.46 |
|  Net investment income (loss)<sup>(a)</sup> | (0.04) | (0.01) | 0.05 | 0.05 | (0.03) | (0.08) |
|  Net realized and unrealized gain (loss) | 1.61 | 4.82 | 6.09 | 3.60 | (4.45) | 8.04 |
|  Total from investment operations | 1.57 | 4.81 | 6.14 | 3.65 | (4.48) | 7.96 |
|  Distributions to shareholders from net investment income |  | (0.07) | (0.06) | (0.04) |  | (0.01) |
|  Distributions to shareholders from net realized gains | (4.03) | (4.04) | (0.03) | (1.99) | (3.42) | (1.00) |
|  Total distributions | (4.03) | (4.11) | (0.09) | (2.03) | (3.42) | (1.01) |
|  Net asset value, end of period | $30.42 | $32.88 | $32.18 | $26.13 | $24.51 | $32.41 |
|  **Total Return<sup>(b)</sup>** | 4.67% | 15.87% | 23.57% | 15.99% | (15.50)% | 32.21% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2151 |
|  Ratio of net expenses to average net assets | 1.20 %<sup>(c)</sup> | 1.20% | 1.20% | 1.21% | 1.23% | 1.24% |
|  Ratio of total expenses to average net assets | 1.27 %<sup>(c)</sup> | 1.28% | 1.28% | 1.30% | 1.28% | 1.30% |
|  Ratio of net investment income (loss) to average net assets | (0.22)%<sup>(c)</sup> | (0.04)% | 0.17% | 0.20% | (0.11)% | (0.30)% |
|  Portfolio turnover rate<sup>(d)</sup> | 35% | 56% | 57% | 42% | 63% | 46% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. 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. | **21** |

---

------

GOLDMAN SACHS LARGE CAP EQUITY 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 Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Six Months Ended**<br> **February 28, 2026<br>(Unaudited)** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** |
|  | **Six Months Ended**<br> **February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $36.98 | $35.69 | $28.96 | $26.96 | $35.18 | $27.56 |
|  Net investment income<sup>(a)</sup> | 0.03 | 0.15 | 0.19 | 0.16 | 0.13 | 0.02 |
|  Net realized and unrealized gain (loss) | 1.82 | 5.38 | 6.75 | 3.98 | (4.93) | 8.73 |
|  Total from investment operations | 1.85 | 5.53 | 6.94 | 4.14 | (4.80) | 8.75 |
|  Distributions to shareholders from net investment income | (0.08) | (0.20) | (0.18) | (0.15) |  | (0.13) |
|  Distributions to shareholders from net realized gains | (4.03) | (4.04) | (0.03) | (1.99) | (3.42) | (1.00) |
|  Total distributions | (4.11) | (4.24) | (0.21) | (2.14) | (3.42) | (1.13) |
|  Net asset value, end of period | $34.72 | $36.98 | $35.69 | $28.96 | $26.96 | $35.18 |
|  **Total Return<sup>(b)</sup>** | 4.92% | 16.40% | 24.10% | 16.43% | (15.16)% | 32.71% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24609 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55087 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40556 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36346 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21889 |
|  Ratio of net expenses to average net assets | 0.75 %<sup>(c)</sup> | 0.75% | 0.76% | 0.79% | 0.81% | 0.86% |
|  Ratio of total expenses to average net assets | 0.88 %<sup>(c)</sup> | 0.89% | 0.89% | 0.92% | 0.90% | 0.92% |
|  Ratio of net investment income to average net assets | 0.19 %<sup>(c)</sup> | 0.42% | 0.61% | 0.61% | 0.44% | 0.08% |
|  Portfolio turnover rate<sup>(d)</sup> | 35% | 56% | 57% | 42% | 63% | 46% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. 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;

---

| | |
|:---|:---|
| 22 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP EQUITY 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 Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Six Months Ended**<br> **February 28, 2026<br>(Unaudited)** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** |
|  | **Six Months Ended**<br> **February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $43.94 | $41.62 | $33.72 | $31.04 | $39.96 | $31.14 |
|  Net investment income<sup>(a)</sup> | 0.05 | 0.19 | 0.25 | 0.22 | 0.19 | 0.07 |
|  Net realized and unrealized gain (loss) | 2.16 | 6.34 | 7.88 | 4.62 | (5.69) | 9.90 |
|  Total from investment operations | 2.21 | 6.53 | 8.13 | 4.84 | (5.50) | 9.97 |
|  Distributions to shareholders from net investment income | (0.11) | (0.17) | (0.20) | (0.17) |  | (0.15) |
|  Distributions to shareholders from net realized gains | (4.03) | (4.04) | (0.03) | (1.99) | (3.42) | (1.00) |
|  Total distributions | (4.14) | (4.21) | (0.23) | (2.16) | (3.42) | (1.15) |
|  Net asset value, end of period | $42.01 | $43.94 | $41.62 | $33.72 | $31.04 | $39.96 |
|  **Total Return<sup>(b)</sup>** | 4.96% | 16.47% | 24.19% | 16.55% | (15.07)% | 32.92% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12566 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13576 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14113 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88467 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78897 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8707 |
|  Ratio of net expenses to average net assets | 0.69 %<sup>(c)</sup> | 0.69% | 0.69% | 0.70% | 0.70% | 0.73% |
|  Ratio of total expenses to average net assets | 0.76 %<sup>(c)</sup> | 0.77% | 0.76% | 0.79% | 0.77% | 0.78% |
|  Ratio of net investment income to average net assets | 0.24 %<sup>(c)</sup> | 0.47% | 0.68% | 0.70% | 0.56% | 0.21% |
|  Portfolio turnover rate<sup>(d)</sup> | 35% | 56% | 57% | 42% | 63% | 46% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. 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. | **23** |

---

------

GOLDMAN SACHS LARGE CAP EQUITY 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 Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $32.48 | $31.85 | $25.86 | $24.29 | $32.19 | $25.32 |
|  Net investment income (loss)<sup>(a)</sup> | (0.05) | (0.03) | 0.03 | 0.02 | (0.03) | (0.12) |
|  Net realized and unrealized gain (loss) | 1.60 | 4.77 | 6.04 | 3.57 | (4.45) | 8.01 |
|  Total from investment operations | 1.55 | 4.74 | 6.07 | 3.59 | (4.48) | 7.89 |
|  Distributions to shareholders from net investment income |  | (0.07) | (0.05) | (0.03) |  | (0.02) |
|  Distributions to shareholders from net realized gains | (4.03) | (4.04) | (0.03) | (1.99) | (3.42) | (1.00) |
|  Total distributions | (4.03) | (4.11) | (0.08) | (2.02) | (3.42) | (1.02) |
|  Net asset value, end of period | $30.00 | $32.48 | $31.85 | $25.86 | $24.29 | $32.19 |
|  **Total Return<sup>(b)</sup>** | 4.67% | 15.81% | 23.48% | 15.85% | (15.58)% | 32.09% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9669 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10388 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10346 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8577 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8186 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12608 |
|  Ratio of net expenses to average net assets | 1.25 %<sup>(c)</sup> | 1.25% | 1.26% | 1.29% | 1.32% | 1.36% |
|  Ratio of total expenses to average net assets | 1.38 %<sup>(c)</sup> | 1.39% | 1.39% | 1.42% | 1.40% | 1.42% |
|  Ratio of net investment income (loss) to average net assets | (0.32)%<sup>(c)</sup> | (0.09)% | 0.11% | 0.10% | (0.12)% | (0.42)% |
|  Portfolio turnover rate<sup>(d)</sup> | 35% | 56% | 57% | 42% | 63% | 46% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. 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;

---

| | |
|:---|:---|
| 24 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP EQUITY 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 Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** |
|  | **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $43.87 | $41.60 | $33.71 | $31.03 | $39.94 | $31.13 |
|  Net investment income<sup>(a)</sup> | 0.05 | 0.19 | 0.25 | 0.22 | 0.18 | 0.07 |
|  Net realized and unrealized gain (loss) | 2.15 | 6.34 | 7.87 | 4.62 | (5.67) | 9.89 |
|  Total from investment operations | 2.20 | 6.53 | 8.12 | 4.84 | (5.49) | 9.96 |
|  Distributions to shareholders from net investment income | (0.11) | (0.22) | (0.20) | (0.17) |  | (0.15) |
|  Distributions to shareholders from net realized gains | (4.03) | (4.04) | (0.03) | (1.99) | (3.42) | (1.00) |
|  Total distributions | (4.14) | (4.26) | (0.23) | (2.16) | (3.42) | (1.15) |
|  Net asset value, end of period | $41.93 | $43.87 | $41.60 | $33.71 | $31.03 | $39.94 |
|  **Total Return<sup>(b)</sup>** | 4.95% | 16.48% | 24.20% | 16.56% | (15.08)% | 32.90% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;185533 | $&nbsp;&nbsp;&nbsp;&nbsp;173788 | $&nbsp;&nbsp;&nbsp;&nbsp;153988 | $&nbsp;&nbsp;&nbsp;&nbsp;120003 | $&nbsp;&nbsp;&nbsp;&nbsp;109347 | $&nbsp;&nbsp;&nbsp;&nbsp;132700 |
|  Ratio of net expenses to average net assets | 0.69 %<sup>(c)</sup> | 0.69% | 0.69% | 0.70% | 0.71% | 0.73% |
|  Ratio of total expenses to average net assets | 0.76 %<sup>(c)</sup> | 0.77% | 0.77% | 0.79% | 0.77% | 0.79% |
|  Ratio of net investment income to average net assets | 0.25 %<sup>(c)</sup> | 0.46% | 0.68% | 0.70% | 0.50% | 0.21% |
|  Portfolio turnover rate<sup>(d)</sup> | 35% | 56% | 57% | 42% | 63% | 46% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. 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. | **25** |

---

------

GOLDMAN SACHS MID CAP GROWTH 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** |
|  | **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $13.39 | $12.38 | $10.84 | $11.03 | $18.20 | $17.14 |
|  Net investment loss<sup>(a)</sup> | (0.06) | (0.06) | (0.06) | (0.05) | (0.10) | (0.15) |
|  Net realized and unrealized gain (loss) | 0.32 | 2.99 | 1.60 | 0.86 | (3.93) | 5.26 |
|  Total from investment operations | 0.26 | 2.93 | 1.54 | 0.81 | (4.03) | 5.11 |
|  Distributions to shareholders from net realized gains | (2.80) | (1.92) |  | (1.00) | (3.14) | (4.05) |
|  Net asset value, end of period | $10.85 | $13.39 | $12.38 | $10.84 | $11.03 | $18.20 |
|  **Total Return<sup>(b)</sup>** | 2.10% | 24.11% | 14.21% | 7.76% | (25.93)% | 33.85% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;213259 | $&nbsp;&nbsp;&nbsp;&nbsp;232496 | $&nbsp;&nbsp;&nbsp;&nbsp;239246 | $&nbsp;&nbsp;&nbsp;&nbsp;244602 | $&nbsp;&nbsp;&nbsp;&nbsp;262404 | $&nbsp;&nbsp;&nbsp;&nbsp;404921 |
|  Ratio of net expenses to average net assets | 1.15 %<sup>(c)</sup> | 1.15% | 1.15% | 1.19% | 1.24% | 1.24% |
|  Ratio of total expenses to average net assets | 1.37 %<sup>(c)</sup> | 1.37% | 1.37% | 1.39% | 1.37% | 1.37% |
|  Ratio of net investment loss to average net assets | (0.76)%<sup>(c)</sup> | (0.51)% | (0.50)% | (0.51)% | (0.73)% | (0.87)% |
|  Portfolio turnover rate<sup>(d)</sup> | 46% | 79% | 63% | 43% | 50% | 57% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. 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;

---

| | |
|:---|:---|
| 26 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MID CAP GROWTH 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** |
|  | **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $22.21 | $19.63 | $17.31 | $17.15 | $102.96 | $162.72 |
|  Net investment loss<sup>(a)</sup> | (0.16) | (0.26) | (0.23) | (0.21) | (0.48) | (1.68) |
|  Net realized and unrealized gain (loss) | 0.53 | 4.76 | 2.55 | 1.37 | (9.97) | 39.12 |
|  Total from investment operations | 0.37 | 4.50 | 2.32 | 1.16 | (10.45) | 37.44 |
|  Distributions to shareholders from net realized gains | (2.80) | (1.92) |  | (1.00) | (75.36) | (97.20) |
|  Net asset value, end of period | $19.78 | $22.21 | $19.63 | $17.31 | $17.15 | $102.96 |
|  **Total Return<sup>(b)</sup>** | 1.75% | 23.15% | 13.40% | 7.00% | (26.40)% | 32.89% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8495 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9442 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9664 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10235 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13261 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23337 |
|  Ratio of net expenses to average net assets | 1.90 %<sup>(c)</sup> | 1.90% | 1.90% | 1.94% | 1.99% | 1.99% |
|  Ratio of total expenses to average net assets | 2.12 %<sup>(c)</sup> | 2.12% | 2.12% | 2.14% | 2.12% | 2.12% |
|  Ratio of net investment loss to average net assets | (1.51)%<sup>(c)</sup> | (1.26)% | (1.25)% | (1.26)% | (1.48)% | (1.62)% |
|  Portfolio turnover rate<sup>(d)</sup> | 46% | 79% | 63% | 43% | 50% | 57% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. 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. | **27** |

---

------

GOLDMAN SACHS MID CAP GROWTH 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** |
|  | **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $23.31 | $20.32 | $17.73 | $17.37 | $26.68 | $23.41 |
|  Net investment loss<sup>(a)</sup> | (0.06) | (0.05) | (0.04) | (0.03) | (0.08) | (0.13) |
|  Net realized and unrealized gain (loss) | 0.56 | 4.96 | 2.63 | 1.39 | (6.09) | 7.45 |
|  Total from investment operations | 0.50 | 4.91 | 2.59 | 1.36 | (6.17) | 7.32 |
|  Distributions to shareholders from net realized gains | (2.80) | (1.92) |  | (1.00) | (3.14) | (4.05) |
|  Net asset value, end of period | $21.01 | $23.31 | $20.32 | $17.73 | $17.37 | $26.68 |
|  **Total Return<sup>(b)</sup>** | 2.25% | 24.45% | 14.61% | 8.11% | (25.69)% | 34.27% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;303830 | $&nbsp;&nbsp;&nbsp;&nbsp;309564 | $&nbsp;&nbsp;&nbsp;&nbsp;264134 | $&nbsp;&nbsp;&nbsp;&nbsp;275045 | $&nbsp;&nbsp;&nbsp;&nbsp;313137 | $&nbsp;&nbsp;&nbsp;&nbsp;478127 |
|  Ratio of net expenses to average net assets | 0.85 %<sup>(c)</sup> | 0.85% | 0.85% | 0.87% | 0.90% | 0.90% |
|  Ratio of total expenses to average net assets | 1.01 %<sup>(c)</sup> | 1.01% | 1.01% | 1.02% | 1.00% | 1.00% |
|  Ratio of net investment loss to average net assets | (0.47)%<sup>(c)</sup> | (0.21)% | (0.20)% | (0.20)% | (0.39)% | (0.53)% |
|  Portfolio turnover rate<sup>(d)</sup> | 46% | 79% | 63% | 43% | 50% | 57% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. 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 MID CAP GROWTH 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Six Months Ended**<br> **February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended**<br> **February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $10.78 | $10.29 | $9.03 | $9.36 | $15.97 | $15.50 |
|  Net investment loss<sup>(a)</sup> | (0.01) | (0.07) | (0.07) | (0.06) | (0.10) | (0.16) |
|  Net realized and unrealized gain (loss) | 0.20 | 2.48 | 1.33 | 0.73 | (3.37) | 4.68 |
|  Total from investment operations | 0.19 | 2.41 | 1.26 | 0.67 | (3.47) | 4.52 |
|  Distributions to shareholders from net realized gains | (2.80) | (1.92) |  | (1.00) | (3.14) | (4.05) |
|  Net asset value, end of period | $8.17 | $10.78 | $10.29 | $9.03 | $9.36 | $15.97 |
|  **Total Return<sup>(b)</sup>** | 1.96% | 23.93% | 13.95% | 7.64% | (26.06)% | 33.59% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22275 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23318 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22649 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21916 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21107 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33114 |
|  Ratio of net expenses to average net assets | 1.35 %<sup>(c)</sup> | 1.35% | 1.35% | 1.37% | 1.40% | 1.40% |
|  Ratio of total expenses to average net assets | 1.51 %<sup>(c)</sup> | 1.51% | 1.51% | 1.52% | 1.50% | 1.50% |
|  Ratio of net investment loss to average net assets | (0.96)%<sup>(c)</sup> | (0.71)% | (0.70)% | (0.70)% | (0.90)% | (1.03)% |
|  Portfolio turnover rate<sup>(d)</sup> | 46% | 79% | 63% | 43% | 50% | 57% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. 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 MID CAP GROWTH 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Six Months Ended**<br> **February 28, 2026<br>(Unaudited)** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** |
|  | **Six Months Ended**<br> **February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $16.30 | $14.69 | $12.83 | $12.84 | $20.61 | $18.90 |
|  Net investment loss<sup>(a)</sup> | (0.09) | (0.04) | (0.04) | (0.03) | (0.07) | (0.12) |
|  Net realized and unrealized gain (loss) | 0.43 | 3.57 | 1.90 | 1.02 | (4.56) | 5.88 |
|  Total from investment operations | 0.34 | 3.53 | 1.86 | 0.99 | (4.63) | 5.76 |
|  Distributions to shareholders from net realized gains | (2.80) | (1.92) |  | (1.00) | (3.14) | (4.05) |
|  Net asset value, end of period | $13.84 | $16.30 | $14.69 | $12.83 | $12.84 | $20.61 |
|  **Total Return<sup>(b)</sup>** | 2.23% | 24.42% | 14.50% | 8.09% | (25.79)% | 34.19% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;128431 | $&nbsp;&nbsp;&nbsp;&nbsp;115989 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94163 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69632 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70759 | $&nbsp;&nbsp;&nbsp;&nbsp;105878 |
|  Ratio of net expenses to average net assets | 0.90 %<sup>(c)</sup> | 0.90% | 0.90% | 0.93% | 0.99% | 0.99% |
|  Ratio of total expenses to average net assets | 1.12 %<sup>(c)</sup> | 1.12% | 1.12% | 1.14% | 1.12% | 1.12% |
|  Ratio of net investment loss to average net assets | (0.53)%<sup>(c)</sup> | (0.26)% | (0.26)% | (0.26)% | (0.48)% | (0.62)% |
|  Portfolio turnover rate<sup>(d)</sup> | 46% | 79% | 63% | 43% | 50% | 57% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. 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 MID CAP GROWTH 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | <br> **Six Months Ended<br>February 28, 2026**<br> (Unaudited) | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** |
|  | <br> **Six Months Ended<br>February 28, 2026**<br> (Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $23.36 | $20.36 | $17.76 | $17.40 | $26.72 | $23.44 |
|  Net investment loss<sup>(a)</sup> | (0.22) | (0.04) | (0.04) | (0.03) | (0.08) | (0.13) |
|  Net realized and unrealized gain (loss) | 0.73 | 4.96 | 2.64 | 1.39 | (6.10) | 7.46 |
|  Total from investment operations | 0.51 | 4.92 | 2.60 | 1.36 | (6.18) | 7.33 |
|  Distributions to shareholders from net realized gains | (2.80) | (1.92) |  | (1.00) | (3.14) | (4.05) |
|  Net asset value, end of period | $21.07 | $23.36 | $20.36 | $17.76 | $17.40 | $26.72 |
|  **Total Return<sup>(b)</sup>** | 2.28% | 24.45% | 14.64% | 8.10% | (25.69)% | 34.27% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232322 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250356 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195528 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192601 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199472 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283233 |
|  Ratio of net expenses to average net assets | 0.84 %<sup>(c)</sup> | 0.84% | 0.84% | 0.86% | 0.89% | 0.89% |
|  Ratio of total expenses to average net assets | 1.00 %<sup>(c)</sup> | 1.00% | 1.00% | 1.01% | 0.99% | 0.99% |
|  Ratio of net investment loss to average net assets | (0.45)%<sup>(c)</sup> | (0.20)% | (0.19)% | (0.18)% | (0.38)% | (0.53)% |
|  Portfolio turnover rate<sup>(d)</sup> | 46% | 79% | 63% | 43% | 50% | 57% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. 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 MID CAP GROWTH 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Six Months Ended<br>February 28, 2026**<br> (Unaudited) | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026**<br> (Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $10.76 | $10.29 | $9.03 | $9.37 | $15.99 | $15.53 |
|  Net investment loss<sup>(a)</sup> | (0.08) | (0.08) | (0.07) | (0.07) | (0.11) | (0.17) |
|  Net realized and unrealized gain (loss) | 0.28 | 2.47 | 1.33 | 0.73 | (3.37) | 4.68 |
|  Total from investment operations | 0.20 | 2.39 | 1.26 | 0.66 | (3.48) | 4.51 |
|  Distributions to shareholders from net realized gains | (2.80) | (1.92) |  | (1.00) | (3.14) | (4.05) |
|  Net asset value, end of period | $8.16 | $10.76 | $10.29 | $9.03 | $9.37 | $15.99 |
|  **Total Return<sup>(b)</sup>** | 2.06% | 23.72% | 13.95% | 7.53% | (26.10)% | 33.44% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30818 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32778 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31067 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31403 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33397 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54987 |
|  Ratio of net expenses to average net assets | 1.40 %<sup>(c)</sup> | 1.40% | 1.40% | 1.43% | 1.49% | 1.49% |
|  Ratio of total expenses to average net assets | 1.62 %<sup>(c)</sup> | 1.62% | 1.62% | 1.64% | 1.62% | 1.62% |
|  Ratio of net investment loss to average net assets | (1.01)%<sup>(c)</sup> | (0.76)% | (0.75)% | (0.76)% | (0.98)% | (1.12)% |
|  Portfolio turnover rate<sup>(d)</sup> | 46% | 79% | 63% | 43% | 50% | 57% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. 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 MID CAP GROWTH 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended<br>February 28, 2026**<br> (Unaudited) | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026**<br> (Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $23.38 | $20.37 | $17.78 | $17.41 | $26.74 | $23.45 |
|  Net investment loss<sup>(a)</sup> | (0.01) | (0.04) | (0.04) | (0.03) | (0.08) | (0.13) |
|  Net realized and unrealized gain (loss) | 0.52 | 4.97 | 2.63 | 1.40 | (6.11) | 7.47 |
|  Total from investment operations | 0.51 | 4.93 | 2.59 | 1.37 | (6.19) | 7.34 |
|  Distributions to shareholders from net realized gains | (2.80) | (1.92) |  | (1.00) | (3.14) | (4.05) |
|  Net asset value, end of period | $21.09 | $23.38 | $20.37 | $17.78 | $17.41 | $26.74 |
|  **Total Return<sup>(b)</sup>** | 2.29% | 24.49% | 14.57% | 8.15% | (25.68)% | 34.26% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40958 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44836 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39261 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43066 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50932 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90649 |
|  Ratio of net expenses to average net assets | 0.84 %<sup>(c)</sup> | 0.84% | 0.84% | 0.86% | 0.89% | 0.89% |
|  Ratio of total expenses to average net assets | 1.00 %<sup>(c)</sup> | 1.00% | 1.00% | 1.01% | 0.99% | 0.99% |
|  Ratio of net investment loss to average net assets | (0.45)%<sup>(c)</sup> | (0.19)% | (0.19)% | (0.19)% | (0.40)% | (0.53)% |
|  Portfolio turnover rate<sup>(d)</sup> | 46% | 79% | 63% | 43% | 50% | 57% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. 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 SMALL CAP GROWTH 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 Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended<br>February 28, 2026**<br> (Unaudited) | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026**<br> (Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $16.24 | $14.83 | $12.01 | $11.16 | $16.89 | $12.81 |
|  Net investment loss<sup>(a)</sup> | (0.08) | (0.11)<sup>(b)</sup> | (0.09)<sup>(c)</sup> | (0.10) | (0.10)<sup>(d)</sup> | (0.16)<sup>(e)</sup> |
|  Net realized and unrealized gain (loss) | 1.54 | 1.52 | 2.91 | 0.95 | (4.04) | 5.36 |
|  Total from investment operations | 1.46 | 1.41 | 2.82 | 0.85 | (4.14) | 5.20 |
|  Distributions to shareholders from net investment income |  |  |  |  |  | (0.02) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (1.59) | (1.10) |
|  Total distributions |  |  |  |  | (1.59) | (1.12) |
|  Net asset value, end of period | $17.70 | $16.24 | $14.83 | $12.01 | $11.16 | $16.89 |
|  **Total Return<sup>(f)</sup>** | 8.99% | 9.51% | 23.48% | 7.62% | (26.55)% | 41.87% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3129 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669 |
|  Ratio of net expenses to average net assets | 1.22 %<sup>(g)</sup> | 1.22% | 1.22% | 1.24% | 1.28% | 1.28% |
|  Ratio of total expenses to average net assets | 1.36 %<sup>(g)</sup> | 1.40% | 1.68% | 2.09% | 2.16% | 3.50% |
|  Ratio of net investment loss to average net assets | (0.99)%<sup>(g)</sup> | (0.72)% | (0.70)%<sup>(c)</sup> | (0.85)% | (0.74)%<sup>(d)</sup> | (1.01)%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(h)</sup> | 60% | 73% | 69% | 87% | 81% | 101% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.11% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.10% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and 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;&nbsp;&nbsp;&nbsp;&nbsp;(g) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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;

---

| | |
|:---|:---|
| 34 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH 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 Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended<br>February 28, 2026**<br> (Unaudited) | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026**<br> (Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $15.55 | $14.31 | $11.67 | $10.93 | $16.69 | $12.74 |
|  Net investment loss<sup>(a)</sup> | (0.14) | (0.21)<sup>(b)</sup> | (0.19)<sup>(c)</sup> | (0.17) | (0.20)<sup>(d)</sup> | (0.27)<sup>(e)</sup> |
|  Net realized and unrealized gain (loss) | 1.48 | 1.45 | 2.83 | 0.91 | (3.97) | 5.32 |
|  Total from investment operations | 1.34 | 1.24 | 2.64 | 0.74 | (4.17) | 5.05 |
|  Distributions to shareholders from net realized gains |  |  |  |  | (1.59) | (1.10) |
|  Net asset value, end of period | $16.89 | $15.55 | $14.31 | $11.67 | $10.93 | $16.69 |
|  **Total Return<sup>(f)</sup>** | 8.62% | 8.67% | 22.62% | 6.77% | (27.08)% | 40.86% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1688 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 |
|  Ratio of net expenses to average net assets | 1.97 %<sup>(g)</sup> | 1.97% | 1.97% | 2.00% | 2.03% | 2.03% |
|  Ratio of total expenses to average net assets | 2.11 %<sup>(g)</sup> | 2.15% | 2.39% | 2.84% | 2.92% | 4.09% |
|  Ratio of net investment loss to average net assets | (1.74)%<sup>(g)</sup> | (1.48)% | (1.45)%<sup>(c)</sup> | (1.58)% | (1.48)%<sup>(d)</sup> | (1.78)%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(h)</sup> | 60% | 73% | 69% | 87% | 81% | 101% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.11% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.10% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and 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;&nbsp;&nbsp;&nbsp;&nbsp;(g) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. | **35** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | <br> **Six Months Ended**<br> **February 28, 2026<br>(Unaudited)** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** |
|  | <br> **Six Months Ended**<br> **February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $16.57 | $15.09 | $12.17 | $11.28 | $16.98 | $12.84 |
|  Net investment loss<sup>(a)</sup> | (0.06) | (0.06)<sup>(b)</sup> | (0.05)<sup>(c)</sup> | (0.06) | (0.04)<sup>(d)</sup> | (0.10)<sup>(e)</sup> |
|  Net realized and unrealized gain (loss) | 1.58 | 1.54 | 2.97 | 0.95 | (4.07) | 5.37 |
|  Total from investment operations | 1.52 | 1.48 | 2.92 | 0.89 | (4.11) | 5.27 |
|  Distributions to shareholders from net investment income |  |  |  |  |  | (0.03) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (1.59) | (1.10) |
|  Total distributions |  |  |  |  | (1.59) | (1.13) |
|  Net asset value, end of period | $18.09 | $16.57 | $15.09 | $12.17 | $11.28 | $16.98 |
|  **Total Return<sup>(f)</sup>** | 9.17% | 9.81% | 23.99% | 7.89% | (26.21)% | 42.36% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211194 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177868 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27220 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22012 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18661 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14313 |
|  Ratio of net expenses to average net assets | 0.91 %<sup>(g)</sup> | 0.91% | 0.91% | 0.91% | 0.91% | 0.91% |
|  Ratio of total expenses to average net assets | 1.00 %<sup>(g)</sup> | 1.03% | 1.42% | 1.73% | 1.75% | 2.93% |
|  Ratio of net investment loss to average net assets | (0.67)%<sup>(g)</sup> | (0.38)% | (0.38)%<sup>(c)</sup> | (0.49)% | (0.34)%<sup>(d)</sup> | (0.66)%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(h)</sup> | 60% | 73% | 69% | 87% | 81% | 101% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.11% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.10% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and 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;&nbsp;&nbsp;&nbsp;&nbsp;(g) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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;

---

| | |
|:---|:---|
| 36 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH 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 Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | <br> **Six Months Ended**<br> **February 28, 2026<br>(Unaudited)** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** |
|  | <br> **Six Months Ended**<br> **February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $16.49 | $15.02 | $12.13 | $11.24 | $16.96 | $12.83 |
|  Net investment loss<sup>(a)</sup> | (0.06) | (0.07)<sup>(b)</sup> | (0.06)<sup>(c)</sup> | (0.08) | (0.06)<sup>(d)</sup> | (0.12)<sup>(e)</sup> |
|  Net realized and unrealized gain (loss) | 1.57 | 1.54 | 2.95 | 0.97 | (4.07) | 5.37 |
|  Total from investment operations | 1.51 | 1.47 | 2.89 | 0.89 | (4.13) | 5.25 |
|  Distributions to shareholders from net investment income |  |  |  |  |  | (0.02) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (1.59) | (1.10) |
|  Total distributions |  |  |  |  | (1.59) | (1.12) |
|  Net asset value, end of period | $18.00 | $16.49 | $15.02 | $12.13 | $11.24 | $16.96 |
|  **Total Return<sup>(f)</sup>** | 9.16% | 9.79% | 23.83% | 7.92% | (26.37)% | 42.21% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164760 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155057 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85612 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5116 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |
|  Ratio of net expenses to average net assets | 0.97 %<sup>(g)</sup> | 0.97% | 0.97% | 0.98% | 1.03% | 1.03% |
|  Ratio of total expenses to average net assets | 1.11 %<sup>(g)</sup> | 1.15% | 1.29% | 1.77% | 1.90% | 3.13% |
|  Ratio of net investment loss to average net assets | (0.72)%<sup>(g)</sup> | (0.46)% | (0.42)%<sup>(c)</sup> | (0.63)% | (0.48)%<sup>(d)</sup> | (0.78)%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(h)</sup> | 60% | 73% | 69% | 87% | 81% | 101% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.11% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.10% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and 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;&nbsp;&nbsp;&nbsp;&nbsp;(g) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. | **37** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH 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 Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | <br> **Six Months Ended**<br> **February 28, 2026<br>(Unaudited)** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** |
|  | <br> **Six Months Ended**<br> **February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $16.57 | $15.09 | $12.18 | $11.28 | $16.99 | $12.84 |
|  Net investment loss<sup>(a)</sup> | (0.06) | (0.06)<sup>(b)</sup> | (0.05)<sup>(c)</sup> | (0.06) | (0.05)<sup>(d)</sup> | (0.10)<sup>(e)</sup> |
|  Net realized and unrealized gain (loss) | 1.58 | 1.54 | 2.96 | 0.96 | (4.07) | 5.38 |
|  Total from investment operations | 1.52 | 1.48 | 2.91 | 0.90 | (4.12) | 5.28 |
|  Distributions to shareholders from net investment income |  |  |  |  |  | (0.03) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (1.59) | (1.10) |
|  Total distributions |  |  |  |  | (1.59) | (1.13) |
|  Net asset value, end of period | $18.09 | $16.57 | $15.09 | $12.18 | $11.28 | $16.99 |
|  **Total Return<sup>(f)</sup>** | 9.17% | 9.81% | 23.89% | 7.98% | (26.25)% | 42.44% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26480 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8591 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 |
|  Ratio of net expenses to average net assets | 0.90 %<sup>(g)</sup> | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
|  Ratio of total expenses to average net assets | 0.98 %<sup>(g)</sup> | 1.03% | 1.40% | 1.72% | 1.77% | 3.00% |
|  Ratio of net investment loss to average net assets | (0.71)%<sup>(g)</sup> | (0.39)% | (0.37)%<sup>(c)</sup> | (0.49)% | (0.35)%<sup>(d)</sup> | (0.65)%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(h)</sup> | 60% | 73% | 69% | 87% | 81% | 101% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.11% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.10% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and 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;&nbsp;&nbsp;&nbsp;&nbsp;(g) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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;

---

| | |
|:---|:---|
| 38 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH 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 Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | <br> **Six Months Ended**<br> **February 28, 2026<br>(Unaudited)** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** |
|  | <br> **Six Months Ended**<br> **February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $16.56 | $15.08 | $12.17 | $11.27 | $16.98 | $12.84 |
|  Net investment loss<sup>(a)</sup> | (0.06) | (0.06)<sup>(b)</sup> | (0.05)<sup>(c)</sup> | (0.06) | (0.04)<sup>(d)</sup> | (0.10)<sup>(e)</sup> |
|  Net realized and unrealized gain (loss) | 1.59 | 1.54 | 2.96 | 0.96 | (4.08) | 5.37 |
|  Total from investment operations | 1.53 | 1.48 | 2.91 | 0.90 | (4.12) | 5.27 |
|  Distributions to shareholders from net investment income |  |  |  |  |  | (0.03) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (1.59) | (1.10) |
|  Total distributions |  |  |  |  | (1.59) | (1.13) |
|  Net asset value, end of period | $18.09 | $16.56 | $15.08 | $12.17 | $11.27 | $16.98 |
|  **Total Return<sup>(f)</sup>** | 9.24% | 9.81% | 23.91% | 7.99% | (26.27)% | 42.38% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15858 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14985 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19001 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12859 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11540 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5349 |
|  Ratio of net expenses to average net assets | 0.90 %<sup>(g)</sup> | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
|  Ratio of total expenses to average net assets | 0.99 %<sup>(g)</sup> | 1.04% | 1.39% | 1.72% | 1.75% | 3.00% |
|  Ratio of net investment loss to average net assets | (0.65)%<sup>(g)</sup> | (0.39)% | (0.37)%<sup>(c)</sup> | (0.49)% | (0.35)%<sup>(d)</sup> | (0.64)%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(h)</sup> | 60% | 73% | 69% | 87% | 81% | 101% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.11% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.10% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and 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;&nbsp;&nbsp;&nbsp;&nbsp;(g) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. | **39** |

---

------

GOLDMAN SACHS SMALL/MID CAP GROWTH 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | <br> **Six Months Ended**<br> **February 28, 2026<br>(Unaudited)** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** |
|  | <br> **Six Months Ended**<br> **February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $20.85 | $21.09 | $18.04 | $17.06 | $28.31 | $23.56 |
|  Net investment loss<sup>(a)</sup> | (0.09) | (0.17) | (0.14) | (0.12) | (0.17) | (0.25) |
|  Net realized and unrealized gain (loss) | 2.12 | 0.01 | 3.19 | 1.10 | (7.31) | 8.84 |
|  Total from investment operations | 2.03 | (0.16) | 3.05 | 0.98 | (7.48) | 8.59 |
|  Distributions to shareholders from net realized gains | (3.43) | (0.08) |  |  | (3.74) | (3.84) |
|  Distributions to shareholders from return of capital |  |  |  |  | (0.03) |  |
|  Total distributions | (3.43) | (0.08) |  |  | (3.77) | (3.84) |
|  Net asset value, end of period | $19.45 | $20.85 | $21.09 | $18.04 | $17.06 | $28.31 |
|  **Total Return<sup>(b)</sup>** | 10.24% | (0.78)% | 16.91% | 5.74% | (29.64)% | 39.05% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209985 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214352 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260222 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276714 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470941 |
|  Ratio of net expenses to average net assets | 1.25 %<sup>(c)</sup> | 1.25% | 1.24% | 1.26% | 1.22% | 1.21% |
|  Ratio of total expenses to average net assets | 1.29 %<sup>(c)</sup> | 1.29% | 1.28% | 1.30% | 1.27% | 1.26% |
|  Ratio of net investment loss to average net assets | (0.88)%<sup>(c)</sup> | (0.82)% | (0.72)% | (0.70)% | (0.79)% | (0.94)% |
|  Portfolio turnover rate<sup>(d)</sup> | 66% | 105% | 69% | 62% | 65% | 60% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. 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 SMALL/MID CAP GROWTH 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | <br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** |
|  | <br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $14.29 | $14.59 | $12.57 | $11.98 | $21.23 | $18.59 |
|  Net investment loss<sup>(a)</sup> | (0.11) | (0.22) | (0.19) | (0.18) | (0.24) | (0.34) |
|  Net realized and unrealized gain (loss) | 1.42 |  | 2.21 | 0.77 | (5.24) | 6.82 |
|  Total from investment operations | 1.31 | (0.22) | 2.02 | 0.59 | (5.48) | 6.48 |
|  Distributions to shareholders from net realized gains | (3.43) | (0.08) |  |  | (3.74) | (3.84) |
|  Distributions to shareholders from return of capital |  |  |  |  | (0.03) |  |
|  Total distributions | (3.43) | (0.08) |  |  | (3.77) | (3.84) |
|  Net asset value, end of period | $12.17 | $14.29 | $14.59 | $12.57 | $11.98 | $21.23 |
|  **Total Return<sup>(b)</sup>** | 9.86% | (1.54)% | 16.07% | 4.92% | (30.18)% | 38.00% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16833 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19309 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59508 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76089 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145721 |
|  Ratio of net expenses to average net assets | 2.00 %<sup>(c)</sup> | 2.00% | 1.99% | 2.01% | 1.97% | 1.96% |
|  Ratio of total expenses to average net assets | 2.04 %<sup>(c)</sup> | 2.04% | 2.04% | 2.05% | 2.02% | 2.01% |
|  Ratio of net investment loss to average net assets | (1.62)%<sup>(c)</sup> | (1.57)% | (1.46)% | (1.45)% | (1.54)% | (1.69)% |
|  Portfolio turnover rate<sup>(d)</sup> | 66% | 105% | 69% | 62% | 65% | 60% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. 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 SMALL/MID CAP GROWTH 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/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | <br> **Six Months Ended**<br> **February 28, 2026<br>(Unaudited)** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** |
|  | <br> **Six Months Ended**<br> **February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $24.30 | $24.48 | $20.88 | $19.68 | $31.94 | $26.09 |
|  Net investment loss<sup>(a)</sup> | (0.07) | (0.12) | (0.09) | (0.07) | (0.11) | (0.18) |
|  Net realized and unrealized gain (loss) | 2.50 | 0.02 | 3.69 | 1.27 | (8.38) | 9.87 |
|  Total from investment operations | 2.43 | (0.10) | 3.60 | 1.20 | (8.49) | 9.69 |
|  Distributions to shareholders from net realized gains | (3.43) | (0.08) |  |  | (3.74) | (3.84) |
|  Distributions to shareholders from return of capital |  |  |  |  | (0.03) |  |
|  Total distributions | (3.43) | (0.08) |  |  | (3.77) | (3.84) |
|  Net asset value, end of period | $23.30 | $24.30 | $24.48 | $20.88 | $19.68 | $31.94 |
|  **Total Return<sup>(b)</sup>** | 10.41% | (0.42)% | 17.24% | 6.10% | (29.42)% | 39.51% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437289 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577644 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739233 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759588 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824359 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303226 |
|  Ratio of net expenses to average net assets | 0.93 %<sup>(c)</sup> | 0.93% | 0.92% | 0.93% | 0.90% | 0.89% |
|  Ratio of net investment loss to average net assets | (0.55)%<sup>(c)</sup> | (0.50)% | (0.40)% | (0.37)% | (0.47)% | (0.63)% |
|  Portfolio turnover rate<sup>(d)</sup> | 66% | 105% | 69% | 62% | 65% | 60% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. 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 SMALL/MID CAP GROWTH 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/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | <br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** |
|  | <br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $19.51 | $19.77 | $16.94 | $16.05 | $26.92 | $22.60 |
|  Net investment loss<sup>(a)</sup> | (0.10) | (0.19) | (0.16) | (0.14) | (0.27) | (0.27) |
|  Net realized and unrealized gain (loss) | 1.98 | 0.01 | 2.99 | 1.03 | (6.83) | 8.43 |
|  Total from investment operations | 1.88 | (0.18) | 2.83 | 0.89 | (7.10) | 8.16 |
|  Distributions to shareholders from net realized gains | (3.43) | (0.08) |  |  | (3.74) | (3.84) |
|  Distributions to shareholders from return of capital |  |  |  |  | (0.03) |  |
|  Total distributions | (3.43) | (0.08) |  |  | (3.77) | (3.84) |
|  Net asset value, end of period | $17.96 | $19.51 | $19.77 | $16.94 | $16.05 | $26.92 |
|  **Total Return<sup>(b)</sup>** | 10.17% | (0.93)% | 16.71% | 5.55% | (29.78)% | 38.78% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22781 |
|  Ratio of net expenses to average net assets | 1.43 %<sup>(c)</sup> | 1.43% | 1.42% | 1.43% | 1.39% | 1.39% |
|  Ratio of total expenses to average net assets | 1.43 %<sup>(c)</sup> | 1.43% | 1.42% | 1.43% | 1.39% | 1.40% |
|  Ratio of net investment income (loss) to average net assets | (1.05)%<sup>(c)</sup> | (1.00)% | (0.90)% | (0.87)% | (1.10)% | 1.12% |
|  Portfolio turnover rate<sup>(d)</sup> | 66% | 105% | 69% | 62% | 65% | 60% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. 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 SMALL/MID CAP GROWTH 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/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | <br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** |
|  | <br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $22.82 | $23.02 | $19.64 | $18.53 | $30.33 | $24.96 |
|  Net investment loss<sup>(a)</sup> | (0.07) | (0.13) | (0.10) | (0.09) | (0.13) | (0.19) |
|  Net realized and unrealized gain (loss) | 2.34 | 0.01 | 3.48 | 1.20 | (7.90) | 9.40 |
|  Total from investment operations | 2.27 | (0.12) | 3.38 | 1.11 | (8.03) | 9.21 |
|  Distributions to shareholders from net realized gains | (3.43) | (0.08) |  |  | (3.74) | (3.84) |
|  Distributions to shareholders from return of capital |  |  |  |  | (0.03) |  |
|  Total distributions | (3.43) | (0.08) |  |  | (3.77) | (3.84) |
|  Net asset value, end of period | $21.66 | $22.82 | $23.02 | $19.64 | $18.53 | $30.33 |
|  **Total Return<sup>(b)</sup>** | 10.42% | (0.54)% | 17.21% | 5.99% | (29.47)% | 39.37% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183641 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218478 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300627 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344304 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428149 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815104 |
|  Ratio of net expenses to average net assets | 1.00 %<sup>(c)</sup> | 1.00% | 0.99% | 1.01% | 0.97% | 0.96% |
|  Ratio of total expenses to average net assets | 1.04 %<sup>(c)</sup> | 1.04% | 1.03% | 1.05% | 1.02% | 1.01% |
|  Ratio of net investment loss to average net assets | (0.63)%<sup>(c)</sup> | (0.57)% | (0.47)% | (0.45)% | (0.55)% | (0.69)% |
|  Portfolio turnover rate<sup>(d)</sup> | 66% | 105% | 69% | 62% | 65% | 60% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. 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 SMALL/MID CAP GROWTH 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/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | <br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** |
|  | <br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $24.34 | $24.52 | $20.91 | $19.71 | $31.98 | $26.12 |
|  Net investment loss<sup>(a)</sup> | (0.06) | (0.12) | (0.09) | (0.07) | (0.10) | (0.18) |
|  Net realized and unrealized gain (loss) | 2.49 | 0.02 | 3.70 | 1.27 | (8.40) | 9.88 |
|  Total from investment operations | 2.43 | (0.10) | 3.61 | 1.20 | (8.50) | 9.70 |
|  Distributions to shareholders from net realized gains | (3.43) | (0.08) |  |  | (3.74) | (3.84) |
|  Distributions to shareholders from return of capital |  |  |  |  | (0.03) |  |
|  Total distributions | (3.43) | (0.08) |  |  | (3.77) | (3.84) |
|  Net asset value, end of period | $23.34 | $24.34 | $24.52 | $20.91 | $19.71 | $31.98 |
|  **Total Return<sup>(b)</sup>** | 10.43% | (0.42)% | 17.26% | 6.09% | (29.41)% | 39.51% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88096 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108706 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135738 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150699 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156599 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139453 |
|  Ratio of net expenses to average net assets | 0.92 %<sup>(c)</sup> | 0.92% | 0.91% | 0.92% | 0.89% | 0.88% |
|  Ratio of net investment loss to average net assets | (0.54)%<sup>(c)</sup> | (0.49)% | (0.39)% | (0.36)% | (0.43)% | (0.61)% |
|  Portfolio turnover rate<sup>(d)</sup> | 66% | 105% | 69% | 62% | 65% | 60% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. 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 SMALL/MID CAP GROWTH 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/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | <br> **Six Months Ended<br>February 28, 2026**<br> (Unaudited) | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** |
|  | <br> **Six Months Ended<br>February 28, 2026**<br> (Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $19.01 | $19.28 | $16.54 | $15.68 | $26.41 | $22.24 |
|  Net investment loss<sup>(a)</sup> | (0.10) | (0.20) | (0.17) | (0.15) | (0.20) | (0.29) |
|  Net realized and unrealized gain (loss) | 1.92 | 0.01 | 2.91 | 1.01 | (6.76) | 8.30 |
|  Total from investment operations | 1.82 | (0.19) | 2.74 | 0.86 | (6.96) | 8.01 |
|  Distributions to shareholders from net realized gains | (3.43) | (0.08) |  |  | (3.74) | (3.84) |
|  Distributions to shareholders from return of capital |  |  |  |  | (0.03) |  |
|  Total distributions | (3.43) | (0.08) |  |  | (3.77) | (3.84) |
|  Net asset value, end of period | $17.40 | $19.01 | $19.28 | $16.54 | $15.68 | $26.41 |
|  **Total Return<sup>(b)</sup>** | 10.12% | (1.01)% | 16.57% | 5.48% | (29.82)% | 38.72% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6547 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6324 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7378 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8576 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9301 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14818 |
|  Ratio of net expenses to average net assets | 1.50 %<sup>(c)</sup> | 1.50% | 1.49% | 1.51% | 1.47% | 1.46% |
|  Ratio of total expenses to average net assets | 1.54 %<sup>(c)</sup> | 1.54% | 1.53% | 1.55% | 1.52% | 1.51% |
|  Ratio of net investment loss to average net assets | (1.13)%<sup>(c)</sup> | (1.07)% | (0.97)% | (0.95)% | (1.04)% | (1.20)% |
|  Portfolio turnover rate<sup>(d)</sup> | 66% | 105% | 69% | 62% | 65% | 60% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. 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 SMALL/MID CAP GROWTH 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/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | <br> **Six Months Ended<br>February 28, 2026**<br> (Unaudited) | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** | <br> **Year Ended August 31,** |
|  | <br> **Six Months Ended<br>February 28, 2026**<br> (Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $24.34 | $24.53 | $20.91 | $19.71 | $31.98 | $26.12 |
|  Net investment loss<sup>(a)</sup> | (0.06) | (0.12) | (0.09) | (0.07) | (0.11) | (0.18) |
|  Net realized and unrealized gain (loss) | 2.50 | 0.01 | 3.71 | 1.27 | (8.39) | 9.88 |
|  Total from investment operations | 2.44 | (0.11) | 3.62 | 1.20 | (8.50) | 9.70 |
|  Distributions to shareholders from net realized gains | (3.43) | (0.08) |  |  | (3.74) | (3.84) |
|  Distributions to shareholders from return of capital |  |  |  |  | (0.03) |  |
|  Total distributions | (3.43) | (0.08) |  |  | (3.77) | (3.84) |
|  Net asset value, end of period | $23.35 | $24.34 | $24.53 | $20.91 | $19.71 | $31.98 |
|  **Total Return<sup>(b)</sup>** | 10.48% | (0.46)% | 17.31% | 6.09% | (29.41)% | 39.51% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281207 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305413 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330098 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323206 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345549 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601794 |
|  Ratio of net expenses to average net assets | 0.92 %<sup>(c)</sup> | 0.92% | 0.91% | 0.92% | 0.89% | 0.88% |
|  Ratio of net investment loss to average net assets | (0.55)%<sup>(c)</sup> | (0.49)% | (0.39)% | (0.36)% | (0.46)% | (0.61)% |
|  Portfolio turnover rate<sup>(d)</sup> | 66% | 105% | 69% | 62% | 65% | 60% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. 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 FUNDAMENTAL EQUITY GROWTH FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *February 28, 2026 (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/ Non-Diversified** |
| Large Cap Equity Fund | A, C, Institutional, Service, Investor, R6, R and P | Diversified |
| Mid Cap Growth Fund | A, C, Institutional, Service, Investor, R6, R and P | Diversified |
| Small Cap Growth Fund | A, C, Institutional, Investor, R6, and P | Diversified |
| Small/Mid Cap Growth 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' and underlying funds' ("Underlying 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.

&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;

**48**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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;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;F. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures ("ASU 2023-07"). 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' prospectuses. The Chief Operating Decision Maker ("CODM") is the portfolio management team within the Funds' 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;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 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;

**49**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (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)

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 ("Valuation Procedures"), including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

&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 financial statements at SEC.gov.

&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 February 28, 2026:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**50**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Large Cap 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 | $6228891 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 16250348 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 1432346414 |  |  |
|  Investment Company | 3869286 |  |  |
|  Securities Lending Reinvestment Vehicle | 3791472 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462486411 | $— | $— |
| **Mid Cap Growth 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 | $29060052 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 938540881 |  |  |
|  Investment Company | 12280741 |  |  |
|  **Total** | $979881674 | $— | $— |
| **Small Cap Growth 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 | $15796870 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 401477014 |  | 5872 |
|  Investment Company | 9246604 |  |  |
|  **Total** | $426520488 | $— | $5872 |
| **Small/Mid Cap Growth 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 | $20667919 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 29130260 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 1163303140 |  |  |
|  Investment Company | 21386463 |  |  |
|  Securities Lending Reinvestment Vehicle | 875852 |  |  |
|  **Total** | $1235363634 | $— | $— |

---

&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.

For further information regarding security characteristics, see the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**51**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (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. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 February 28, 2026, 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^** |
|  Large Cap Equity Fund | 0.71% | 0.64% | 0.61% | 0.61% | 0.61% | 0.69% | 0.66% |
|  Mid Cap Growth Fund | 0.92 | 0.92 | 0.83 | 0.79 | 0.77 | 0.92 | 0.81 |
|  Small Cap Growth Fund | 0.85 | 0.85 | 0.77 | 0.73 | 0.71 | 0.85 | 0.85 |
|  Small/Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 |

---

^ 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 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 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 Underlying Money Market Fund. For the six months ended February 28, 2026, the management fee waived by GSAM for each Fund was as follows:

---

| | |
|:---|:---|
| **Fund** | **Management <br>Fee Waived** |
|  Large Cap Equity Fund | $3388 |
|  Mid Cap Growth Fund | 12018 |
|  Small Cap Growth Fund | 4995 |
|  Small/Mid Cap Growth Fund | 9818 |

---

&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;

**52**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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;4. 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 February 28, 2026, Goldman Sachs retained the following amounts:

---

| | | |
|:---|:---|:---|
|  | **Front End<br>Sales Charge** | **Contingent Deferred<br>Sales Charge** |
| **Fund** | **Class A** | **Class C** |
|  Large Cap Equity Fund | $11479 | $203 |
|  Mid Cap Growth Fund | 4932 | 317 |
|  Small Cap Growth Fund | 66 |  |
|  Small/Mid Cap Growth Fund | 3323 |  |

---

&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.

For the six months ended February 28, 2026, the transfer agency fee waivers were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large Cap Equity Fund** | **Mid Cap Growth Fund** | **Small Cap Growth<br>Fund** | **Small/Mid Cap Growth<br>Fund** |
| Transfer Agency Waivers (Class A, Class C, Investor, and Class R Shares)<sup>\*</sup> | 0.06% | 0.06% | 0.05% | 0.04% |

---

\* These arrangements will remain in effect through at least December 29, 2026, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

&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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**53**

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (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. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

percentage rate of average daily net assets for Large Cap Equity, Mid Cap Growth, Small Cap Growth, and Small/Mid Cap Growth are 0.004%, 0.004%, 0.024%, and 0.044%, respectively. These Other Expense limitations will remain in place through at least December 29, 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 February 28, 2026, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Management<br>Fee Waiver** | **Transfer Agency<br>Waiver/Credits** | **Other Expense<br>Reimbursements** | **Total Expense<br>Reductions** |
|  Large Cap Equity Fund | $200432 | $320265 | $296942 | $817639 |
|  Mid Cap Growth Fund | 540726 | 113609 | 231118 | 885453 |
|  Small Cap Growth Fund |  | 41172 | 163963 | 205135 |
|  Small/Mid Cap Growth Fund | – | 85974 | 9818 | 95792 |

---

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of February 28, 2026, 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 February 28, 2026, the Funds did not have any borrowings under the facility.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — For the six months ended February 28, 2026, Goldman Sachs earned the following amounts in brokerage commissions from portfolio transactions, on behalf of the Funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Large Cap<br>Equity Fund** | **Goldman Sachs Mid Cap<br>Growth Fund** | **Goldman Sachs Small Cap<br>Growth Fund** | **Goldman Sachs Small/Mid**<br> **Cap Growth Fund** |
|  Brokerage commissions paid | $22506 | $22979 | $3663 | $31021 |

---

The table below shows the transactions in and earnings from investments in the Goldman Sachs Financial Square Government Fund —Institutional Shares for the six months ended February 28, 2026.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** |  |  |
| **Underlying Fund** | **Beginning value<br>as of August 31,**<br> **2025** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of**<br> **February 28, 2026** | **Shares as of<br>February 28, 2026** | **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 |  |  |
|  | $606 | $66630999 | $(62762319) | $3869286 | 3869286 | $82094 |
| **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** |  |  |
| **Underlying Fund** | **Beginning value**<br> **as of August 31,**<br> **2025** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>February 28, 2026** | **Shares as of<br>February 28, 2026** | **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 |  |  |
|  | 15470536 | 154420644 | (157610424) | 12280741 | 12280741 | 274888 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**54**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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;4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** |  |  |
| **Underlying Fund** | **Beginning value<br>as of August 31,**<br> **2025** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>February 28, 2026** | **Shares as of<br>February 28, 2026** | **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 |  |  |
|  | $8876030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82099708 | $(81729134) | $9246604 | 9246604 | $117700 |
| **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** |  |  |
| **Underlying Fund** | **Beginning value<br>as of August 31,**<br> **2025** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>February 28, 2026** | **Shares as of<br>February 28, 2026** | **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 |  |  |
|  | 1734763 | 317546397 | (297894697) | 21386463 | 21386463 | 231493 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the period ended February 28, 2026, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Large Cap Equity Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510011579 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518053808 |
|  Mid Cap Growth Fund | 451513614 | 510298072 |
|  Small Cap Growth Fund | 254226473 | 229637273 |
|  Small/Mid Cap Growth Fund | 860457105 | 1229246197 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. SECURITIES LENDING

The Funds may lend their securities through a securities lending agent, the Bank of New York ("BNY"), to certain qualified borrowers. 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 (the "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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**55**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (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;6. SECURITIES LENDING (continued)

In the event of a default by a borrower with respect to any loan, BNY may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNY is unable to purchase replacement securities, BNY 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 February 28, 2026, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and BNY received compensation relating to the lending of the Funds' securities. The amounts earned, if any, by the Funds for the six months ended February 28, 2026, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds' investments in the Government Money Market Fund for the six months ended February 28, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Beginning value as<br>of August 31, 2025** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Ending value as<br>of February 28, 2026** |
|  Large Cap 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33182157 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29390685) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3791472 |
|  Mid Cap Growth Fund |  | 68996893 | (68996893) |  |
|  Small Cap Growth Fund | 3208990 | 43181299 | (46390289) |  |
|  Small/Mid Cap Growth Fund | 494130 | 68157144 | (67775422) | 875852 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION

As of the Funds' most current year end, August 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large Cap Equity<br>Fund** | **Mid Cap Growth**<br> **Fund** | **Small Cap Growth**<br> **Fund** | **Small/Mid Cap <br>Growth Fund** |
|  Capital loss carryforwards: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2459914) | $— |
|  Timing differences — (Qualified late Year Loss Deferral and Post October Losses) |  | (2048916) | (8062173) | (81464888) |

---

As of February 28, 2026, 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;

**56**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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;7. TAX INFORMATION (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large Cap Equity Fund** | **Mid Cap Growth Fund** | **Small Cap Growth Fund** | **Small/Mid Cap Growth** <br> **Fund**  |
|  Tax Cost | $837147858 | $777926241 | $343078824 | $961128280 |
|  Gross unrealized gain | 636068712 | 236713571 | 90675726 | 316851725 |
|  Gross unrealized loss | (10730159) | (34758138) | (7228190) | (42616371) |
|  Net unrealized gain (loss) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625338553 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201955433 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83447536 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274235354 |

---

The difference between GAAP-basis and tax basis unrealized gain (losses) is attributable primarily to wash sales and differences in the tax treatment of passive foreign investment company investments and underlying fund 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;8. 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. Growth investing is an example of an investment style. Growth companies are often expected by investors to increase their earnings at a certain rate. When these expectations are not met, investors can punish the stocks inordinately even if earnings showed an absolute increase.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**57**

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (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;8. OTHER RISKS (continued)

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.

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, governments or countries and/ or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments. 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.

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;9. 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.

10 . 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;

**58**

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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;

11 SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large Cap Equity Fund**  | **Large Cap Equity Fund**  | **Large Cap Equity Fund**  | **Large Cap Equity Fund**  |
|  | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 461232 | $16174552 | 526792 | $17689815 |
|  Reinvestment of distributions | 3153239 | 106132669 | 3184876 | 106239150 |
|  Shares redeemed | (1816724) | (64013157) | (2804625) | (93717783) |
|  | 1797747 | 58294064 | 907043 | 30211182 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 127572 | 1700161 | 217838 | 3212196 |
|  Reinvestment of distributions | 411582 | 4757880 | 341846 | 4764682 |
|  Shares redeemed | (290824) | (3690442) | (542607) | (7687340) |
|  | 248330 | 2767599 | 17077 | 289538 |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 1799127 | 80513102 | 384352 | 15665410 |
|  Reinvestment of distributions | 435299 | 18464663 | 301478 | 12376072 |
|  Shares redeemed | (547995) | (23669399) | (602673) | (24634141) |
|  | 1686431 | 75308366 | 83157 | 3407341 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 2 | 69 | 526 | 17152 |
|  Reinvestment of distributions | 338 | 10371 | 3099 | 95252 |
|  Shares redeemed | (13156) | (436395) | (8465) | (247487) |
|  | (12816) | (425955) | (4840) | (135083) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 68261 | 2546804 | 239865 | 8095779 |
|  Reinvestment of distributions | 88082 | 3086161 | 183447 | 6342016 |
|  Shares redeemed | (261708) | (9555991) | (1152557) | (37762856) |
|  | (105365) | (3923026) | (729245) | (23325061) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 31783 | 1394916 | 64527 | 2682100 |
|  Reinvestment of distributions | 27071 | 1147751 | 28834 | 1182052 |
|  Shares redeemed | (68657) | (2943311) | (123520) | (5044689) |
|  | (9803) | (400644) | (30159) | (1180537) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 26877 | 850664 | 27156 | 825612 |
|  Reinvestment of distributions | 37455 | 1133025 | 42545 | 1292061 |
|  Shares redeemed | (61820) | (2010970) | (74774) | (2317309) |
|  | 2512 | (27281) | (5073) | (199636) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 192300 | 8738825 | 275093 | 10914908 |
|  Reinvestment of distributions | 400371 | 16943083 | 381002 | 15609860 |
|  Shares redeemed | (129273) | (5587637) | (396328) | (15912627) |
|  | 463398 | 20094271 | 259767 | 10612141 |
|  **NET INCREASE IN SHARES** | 4070435 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151687394 | 497727 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19679885 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**59**

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (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;11. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mid Cap Growth Fund**  | **Mid Cap Growth Fund**  | **Mid Cap Growth Fund**  | **Mid Cap Growth Fund**  |
|  | **For the Six Months Ended<br>February 28, 2026**<br> (Unaudited) | **For the Six Months Ended<br>February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended<br>August 31, 2025** | **For the Fiscal Year Ended<br>August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 1083756 | $12524700 | 1703754 | $21298289 |
|  Reinvestment of distributions | 3969060 | 42746777 | 2276829 | 29644314 |
|  Shares redeemed | (2763351) | (33303372) | (5938269) | (75013213) |
|  | 2289465 | 21968105 | (1957686) | (24070610) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 20869 | 426160 | 69254 | 1450585 |
|  Reinvestment of distributions | 55623 | 1093544 | 38312 | 831754 |
|  Shares redeemed | (72138) | (1502248) | (174758) | (3493860) |
|  | 4354 | 17456 | (67192) | (1211521) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 1596944 | 33829078 | 2706367 | 59038459 |
|  Reinvestment of distributions | 1604098 | 33429391 | 1033535 | 23368225 |
|  Shares redeemed | (2023151) | (44141556) | (3458660) | (75957720) |
|  | 1177891 | 23116913 | 281242 | 6448964 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 186253 | 1783242 | 560324 | 6150950 |
|  Reinvestment of distributions | 737324 | 5979700 | 356765 | 3742461 |
|  Shares redeemed | (361602) | (3203506) | (954040) | (10344617) |
|  | 561975 | 4559436 | (36951) | (451206) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 1832936 | 27780934 | 2043573 | 32405822 |
|  Reinvestment of distributions | 1554819 | 21347660 | 767017 | 12134205 |
|  Shares redeemed | (1225219) | (18284744) | (2103131) | (32532389) |
|  | 2162536 | 30843850 | 707459 | 12007638 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 894559 | 19959382 | 2340437 | 51820055 |
|  Reinvestment of distributions | 1187429 | 24817267 | 701917 | 15905454 |
|  Shares redeemed | (1772014) | (38681221) | (1930045) | (42091462) |
|  | 309974 | 6095428 | 1112309 | 25634047 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 239254 | 2144721 | 433648 | 4372911 |
|  Reinvestment of distributions | 1017523 | 8241941 | 532815 | 5583906 |
|  Shares redeemed | (523911) | (4687774) | (940687) | (9807258) |
|  | 732866 | 5698888 | 25776 | 149559 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 11093 | 247492 | 318289 | 6396269 |
|  Reinvestment of distributions | 252431 | 5278330 | 160539 | 3641014 |
|  Shares redeemed | (238897) | (5079757) | (488145) | (10514731) |
|  | 24627 | 446065 | (9317) | (477448) |
|  **NET INCREASE IN SHARES** | 7263688 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92746141 | 55640 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18029423 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**60**

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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;11. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Fund**  | **Small Cap Growth Fund**  | **Small Cap Growth Fund**  | **Small Cap Growth Fund**  |
|  | **For the Six Months Ended<br>February 28, 2026**<br> (Unaudited) | **For the Six Months Ended<br>February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended<br>August 31, 2025** | **For the Fiscal Year Ended<br>August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 52254 | $884947 | 126819 | $1914123 |
|  Shares redeemed | (17474) | (298398) | (23445) | (357464) |
|  | 34780 | 586549 | 103374 | 1556659 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 22738 | 361515 | 57799 | 825608 |
|  Shares redeemed | (3314) | (54344) | (15784) | (232427) |
|  | 19424 | 307171 | 42015 | 593181 |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 1616663 | 27964317 | 10709571 | 173285989 |
|  Shares redeemed | (678263) | (11716982) | (1776825) | (27027926) |
|  | 938400 | 16247335 | 8932746 | 146258063 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 1433464 | 24291735 | 7021864 | 106955976 |
|  Shares redeemed | (1683620) | (28967588) | (3314829) | (50434206) |
|  | (250156) | (4675853) | 3707035 | 56521770 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 1125038 | 19148765 | 563109 | 8616776 |
|  Shares redeemed | (179789) | (3099452) | (51466) | (799942) |
|  | 945249 | 16049313 | 511643 | 7816834 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 1498 | 25489 | 118047 | 1773791 |
|  Shares redeemed | (29398) | (489016) | (473122) | (6932919) |
|  | (27900) | (463527) | (355075) | (5159128) |
|  **NET INCREASE IN SHARES** | 1659796 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28050988 | 12941738 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207587379 |
|  | <br> **Small/Mid Cap Growth Fund** | <br> **Small/Mid Cap Growth Fund** | <br> **Small/Mid Cap Growth Fund** | <br> **Small/Mid Cap Growth Fund** |
|  | **For the Six Months Ended<br>February 28, 2026**<br> (Unaudited) | **For the Six Months Ended<br>February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended<br>August 31, 2025** | **For the Fiscal Year Ended<br>August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 421933 | $8287093 | 831866 | $17019719 |
|  Reinvestment of distributions | 1614882 | 30472818 | 39308 | 882072 |
|  Shares redeemed | (1524211) | (30380540) | (2931208) | (59928881) |
|  | 512604 | 8379371 | (2060034) | (42027090) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 46009 | 596974 | 143627 | 2057283 |
|  Reinvestment of distributions | 336449 | 3980197 | 9376 | 144957 |
|  Shares redeemed | (350576) | (4565738) | (813867) | (11443602) |
|  | 31882 | 11433 | (660864) | (9241362) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**61**

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (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;11. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap Growth Fund**  | **Small/Mid Cap Growth Fund**  | **Small/Mid Cap Growth Fund**  | **Small/Mid Cap Growth Fund**  |
|  | **For the Six Months Ended<br>February 28, 2026**<br> (Unaudited) | **For the Six Months Ended<br>February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 1230624 | $28693388 | 3513868 | $83136211 |
|  Reinvestment of distributions | 2232113 | 50401109 | 74198 | 1935817 |
|  Shares redeemed | (8465926) | (203823258) | (10009242) | (235926310) |
|  | (5003189) | (124728761) | (6421176) | (150854282) |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 4452 | 78885 | 5856 | 111956 |
|  Reinvestment of distributions | 5746 | 100153 | 199 | 4185 |
|  Shares redeemed | (6061) | (109066) | (31969) | (594508) |
|  | 4137 | 69972 | (25914) | (478367) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 308985 | 6813878 | 1472950 | 32525406 |
|  Reinvestment of distributions | 1346167 | 28269498 | 42188 | 1034443 |
|  Shares redeemed | (2749633) | (61064848) | (5003354) | (110305443) |
|  | (1094481) | (25981472) | (3488216) | (76745594) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 687253 | 15618545 | 1302402 | 31270706 |
|  Reinvestment of distributions | 452789 | 10246605 | 17095 | 446678 |
|  Shares redeemed | (1832649) | (45609822) | (2388683) | (55858919) |
|  | (692607) | (19744672) | (1069186) | (24141535) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 27702 | 500180 | 70690 | 1293861 |
|  Reinvestment of distributions | 62792 | 1060564 | 1471 | 30157 |
|  Shares redeemed | (46950) | (866128) | (122179) | (2300369) |
|  | 43544 | 694616 | (50018) | (976351) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 796224 | 18574274 | 1941643 | 46223197 |
|  Reinvestment of distributions | 1650548 | 37351901 | 42883 | 1120968 |
|  Shares redeemed | (2948918) | (71372732) | (2897869) | (67812953) |
|  | (502146) | (15446557) | (913343) | (20468788) |
|  **NET DECREASE IN SHARES** | (6700256) | $(176746070) | (14688751) | $(324933369) |

---

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![LOGO](g112713g66m02.jpg)

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![LOGO](g108943dsp001.jpg)

Goldman Sachs Funds Semi-Annual Financial Statements February 28, 2026 Goldman Sachs Fundamental Equity Value Funds Goldman Sachs Equity Income Fund Goldman Sachs Large Cap Value Fund Goldman Sachs Mid Cap Value Fund Goldman Sachs Small Cap Value Fund Goldman Sachs Small/Mid Cap Equity 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 Value Funds

---

| | |
|:---|:---|
| **Table of Contents** | Page |
|  **[Schedules of Investments](#fev108943_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Equity Income Fund](#fev108943_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Large Cap Value Fund](#fev108943_3) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Mid Cap Value Fund](#fev108943_4) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small Cap Value Fund](#fev108943_5) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small/Mid Cap Equity Fund](#fev108943_6) | 13 |
|  **[Financial Statements](#fev108943_7)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#fev108943_8) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#fev108943_9) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#fev108943_10) | 19 |
|  **[Financial Highlights](#fev108943_11)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Equity Income Fund](#fev108943_12) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Large Cap Value Fund](#fev108943_13) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Mid Cap Value Fund](#fev108943_14) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small Cap Value Fund](#fev108943_15) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small/Mid Cap Equity Fund](#fev108943_16) | 54 |
|  **[Notes to Financial Statements](#fev108943_17)** | 61 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

GOLDMAN SACHS EQUITY INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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 – 2.2% | Aerospace & Defense – 2.2% | Aerospace & Defense – 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15337 | General Electric Co. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5249241 |
| 12116 | L3Harris Technologies, Inc. | 4416767 |
|  |  | 9666008 |
| Banks – 9.7% | Banks – 9.7% | Banks – 9.7% |
| 196980 | Bank of America Corp. | 9815514 |
| 63227 | Citigroup, Inc. | 6966983 |
| 65384 | Citizens Financial Group, Inc. | 3935463 |
| 57927 | JPMorgan Chase & Co. | 17395478 |
| 42911 | SouthState Bank Corp. | 4234028 |
|  |  | 42347466 |
| Beverages – 2.0% | Beverages – 2.0% | Beverages – 2.0% |
| 44986 | Coca-Cola Co. (The) | 3669058 |
| 44892 | Coca-Cola Europacific Partners PLC (United Kingdom) | 4957424 |
|  |  | 8626482 |
| Biotechnology – 0.7% | Biotechnology – 0.7% | Biotechnology – 0.7% |
| 13399 | AbbVie, Inc. | 3109640 |
| Building Products – 1.4% | Building Products – 1.4% | Building Products – 1.4% |
| 12916 | Trane Technologies PLC | 5971325 |
| Capital Markets – 5.3% | Capital Markets – 5.3% | Capital Markets – 5.3% |
| 3975 | Blackrock, Inc. | 4226339 |
| 27946 | Intercontinental Exchange, Inc. | 4586777 |
| 40856 | KKR & Co., Inc. | 3582254 |
| 46838 | Morgan Stanley | 7798995 |
| 31687 | Nasdaq, Inc. | 2775148 |
|  |  | 22969513 |
| Chemicals – 2.2% | Chemicals – 2.2% | Chemicals – 2.2% |
| 19281 | Linde PLC | 9796290 |
| Commercial Services & Supplies – 1.2% | Commercial Services & Supplies – 1.2% | Commercial Services & Supplies – 1.2% |
| 22988 | Republic Services, Inc. | 5264252 |
| Communications Equipment – 1.7% | Communications Equipment – 1.7% | Communications Equipment – 1.7% |
| 93826 | Cisco Systems, Inc. | 7455414 |
| Consumer Finance – 1.0% | Consumer Finance – 1.0% | Consumer Finance – 1.0% |
| 22553 | Capital One Financial Corp. | 4412269 |
| Consumer Staples Distribution & Retail – 3.6% | Consumer Staples Distribution & Retail – 3.6% | Consumer Staples Distribution & Retail – 3.6% |
| 4318 | Costco Wholesale Corp. | 4364591 |
| 88299 | Walmart, Inc. | 11297857 |
|  |  | 15662448 |
| Containers & Packaging – 0.9% | Containers & Packaging – 0.9% | Containers & Packaging – 0.9% |
| 88638 | International Paper Co. | 3860185 |
| Diversified Telecommunication Services – 1.6% | Diversified Telecommunication Services – 1.6% | Diversified Telecommunication Services – 1.6% |
| 249355 | AT&T, Inc. | 6984433 |
| Electric Utilities – 2.5% | Electric Utilities – 2.5% | Electric Utilities – 2.5% |
| 63225 | NextEra Energy, Inc. | 5928608 |
| 61813 | Xcel Energy, Inc. | 5152732 |
|  |  | 11081340 |
| Electrical Equipment – 1.6% | Electrical Equipment – 1.6% | Electrical Equipment – 1.6% |
| 19091 | Eaton Corp. PLC | 7176689 |
| Electronic Equipment, Instruments & Components – 0.9% | Electronic Equipment, Instruments & Components – 0.9% | Electronic Equipment, Instruments & Components – 0.9% |
| 26893 | Amphenol Corp., Class A | 3927992 |

---

---

| | | |
|:---|:---|:---|
| <br>Shares | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Entertainment – 1.4% | Entertainment – 1.4% | Entertainment – 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58626 | Walt Disney Co. (The) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6216701 |
| Ground Transportation – 1.5% | Ground Transportation – 1.5% | Ground Transportation – 1.5% |
| 150426 | CSX Corp. | 6421686 |
| Health Care Equipment & Supplies – 1.4% | Health Care Equipment & Supplies – 1.4% | Health Care Equipment & Supplies – 1.4% |
| 52867 | Abbott Laboratories | 6151075 |
| Health Care REITs – 0.6% | Health Care REITs – 0.6% | Health Care REITs – 0.6% |
| 144196 | Healthpeak Properties, Inc. REIT | 2549385 |
| Hotels, Restaurants & Leisure – 2.2% | Hotels, Restaurants & Leisure – 2.2% | Hotels, Restaurants & Leisure – 2.2% |
| 15076 | Hilton Worldwide Holdings, Inc. | 4700395 |
| 50407 | Starbucks Corp. | 4940894 |
|  |  | 9641289 |
| Household Durables – 1.0% | Household Durables – 1.0% | Household Durables – 1.0% |
| 37733 | Lennar Corp., Class A | 4315146 |
| Household Products – 2.3% | Household Products – 2.3% | Household Products – 2.3% |
| 61194 | Procter & Gamble Co. (The) | 10231637 |
| Industrial Conglomerates – 2.9% | Industrial Conglomerates – 2.9% | Industrial Conglomerates – 2.9% |
| 33846 | 3M Co. | 5595421 |
| 28961 | Honeywell International, Inc. | 7054610 |
|  |  | 12650031 |
| Industrial REITs – 1.2% | Industrial REITs – 1.2% | Industrial REITs – 1.2% |
| 35655 | Prologis, Inc. REIT | 5083334 |
| Insurance – 1.6% | Insurance – 1.6% | Insurance – 1.6% |
| 22102 | Marsh & McLennan Cos., Inc. | 4127327 |
| 40441 | MetLife, Inc. | 2914583 |
|  |  | 7041910 |
| Interactive Media & Services – 2.7% | Interactive Media & Services – 2.7% | Interactive Media & Services – 2.7% |
| 37391 | Alphabet, Inc., Class A | 11657018 |
| IT Services – 1.4% | IT Services – 1.4% | IT Services – 1.4% |
| 25609 | International Business Machines Corp. | 6151538 |
| Life Sciences Tools & Services – 2.2% | Life Sciences Tools & Services – 2.2% | Life Sciences Tools & Services – 2.2% |
| 34023 | Agilent Technologies, Inc. | 4129712 |
| 25750 | Danaher Corp. | 5423980 |
|  |  | 9553692 |
| Machinery – 2.6% | Machinery – 2.6% | Machinery – 2.6% |
| 15032 | Caterpillar, Inc. | 11166221 |
| Media – 1.3% | Media – 1.3% | Media – 1.3% |
| 68508 | New York Times Co. (The), Class A | 5466253 |
| Metals & Mining – 1.2% | Metals & Mining – 1.2% | Metals & Mining – 1.2% |
| 51188 | Rio Tinto PLC ADR (Australia) | 5085016 |
| Multi-Utilities – 3.5% | Multi-Utilities – 3.5% | Multi-Utilities – 3.5% |
| 43727 | Ameren Corp. | 4953395 |
| 51392 | CMS Energy Corp. | 4012173 |
| 34874 | Dominion Energy, Inc. | 2201944 |
| 45093 | National Grid PLC ADR (United Kingdom) | 4228371 |
|  |  | 15395883 |
| Office REITs – 0.3% | Office REITs – 0.3% | Office REITs – 0.3% |
| 27427 | BXP, Inc. REIT | 1579247 |

---

&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 EQUITY INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (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) | Common Stocks – (continued) |
| Oil, Gas & Consumable Fuels – 8.2% | Oil, Gas & Consumable Fuels – 8.2% | Oil, Gas & Consumable Fuels – 8.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56600 | ConocoPhillips | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6421836 |
| 33672 | EOG Resources, Inc. | 4178022 |
| 109646 | Exxon Mobil Corp. | 16721015 |
| 30240 | Phillips 66 | 4666939 |
| 47339 | Shell PLC ADR | 3953280 |
|  |  | 35941092 |
| Pharmaceuticals – 8.0% | Pharmaceuticals – 8.0% | Pharmaceuticals – 8.0% |
| 19446 | AstraZeneca PLC (United Kingdom) | 4053519 |
| 4886 | Eli Lilly & Co. | 5140023 |
| 66342 | Johnson & Johnson | 16481343 |
| 73317 | Merck & Co., Inc. | 9078111 |
|  |  | 34752996 |
| Residential REITs – 0.8% | Residential REITs – 0.8% | Residential REITs – 0.8% |
| 18923 | AvalonBay Communities, Inc. REIT | 3353723 |
| Retail REITs – 0.7% | Retail REITs – 0.7% | Retail REITs – 0.7% |
| 37864 | Regency Centers Corp. REIT | 2991256 |
| Semiconductors & Semiconductor Equipment – 3.9% | Semiconductors & Semiconductor Equipment – 3.9% | Semiconductors & Semiconductor Equipment – 3.9% |
| 19870 | Applied Materials, Inc. | 7397601 |
| 12328 | Broadcom, Inc. | 3939412 |
| 27074 | Texas Instruments, Inc. | 5742666 |
|  |  | 17079679 |
| Software – 1.2% | Software – 1.2% | Software – 1.2% |
| 6932 | Microsoft Corp. | 2722474 |
| 12989 | Salesforce, Inc. | 2530127 |
|  |  | 5252601 |
| Specialty Retail – 2.2% | Specialty Retail – 2.2% | Specialty Retail – 2.2% |
| 11652 | Home Depot, Inc. (The) | 4436149 |
| 32953 | TJX Cos., Inc. (The) | 5327182 |
|  |  | 9763331 |
| Technology Hardware, Storage & Peripherals – 1.9% | Technology Hardware, Storage & Peripherals – 1.9% | Technology Hardware, Storage & Peripherals – 1.9% |
| 33599 | Dell Technologies, Inc., Class C | 4975340 |
| 157336 | Hewlett Packard Enterprise Co. | 3378004 |
|  |  | 8353344 |
| Trading Companies & Distributors – 1.3% | Trading Companies & Distributors – 1.3% | Trading Companies & Distributors – 1.3% |
| 128201 | Fastenal Co. | 5902374 |
| Water Utilities – 0.6% | Water Utilities – 0.6% | Water Utilities – 0.6% |
| 19561 | American Water Works Co., Inc. | 2660883 |
| Wireless Telecommunication Services – 1.0% | Wireless Telecommunication Services – 1.0% | Wireless Telecommunication Services – 1.0% |
| 20835 | T-Mobile US, Inc. | 4523070 |
| TOTAL COMMON STOCKS<br>(Cost $305,518,010) | TOTAL COMMON STOCKS<br>(Cost $305,518,010) | 435243157 |

---

---

| | | |
|:---|:---|:---|
| <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 Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916 | 3.589% | $916 |
| **(Cost $916)** | **(Cost $916)** |  |
| TOTAL INVESTMENTS – 99.6%<br>(Cost $305,518,926) | TOTAL INVESTMENTS – 99.6%<br>(Cost $305,518,926) | $435244073 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.4%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.4%** | 1614522 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436858595 |

---

---

| | |
|:---|:---|
| 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. |
| (a) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | —American Depositary Receipt |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

&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 FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – 100.0% | Common Stocks – 100.0% | Common Stocks – 100.0% |
| Aerospace & Defense – 3.5% | Aerospace & Defense – 3.5% | Aerospace & Defense – 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15418 | L3Harris Technologies, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5620478 |
| 28825 | RTX Corp. | 5840521 |
| 11027 | Woodward, Inc. | 4264803 |
|  |  | 15725802 |
| Banks – 8.2% | Banks – 8.2% | Banks – 8.2% |
| 242138 | Bank of America Corp. | 12065737 |
| 70164 | Citigroup, Inc. | 7731371 |
| 56070 | JPMorgan Chase & Co. | 16837821 |
|  |  | 36634929 |
| Beverages – 1.5% | Beverages – 1.5% | Beverages – 1.5% |
| 79739 | Coca-Cola Co. (The) | 6503513 |
| Biotechnology – 0.8% | Biotechnology – 0.8% | Biotechnology – 0.8% |
| 2358 | Argenx SE ADR (Netherlands)\* | 1808397 |
| 4032 | Madrigal Pharmaceuticals, Inc.\* | 1741824 |
|  |  | 3550221 |
| Broadline Retail – 3.1% | Broadline Retail – 3.1% | Broadline Retail – 3.1% |
| 65745 | Amazon.com, Inc.\* | 13806450 |
| Building Products – 0.5% | Building Products – 0.5% | Building Products – 0.5% |
| 20991 | Builders FirstSource, Inc.\* | 2189151 |
| Capital Markets – 4.7% | Capital Markets – 4.7% | Capital Markets – 4.7% |
| 34066 | Intercontinental Exchange, Inc. | 5591252 |
| 29929 | Jefferies Financial Group, Inc. | 1328848 |
| 64724 | Morgan Stanley | 10777193 |
| 38138 | Nasdaq, Inc. | 3340126 |
|  |  | 21037419 |
| Chemicals – 2.5% | Chemicals – 2.5% | Chemicals – 2.5% |
| 16287 | Sherwin-Williams Co. (The) | 5905504 |
| 66677 | Solstice Advanced Materials, Inc. | 5234811 |
|  |  | 11140315 |
| Commercial Services & Supplies – 1.6% | Commercial Services & Supplies – 1.6% | Commercial Services & Supplies – 1.6% |
| 41416 | Waste Connections, Inc. | 7128936 |
| Communications Equipment – 1.0% | Communications Equipment – 1.0% | Communications Equipment – 1.0% |
| 35056 | Arista Networks, Inc.\* | 4679976 |
| Construction Materials – 1.2% | Construction Materials – 1.2% | Construction Materials – 1.2% |
| 8029 | Martin Marietta Materials, Inc. | 5432180 |
| Consumer Finance – 1.5% | Consumer Finance – 1.5% | Consumer Finance – 1.5% |
| 34339 | Capital One Financial Corp. | 6718082 |
| Consumer Staples Distribution & Retail – 3.7% | Consumer Staples Distribution & Retail – 3.7% | Consumer Staples Distribution & Retail – 3.7% |
| 3939 | Casey's General Stores, Inc. | 2700539 |
| 108146 | Walmart, Inc. | 13837281 |
|  |  | 16537820 |
| Containers & Packaging – 1.3% | Containers & Packaging – 1.3% | Containers & Packaging – 1.3% |
| 130992 | International Paper Co. | 5704702 |
| Electric Utilities – 3.0% | Electric Utilities – 3.0% | Electric Utilities – 3.0% |
| 82306 | NextEra Energy, Inc. | 7717834 |
| 149377 | PPL Corp. | 5822715 |
|  |  | 13540549 |
| Electrical Equipment – 4.4% | Electrical Equipment – 4.4% | Electrical Equipment – 4.4% |
| 21562 | Eaton Corp. PLC | 8105587 |
| 5184 | GE Vernova, Inc. | 4528742 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Electrical Equipment – (continued) | Electrical Equipment – (continued) | Electrical Equipment – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17790 | Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7248536 |
|  |  | 19882865 |
| Electronic Equipment, Instruments & Components – 2.5% | Electronic Equipment, Instruments & Components – 2.5% | Electronic Equipment, Instruments & Components – 2.5% |
| 22396 | Coherent Corp.\* | 5798996 |
| 19833 | Jabil, Inc. | 5255547 |
|  |  | 11054543 |
| Financial Services – 1.7% | Financial Services – 1.7% | Financial Services – 1.7% |
| 15148 | Berkshire Hathaway, Inc., Class B\* | 7648983 |
| Ground Transportation – 2.7% | Ground Transportation – 2.7% | Ground Transportation – 2.7% |
| 120407 | CSX Corp. | 5140175 |
| 34376 | Old Dominion Freight Line, Inc. | 6980047 |
|  |  | 12120222 |
| Health Care Equipment & Supplies – 3.0% | Health Care Equipment & Supplies – 3.0% | Health Care Equipment & Supplies – 3.0% |
| 72044 | Abbott Laboratories | 8382319 |
| 65496 | Boston Scientific Corp.\* | 5033368 |
|  |  | 13415687 |
| Hotels, Restaurants & Leisure – 1.7% | Hotels, Restaurants & Leisure – 1.7% | Hotels, Restaurants & Leisure – 1.7% |
| 76281 | Starbucks Corp. | 7477064 |
| Household Products – 2.9% | Household Products – 2.9% | Household Products – 2.9% |
| 78074 | Procter & Gamble Co. (The) | 13053973 |
| Industrial Conglomerates – 3.6% | Industrial Conglomerates – 3.6% | Industrial Conglomerates – 3.6% |
| 51494 | 3M Co. | 8512988 |
| 31838 | Honeywell International, Inc. | 7755418 |
|  |  | 16268406 |
| Industrial REITs – 1.6% | Industrial REITs – 1.6% | Industrial REITs – 1.6% |
| 50144 | Prologis, Inc. REIT | 7149030 |
| Insurance – 2.1% | Insurance – 2.1% | Insurance – 2.1% |
| 35533 | Marsh & McLennan Cos., Inc. | 6635432 |
| 8950 | Travelers Cos., Inc. (The) | 2762328 |
|  |  | 9397760 |
| Interactive Media & Services – 7.2% | Interactive Media & Services – 7.2% | Interactive Media & Services – 7.2% |
| 74521 | Alphabet, Inc., Class A | 23232667 |
| 13894 | Meta Platforms, Inc., Class A | 9005813 |
|  |  | 32238480 |
| Life Sciences Tools & Services – 2.5% | Life Sciences Tools & Services – 2.5% | Life Sciences Tools & Services – 2.5% |
| 36918 | Agilent Technologies, Inc. | 4481107 |
| 13010 | Thermo Fisher Scientific, Inc. | 6779641 |
|  |  | 11260748 |
| Machinery – 2.3% | Machinery – 2.3% | Machinery – 2.3% |
| 13984 | Caterpillar, Inc. | 10387735 |
| Multi-Utilities – 1.3% | Multi-Utilities – 1.3% | Multi-Utilities – 1.3% |
| 52292 | Ameren Corp. | 5923638 |
| Oil, Gas & Consumable Fuels – 5.0% | Oil, Gas & Consumable Fuels – 5.0% | Oil, Gas & Consumable Fuels – 5.0% |
| 63080 | Chevron Corp. | 11780821 |
| 28040 | DT Midstream, Inc. | 3893073 |
| 60113 | Expand Energy Corp. | 6487395 |
|  |  | 22161289 |
| Pharmaceuticals – 5.1% | Pharmaceuticals – 5.1% | Pharmaceuticals – 5.1% |
| 64322 | Johnson & Johnson | 15979514 |

---

&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 FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (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) | Common Stocks – (continued) |
| Pharmaceuticals – (continued) | Pharmaceuticals – (continued) | Pharmaceuticals – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54897 | Merck & Co., Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6797347 |
|  |  | 22776861 |
| Residential REITs – 1.2% | Residential REITs – 1.2% | Residential REITs – 1.2% |
| 31528 | AvalonBay Communities, Inc. REIT | 5587707 |
| Semiconductors & Semiconductor Equipment – 6.8% | Semiconductors & Semiconductor Equipment – 6.8% | Semiconductors & Semiconductor Equipment – 6.8% |
| 34071 | Advanced Micro Devices, Inc.\* | 6821355 |
| 21246 | Applied Materials, Inc. | 7909886 |
| 23518 | Micron Technology, Inc. | 9698118 |
| 18948 | Teradyne, Inc. | 6063928 |
|  |  | 30493287 |
| Software – 0.3% | Software – 0.3% | Software – 0.3% |
| 3151 | AppLovin Corp., Class A\* | 1369960 |
| Specialty Retail – 3.0% | Specialty Retail – 3.0% | Specialty Retail – 3.0% |
| 19646 | Home Depot, Inc. (The) | 7479625 |
| 36500 | TJX Cos., Inc. (The) | 5900590 |
|  |  | 13380215 |
| Wireless Telecommunication Services – 1.0% | Wireless Telecommunication Services – 1.0% | Wireless Telecommunication Services – 1.0% |
| 19890 | T-Mobile US, Inc. | 4317920 |
| TOTAL COMMON STOCKS<br>(Cost $338,134,614) | TOTAL COMMON STOCKS<br>(Cost $338,134,614) | 447696418 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.1%<sup>(a)</sup> | Investment Company – 0.1%<sup>(a)</sup> | Investment Company – 0.1%<sup>(a)</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 |
| 586129 | 3.589% | 586129 |
| **(Cost $586,129)** | **(Cost $586,129)** |  |
| TOTAL INVESTMENTS – 100.1%<br>(Cost $338,720,743) | TOTAL INVESTMENTS – 100.1%<br>(Cost $338,720,743) | $448282547 |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%** | (416845) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447865702 |

---

---

| | |
|:---|:---|
| 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:** |
| ADR | —American Depositary Receipt |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

&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 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MID CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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 – 2.5% | Aerospace & Defense – 2.5% | Aerospace & Defense – 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76074 | L3Harris Technologies, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27732016 |
| Automobile Components – 1.0% | Automobile Components – 1.0% | Automobile Components – 1.0% |
| 152988 | Aptiv PLC\* | 11250737 |
| Automobiles – 0.7% | Automobiles – 0.7% | Automobiles – 0.7% |
| 552205 | Ford Motor Co. | 7780568 |
| Banks – 4.1% | Banks – 4.1% | Banks – 4.1% |
| 333675 | Fifth Third Bancorp | 16506902 |
| 458141 | First Horizon Corp. | 10899174 |
| 92120 | SouthState Bank Corp. | 9089481 |
| 69533 | Wintrust Financial Corp. | 10016924 |
|  |  | 46512481 |
| Beverages – 2.6% | Beverages – 2.6% | Beverages – 2.6% |
| 269402 | Coca-Cola Europacific Partners PLC (United Kingdom) | 29750063 |
| Broadline Retail – 1.7% | Broadline Retail – 1.7% | Broadline Retail – 1.7% |
| 213832 | eBay, Inc. | 19428775 |
| Building Products – 1.1% | Building Products – 1.1% | Building Products – 1.1% |
| 119724 | Builders FirstSource, Inc.\* | 12486016 |
| Capital Markets – 4.1% | Capital Markets – 4.1% | Capital Markets – 4.1% |
| 541561 | Invesco Ltd. | 14221392 |
| 180930 | Jefferies Financial Group, Inc. | 8033292 |
| 113378 | Nasdaq, Inc. | 9929645 |
| 94617 | Raymond James Financial, Inc. | 14483970 |
|  |  | 46668299 |
| Chemicals – 3.0% | Chemicals – 3.0% | Chemicals – 3.0% |
| 108821 | RPM International, Inc. | 12418653 |
| 139675 | Solstice Advanced Materials, Inc. | 10965884 |
| 104264 | Westlake Corp. | 10987340 |
|  |  | 34371877 |
| Communications Equipment – 0.8% | Communications Equipment – 0.8% | Communications Equipment – 0.8% |
| 13549 | Lumentum Holdings, Inc.\* | 9496630 |
| Construction Materials – 2.2% | Construction Materials – 2.2% | Construction Materials – 2.2% |
| 36089 | Martin Marietta Materials, Inc. | 24416735 |
| Consumer Finance – 1.1% | Consumer Finance – 1.1% | Consumer Finance – 1.1% |
| 176065 | Synchrony Financial | 12167852 |
| Consumer Staples Distribution & Retail – 2.8% | Consumer Staples Distribution & Retail – 2.8% | Consumer Staples Distribution & Retail – 2.8% |
| 19734 | Casey's General Stores, Inc. | 13529433 |
| 186848 | Performance Food Group Co.\* | 18135467 |
|  |  | 31664900 |
| Containers & Packaging – 1.6% | Containers & Packaging – 1.6% | Containers & Packaging – 1.6% |
| 427810 | International Paper Co. | 18631125 |
| Electric Utilities – 3.2% | Electric Utilities – 3.2% | Electric Utilities – 3.2% |
| 130012 | Exelon Corp. | 6431694 |
| 30194 | NRG Energy, Inc. | 5403518 |
| 476415 | PG&E Corp. | 9051885 |
| 394973 | PPL Corp. | 15396047 |
|  |  | 36283144 |
| Electrical Equipment – 4.2% | Electrical Equipment – 4.2% | Electrical Equipment – 4.2% |
| 89378 | AMETEK, Inc. | 21381005 |
| 65486 | Rockwell Automation, Inc. | 26682271 |
|  |  | 48063276 |

---

---

| | | |
|:---|:---|:---|
| <br>Shares | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Electronic Equipment, Instruments & Components – 4.3% | Electronic Equipment, Instruments & Components – 4.3% | Electronic Equipment, Instruments & Components – 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79478 | Coherent Corp.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20579239 |
| 296318 | Ingram Micro Holding Corp. | 6130819 |
| 30065 | Jabil, Inc. | 7966924 |
| 620046 | Mirion Technologies, Inc.\* | 13399194 |
|  |  | 48076176 |
| Entertainment – 0.6% | Entertainment – 0.6% | Entertainment – 0.6% |
| 44978 | Live Nation Entertainment, Inc.\* | 7292733 |
| Financial Services – 2.8% | Financial Services – 2.8% | Financial Services – 2.8% |
| 317950 | Equitable Holdings, Inc. | 12787949 |
| 107689 | Global Payments, Inc. | 8233901 |
| 642726 | Rocket Cos., Inc., Class A | 11691186 |
|  |  | 32713036 |
| Ground Transportation – 1.7% | Ground Transportation – 1.7% | Ground Transportation – 1.7% |
| 94783 | Old Dominion Freight Line, Inc. | 19245688 |
| Health Care Equipment & Supplies – 0.4% | Health Care Equipment & Supplies – 0.4% | Health Care Equipment & Supplies – 0.4% |
| 56141 | Dexcom, Inc.\* | 4122434 |
| Health Care Providers & Services – 3.9% | Health Care Providers & Services – 3.9% | Health Care Providers & Services – 3.9% |
| 52853 | Cencora, Inc. | 19668715 |
| 28642 | Humana, Inc. | 5457447 |
| 88201 | Quest Diagnostics, Inc. | 18690674 |
|  |  | 43816836 |
| Hotels, Restaurants & Leisure – 0.9% | Hotels, Restaurants & Leisure – 0.9% | Hotels, Restaurants & Leisure – 0.9% |
| 119792 | Wyndham Hotels & Resorts, Inc. | 9798986 |
| Household Durables – 2.0% | Household Durables – 2.0% | Household Durables – 2.0% |
| 118586 | Lennar Corp., Class A | 13561495 |
| 71318 | SharkNinja, Inc.\* | 8762843 |
|  |  | 22324338 |
| Insurance – 2.7% | Insurance – 2.7% | Insurance – 2.7% |
| 86159 | American Financial Group, Inc. | 11457424 |
| 67312 | Arch Capital Group Ltd.\* | 6741297 |
| 84685 | Globe Life, Inc. | 12301343 |
|  |  | 30500064 |
| IT Services – 0.5% | IT Services – 0.5% | IT Services – 0.5% |
| 15853 | MongoDB, Inc.\* | 5207235 |
| Life Sciences Tools & Services – 2.2% | Life Sciences Tools & Services – 2.2% | Life Sciences Tools & Services – 2.2% |
| 122653 | Agilent Technologies, Inc. | 14887622 |
| 7467 | Mettler-Toledo International, Inc.\* | 10205074 |
|  |  | 25092696 |
| Machinery – 3.8% | Machinery – 3.8% | Machinery – 3.8% |
| 34606 | IDEX Corp. | 7248919 |
| 137137 | Ingersoll Rand, Inc. | 12910077 |
| 43392 | ITT, Inc. | 8782974 |
| 158007 | Stanley Black & Decker, Inc. | 13666025 |
|  |  | 42607995 |
| Media – 1.0% | Media – 1.0% | Media – 1.0% |
| 131348 | Omnicom Group, Inc. | 11202671 |
| Metals & Mining – 1.1% | Metals & Mining – 1.1% | Metals & Mining – 1.1% |
| 66752 | Steel Dynamics, Inc. | 12891814 |
| Multi-Utilities – 4.3% | Multi-Utilities – 4.3% | Multi-Utilities – 4.3% |
| 182154 | CMS Energy Corp. | 14220763 |

---

&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 MID CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (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) | Common Stocks – (continued) |
| Multi-Utilities – (continued) | Multi-Utilities – (continued) | Multi-Utilities – (continued) |
| 408077 | NiSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19302042 |
| 177256 | Public Service Enterprise Group, Inc. | 15256424 |
|  |  | 48779229 |
| Office REITs – 0.8% | Office REITs – 0.8% | Office REITs – 0.8% |
| 318856 | Kilroy Realty Corp. REIT | 9508286 |
| Oil, Gas & Consumable Fuels – 7.9% | Oil, Gas & Consumable Fuels – 7.9% | Oil, Gas & Consumable Fuels – 7.9% |
| 403963 | BKV Corp. (Thailand)\* | 12656161 |
| 81014 | DT Midstream, Inc. | 11247984 |
| 52193 | EOG Resources, Inc. | 6476107 |
| 133718 | Expand Energy Corp. | 14430846 |
| 91122 | HF Sinclair Corp. | 4557011 |
| 110637 | Kinetik Holdings, Inc.<sup>(a)</sup> | 5032877 |
| 385345 | Permian Resources Corp., Class A | 7047960 |
| 119405 | Phillips 66 | 18427774 |
| 38992 | Targa Resources Corp. | 9194314 |
|  |  | 89071034 |
| Passenger Airlines – 1.9% | Passenger Airlines – 1.9% | Passenger Airlines – 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206189 | United Airlines Holdings, Inc.\* | 21917891 |
| Pharmaceuticals – 0.9% | Pharmaceuticals – 0.9% | Pharmaceuticals – 0.9% |
| 209614 | Royalty Pharma PLC, Class A | 9686263 |
| Real Estate Management & Development – 1.0% | Real Estate Management & Development – 1.0% | Real Estate Management & Development – 1.0% |
| 77735 | CBRE Group, Inc., Class A\* | 11478350 |
| Residential REITs – 2.5% | Residential REITs – 2.5% | Residential REITs – 2.5% |
| 79410 | AvalonBay Communities, Inc. REIT | 14073834 |
| 99703 | Mid-America Apartment Communities, Inc. REIT | 13346244 |
|  |  | 27420078 |
| Semiconductors & Semiconductor Equipment – 2.6% | Semiconductors & Semiconductor Equipment – 2.6% | Semiconductors & Semiconductor Equipment – 2.6% |
| 78277 | Marvell Technology, Inc. | 6394448 |
| 153150 | ON Semiconductor Corp.\* | 10181412 |
| 40475 | Teradyne, Inc. | 12953214 |
|  |  | 29529074 |
| Specialized REITs – 3.5% | Specialized REITs – 3.5% | Specialized REITs – 3.5% |
| 133904 | Digital Realty Trust, Inc. REIT | 23727789 |
| 531876 | VICI Properties, Inc. REIT | 16067974 |
|  |  | 39795763 |
| Specialty Retail – 2.1% | Specialty Retail – 2.1% | Specialty Retail – 2.1% |
| 114372 | Ross Stores, Inc. | 23519458 |
| Technology Hardware, Storage & Peripherals – 2.9% | Technology Hardware, Storage & Peripherals – 2.9% | Technology Hardware, Storage & Peripherals – 2.9% |
| 434151 | Hewlett Packard Enterprise Co. | 9321222 |
| 10975 | Sandisk Corp.\* | 6973076 |
| 57577 | Western Digital Corp. | 16104287 |
|  |  | 32398585 |
| Trading Companies & Distributors – 4.3% | Trading Companies & Distributors – 4.3% | Trading Companies & Distributors – 4.3% |
| 385918 | Fastenal Co. | 17767665 |
| 36223 | United Rentals, Inc. | 30427320 |
|  |  | 48194985 |
| TOTAL COMMON STOCKS<br>(Cost $876,640,020) | TOTAL COMMON STOCKS<br>(Cost $876,640,020) | 1122896192 |

---

---

| | | |
|:---|:---|:---|
| Shares | Dividend Rate | Value |
| Investment Company – 0.7%<sup>(b)</sup> | Investment Company – 0.7%<sup>(b)</sup> | Investment Company – 0.7%<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;7900247 | 3.589% | $7900247 |
| **(Cost $7,900,247)** | **(Cost $7,900,247)** | **(Cost $7,900,247)** |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $884,540,267) | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $884,540,267) | 1130796439 |
| Securities Lending Reinvestment Vehicle – 0.3%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.3%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.3%<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 |
| 3839184 | 3.589% | 3839184 |
| **(Cost $3,839,184)** | **(Cost $3,839,184)** | **(Cost $3,839,184)** |
| TOTAL INVESTMENTS – 100.3%<br>(Cost $888,379,451) | TOTAL INVESTMENTS – 100.3%<br>(Cost $888,379,451) | $1134635623 |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%** | (3244027) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131391596 |

---

---

| | |
|:---|:---|
| 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 | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

&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 VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – 98.7% | Common Stocks – 98.7% | Common Stocks – 98.7% |
| Aerospace & Defense – 2.2% | Aerospace & Defense – 2.2% | Aerospace & Defense – 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79593 | Mercury Systems, Inc.\* | $7086165 |
| 16530 | Moog, Inc., Class A | 5577718 |
| 56534 | V2X, Inc.\* | 3943246 |
| 13702 | VSE Corp. | 3111313 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19718442 |
| Automobile Components – 2.3% | Automobile Components – 2.3% | Automobile Components – 2.3% |
| 121863 | Dana, Inc. | 4172589 |
| 54040 | Patrick Industries, Inc. | 6689612 |
| 121099 | Phinia, Inc. | 8795420 |
| 28129 | Visteon Corp. | 2691101 |
|  |  | 22348722 |
| Banks – 17.4% | Banks – 17.4% | Banks – 17.4% |
| 121046 | Ameris Bancorp | 9400432 |
| 296071 | Atlantic Union Bankshares Corp. | 10972391 |
| 332017 | Banc of California, Inc. | 6132354 |
| 117017 | CoastalSouth Bancshares, Inc. | 2872767 |
| 231295 | Columbia Banking System, Inc. | 6580343 |
| 108322 | Community Financial System, Inc. | 6558897 |
| 292091 | ConnectOne Bancorp, Inc. | 7749174 |
| 133266 | FB Financial Corp. | 7288318 |
| 183163 | First Merchants Corp. | 7158010 |
| 250443 | Glacier Bancorp, Inc. | 11392652 |
| 52703 | Nicolet Bankshares, Inc. | 8050910 |
| 229538 | Northpointe Bancshares, Inc. | 4145456 |
| 361886 | Old Second Bancorp, Inc. | 7103822 |
| 189598 | Origin Bancorp, Inc. | 7887277 |
| 295466 | Renasant Corp. | 11124295 |
| 229630 | Seacoast Banking Corp. of Florida | 7146086 |
| 70340 | SouthState Bank Corp. | 6940448 |
| 119688 | TriCo Bancshares | 5718693 |
| 109522 | UMB Financial Corp. | 12691409 |
| 711047 | Valley National Bancorp | 8966303 |
| 215723 | WesBanco, Inc. | 7522261 |
|  |  | 163402298 |
| Biotechnology – 4.1% | Biotechnology – 4.1% | Biotechnology – 4.1% |
| 91745 | Alkermes PLC\* | 2761525 |
| 19714 | Apogee Therapeutics, Inc.\* | 1379980 |
| 49930 | CG oncology, Inc.\* | 2935884 |
| 99713 | Cytokinetics, Inc.\* | 6204143 |
| 41526 | Dianthus Therapeutics, Inc.\* | 2291820 |
| 61826 | Halozyme Therapeutics, Inc.\* | 4298762 |
| 68747 | Immunovant, Inc.\* | 1906354 |
| 7935 | Krystal Biotech, Inc.\* | 2187203 |
| 40512 | Mineralys Therapeutics, Inc.\* | 1185381 |
| 11407 | Praxis Precision Medicines, Inc.\* | 3841307 |
| 20737 | Protagonist Therapeutics, Inc.\* | 1909463 |
| 44038 | REVOLUTION Medicines, Inc.\* | 4492757 |
| 44488 | Ultragenyx Pharmaceutical, Inc.\* | 1040574 |
| 42772 | Xenon Pharmaceuticals, Inc. (Canada)\* | 1849034 |
|  |  | 38284187 |
| Building Products – 0.7% | Building Products – 0.7% | Building Products – 0.7% |
| 43228 | Griffon Corp. | 3684755 |

---

---

| | | |
|:---|:---|:---|
| <br>Shares | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Building Products – (continued) | Building Products – (continued) | Building Products – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294405 | Masterbrand, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2979378 |
|  |  | 6664133 |
| Capital Markets – 1.5% | Capital Markets – 1.5% | Capital Markets – 1.5% |
| 453705 | Perella Weinberg Partners | 8398080 |
| 20637 | Piper Sandler Cos. | 6099265 |
|  |  | 14497345 |
| Chemicals – 3.9% | Chemicals – 3.9% | Chemicals – 3.9% |
| 53593 | Ashland, Inc. | 3342060 |
| 179442 | Avient Corp. | 7369683 |
| 132220 | Element Solutions, Inc. | 4639600 |
| 115804 | HB Fuller Co. | 7610639 |
| 83284 | Ingevity Corp.\* | 5998947 |
| 26349 | Quaker Chemical Corp. | 3874093 |
| 48842 | Solstice Advanced Materials, Inc. | 3834585 |
|  |  | 36669607 |
| Commercial Services & Supplies – 0.5% | Commercial Services & Supplies – 0.5% | Commercial Services & Supplies – 0.5% |
| 361887 | BrightView Holdings, Inc.\* | 4990422 |
| Communications Equipment – 0.3% | Communications Equipment – 0.3% | Communications Equipment – 0.3% |
| 64922 | Digi International, Inc.\* | 3169492 |
| Construction & Engineering – 3.1% | Construction & Engineering – 3.1% | Construction & Engineering – 3.1% |
| 78550 | Arcosa, Inc. | 8442554 |
| 257132 | Centuri Holdings, Inc.\* | 7971092 |
| 52056 | Fluor Corp.\* | 2723049 |
| 54249 | Granite Construction, Inc. | 7294320 |
| 9060 | MYR Group, Inc.\* | 2445838 |
|  |  | 28876853 |
| Consumer Finance – 1.6% | Consumer Finance – 1.6% | Consumer Finance – 1.6% |
| 78668 | Bread Financial Holdings, Inc. | 5574415 |
| 26368 | Enova International, Inc.\* | 3666470 |
| 271908 | Jefferson Capital, Inc. | 5609462 |
|  |  | 14850347 |
| Containers & Packaging – 1.2% | Containers & Packaging – 1.2% | Containers & Packaging – 1.2% |
| 55018 | Greif, Inc., Class A | 3998158 |
| 301808 | O-I Glass, Inc.\* | 4044227 |
| 72032 | TriMas Corp. | 2815011 |
|  |  | 10857396 |
| Electric Utilities – 1.3% | Electric Utilities – 1.3% | Electric Utilities – 1.3% |
| 62064 | IDACORP, Inc. | 8935354 |
| 36586 | MGE Energy, Inc. | 3000784 |
|  |  | 11936138 |
| Electrical Equipment – 0.3% | Electrical Equipment – 0.3% | Electrical Equipment – 0.3% |
| 26937 | Nextpower, Inc., Class A\* | 2831079 |
| Electronic Equipment, Instruments & Components – 3.6% | Electronic Equipment, Instruments & Components – 3.6% | Electronic Equipment, Instruments & Components – 3.6% |
| 10973 | Bel Fuse, Inc., Class B | 2520608 |
| 184351 | Knowles Corp.\* | 5008817 |
| 20018 | Littelfuse, Inc. | 7055544 |
| 185609 | Mirion Technologies, Inc.\* | 4011010 |
| 30884 | Rogers Corp.\* | 3330222 |
| 36749 | Sanmina Corp.\* | 5705650 |
| 62664 | TTM Technologies, Inc.\* | 6532095 |
|  |  | 34163946 |

---

&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 VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (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) | Common Stocks – (continued) |
| Energy Equipment & Services – 2.9% | Energy Equipment & Services – 2.9% | Energy Equipment & Services – 2.9% |
| 74940 | Kodiak Gas Services, Inc. | $4089476 |
| 188045 | Liberty Energy, Inc. | 5282184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201017 | Noble Corp. PLC | 9132202 |
| 77854 | Oceaneering International, Inc.\* | 2763817 |
| 139974 | Seadrill Ltd. (Norway)\* | 6142059 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27409738 |
| Financial Services – 1.6% | Financial Services – 1.6% | Financial Services – 1.6% |
| 163372 | NMI Holdings, Inc.\* | 6422153 |
| 64421 | PennyMac Financial Services, Inc. | 5922223 |
| 55382 | Walker & Dunlop, Inc. | 2548126 |
|  |  | 14892502 |
| Food Products – 0.4% | Food Products – 0.4% | Food Products – 0.4% |
| 80709 | Fresh Del Monte Produce, Inc. | 3464837 |
| Gas Utilities – 3.3% | Gas Utilities – 3.3% | Gas Utilities – 3.3% |
| 31179 | Chesapeake Utilities Corp. | 4239409 |
| 157375 | MDU Resources Group, Inc. | 3254515 |
| 93226 | ONE Gas, Inc. | 8151681 |
| 88978 | Southwest Gas Holdings, Inc. | 7845190 |
| 84015 | Spire, Inc. | 7696614 |
|  |  | 31187409 |
| Ground Transportation – 1.1% | Ground Transportation – 1.1% | Ground Transportation – 1.1% |
| 51054 | ArcBest Corp. | 5241204 |
| 71051 | Knight-Swift Transportation Holdings, Inc. | 4470529 |
|  |  | 9711733 |
| Health Care Equipment & Supplies – 1.5% | Health Care Equipment & Supplies – 1.5% | Health Care Equipment & Supplies – 1.5% |
| 48845 | Globus Medical, Inc., Class A\* | 4662744 |
| 97789 | LivaNova PLC\* | 6903903 |
| 36107 | Merit Medical Systems, Inc.\* | 2786738 |
|  |  | 14353385 |
| Health Care Providers & Services – 0.9% | Health Care Providers & Services – 0.9% | Health Care Providers & Services – 0.9% |
| 240330 | Lumexa Imaging Holdings, Inc.\* | 3398266 |
| 282687 | NeoGenomics, Inc.\* | 2778813 |
| 32594 | RadNet, Inc.\* | 2275387 |
|  |  | 8452466 |
| Hotel & Resort REITs – 0.5% | Hotel & Resort REITs – 0.5% | Hotel & Resort REITs – 0.5% |
| 47650 | Ryman Hospitality Properties, |  |
|  | Inc. REIT | 4705437 |
| Hotels, Restaurants & Leisure – 0.9% | Hotels, Restaurants & Leisure – 0.9% | Hotels, Restaurants & Leisure – 0.9% |
| 69018 | Black Rock Coffee Bar, Inc., Class A\* | 920700 |
| 34710 | Churchill Downs, Inc. | 3190890 |
| 80222 | Life Time Group Holdings, Inc.\* | 2165994 |
| 42169 | Red Rock Resorts, Inc., Class A | 2553333 |
|  |  | 8830917 |
| Household Durables – 3.3% | Household Durables – 3.3% | Household Durables – 3.3% |
| 42393 | Century Communities, Inc. | 2850081 |
| 12348 | Installed Building Products, Inc. | 4047181 |
| 93592 | La-Z-Boy, Inc. | 3343106 |
| 124104 | Meritage Homes Corp. | 9359924 |
| 166856 | Taylor Morrison Home Corp.\* | 10994142 |
|  |  | 30594434 |

---

---

| | | |
|:---|:---|:---|
| <br>Shares | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Household Products – 0.3% | Household Products – 0.3% | Household Products – 0.3% |
| 36229 | Spectrum Brands Holdings, Inc. $| 2839629 |
| Industrial REITs – 1.2% | Industrial REITs – 1.2% | Industrial REITs – 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163879 | Terreno Realty Corp. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10825847 |
| Insurance – 2.9% | Insurance – 2.9% |  |
| 469465 | Abacus Global Management, Inc.<sup>(a)</sup> | 4286215 |
| 142791 | CNO Financial Group, Inc. | 5970092 |
| 255490 | Exzeo Group, Inc.\* | 4282012 |
| 25242 | HCI Group, Inc. | 4453194 |
| 95750 | Skyward Specialty Insurance Group, Inc.\* | 4449503 |
| 220035 | Slide Insurance Holdings, Inc.\* | 4180665 |
|  |  | 27621681 |
| IT Services – 0.3% | IT Services – 0.3% | IT Services – 0.3% |
| 60165 | ASGN, Inc.\* | 2581079 |
| Leisure Products – 0.4% | Leisure Products – 0.4% | Leisure Products – 0.4% |
| 69191 | Polaris, Inc. | 4202661 |
| Life Sciences Tools & Services – 0.6% | Life Sciences Tools & Services – 0.6% | Life Sciences Tools & Services – 0.6% |
| 140402 | 10X Genomics, Inc., Class A\* | 3236266 |
| 14853 | Charles River Laboratories International, Inc.\* | 2651112 |
|  |  | 5887378 |
| Machinery – 7.0% | Machinery – 7.0% | Machinery – 7.0% |
| 34098 | Alamo Group, Inc. | 7280946 |
| 168202 | Alliance Laundry Holdings, Inc.\* | 3772771 |
| 74079 | Atmus Filtration Technologies, Inc. | 4780318 |
| 26274 | Esab Corp. | 3314991 |
| 21865 | ESCO Technologies, Inc. | 6062946 |
| 302511 | Gates Industrial Corp. PLC\* | 8340228 |
| 43420 | Gorman-Rupp Co. (The) | 2788867 |
| 18623 | Graham Corp.\* | 1512560 |
| 80482 | Helios Technologies, Inc. | 5739976 |
| 35746 | SPX Technologies, Inc.\* | 8112197 |
| 26341 | Standex International Corp. | 6901342 |
| 110717 | Terex Corp. | 7616222 |
|  |  | 66223364 |
| Metals & Mining – 3.6% | Metals & Mining – 3.6% | Metals & Mining – 3.6% |
| 247204 | Coeur Mining, Inc.\* | 6711589 |
| 158527 | Commercial Metals Co. | 11620029 |
| 150460 | Constellium SE\* | 3744949 |
| 107150 | Ryerson Holding Corp. | 2803044 |
| 165704 | SSR Mining, Inc. (Canada)\* | 5334012 |
| 95290 | Worthington Steel, Inc. | 3960252 |
|  |  | 34173875 |
| Mortgage Real Estate Investment Trusts (REITs) – 1.1% | Mortgage Real Estate Investment Trusts (REITs) – 1.1% | Mortgage Real Estate Investment Trusts (REITs) – 1.1% |
| 621484 | Ladder Capital Corp. REIT | 6444789 |
| 406133 | Rithm Capital Corp. REIT | 4081637 |
|  |  | 10526426 |
| Multi-Utilities – 0.8% | Multi-Utilities – 0.8% | Multi-Utilities – 0.8% |
| 101552 | Black Hills Corp. | 7480320 |
| Office REITs – 0.7% | Office REITs – 0.7% | Office REITs – 0.7% |
| 222707 | COPT Defense Properties REIT | 7077628 |

---

&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 VALUE 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) | Common Stocks – (continued) |
| Oil, Gas & Consumable Fuels – 5.5% | Oil, Gas & Consumable Fuels – 5.5% | Oil, Gas & Consumable Fuels – 5.5% |
| 119123 | California Resources Corp. | $7009197 |
| 9595 | Centrus Energy Corp., Class A\* | 1943851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205455 | CNX Resources Corp.\* | 8583910 |
| 34531 | Core Natural Resources, Inc. | 2834305 |
| 264609 | DHT Holdings, Inc. | 5157229 |
| 39919 | Kinetik Holdings, Inc.<sup>(a)</sup> | 1815915 |
| 304774 | Magnolia Oil & Gas Corp., Class A | 8478813 |
| 114228 | Murphy Oil Corp. | 3786658 |
| 108113 | PBF Energy, Inc., Class A | 3848823 |
| 76144 | Scorpio Tankers, Inc. (Monaco) | 6021468 |
| 163673 | Talos Energy, Inc.\* | 2004994 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51485163 |
| Passenger Airlines – 0.4% | Passenger Airlines – 0.4% | Passenger Airlines – 0.4% |
| 38739 | SkyWest, Inc.\* | 4031955 |
| Personal Care Products – 0.3% | Personal Care Products – 0.3% | Personal Care Products – 0.3% |
| 117826 | Edgewell Personal Care Co. | 2679363 |
| Pharmaceuticals – 1.1% | Pharmaceuticals – 1.1% | Pharmaceuticals – 1.1% |
| 20394 | Ligand Pharmaceuticals, Inc.\* | 4044334 |
| 36338 | Prestige Consumer Healthcare, Inc.\* | 2518223 |
| 49307 | Supernus Pharmaceuticals, Inc.\* | 2698572 |
| 108665 | WaVe Life Sciences Ltd.\* | 1513704 |
|  |  | 10774833 |
| Professional Services – 0.4% | Professional Services – 0.4% | Professional Services – 0.4% |
| 128915 | Amentum Holdings, Inc.\* | 3850691 |
| Real Estate Management & Development – 1.2% | Real Estate Management & Development – 1.2% | Real Estate Management & Development – 1.2% |
| 187802 | Forestar Group, Inc.\* | 5393674 |
| 386835 | Newmark Group, Inc., Class A | 5616844 |
|  |  | 11010518 |
| Residential REITs – 1.0% | Residential REITs – 1.0% | Residential REITs – 1.0% |
| 374729 | Independence Realty Trust, Inc. |  |
|  | REIT | 6209260 |
| 166944 | UMH Properties, Inc. REIT | 2517515 |
|  |  | 8726775 |
| Retail REITs – 1.1% | Retail REITs – 1.1% | Retail REITs – 1.1% |
| 170539 | Curbline Properties Corp. REIT | 4742690 |
| 181224 | InvenTrust Properties Corp. REIT | 5654189 |
|  |  | 10396879 |
| Semiconductors & Semiconductor Equipment – 3.5% | Semiconductors & Semiconductor Equipment – 3.5% | Semiconductors & Semiconductor Equipment – 3.5% |
| 54327 | Aehr Test Systems\* | 2033460 |
| 55263 | Axcelis Technologies, Inc.\* | 4565276 |
| 136444 | Cohu, Inc.\* | 4120609 |
| 55660 | FormFactor, Inc.\* | 5503661 |
| 21025 | Onto Innovation, Inc.\* | 4539087 |
| 61846 | Semtech Corp.\* | 5579746 |
| 13796 | Silicon Laboratories, Inc.\* | 2821696 |
| 67053 | Ultra Clean Holdings, Inc.\* | 4068776 |
|  |  | 33232311 |
| Specialized REITs – 0.9% | Specialized REITs – 0.9% | Specialized REITs – 0.9% |
| 182892 | Four Corners Property Trust, Inc. REIT | 4667404 |

---

---

| | | |
|:---|:---|:---|
| <br>Shares | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Specialized REITs – (continued) | Specialized REITs – (continued) | Specialized REITs – (continued) |
| 114582 | Smartstop Self Storage REIT, Inc. REIT | $3821310 |
|  |  | 8488714 |
| Specialty Retail – 2.2% | Specialty Retail – 2.2% | Specialty Retail – 2.2% |
| 73931 | Academy Sports & Outdoors, Inc. | 4445471 |
| 53625 | Advance Auto Parts, Inc. | 2851241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166819 | American Eagle Outfitters, Inc. | 4098743 |
| 6430 | Group 1 Automotive, Inc. | 2094508 |
| 33659 | Signet Jewelers Ltd. | 3237659 |
| 52579 | Urban Outfitters, Inc.\* | 3480730 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20208352 |
| Textiles, Apparel & Luxury Goods – 0.8% | Textiles, Apparel & Luxury Goods – 0.8% | Textiles, Apparel & Luxury Goods – 0.8% |
| 210986 | Capri Holdings Ltd.\* | 4327323 |
| 47356 | Kontoor Brands, Inc. | 3088085 |
|  |  | 7415408 |
| Trading Companies & Distributors – 1.0% | Trading Companies & Distributors – 1.0% | Trading Companies & Distributors – 1.0% |
| 33611 | Boise Cascade Co. | 2780974 |
| 208723 | DNOW, Inc.\* | 2458757 |
| 30426 | Herc Holdings, Inc. | 4253251 |
|  |  | 9492982 |
| TOTAL COMMON STOCKS<br>(Cost $684,322,419) | TOTAL COMMON STOCKS<br>(Cost $684,322,419) | 928097097 |
| Shares | Dividend Rate | Value |
| Investment Company – 1.3%<sup>(b)</sup> | Investment Company – 1.3%<sup>(b)</sup> | Investment Company – 1.3%<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 |
| 12113831 | 3.589% | 12113831 |
| **(Cost $12,113,831)** | **(Cost $12,113,831)** | **(Cost $12,113,831)** |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $696,436,250)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $696,436,250)** | 940210928 |
| Securities Lending Reinvestment Vehicle – 0.0%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.0%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 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 |
| 408808 | 3.589% | 408808 |
| **(Cost $408,808)** | **(Cost $408,808)** | **(Cost $408,808)** |
| **TOTAL INVESTMENTS – 100.0%**<br> **(Cost $696,845,058)** | **TOTAL INVESTMENTS – 100.0%**<br> **(Cost $696,845,058)** | $940619736 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%** | 40027 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $940659763 |

---

---

| | |
|:---|:---|
| 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. |

---

&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 VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

&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/MID CAP EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – 98.8% | Common Stocks – 98.8% | Common Stocks – 98.8% |
| Aerospace & Defense – 5.2% | Aerospace & Defense – 5.2% | Aerospace & Defense – 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16297 | ATI, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2666026 |
| 5028 | BWX Technologies, Inc. | 1035668 |
| 2412 | Curtiss-Wright Corp. | 1689196 |
| 13900 | Karman Holdings, Inc.\* | 1224729 |
| 19724 | Leonardo DRS, Inc. | 855824 |
|  |  | 7471443 |
| Automobile Components – 0.9% | Automobile Components – 0.9% | Automobile Components – 0.9% |
| 10464 | Patrick Industries, Inc. | 1295339 |
| Banks – 7.5% | Banks – 7.5% |  |
| 20722 | East West Bancorp, Inc. | 2268023 |
| 65807 | First Horizon Corp. | 1565549 |
| 18604 | Prosperity Bancshares, Inc. | 1309163 |
| 15569 | SouthState Bank Corp. | 1536193 |
| 13739 | UMB Financial Corp. | 1592075 |
| 81490 | Valley National Bancorp | 1027589 |
| 9950 | Wintrust Financial Corp. | 1433397 |
|  |  | 10731989 |
| Biotechnology – 3.5% | Biotechnology – 3.5% | Biotechnology – 3.5% |
| 41101 | Alkermes PLC\* | 1237140 |
| 9732 | Blueprint Medicines Corp.\*<sup>(a)</sup> | 4477 |
| 11139 | Cytokinetics, Inc.\* | 693069 |
| 2816 | Madrigal Pharmaceuticals, Inc.\* | 1216512 |
| 6757 | Natera, Inc.\* | 1405726 |
| 5519 | Rhythm Pharmaceuticals, Inc.\* | 511777 |
|  |  | 5068701 |
| Capital Markets – 2.6% | Capital Markets – 2.6% | Capital Markets – 2.6% |
| 4305 | Evercore, Inc., Class A | 1329556 |
| 13592 | Jefferies Financial Group, Inc. | 603485 |
| 24123 | Stifel Financial Corp. | 1786308 |
|  |  | 3719349 |
| Chemicals – 4.1% | Chemicals – 4.1% | Chemicals – 4.1% |
| 51020 | Element Solutions, Inc. | 1790292 |
| 22516 | HB Fuller Co. | 1479751 |
| 12142 | RPM International, Inc. | 1385645 |
| 16252 | Solstice Advanced Materials, Inc. | 1275945 |
|  |  | 5931633 |
| Communications Equipment – 1.4% | Communications Equipment – 1.4% | Communications Equipment – 1.4% |
| 2761 | Lumentum Holdings, Inc.\* | 1935212 |
| Construction & Engineering – 2.1% | Construction & Engineering – 2.1% | Construction & Engineering – 2.1% |
| 9845 | MasTec, Inc.\* | 2934007 |
| Consumer Finance – 0.7% | Consumer Finance – 0.7% | Consumer Finance – 0.7% |
| 19187 | OneMain Holdings, Inc. | 1055669 |
| Consumer Staples Distribution & Retail – 0.9% | Consumer Staples Distribution & Retail – 0.9% | Consumer Staples Distribution & Retail – 0.9% |
| 1913 | Casey's General Stores, Inc. | 1311534 |
| Containers & Packaging – 0.9% | Containers & Packaging – 0.9% | Containers & Packaging – 0.9% |
| 10980 | Crown Holdings, Inc. | 1258308 |
| Electric Utilities – 1.1% | Electric Utilities – 1.1% | Electric Utilities – 1.1% |
| 10921 | IDACORP, Inc. | 1572296 |
| Electrical Equipment – 2.8% | Electrical Equipment – 2.8% | Electrical Equipment – 2.8% |
| 23566 | nVent Electric PLC | 2789272 |
| 5829 | Regal Rexnord Corp. | 1288092 |
|  |  | 4077364 |

---

---

| | | |
|:---|:---|:---|
| <br>Shares | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Electronic Equipment, Instruments & Components – 4.7% | Electronic Equipment, Instruments & Components – 4.7% | Electronic Equipment, Instruments & Components – 4.7% |
| 14531 | Coherent Corp.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3762512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24319 | Flex Ltd.\* | 1532583 |
| 8694 | TD SYNNEX Corp. | 1363306 |
|  |  | 6658401 |
| Energy Equipment & Services – 1.7% | Energy Equipment & Services – 1.7% | Energy Equipment & Services – 1.7% |
| 26242 | Archrock, Inc. | 927130 |
| 22591 | TechnipFMC PLC (United Kingdom) | 1498009 |
|  |  | 2425139 |
| Financial Services – 1.2% | Financial Services – 1.2% | Financial Services – 1.2% |
| 15796 | Affirm Holdings, Inc.\* | 742096 |
| 36167 | MGIC Investment Corp. | 959510 |
|  |  | 1701606 |
| Ground Transportation – 1.8% | Ground Transportation – 1.8% | Ground Transportation – 1.8% |
| 22797 | Knight-Swift Transportation Holdings, Inc. | 1434387 |
| 2857 | Saia, Inc.\* | 1158199 |
|  |  | 2592586 |
| Health Care Equipment & Supplies – 2.5% | Health Care Equipment & Supplies – 2.5% | Health Care Equipment & Supplies – 2.5% |
| 19996 | Globus Medical, Inc., Class A\* | 1908818 |
| 8726 | Merit Medical Systems, Inc.\* | 673473 |
| 2683 | Penumbra, Inc.\* | 923998 |
|  |  | 3506289 |
| Health Care Providers & Services – 0.8% | Health Care Providers & Services – 0.8% | Health Care Providers & Services – 0.8% |
| 5153 | Ensign Group, Inc. (The) | 1103618 |
| Hotels, Restaurants & Leisure – 4.3% | Hotels, Restaurants & Leisure – 4.3% | Hotels, Restaurants & Leisure – 4.3% |
| 6162 | Brinker International, Inc.\* | 913208 |
| 7635 | Hyatt Hotels Corp., Class A | 1233053 |
| 17453 | Red Rock Resorts, Inc., Class A | 1056779 |
| 8438 | Texas Roadhouse, Inc. | 1543057 |
| 18760 | Viking Holdings Ltd.\* | 1463655 |
|  |  | 6209752 |
| Household Durables – 3.6% | Household Durables – 3.6% | Household Durables – 3.6% |
| 5260 | Installed Building Products, Inc. | 1724018 |
| 13888 | SharkNinja, Inc.\* | 1706419 |
| 10514 | Toll Brothers, Inc. | 1653221 |
|  |  | 5083658 |
| Insurance – 3.4% | Insurance – 3.4% |  |
| 11315 | American Financial Group, Inc. | 1504669 |
| 6940 | Hanover Insurance Group, Inc. (The) | 1253572 |
| 3639 | RenaissanceRe Holdings Ltd. (Bermuda) | 1100652 |
| 25902 | Ryan Specialty Holdings, Inc. | 1019244 |
|  |  | 4878137 |
| Life Sciences Tools & Services – 2.1% | Life Sciences Tools & Services – 2.1% | Life Sciences Tools & Services – 2.1% |
| 15927 | Bio-Techne Corp. | 939693 |
| 5835 | Charles River Laboratories International, Inc.\* | 1041489 |
| 7439 | Repligen Corp.\* | 957623 |
|  |  | 2938805 |
| Machinery – 9.6% | Machinery – 9.6% | Machinery – 9.6% |
| 27614 | Alliance Laundry Holdings, Inc.\* | 619382 |

---

&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/MID CAP EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (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) | Common Stocks – (continued) |
| Machinery – (continued) | Machinery – (continued) | Machinery – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10249 | Crane Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055232 |
| 14079 | Esab Corp. | 1776347 |
| 24872 | Flowserve Corp. | 2201669 |
| 6809 | Lincoln Electric Holdings, Inc. | 1954524 |
| 3916 | Nordson Corp. | 1149111 |
| 3824 | RBC Bearings, Inc.\* | 2202318 |
| 8072 | SPX Technologies, Inc.\* | 1831860 |
|  |  | 13790443 |
| Metals & Mining – 2.1% | Metals & Mining – 2.1% | Metals & Mining – 2.1% |
| 30849 | Coeur Mining, Inc.\* | 837550 |
| 11163 | Commercial Metals Co. | 818248 |
| 4182 | Reliance, Inc. | 1320007 |
|  |  | 2975805 |
| Multi-Utilities – 0.8% | Multi-Utilities – 0.8% | Multi-Utilities – 0.8% |
| 24255 | NiSource, Inc. | 1147261 |
| Oil, Gas & Consumable Fuels – 2.8% | Oil, Gas & Consumable Fuels – 2.8% | Oil, Gas & Consumable Fuels – 2.8% |
| 28120 | Magnolia Oil & Gas Corp., Class A | 782298 |
| 89869 | Permian Resources Corp., Class A | 1643704 |
| 39173 | Range Resources Corp. | 1617062 |
|  |  | 4043064 |
| Professional Services – 1.6% | Professional Services – 1.6% | Professional Services – 1.6% |
| 2632 | CACI International, Inc., Class A\* | 1605967 |
| 6623 | Paylocity Holding Corp.\* | 705283 |
|  |  | 2311250 |
| Real Estate Management & Development – 0.9% | Real Estate Management & Development – 0.9% | Real Estate Management & Development – 0.9% |
| 3925 | Jones Lang LaSalle, Inc.\* | 1238534 |
| Retail REITs – 0.9% | Retail REITs – 0.9% | Retail REITs – 0.9% |
| 16705 | Regency Centers Corp. REIT | 1319695 |
| Semiconductors & Semiconductor Equipment – 8.9% | Semiconductors & Semiconductor Equipment – 8.9% | Semiconductors & Semiconductor Equipment – 8.9% |
| 20082 | Lattice Semiconductor Corp.\* | 1920241 |
| 15180 | MACOM Technology Solutions Holdings, Inc.\* | 3766462 |
| 3635 | Nova Ltd. (Israel)\* | 1595256 |
| 6524 | Onto Innovation, Inc.\* | 1408466 |
| 4588 | SiTime Corp.\* | 1825473 |
| 6924 | Teradyne, Inc. | 2215888 |
|  |  | 12731786 |
| Software – 3.2% | Software – 3.2% |  |
| 9180 | Guidewire Software, Inc.\* | 1334038 |
| 1616 | HubSpot, Inc.\* | 427448 |
| 16894 | Procore Technologies, Inc.\* | 929846 |
| 9086 | PTC, Inc.\* | 1422777 |
| 38502 | SailPoint, Inc.\* | 542878 |
|  |  | 4656987 |
| Specialized REITs – 0.9% | Specialized REITs – 0.9% | Specialized REITs – 0.9% |
| 31833 | CubeSmart REIT | 1309610 |
| Specialty Retail – 3.6% | Specialty Retail – 3.6% | Specialty Retail – 3.6% |
| 10149 | Boot Barn Holdings, Inc.\* | 1920394 |
| 9551 | Five Below, Inc.\* | 2134935 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Specialty Retail – (continued) | Specialty Retail – (continued) | Specialty Retail – (continued) |
| 3393 | Group 1 Automotive, Inc. | $1105236 |
|  |  | 5160565 |
| Technology Hardware, Storage & Peripherals – 0.9% | Technology Hardware, Storage & Peripherals – 0.9% | Technology Hardware, Storage & Peripherals – 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19856 | Pure Storage, Inc., Class A\* | 1275152 |
| Textiles, Apparel & Luxury Goods – 1.1% | Textiles, Apparel & Luxury Goods – 1.1% | Textiles, Apparel & Luxury Goods – 1.1% |
| 40912 | Amer Sports, Inc. (Finland)\* | 1553838 |
| Trading Companies & Distributors – 1.7% | Trading Companies & Distributors – 1.7% | Trading Companies & Distributors – 1.7% |
| 8622 | Applied Industrial Technologies, Inc. | 2436405 |
| **TOTAL COMMON STOCKS**<br> **(Cost $103,927,360)** | **TOTAL COMMON STOCKS**<br> **(Cost $103,927,360)** | 141411230 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 1.2%<sup>(b)</sup> | Investment Company – 1.2%<sup>(b)</sup> | Investment Company – 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 |
| 1705092 | 3.589% | 1705092 |
| **(Cost $1,705,092)** | **(Cost $1,705,092)** | **(Cost $1,705,092)** |
| TOTAL INVESTMENTS – 100.0%<br>(Cost $105,632,452) | TOTAL INVESTMENTS – 100.0%<br>(Cost $105,632,452) | $143116322 |
| LIABILITIES IN EXCESS OF OTHER ASSETS<br> – (0.0)% | LIABILITIES IN EXCESS OF OTHER ASSETS<br> – (0.0)% | (49620) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143066702 |

---

---

| | |
|:---|:---|
| 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) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (b) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

&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 FUNDAMENTAL EQUITY VALUE FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Equity Income Fund** | **Large Cap Value Fund** | **Mid Cap Value Fund** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $305,518,010, $338,134,614 and $876,640,020, respectively)<sup>(a)</sup> | $435243157 | $447696418 | $1122896192 |
|  Investments in affiliated issuers, at value (cost $916, $586,129 and $7,900,247, respectively) | 916 | 586129 | 7900247 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost |  |  | 3839184 |
|  Cash | 43461 |  | 938941 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 1100244 | 5136707 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 697721 | 579675 | 735562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 18910 | 25367 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 2727 | 48703 | 411995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 2323 |  | 2625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 85 |  | 3776 |
|  Other assets | 67481 | 66377 | 66964 |
|  **Total assets** | 437177025 | 454139376 | 1136795486 |
| Liabilities: |  |  |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 98905 | 109757 | 278486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 73724 | 220615 | 753098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued professional fees | 41918 | 42100 | 42799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 36813 | 19033 | 83150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody, accounting and administrative services | 35367 | 35964 | 73250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Printing and mailing costs | 31423 | 24959 | 57226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned |  |  | 3839184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  | 5820891 | 262741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 280 | 355 | 13956 |
|  **Total liabilities** | 318430 | 6273674 | 5403890 |
| Net Assets: |  |  |  |
|  Paid-in capital | 291967822 | 325632071 | 846067144 |
|  Total distributable earnings | 144890773 | 122233631 | 285324452 |
|  **NET ASSETS** | $436858595 | $447865702 | $1131391596 |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $333157429 | $88577134 | $426845671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 3757189 | 4406401 | 4572019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 20748436 | 128666928 | 300920017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 51252 | 1165857 | 28085838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 3667312 | 5260913 | 67716903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 9541879 | 3521208 | 109484058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 919520 | 2425923 | 19167751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 65015578 | 213841338 | 174599339 |
|  Total Net Assets | $436858595 | $447865702 | $1131391596 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 6663042 | 5456471 | 11459847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 80886 | 298101 | 161928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 403908 | 7771881 | 7898481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 1017 | 72264 | 784628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 73537 | 323993 | 1902121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 185721 | 203946 | 2877289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 18522 | 157937 | 549068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 1265826 | 12386903 | 4589157 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $50.00 | $16.23 | $37.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 46.45 | 14.78 | 28.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 51.37 | 16.56 | 38.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 50.42 | 16.13 | 35.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 49.87 | 16.24 | 35.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 51.38 | 17.27 | 38.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 49.65 | 15.36 | 34.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 51.36 | 17.26 | 38.05 |

---

<sup>(a)</sup> Includes loaned securities having a market value of $–, $– and $3,638,427 for Equity Income Fund, Large Cap Value Fund and Mid Cap Value Fund, respectively. 

<sup>(b)</sup> Maximum public offering price per share for Class A Shares of the Equity Income Fund, Large Cap Value Fund and Mid Cap Value Fund is $52.91, $17.17 and $39.42, 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. | **15** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Small Cap Value Fund** | **Small/Mid Cap Equity** <br> **Fund** |
| Assets: |  |  |
|  Investments in unaffiliated issuers, at value (cost $684,322,419 and $103,927,360, respectively)<sup>(a)</sup> | $928097097 | $141411230 |
|  Investments in affiliated issuers, at value (cost $12,113,831 and $1,705,092, respectively) | 12113831 | 1705092 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 408808 |  |
|  Cash |  | 661113 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 5632746 | 776899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 819915 | 35165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 174798 | 75535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 33877 | 13495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 4321 |  |
|  Other assets | 66091 | 58006 |
|  **Total assets** | 947351484 | 144736535 |
| Liabilities: |  |  |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 5091225 | 1557580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 543346 | 17160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 408808 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 308025 | 37439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 39939 | 2053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 300378 | 55601 |
|  **Total liabilities** | 6691721 | 1669833 |
| Net Assets: |  |  |
|  Paid-in capital | 672249571 | 105250698 |
|  Total distributable earnings | 268410192 | 37816004 |
|  **NET ASSETS** | $940659763 | $143066702 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $206786141 | $2608493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 762864 | 456048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 193806955 | 15934771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 6719705 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 18768788 | 4030811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 232033444 | 27171717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 31288927 | 99843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 250492939 | 92765019 |
|  Total Net Assets | $940659763 | $143066702 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 6113898 | 147202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 76985 | 27181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 4671204 | 880550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 217646 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 567055 | 224447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 5600736 | 1502880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 994069 | 5664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 6046830 | 5134504 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $33.82 | $17.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 9.91 | 16.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 41.49 | 18.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 30.87 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 33.10 | 17.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 41.43 | 18.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 31.48 | 17.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 41.43 | 18.07 |

---

<sup>(a)</sup> Includes loaned securities having a market value of $386,542 and $– for Small Cap Value Fund and Small/Mid Cap Equity Fund, respectively. 

<sup>(b)</sup> Maximum public offering price per share for Class A Shares of the Small Cap Value Fund and Small/Mid Cap Equity Fund is $35.79 and $18.75, 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;

---

| | |
|:---|:---|
| 16 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Six Months Ended February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Equity Income Fund** | **Large Cap Value** <br> **Fund** | **Mid Cap Value Fund** |
| Investment income: |  |  |  |
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $228, $3,663 and $–, respectively) | $4308103 | $3090469 | $9081428 |
|  Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | 5993 | 12850 | 26526 |
| Dividends — affiliated issuers | 5784 | 33616 | 190546 |
|  **Total Investment Income** | 4319880 | 3136935 | 9298500 |
| Expenses: |  |  |  |
|  Management fees | 1438805 | 1620039 | 4067831 |
|  Distribution and/or Service (12b-1) fees<sup>(a)</sup> | 416234 | 129388 | 606902 |
|  Transfer Agency fees<sup>(a)</sup> | 260637 | 129167 | 483762 |
|  Professional fees | 64545 | 64727 | 65426 |
|  Registration fees | 49222 | 52417 | 49514 |
|  Custody, accounting and administrative services | 31490 | 31311 | 59305 |
|  Printing and mailing costs | 27116 | 21003 | 51432 |
|  Trustee fees | 14097 | 14114 | 14792 |
|  Service fees — Class C | 4506 | 5307 | 5761 |
|  Shareholder Administration fees — Service Shares | 60 | 1407 | 33382 |
|  Other | 7912 | 8217 | 15968 |
|  **Total expenses** | 2314624 | 2077097 | 5454075 |
|  Less — expense reductions | (368429) | (408046) | (33534) |
|  **Net expenses** | 1946195 | 1669051 | 5420541 |
|  **NET INVESTMENT INCOME** | 2373685 | 1467884 | 3877959 |
| Realized and Unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 17528213 | 22711141 | 69270980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (1044) | 44 | (6365) |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 22436394 | 20230879 | 42386896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations |  | 36 | 18 |
|  **Net realized and unrealized gain** | 39963563 | 42942100 | 111651529 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $42337248 | $44409984 | $115529488 |

---

<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** |
|  Equity Income Fund | $400463 | $13518 | $60 | $2192 | $240279 | $2704 | $3922 | $9 | $2731 | $1267 | $658 | $9067 |
|  Large Cap Value Fund | 106220 | 15923 | 1407 | 5838 | 63732 | 3185 | 25159 | 225 | 3856 | 474 | 1752 | 30784 |
|  Mid Cap Value Fund | 511780 | 17284 | 33382 | 44456 | 307069 | 3457 | 56931 | 5341 | 57988 | 15287 | 13337 | 24352 |

---

&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 FUNDAMENTAL EQUITY VALUE FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations (continued) *For the Six Months Ended February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Small Cap Value** <br> **Fund** | **Small/Mid Cap** <br> **Equity Fund** |
| Investment income: |  |  |
| Dividends — unaffiliated issuers | $6560853 | $673864 |
|  Dividends — affiliated issuers | 106358 | 18720 |
| Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | 27437 | 769 |
|  **Total Investment Income** | 6694648 | 693353 |
| Expenses: |  |  |
|  Management fees | 4434579 | 557567 |
|  Distribution and/or Service (12b-1) fees<sup>(a)</sup> | 327418 | 4968 |
|  Transfer Agency fees<sup>(a)</sup> | 294832 | 25960 |
|  Professional fees | 65031 | 83827 |
|  Custody, accounting and administrative services | 56243 | 19345 |
|  Registration fees | 49933 | 52327 |
|  Printing and mailing costs | 17547 | 18407 |
|  Service fees — Service | 16424 |  |
|  Service fees — Class C | 847 | 567 |
|  Trustee fees | 14605 | 13822 |
|  Other | 21538 | 5772 |
|  **Total expenses** | 5298997 | 782562 |
|  Less — expense reductions | (570107) | (192567) |
|  **Net expenses** | 4728890 | 589995 |
|  **NET INVESTMENT INCOME** | 1965758 | 103358 |
| Realized and Unrealized gain (loss): |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 58473824 | 2711426 |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 45134142 | 13449111 |
|  **Net realized and unrealized gain** | 103607966 | 16160537 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $105573724 | $16263895 |

---

<sup>(a)</sup> Class specific Distribution and/or Service and Transfer Agency fees were as follows:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or Service <br>(12b-1) Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or Service <br>(12b-1) Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or Service <br>(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** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Small Cap Value Fund | $250517 | $2542 | $74359 | $150311 | $508 | $36536 | $1314 | $13897 | $34321 | $22308 | $35637 |
|  Small/Mid Cap Equity Fund | 3076 | 1701 | 191 | 1846 | 340 | 3092 |  | 3105 | 3720 | 57 | 13800 |

---

&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 FUNDAMENTAL EQUITY VALUE FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity Income Fund** | **Equity Income Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal**<br> **Year Ended**<br> **August 31, 2025** | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal**<br> **Year Ended**<br> **August 31, 2025** |
| From operations: |  |  |  |  |
|  Net investment income | $2373685 | $5410965 | $1467884 | $4706740 |
|  Net realized gain | 17527169 | 31695824 | 22711185 | 49401157 |
|  Net change in unrealized gain (loss) | 22436394 | 150885 | 20230915 | (24940677) |
| **Net increase in net assets resulting from operations** | 42337248 | 37257674 | 44409984 | 29167220 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (28005711) | (29043804) | (11021744) | (9784589) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (326643) | (362053) | (547175) | (683220) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (1698068) | (1779993) | (16398500) | (14500655) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (4119) | (7735) | (148546) | (117532) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (323666) | (316410) | (675228) | (517026) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (728371) | (656544) | (397066) | (352060) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (74610) | (73209) | (300130) | (311391) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (5242006) | (4965019) | (25619662) | (23325551) |
|  **Total distributions to shareholders** | (36403194) | (37204767) | (55108051) | (49592024) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 10930193 | 25024980 | 14681670 | 21766877 |
|  Reinvestment of distributions | 35754084 | 36468242 | 54254754 | 48770592 |
|  Cost of shares redeemed | (32497942) | (50235893) | (45811266) | (68075025) |
| **Net increase in net assets resulting from share transactions** | 14186335 | 11257329 | 23125158 | 2462444 |
|  **TOTAL INCREASE (DECREASE)** | 20120389 | 11310236 | 12427091 | (17962360) |
| Net Assets: |  |  |  |  |
|  Beginning of period | $416738206 | $405427970 | $435438611 | $453400971 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436858595 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416738206 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447865702 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435438611 |

---

&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 VALUE FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026<br>(Unaudited)** | **For the Fiscal**<br> **Year Ended**<br> **August 31, 2025** | **For the**<br> **Six Months Ended<br>February 28, 2026**<br> (Unaudited) | **For the Fiscal**<br> **Year Ended**<br> **August 31, 2025** |
| From operations: |  |  |  |  |
|  Net investment income | $3877959 | $9551701 | $1965758 | $5809643 |
|  Net realized gain | 69264615 | 130706329 | 58473824 | 161561274 |
|  Net change in unrealized gain (loss) | 42386914 | (42422963) | 45134142 | (108734301) |
| **Net increase in net assets resulting from operations** | 115529488 | 97835067 | 105573724 | 58636616 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (52810923) | (29533099) | (37018325) | (44600975) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (735484) | (424563) | (291491) | (385634) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (37052929) | (20756025) | (28707092) | (47622163) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (3459069) | (1850239) | (1314833) | (1630463) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (8966836) | (6863791) | (3529528) | (4696033) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (13134196) | (7436609) | (34778899) | (51317108) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (2412785) | (1352197) | (5741268) | (6534651) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (21106436) | (10635540) | (36146374) | (39897883) |
|  **Total distributions to shareholders** | (139678658) | (78852063) | (147527810) | (196684910) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 63679333 | 125119190 | 70747434 | 151106414 |
|  Reinvestment of distributions | 131889202 | 74519264 | 142593108 | 190677413 |
|  Cost of shares redeemed | (147224313) | (327062123) | (178916832) | (467655443) |
| **Net increase (decrease) in net assets resulting from share transactions** | 48344222 | (127423669) | 34423710 | (125871616) |
|  **TOTAL INCREASE (DECREASE)** | 24195052 | (108440665) | (7530376) | (263919910) |
| Net Assets: |  |  |  |  |
|  Beginning of period | $1107196544 | $1215637209 | $948190139 | $1212110049 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131391596 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107196544 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940659763 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948190139 |

---

&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 VALUE FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** |
|  | **For the<br>Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** |
| From operations: |  |  |
|  Net investment income | $103358 | $970959 |
|  Net realized gain | 2711426 | 8155929 |
|  Net change in unrealized gain (loss) | 13449111 | (6587609) |
| **Net increase in net assets resulting from operations** | 16263895 | 2539279 |
| Distributions to shareholders: |  |  |
|  From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (137071) | (45131) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (25589) | (7756) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (863781) | (386678) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (215485) | (106671) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (1338272) | (599514) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (5073) | (1679) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (4780610) | (2055339) |
|  **Total distributions to shareholders** | (7365881) | (3202768) |
| From share transactions: |  |  |
|  Proceeds from sales of shares | 7346471 | 28849212 |
|  Reinvestment of distributions | 7365547 | 3202641 |
|  Cost of shares redeemed | (23181783) | (43926929) |
| **Net decrease in net assets resulting from share transactions** | (8469765) | (11875076) |
|  **TOTAL INCREASE (DECREASE)** | 428249 | (12538565) |
| Net Assets: |  |  |
|  Beginning of period | $142638453 | $155177018 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143066702 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142638453 |

---

&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 EQUITY INCOME 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **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>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $49.49 | $49.46 | $42.36 | $41.89 | $47.25 | $37.94 |
|  Net investment income<sup>(a)</sup> | 0.26 | 0.61 | 0.67 | 0.78 | 0.71 | 0.59 |
|  Net realized and unrealized gain (loss) | 4.63 | 3.90 | 8.41 | 1.93 | (2.31) | 9.28 |
|  Total from investment operations | 4.89 | 4.51 | 9.08 | 2.71 | (1.60) | 9.87 |
|  Distributions to shareholders from net investment income | (0.30) | (0.64) | (0.69) | (0.77) | (0.73) | (0.56) |
|  Distributions to shareholders from net realized gains | (4.08) | (3.84) | (1.29) | (1.47) | (3.03) |  |
|  Total distributions | (4.38) | (4.48) | (1.98) | (2.24) | (3.76) | (0.56) |
|  Net asset value, end of period | $50.00 | $49.49 | $49.46 | $42.36 | $41.89 | $47.25 |
|  **Total Return<sup>(b)</sup>** | 10.45% | 9.66% | 22.17% | 6.55% | (3.79)% | 26.23% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333157 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322504 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327114 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294458 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300621 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334886 |
|  Ratio of net expenses to average net assets | 0.99 %<sup>(c)</sup> | 0.99% | 1.01% | 1.04% | 1.04% | 1.04% |
|  Ratio of total expenses to average net assets | 1.18 %<sup>(c)</sup> | 1.19% | 1.20% | 1.19% | 1.18% | 1.20% |
|  Ratio of net investment income to average net assets | 1.08 %<sup>(c)</sup> | 1.28% | 1.50% | 1.86% | 1.58% | 1.40% |
|  Portfolio turnover rate<sup>(d)</sup> | 20% | 35% | 31% | 32% | 17% | 44% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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;

---

| | |
|:---|:---|
| 22 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **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>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $46.26 | $46.51 | $39.95 | $39.62 | $44.89 | $36.06 |
|  Net investment income<sup>(a)</sup> | 0.08 | 0.24 | 0.31 | 0.44 | 0.36 | 0.26 |
|  Net realized and unrealized gain (loss) | 4.31 | 3.65 | 7.91 | 1.83 | (2.19) | 8.82 |
|  Total from investment operations | 4.39 | 3.89 | 8.22 | 2.27 | (1.83) | 9.08 |
|  Distributions to shareholders from net investment income | (0.12) | (0.30) | (0.37) | (0.47) | (0.41) | (0.25) |
|  Distributions to shareholders from net realized gains | (4.08) | (3.84) | (1.29) | (1.47) | (3.03) |  |
|  Total distributions | (4.20) | (4.14) | (1.66) | (1.94) | (3.44) | (0.25) |
|  Net asset value, end of period | $46.45 | $46.26 | $46.51 | $39.95 | $39.62 | $44.89 |
|  **Total Return<sup>(b)</sup>** | 10.05% | 8.85% | 21.24% | 5.75% | (4.51)% | 25.26% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3757 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3707 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4154 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4327 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4651 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6026 |
|  Ratio of net expenses to average net assets | 1.74 %<sup>(c)</sup> | 1.74% | 1.76% | 1.79% | 1.79% | 1.79% |
|  Ratio of total expenses to average net assets | 1.93 %<sup>(c)</sup> | 1.94% | 1.95% | 1.94% | 1.93% | 1.95% |
|  Ratio of net investment income to average net assets | 0.34 %<sup>(c)</sup> | 0.53% | 0.75% | 1.11% | 0.84% | 0.65% |
|  Portfolio turnover rate<sup>(d)</sup> | 20% | 35% | 31% | 32% | 17% | 44% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. | **23** |

---

------

GOLDMAN SACHS 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $50.73 | $50.59 | $43.28 | $42.76 | $48.15 | $38.65 |
|  Net investment income<sup>(a)</sup> | 0.34 | 0.77 | 0.81 | 0.93 | 0.87 | 0.75 |
|  Net realized and unrealized gain (loss) | 4.76 | 3.99 | 8.61 | 1.96 | (2.37) | 9.44 |
|  Total from investment operations | 5.10 | 4.76 | 9.42 | 2.89 | (1.50) | 10.19 |
|  Distributions to shareholders from net investment income | (0.38) | (0.78) | (0.82) | (0.90) | (0.86) | (0.69) |
|  Distributions to shareholders from net realized gains | (4.08) | (3.84) | (1.29) | (1.47) | (3.03) |  |
|  Total distributions | (4.46) | (4.62) | (2.11) | (2.37) | (3.89) | (0.69) |
|  Net asset value, end of period | $51.37 | $50.73 | $50.59 | $43.28 | $42.76 | $48.15 |
|  **Total Return<sup>(b)</sup>** | 10.62% | 9.98% | 22.54% | 6.86% | (3.49)% | 26.63% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20748 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19648 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19719 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25845 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31702 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33660 |
|  Ratio of net expenses to average net assets | 0.69 %<sup>(c)</sup> | 0.69% | 0.71% | 0.74% | 0.73% | 0.73% |
|  Ratio of total expenses to average net assets | 0.82 %<sup>(c)</sup> | 0.83% | 0.84% | 0.82% | 0.81% | 0.83% |
|  Ratio of net investment income to average net assets | 1.38 %<sup>(c)</sup> | 1.58% | 1.80% | 2.18% | 1.90% | 1.73% |
|  Portfolio turnover rate<sup>(d)</sup> | 20% | 35% | 31% | 32% | 17% | 44% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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;

---

| | |
|:---|:---|
| 24 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $49.86 | $49.70 | $42.56 | $42.08 | $47.45 | $38.08 |
|  Net investment income<sup>(a)</sup> | 0.21 | 0.56 | 0.58 | 0.70 | 0.63 | 0.48 |
|  Net realized and unrealized gain (loss) | 4.68 | 3.90 | 8.44 | 1.94 | (2.33) | 9.35 |
|  Total from investment operations | 4.89 | 4.46 | 9.02 | 2.64 | (1.70) | 9.83 |
|  Distributions to shareholders from net investment income | (0.25) | (0.46) | (0.59) | (0.69) | (0.64) | (0.46) |
|  Distributions to shareholders from net realized gains | (4.08) | (3.84) | (1.29) | (1.47) | (3.03) |  |
|  Total distributions | (4.33) | (4.30) | (1.88) | (2.16) | (3.67) | (0.46) |
|  Net asset value, end of period | $50.42 | $49.86 | $49.70 | $42.56 | $42.08 | $47.45 |
|  **Total Return<sup>(b)</sup>** | 10.36% | 9.44% | 21.93% | 6.33% | (3.98)% | 26.01% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
|  Ratio of net expenses to average net assets | 1.19 %<sup>(c)</sup> | 1.19% | 1.21% | 1.24% | 1.23% | 1.23% |
|  Ratio of total expenses to average net assets | 1.32 %<sup>(c)</sup> | 1.33% | 1.34% | 1.31% | 1.31% | 1.33% |
|  Ratio of net investment income to average net assets | 0.88 %<sup>(c)</sup> | 1.17% | 1.30% | 1.67% | 1.39% | 1.16% |
|  Portfolio turnover rate<sup>(d)</sup> | 20% | 35% | 31% | 32% | 17% | 44% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. | **25** |

---

------

GOLDMAN SACHS 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Six Months Ended<br>February 28, 2026**<br> (Unaudited) | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026**<br> (Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $49.37 | $49.35 | $42.27 | $41.82 | $47.18 | $37.88 |
|  Net investment income<sup>(a)</sup> | 0.32 | 0.73 | 0.77 | 0.88 | 0.83 | 0.69 |
|  Net realized and unrealized gain (loss) | 4.62 | 3.89 | 8.39 | 1.92 | (2.32) | 9.27 |
|  Total from investment operations | 4.94 | 4.62 | 9.16 | 2.80 | (1.49) | 9.96 |
|  Distributions to shareholders from net investment income | (0.36) | (0.76) | (0.79) | (0.88) | (0.84) | (0.66) |
|  Distributions to shareholders from net realized gains | (4.08) | (3.84) | (1.29) | (1.47) | (3.03) |  |
|  Total distributions | (4.44) | (4.60) | (2.08) | (2.35) | (3.87) | (0.66) |
|  Net asset value, end of period | $49.87 | $49.37 | $49.35 | $42.27 | $41.82 | $47.18 |
|  **Total Return<sup>(b)</sup>** | 10.60% | 9.93% | 22.47% | 6.78% | (3.55)% | 26.54% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3667 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3644 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3489 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4197 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4394 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3042 |
|  Ratio of net expenses to average net assets | 0.74 %<sup>(c)</sup> | 0.74% | 0.76% | 0.79% | 0.79% | 0.80% |
|  Ratio of total expenses to average net assets | 0.93 %<sup>(c)</sup> | 0.94% | 0.95% | 0.94% | 0.93% | 0.95% |
|  Ratio of net investment income to average net assets | 1.33 %<sup>(c)</sup> | 1.53% | 1.74% | 2.10% | 1.86% | 1.66% |
|  Portfolio turnover rate<sup>(d)</sup> | 20% | 35% | 31% | 32% | 17% | 44% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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;

---

| | |
|:---|:---|
| 26 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **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>February 28, 2026**<br> (Unaudited) | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026**<br> (Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $50.74 | $50.59 | $43.28 | $42.76 | $48.15 | $38.65 |
|  Net investment income<sup>(a)</sup> | 0.34 | 0.78 | 0.82 | 0.93 | 0.87 | 0.75 |
|  Net realized and unrealized gain (loss) | 4.76 | 4.00 | 8.60 | 1.96 | (2.36) | 9.44 |
|  Total from investment operations | 5.10 | 4.78 | 9.42 | 2.89 | (1.49) | 10.19 |
|  Distributions to shareholders from net investment income | (0.38) | (0.79) | (0.82) | (0.90) | (0.87) | (0.69) |
|  Distributions to shareholders from net realized gains | (4.08) | (3.84) | (1.29) | (1.47) | (3.03) |  |
|  Total distributions | (4.46) | (4.63) | (2.11) | (2.37) | (3.90) | (0.69) |
|  Net asset value, end of period | $51.38 | $50.74 | $50.59 | $43.28 | $42.76 | $48.15 |
|  **Total Return<sup>(b)</sup>** | 10.63% | 10.01% | 22.55% | 6.87% | (3.48)% | 26.64% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9542 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8129 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7057 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5817 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6582 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6981 |
|  Ratio of net expenses to average net assets | 0.68 %<sup>(c)</sup> | 0.68% | 0.69% | 0.73% | 0.72% | 0.72% |
|  Ratio of total expenses to average net assets | 0.81 %<sup>(c)</sup> | 0.82% | 0.83% | 0.81% | 0.80% | 0.82% |
|  Ratio of net investment income to average net assets | 1.38 %<sup>(c)</sup> | 1.60% | 1.82% | 2.17% | 1.90% | 1.73% |
|  Portfolio turnover rate<sup>(d)</sup> | 20% | 35% | 31% | 32% | 17% | 44% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. | **27** |

---

------

GOLDMAN SACHS 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **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>February 28, 2026**<br> (Unaudited) | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026**<br> (Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $49.16 | $49.17 | $42.12 | $41.62 | $46.98 | $37.73 |
|  Net investment income<sup>(a)</sup> | 0.20 | 0.49 | 0.55 | 0.67 | 0.60 | 0.49 |
|  Net realized and unrealized gain (loss) | 4.61 | 3.86 | 8.37 | 1.92 | (2.31) | 9.22 |
|  Total from investment operations | 4.81 | 4.35 | 8.92 | 2.59 | (1.71) | 9.71 |
|  Distributions to shareholders from net investment income | (0.24) | (0.52) | (0.58) | (0.62) | (0.62) | (0.46) |
|  Distributions to shareholders from net realized gains | (4.08) | (3.84) | (1.29) | (1.47) | (3.03) |  |
|  Total distributions | (4.32) | (4.36) | (1.87) | (2.09) | (3.65) | (0.46) |
|  Net asset value, end of period | $49.65 | $49.16 | $49.17 | $42.12 | $41.62 | $46.98 |
|  **Total Return<sup>(b)</sup>** | 10.34% | 9.37% | 21.89% | 6.23% | (4.02)% | 25.91% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337 |
|  Ratio of net expenses to average net assets | 1.24 %<sup>(c)</sup> | 1.24% | 1.26% | 1.29% | 1.29% | 1.29% |
|  Ratio of total expenses to average net assets | 1.43 %<sup>(c)</sup> | 1.44% | 1.45% | 1.44% | 1.43% | 1.45% |
|  Ratio of net investment income to average net assets | 0.82 %<sup>(c)</sup> | 1.03% | 1.26% | 1.61% | 1.34% | 1.15% |
|  Portfolio turnover rate<sup>(d)</sup> | 20% | 35% | 31% | 32% | 17% | 44% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **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>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $50.72 | $50.58 | $43.27 | $42.75 | $48.14 | $38.64 |
|  Net investment income<sup>(a)</sup> | 0.34 | 0.78 | 0.81 | 0.93 | 0.88 | 0.76 |
|  Net realized and unrealized gain (loss) | 4.76 | 3.99 | 8.61 | 1.96 | (2.37) | 9.43 |
|  Total from investment operations | 5.10 | 4.77 | 9.42 | 2.89 | (1.49) | 10.19 |
|  Distributions to shareholders from net investment income | (0.38) | (0.79) | (0.82) | (0.90) | (0.87) | (0.69) |
|  Distributions to shareholders from net realized gains | (4.08) | (3.84) | (1.29) | (1.47) | (3.03) |  |
|  Total distributions | (4.46) | (4.63) | (2.11) | (2.37) | (3.90) | (0.69) |
|  Net asset value, end of period | $51.36 | $50.72 | $50.58 | $43.27 | $42.75 | $48.14 |
|  **Total Return<sup>(b)</sup>** | 10.63% | 9.99% | 22.55% | 6.87% | (3.48)% | 26.65% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65016 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58181 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42986 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67997 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57277 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40099 |
|  Ratio of net expenses to average net assets | 0.68 %<sup>(c)</sup> | 0.68% | 0.70% | 0.73% | 0.72% | 0.72% |
|  Ratio of total expenses to average net assets | 0.81 %<sup>(c)</sup> | 0.82% | 0.83% | 0.81% | 0.80% | 0.82% |
|  Ratio of net investment income to average net assets | 1.38 %<sup>(c)</sup> | 1.59% | 1.81% | 2.17% | 1.94% | 1.74% |
|  Portfolio turnover rate<sup>(d)</sup> | 20% | 35% | 31% | 32% | 17% | 44% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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 LARGE CAP VALUE 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $16.79 | $17.64 | $15.02 | $15.03 | $17.86 | $13.92 |
|  Net investment income<sup>(a)</sup> | 0.04 | 0.14 | 0.16 | 0.15 | 0.15 | 0.12 |
|  Net realized and unrealized gain (loss) | 1.60 | 0.97 | 3.37 | 1.15 | (0.95) | 4.31 |
|  Total from investment operations | 1.64 | 1.11 | 3.53 | 1.30 | (0.80) | 4.43 |
|  Distributions to shareholders from net investment income | (0.12) | (0.19) | (0.17) | (0.16) | (0.12) | (0.16) |
|  Distributions to shareholders from net realized gains | (2.08) | (1.77) | (0.74) | (1.15) | (1.91) | (0.33) |
|  Total distributions | (2.20) | (1.96) | (0.91) | (1.31) | (2.03) | (0.49) |
|  Net asset value, end of period | $16.23 | $16.79 | $17.64 | $15.02 | $15.03 | $17.86 |
|  **Total Return<sup>(b)</sup>** | 10.53% | 6.62% | 24.71% | 8.88% | (5.23)% | 32.64% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88577 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85382 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89817 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77915 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77259 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87359 |
|  Ratio of net expenses to average net assets | 1.00 %<sup>(c)</sup> | 1.00% | 1.01% | 1.04% | 1.04% | 1.04% |
|  Ratio of total expenses to average net assets | 1.24 %<sup>(c)</sup> | 1.24% | 1.25% | 1.24% | 1.22% | 1.24% |
|  Ratio of net investment income to average net assets | 0.45 %<sup>(c)</sup> | 0.84% | 1.04% | 1.04% | 0.93% | 0.74% |
|  Portfolio turnover rate<sup>(d)</sup> | 41% | 74% | 51% | 57% | 46% | 53% |

---

&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 LARGE CAP VALUE 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $15.41 | $16.33 | $13.94 | $14.04 | $16.80 | $13.12 |
|  Net investment income (loss)<sup>(a)</sup> | (0.02) | 0.01 | 0.05 | 0.04 | 0.03 |  |
|  Net realized and unrealized gain (loss) | 1.47 | 0.89 | 3.12 | 1.06 | (0.88) | 4.06 |
|  Total from investment operations | 1.45 | 0.90 | 3.17 | 1.10 | (0.85) | 4.06 |
|  Distributions to shareholders from net investment income |  | (0.05) | (0.04) | (0.05) |  | (0.05) |
|  Distributions to shareholders from net realized gains | (2.08) | (1.77) | (0.74) | (1.15) | (1.91) | (0.33) |
|  Total distributions | (2.08) | (1.82) | (0.78) | (1.20) | (1.91) | (0.38) |
|  Net asset value, end of period | $14.78 | $15.41 | $16.33 | $13.94 | $14.04 | $16.80 |
|  **Total Return<sup>(b)</sup>** | 10.13% | 5.80% | 23.78% | 8.03% | (5.87)% | 31.59% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4406 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4657 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6774 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8198 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10176 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12948 |
|  Ratio of net expenses to average net assets | 1.75 %<sup>(c)</sup> | 1.75% | 1.76% | 1.79% | 1.79% | 1.79% |
|  Ratio of total expenses to average net assets | 1.99 %<sup>(c)</sup> | 1.99% | 2.00% | 1.99% | 1.97% | 1.99% |
|  Ratio of net investment income (loss) to average net assets | (0.30)%<sup>(c)</sup> | 0.09% | 0.31% | 0.30% | 0.18% | – %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 41% | 74% | 51% | 57% | 46% | 53% |

---

&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) Amount is less than 0.005%.

&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 LARGE CAP VALUE 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $17.11 | $17.93 | $15.25 | $15.25 | $18.08 | $14.08 |
|  Net investment income<sup>(a)</sup> | 0.06 | 0.19 | 0.21 | 0.20 | 0.21 | 0.17 |
|  Net realized and unrealized gain (loss) | 1.64 | 0.99 | 3.43 | 1.15 | (0.96) | 4.37 |
|  Total from investment operations | 1.70 | 1.18 | 3.64 | 1.35 | (0.75) | 4.54 |
|  Distributions to shareholders from net investment income | (0.17) | (0.23) | (0.22) | (0.20) | (0.17) | (0.21) |
|  Distributions to shareholders from net realized gains | (2.08) | (1.77) | (0.74) | (1.15) | (1.91) | (0.33) |
|  Total distributions | (2.25) | (2.00) | (0.96) | (1.35) | (2.08) | (0.54) |
|  Net asset value, end of period | $16.56 | $17.11 | $17.93 | $15.25 | $15.25 | $18.08 |
|  **Total Return<sup>(b)</sup>** | 10.70% | 6.98% | 25.08% | 9.16% | (4.88)% | 33.08% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128667 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126744 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132227 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127436 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181806 |
|  Ratio of net expenses to average net assets | 0.70 %<sup>(c)</sup> | 0.70% | 0.71% | 0.73% | 0.73% | 0.73% |
|  Ratio of total expenses to average net assets | 0.88 %<sup>(c)</sup> | 0.88% | 0.89% | 0.87% | 0.85% | 0.87% |
|  Ratio of net investment income to average net assets | 0.75 %<sup>(c)</sup> | 1.14% | 1.35% | 1.35% | 1.24% | 1.04% |
|  Portfolio turnover rate<sup>(d)</sup> | 41% | 74% | 51% | 57% | 46% | 53% |

---

&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 LARGE CAP VALUE 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $16.69 | $17.54 | $14.95 | $14.97 | $17.78 | $13.86 |
|  Net investment income<sup>(a)</sup> | 0.02 | 0.11 | 0.13 | 0.12 | 0.12 | 0.09 |
|  Net realized and unrealized gain (loss) | 1.59 | 0.96 | 3.34 | 1.14 | (0.93) | 4.29 |
|  Total from investment operations | 1.61 | 1.07 | 3.47 | 1.26 | (0.81) | 4.38 |
|  Distributions to shareholders from net investment income | (0.09) | (0.15) | (0.14) | (0.13) | (0.09) | (0.13) |
|  Distributions to shareholders from net realized gains | (2.08) | (1.77) | (0.74) | (1.15) | (1.91) | (0.33) |
|  Total distributions | (2.17) | (1.92) | (0.88) | (1.28) | (2.00) | (0.46) |
|  Net asset value, end of period | $16.13 | $16.69 | $17.54 | $14.95 | $14.97 | $17.78 |
|  **Total Return<sup>(b)</sup>** | 10.40% | 6.45% | 24.38% | 8.66% | (5.33)% | 32.36% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846 |
|  Ratio of net expenses to average net assets | 1.20 %<sup>(c)</sup> | 1.20% | 1.21% | 1.23% | 1.23% | 1.23% |
|  Ratio of total expenses to average net assets | 1.38 %<sup>(c)</sup> | 1.38% | 1.39% | 1.37% | 1.35% | 1.37% |
|  Ratio of net investment income to average net assets | 0.26 %<sup>(c)</sup> | 0.64% | 0.84% | 0.85% | 0.74% | 0.55% |
|  Portfolio turnover rate<sup>(d)</sup> | 41% | 74% | 51% | 57% | 46% | 53% |

---

&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. | **33** |

---

------

GOLDMAN SACHS LARGE CAP VALUE 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $16.81 | $17.66 | $15.04 | $15.05 | $17.87 | $13.93 |
|  Net investment income<sup>(a)</sup> | 0.06 | 0.18 | 0.20 | 0.19 | 0.19 | 0.16 |
|  Net realized and unrealized gain (loss) | 1.61 | 0.97 | 3.37 | 1.15 | (0.94) | 4.31 |
|  Total from investment operations | 1.67 | 1.15 | 3.57 | 1.34 | (0.75) | 4.47 |
|  Distributions to shareholders from net investment income | (0.16) | (0.23) | (0.21) | (0.20) | (0.16) | (0.20) |
|  Distributions to shareholders from net realized gains | (2.08) | (1.77) | (0.74) | (1.15) | (1.91) | (0.33) |
|  Total distributions | (2.24) | (2.00) | (0.95) | (1.35) | (2.07) | (0.53) |
|  Net asset value, end of period | $16.24 | $16.81 | $17.66 | $15.04 | $15.05 | $17.87 |
|  **Total Return<sup>(b)</sup>** | 10.72% | 6.87% | 24.94% | 9.16% | (4.94)% | 32.92% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5261 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5194 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4301 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6907 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3318 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3559 |
|  Ratio of net expenses to average net assets | 0.75 %<sup>(c)</sup> | 0.75% | 0.76% | 0.79% | 0.79% | 0.79% |
|  Ratio of total expenses to average net assets | 0.99 %<sup>(c)</sup> | 0.99% | 1.00% | 0.99% | 0.97% | 0.99% |
|  Ratio of net investment income to average net assets | 0.69 %<sup>(c)</sup> | 1.09% | 1.27% | 1.27% | 1.19% | 0.99% |
|  Portfolio turnover rate<sup>(d)</sup> | 41% | 74% | 51% | 57% | 46% | 53% |

---

&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 LARGE CAP VALUE 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $17.75 | $18.53 | $15.73 | $15.69 | $18.54 | $14.43 |
|  Net investment income<sup>(a)</sup> | 0.07 | 0.20 | 0.22 | 0.21 | 0.21 | 0.17 |
|  Net realized and unrealized gain (loss) | 1.70 | 1.03 | 3.54 | 1.19 | (0.97) | 4.48 |
|  Total from investment operations | 1.77 | 1.23 | 3.76 | 1.40 | (0.76) | 4.65 |
|  Distributions to shareholders from net investment income | (0.17) | (0.24) | (0.22) | (0.21) | (0.18) | (0.21) |
|  Distributions to shareholders from net realized gains | (2.08) | (1.77) | (0.74) | (1.15) | (1.91) | (0.33) |
|  Total distributions | (2.25) | (2.01) | (0.96) | (1.36) | (2.09) | (0.54) |
|  Net asset value, end of period | $17.27 | $17.75 | $18.53 | $15.73 | $15.69 | $18.54 |
|  **Total Return<sup>(b)</sup>** | 10.71% | 6.98% | 25.10% | 9.17% | (4.86)% | 33.05% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3521 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3002 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2916 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1958 |
|  Ratio of net expenses to average net assets | 0.69 %<sup>(c)</sup> | 0.69% | 0.70% | 0.72% | 0.72% | 0.72% |
|  Ratio of total expenses to average net assets | 0.87 %<sup>(c)</sup> | 0.87% | 0.88% | 0.86% | 0.84% | 0.86% |
|  Ratio of net investment income to average net assets | 0.76 %<sup>(c)</sup> | 1.16% | 1.35% | 1.36% | 1.26% | 1.06% |
|  Portfolio turnover rate<sup>(d)</sup> | 41% | 74% | 51% | 57% | 46% | 53% |

---

&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 LARGE CAP VALUE 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $15.98 | $16.86 | $14.40 | $14.47 | $17.27 | $13.47 |
|  Net investment income<sup>(a)</sup> | 0.02 | 0.09 | 0.12 | 0.11 | 0.11 | 0.07 |
|  Net realized and unrealized gain (loss) | 1.52 | 0.93 | 3.22 | 1.10 | (0.91) | 4.18 |
|  Total from investment operations | 1.54 | 1.02 | 3.34 | 1.21 | (0.80) | 4.25 |
|  Distributions to shareholders from net investment income | (0.08) | (0.13) | (0.14) | (0.13) | (0.09) | (0.12) |
|  Distributions to shareholders from net realized gains | (2.08) | (1.77) | (0.74) | (1.15) | (1.91) | (0.33) |
|  Total distributions | (2.16) | (1.90) | (0.88) | (1.28) | (2.00) | (0.45) |
|  Net asset value, end of period | $15.36 | $15.98 | $16.86 | $14.40 | $14.47 | $17.27 |
|  **Total Return<sup>(b)</sup>** | 10.38% | 6.39% | 24.38% | 8.60% | (5.46)% | 32.32% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2426 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2741 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4114 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3437 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3269 |
|  Ratio of net expenses to average net assets | 1.25 %<sup>(c)</sup> | 1.25% | 1.26% | 1.29% | 1.29% | 1.29% |
|  Ratio of total expenses to average net assets | 1.49 %<sup>(c)</sup> | 1.49% | 1.50% | 1.49% | 1.47% | 1.49% |
|  Ratio of net investment income to average net assets | 0.20 %<sup>(c)</sup> | 0.59% | 0.80% | 0.78% | 0.69% | 0.49% |
|  Portfolio turnover rate<sup>(d)</sup> | 41% | 74% | 51% | 57% | 46% | 53% |

---

&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 LARGE CAP VALUE 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $17.74 | $18.53 | $15.73 | $15.68 | $18.54 | $14.43 |
|  Net investment income<sup>(a)</sup> | 0.07 | 0.20 | 0.22 | 0.21 | 0.21 | 0.17 |
|  Net realized and unrealized gain (loss) | 1.70 | 1.02 | 3.54 | 1.20 | (0.98) | 4.48 |
|  Total from investment operations | 1.77 | 1.22 | 3.76 | 1.41 | (0.77) | 4.65 |
|  Distributions to shareholders from net investment income | (0.17) | (0.24) | (0.22) | (0.21) | (0.18) | (0.21) |
|  Distributions to shareholders from net realized gains | (2.08) | (1.77) | (0.74) | (1.15) | (1.91) | (0.33) |
|  Total distributions | (2.25) | (2.01) | (0.96) | (1.36) | (2.09) | (0.54) |
|  Net asset value, end of period | $17.26 | $17.74 | $18.53 | $15.73 | $15.68 | $18.54 |
|  **Total Return<sup>(b)</sup>** | 10.71% | 6.92% | 25.10% | 9.24% | (4.92)% | 33.05% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213841 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206803 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213570 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193633 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197335 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207926 |
|  Ratio of net expenses to average net assets | 0.69 %<sup>(c)</sup> | 0.69% | 0.70% | 0.72% | 0.72% | 0.72% |
|  Ratio of total expenses to average net assets | 0.87 %<sup>(c)</sup> | 0.87% | 0.88% | 0.86% | 0.84% | 0.86% |
|  Ratio of net investment income to average net assets | 0.76 %<sup>(c)</sup> | 1.15% | 1.36% | 1.36% | 1.26% | 1.05% |
|  Portfolio turnover rate<sup>(d)</sup> | 41% | 74% | 51% | 57% | 46% | 53% |

---

&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 MID CAP VALUE 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $38.34 | $37.67 | $33.63 | $36.32 | $44.72 | $31.22 |
|  Net investment income<sup>(a)</sup> | 0.10 | 0.25 | 0.21 | 0.19 | 0.13 |  |
|  Net realized and unrealized gain (loss) | 3.82 | 3.03 | 5.43 | 1.57 | (1.59) | 13.63 |
|  Total from investment operations | 3.92 | 3.28 | 5.64 | 1.76 | (1.46) | 13.63 |
|  Distributions to shareholders from net investment income | (0.30) | (0.27) | (0.20) | (0.17) | (0.11) | (0.13) |
|  Distributions to shareholders from net realized gains | (4.71) | (2.34) | (1.40) | (4.28) | (6.83) |  |
|  Total distributions | (5.01) | (2.61) | (1.60) | (4.45) | (6.94) | (0.13) |
|  Net asset value, end of period | $37.25 | $38.34 | $37.67 | $33.63 | $36.32 | $44.72 |
|  **Total Return<sup>(b)</sup>** | 11.10% | 8.89% | 17.34% | 4.97% | (4.46)% | 43.77% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426846 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418208 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437847 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435463 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458090 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536384 |
|  Ratio of net expenses to average net assets | 1.19 %<sup>(c)</sup> | 1.19% | 1.19% | 1.19% | 1.20% | 1.21% |
|  Ratio of total expenses to average net assets | 1.20 %<sup>(c)</sup> | 1.20% | 1.20% | 1.21% | 1.21% | 1.21% |
|  Ratio of net investment income to average net assets | 0.53 %<sup>(c)</sup> | 0.67% | 0.60% | 0.57% | 0.33% | 0.01% |
|  Portfolio turnover rate<sup>(d)</sup> | 48% | 73% | 56% | 64% | 69% | 66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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 MID CAP VALUE 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $30.15 | $30.17 | $27.25 | $30.26 | $38.53 | $27.00 |
|  Net investment loss<sup>(a)</sup> | (0.03) | (0.02) | (0.04) | (0.05) | (0.14) | (0.24) |
|  Net realized and unrealized gain (loss) | 2.93 | 2.40 | 4.36 | 1.32 | (1.30) | 11.77 |
|  Total from investment operations | 2.90 | 2.38 | 4.32 | 1.27 | (1.44) | 11.53 |
|  Distributions to shareholders from net investment income | (0.11) | (0.06) |  | (4.28) | (6.83) |  |
|  Distributions to shareholders from net realized gains | (4.71) | (2.34) | (1.40) |  |  |  |
|  Total distributions | (4.82) | (2.40) | (1.40) | (4.28) | (6.83) |  |
|  Net asset value, end of period | $28.23 | $30.15 | $30.17 | $27.25 | $30.26 | $38.53 |
|  **Total Return<sup>(b)</sup>** | 10.67% | 8.09% | 16.40% | 4.24% | (5.20)% | 42.70% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4572 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4845 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5581 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6558 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9337 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12836 |
|  Ratio of net expenses to average net assets | 1.94 %<sup>(c)</sup> | 1.94% | 1.94% | 1.94% | 1.95% | 1.96% |
|  Ratio of total expenses to average net assets | 1.95 %<sup>(c)</sup> | 1.95% | 1.95% | 1.96% | 1.96% | 1.96% |
|  Ratio of net investment loss to average net assets | (0.21)%<sup>(c)</sup> | (0.07)% | (0.13)% | (0.17)% | (0.42)% | (0.73)% |
|  Portfolio turnover rate<sup>(d)</sup> | 48% | 73% | 56% | 64% | 69% | 66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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 MID CAP VALUE 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $39.16 | $38.42 | $34.27 | $36.92 | $45.34 | $31.65 |
|  Net investment income<sup>(a)</sup> | 0.16 | 0.38 | 0.34 | 0.32 | 0.28 | 0.15 |
|  Net realized and unrealized gain (loss) | 3.91 | 3.09 | 5.53 | 1.61 | (1.62) | 13.80 |
|  Total from investment operations | 4.07 | 3.47 | 5.87 | 1.93 | (1.34) | 13.95 |
|  Distributions to shareholders from net investment income | (0.42) | (0.39) | (0.32) | (0.30) | (0.25) | (0.26) |
|  Distributions to shareholders from net realized gains | (4.71) | (2.34) | (1.40) | (4.28) | (6.83) |  |
|  Total distributions | (5.13) | (2.73) | (1.72) | (4.58) | (7.08) | (0.26) |
|  Net asset value, end of period | $38.10 | $39.16 | $38.42 | $34.27 | $36.92 | $45.34 |
|  **Total Return<sup>(b)</sup>** | 11.29% | 9.26% | 17.74% | 5.39% | (4.12)% | 44.27% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300920 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285901 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326248 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298877 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331383 |
|  Ratio of net expenses to average net assets | 0.84 %<sup>(c)</sup> | 0.84% | 0.84% | 0.84% | 0.83% | 0.84% |
|  Ratio of total expenses to average net assets | 0.84 %<sup>(c)</sup> | 0.84% | 0.84% | 0.84% | 0.84% | 0.84% |
|  Ratio of net investment income to average net assets | 0.87 %<sup>(c)</sup> | 1.02% | 0.95% | 0.93% | 0.71% | 0.38% |
|  Portfolio turnover rate<sup>(d)</sup> | 48% | 73% | 56% | 64% | 69% | 66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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 MID CAP VALUE 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $37.01 | $36.45 | $32.59 | $35.32 | $43.69 | $30.50 |
|  Net investment income (loss)<sup>(a)</sup> | 0.07 | 0.18 | 0.15 | 0.14 | 0.08 | (0.04) |
|  Net realized and unrealized gain (loss) | 3.68 | 2.93 | 5.25 | 1.54 | (1.55) | 13.31 |
|  Total from investment operations | 3.75 | 3.11 | 5.40 | 1.68 | (1.47) | 13.27 |
|  Distributions to shareholders from net investment income | (0.25) | (0.21) | (0.14) | (0.13) | (0.07) | (0.08) |
|  Distributions to shareholders from net realized gains | (4.71) | (2.34) | (1.40) | (4.28) | (6.83) |  |
|  Total distributions | (4.96) | (2.55) | (1.54) | (4.41) | (6.90) | (0.08) |
|  Net asset value, end of period | $35.80 | $37.01 | $36.45 | $32.59 | $35.32 | $43.69 |
|  **Total Return<sup>(b)</sup>** | 11.04% | 8.72% | 17.13% | 4.86% | (4.60)% | 43.57% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28086 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27223 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27582 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34533 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34851 |
|  Ratio of net expenses to average net assets | 1.34 %<sup>(c)</sup> | 1.34% | 1.34% | 1.33% | 1.33% | 1.34% |
|  Ratio of total expenses to average net assets | 1.34 %<sup>(c)</sup> | 1.34% | 1.34% | 1.34% | 1.34% | 1.34% |
|  Ratio of net investment income (loss) to average net assets | 0.37 %<sup>(c)</sup> | 0.52% | 0.45% | 0.42% | 0.20% | (0.12)% |
|  Portfolio turnover rate<sup>(d)</sup> | 48% | 73% | 56% | 64% | 69% | 66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. | **41** |

---

------

GOLDMAN SACHS MID CAP VALUE 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $36.88 | $36.33 | $32.50 | $35.26 | $43.60 | $30.44 |
|  Net investment income<sup>(a)</sup> | 0.15 | 0.33 | 0.28 | 0.27 | 0.25 | 0.10 |
|  Net realized and unrealized gain (loss) | 3.65 | 2.92 | 5.24 | 1.52 | (1.55) | 13.28 |
|  Total from investment operations | 3.80 | 3.25 | 5.52 | 1.79 | (1.30) | 13.38 |
|  Distributions to shareholders from net investment income | (0.37) | (0.36) | (0.29) | (0.27) | (0.21) | (0.22) |
|  Distributions to shareholders from net realized gains | (4.71) | (2.34) | (1.40) | (4.28) | (6.83) |  |
|  Total distributions | (5.08) | (2.70) | (1.69) | (4.55) | (7.04) | (0.22) |
|  Net asset value, end of period | $35.60 | $36.88 | $36.33 | $32.50 | $35.26 | $43.60 |
|  **Total Return<sup>(b)</sup>** | 11.25% | 9.17% | 17.61% | 5.24% | (4.21)% | 44.11% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67717 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91695 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98243 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76816 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68948 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42206 |
|  Ratio of net expenses to average net assets | 0.94 %<sup>(c)</sup> | 0.94% | 0.94% | 0.94% | 0.95% | 0.96% |
|  Ratio of total expenses to average net assets | 0.95 %<sup>(c)</sup> | 0.95% | 0.95% | 0.96% | 0.96% | 0.96% |
|  Ratio of net investment income to average net assets | 0.84 %<sup>(c)</sup> | 0.93% | 0.85% | 0.82% | 0.65% | 0.26% |
|  Portfolio turnover rate<sup>(d)</sup> | 48% | 73% | 56% | 64% | 69% | 66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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;

---

| | |
|:---|:---|
| 42 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MID CAP VALUE 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $39.12 | $38.38 | $34.24 | $36.90 | $45.31 | $31.62 |
|  Net investment income<sup>(a)</sup> | 0.17 | 0.39 | 0.34 | 0.32 | 0.29 | 0.15 |
|  Net realized and unrealized gain (loss) | 3.89 | 3.09 | 5.52 | 1.60 | (1.61) | 13.80 |
|  Total from investment operations | 4.06 | 3.48 | 5.86 | 1.92 | (1.32) | 13.95 |
|  Distributions to shareholders from net investment income | (0.42) | (0.40) | (0.32) | (0.30) | (0.26) | (0.26) |
|  Distributions to shareholders from net realized gains | (4.71) | (2.34) | (1.40) | (4.28) | (6.83) |  |
|  Total distributions | (5.13) | (2.74) | (1.72) | (4.58) | (7.09) | (0.26) |
|  Net asset value, end of period | $38.05 | $39.12 | $38.38 | $34.24 | $36.90 | $45.31 |
|  **Total Return<sup>(b)</sup>** | 11.29% | 9.29% | 17.74% | 5.38% | (4.09)% | 44.33% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109484 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100267 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104310 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89605 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80114 |
|  Ratio of net expenses to average net assets | 0.83 %<sup>(c)</sup> | 0.83% | 0.83% | 0.83% | 0.82% | 0.83% |
|  Ratio of total expenses to average net assets | 0.83 %<sup>(c)</sup> | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% |
|  Ratio of net investment income to average net assets | 0.88 %<sup>(c)</sup> | 1.03% | 0.96% | 0.94% | 0.72% | 0.39% |
|  Portfolio turnover rate<sup>(d)</sup> | 48% | 73% | 56% | 64% | 69% | 66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. | **43** |

---

------

GOLDMAN SACHS MID CAP VALUE 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $36.21 | $35.72 | $31.99 | $34.76 | $43.09 | $30.09 |
|  Net investment income (loss)<sup>(a)</sup> | 0.05 | 0.15 | 0.12 | 0.10 | 0.04 | (0.09) |
|  Net realized and unrealized gain (loss) | 3.59 | 2.86 | 5.15 | 1.51 | (1.52) | 13.14 |
|  Total from investment operations | 3.64 | 3.01 | 5.27 | 1.61 | (1.48) | 13.05 |
|  Distributions to shareholders from net investment income | (0.23) | (0.18) | (0.14) | (0.10) | (0.02) | (0.05) |
|  Distributions to shareholders from net realized gains | (4.71) | (2.34) | (1.40) | (4.28) | (6.83) |  |
|  Total distributions | (4.94) | (2.52) | (1.54) | (4.38) | (6.85) | (0.05) |
|  Net asset value, end of period | $34.91 | $36.21 | $35.72 | $31.99 | $34.76 | $43.09 |
|  **Total Return<sup>(b)</sup>** | 10.96% | 8.62% | 17.03% | 4.72% | (4.68)% | 43.41% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19168 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17306 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19808 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19373 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18760 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21249 |
|  Ratio of net expenses to average net assets | 1.44 %<sup>(c)</sup> | 1.44% | 1.44% | 1.44% | 1.45% | 1.46% |
|  Ratio of total expenses to average net assets | 1.45 %<sup>(c)</sup> | 1.45% | 1.45% | 1.46% | 1.46% | 1.46% |
|  Ratio of net investment income (loss) to average net assets | 0.27 %<sup>(c)</sup> | 0.42% | 0.35% | 0.32% | 0.09% | (0.23)% |
|  Portfolio turnover rate<sup>(d)</sup> | 48% | 73% | 56% | 64% | 69% | 66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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;

---

| | |
|:---|:---|
| 44 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MID CAP VALUE 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $39.11 | $38.37 | $34.23 | $36.89 | $45.30 | $31.62 |
|  Net investment income<sup>(a)</sup> | 0.17 | 0.39 | 0.34 | 0.32 | 0.29 | 0.15 |
|  Net realized and unrealized gain (loss) | 3.90 | 3.09 | 5.52 | 1.60 | (1.61) | 13.79 |
|  Total from investment operations | 4.07 | 3.48 | 5.86 | 1.92 | (1.32) | 13.94 |
|  Distributions to shareholders from net investment income | (0.42) | (0.40) | (0.32) | (0.30) | (0.26) | (0.26) |
|  Distributions to shareholders from net realized gains | (4.71) | (2.34) | (1.40) | (4.28) | (6.83) |  |
|  Total distributions | (5.13) | (2.74) | (1.72) | (4.58) | (7.09) | (0.26) |
|  Net asset value, end of period | $38.05 | $39.11 | $38.37 | $34.23 | $36.89 | $45.30 |
|  **Total Return<sup>(b)</sup>** | 11.32% | 9.28% | 17.74% | 5.38% | (4.09)% | 44.30% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174599 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161751 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195350 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178305 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176827 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191790 |
|  Ratio of net expenses to average net assets | 0.83 %<sup>(c)</sup> | 0.83% | 0.83% | 0.83% | 0.82% | 0.83% |
|  Ratio of total expenses to average net assets | 0.83 %<sup>(c)</sup> | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% |
|  Ratio of net investment income to average net assets | 0.88 %<sup>(c)</sup> | 1.04% | 0.96% | 0.94% | 0.71% | 0.39% |
|  Portfolio turnover rate<sup>(d)</sup> | 48% | 73% | 56% | 64% | 69% | 66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. | **45** |

---

------

GOLDMAN SACHS SMALL CAP VALUE 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $36.69 | $42.27 | $38.16 | $44.45 | $60.69 | $40.60 |
|  Net investment income (loss)<sup>(a)</sup> | 0.04 | 0.12 | 0.12 | 0.20 | 0.10 | (0.08) |
|  Net realized and unrealized gain (loss) | 4.03 | 2.64 | 5.74 | 0.98 | (4.46) | 20.27 |
|  Total from investment operations | 4.07 | 2.76 | 5.86 | 1.18 | (4.36) | 20.19 |
|  Distributions to shareholders from net investment income | (0.15) | (0.47) | (0.29) | (0.17) | (0.03) | (0.10) |
|  Distributions to shareholders from net realized gains | (6.79) | (7.87) | (1.46) | (7.30) | (11.85) |  |
|  Total distributions | (6.94) | (8.34) | (1.75) | (7.47) | (11.88) | (0.10) |
|  Net asset value, end of period | $33.82 | $36.69 | $42.27 | $38.16 | $44.45 | $60.69 |
|  **Total Return<sup>(b)</sup>** | 12.26% | 6.86% | 15.90% | 2.71% | (9.33)% | 49.77% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206786 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205965 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236140 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248764 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333814 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468122 |
|  Ratio of net expenses to average net assets | 1.25 %<sup>(c)</sup> | 1.26% | 1.27% | 1.29% | 1.29% | 1.30% |
|  Ratio of total expenses to average net assets | 1.43 %<sup>(c)</sup> | 1.44% | 1.43% | 1.41% | 1.36% | 1.36% |
|  Ratio of net investment income (loss) to average net assets | 0.23 %<sup>(c)</sup> | 0.32% | 0.32% | 0.52% | 0.20% | (0.15)% |
|  Portfolio turnover rate<sup>(d)</sup> | 41% | 82% | 83% | 71% | 65% | 64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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;

---

| | |
|:---|:---|
| 46 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP VALUE 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $15.42 | $22.41 | $21.07 | $27.87 | $42.63 | $28.68 |
|  Net investment loss<sup>(a)</sup> | (0.03) | (0.04) | (0.09) | (0.05) | (0.18) | (0.33) |
|  Net realized and unrealized gain (loss) | 1.45 | 1.31 | 3.07 | 0.61 | (2.73) | 14.28 |
|  Total from investment operations | 1.42 | 1.27 | 2.98 | 0.56 | (2.91) | 13.95 |
|  Distributions to shareholders from net investment income | (0.14) | (0.39) | (0.18) | (0.06) |  |  |
|  Distributions to shareholders from net realized gains | (6.79) | (7.87) | (1.46) | (7.30) | (11.85) |  |
|  Total distributions | (6.93) | (8.26) | (1.64) | (7.36) | (11.85) |  |
|  Net asset value, end of period | $9.91 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.42 | $22.41 | $21.07 | $27.87 | $42.63 |
|  **Total Return<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.83% | 6.06% | 15.01% | 1.96% | (10.00)% | 48.69% |
|  Net assets, end of period (in 000's) | $763 | $658 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1788 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2204 |
|  Ratio of net expenses to average net assets | 2.00 %<sup>(c)</sup> | 2.01% | 2.02% | 2.04% | 2.04% | 2.05% |
|  Ratio of total expenses to average net assets | 2.18 %<sup>(c)</sup> | 2.19% | 2.18% | 2.15% | 2.11% | 2.11% |
|  Ratio of net investment loss to average net assets | (0.55)%<sup>(c)</sup> | (0.26)% | (0.43)% | (0.23)% | (0.54)% | (0.89)% |
|  Portfolio turnover rate<sup>(d)</sup> | 41% | 82% | 83% | 71% | 65% | 64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. | **47** |

---

------

GOLDMAN SACHS SMALL CAP VALUE 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $43.54 | $48.64 | $43.64 | $49.82 | $66.58 | $44.52 |
|  Net investment income<sup>(a)</sup> | 0.11 | 0.36 | 0.25 | 0.36 | 0.30 | 0.11 |
|  Net realized and unrealized gain (loss) | 4.86 | 2.97 | 6.60 | 1.07 | (5.02) | 22.22 |
|  Total from investment operations | 4.97 | 3.33 | 6.85 | 1.43 | (4.72) | 22.33 |
|  Distributions to shareholders from net investment income | (0.23) | (0.56) | (0.39) | (0.31) | (0.19) | (0.27) |
|  Distributions to shareholders from net realized gains | (6.79) | (7.87) | (1.46) | (7.30) | (11.85) |  |
|  Total distributions | (7.02) | (8.43) | (1.85) | (7.61) | (12.04) | (0.27) |
|  Net asset value, end of period | $41.49 | $43.54 | $48.64 | $43.64 | $49.82 | $66.58 |
|  **Total Return<sup>(b)</sup>** | 12.41% | 7.13% | 16.22% | 2.96% | (9.02)% | 50.29% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193807 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185337 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348969 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630611 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446222 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2331482 |
|  Ratio of net expenses to average net assets | 0.96 %<sup>(c)</sup> | 0.99% | 1.02% | 1.00% | 0.97% | 0.96% |
|  Ratio of total expenses to average net assets | 1.07 %<sup>(c)</sup> | 1.08% | 1.07% | 1.03% | 0.99% | 0.99% |
|  Ratio of net investment income to average net assets | 0.51 %<sup>(c)</sup> | 0.84% | 0.58% | 0.79% | 0.51% | 0.19% |
|  Portfolio turnover rate<sup>(d)</sup> | 41% | 82% | 83% | 71% | 65% | 64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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;

---

| | |
|:---|:---|
| 48 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP VALUE 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $34.05 | $39.75 | $35.99 | $42.36 | $58.44 | $39.10 |
|  Net investment income (loss)<sup>(a)</sup> | – <sup>(b)</sup> | 0.10 | 0.03 | 0.11 | 0.01 | (0.15) |
|  Net realized and unrealized gain (loss) | 3.71 | 2.42 | 5.40 | 0.93 | (4.24) | 19.51 |
|  Total from investment operations | 3.71 | 2.52 | 5.43 | 1.04 | (4.23) | 19.36 |
|  Distributions to shareholders from net investment income | (0.10) | (0.35) | (0.21) | (0.11) |  | (0.02) |
|  Distributions to shareholders from net realized gains | (6.79) | (7.87) | (1.46) | (7.30) | (11.85) |  |
|  Total distributions | (6.89) | (8.22) | (1.67) | (7.41) | (11.85) | (0.02) |
|  Net asset value, end of period | $30.87 | $34.05 | $39.75 | $35.99 | $42.36 | $58.44 |
|  **Total Return<sup>(c)</sup>** | 12.13% | 6.61% | 15.63% | 2.46% | (9.48)% | 49.53% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6720 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6684 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9907 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14083 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17138 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27102 |
|  Ratio of net expenses to average net assets | 1.46 %<sup>(d)</sup> | 1.49% | 1.52% | 1.51% | 1.47% | 1.46% |
|  Ratio of total expenses to average net assets | 1.57 %<sup>(d)</sup> | 1.58% | 1.57% | 1.54% | 1.49% | 1.49% |
|  Ratio of net investment income (loss) to average net assets | 0.02 %<sup>(d)</sup> | 0.28% | 0.08% | 0.29% | 0.01% | (0.31)% |
|  Portfolio turnover rate<sup>(e)</sup> | 41% | 82% | 83% | 71% | 65% | 64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. | **49** |

---

------

GOLDMAN SACHS SMALL CAP VALUE 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $36.08 | $41.69 | $37.66 | $43.99 | $60.18 | $40.26 |
|  Net investment income<sup>(a)</sup> | 0.08 | 0.34 | 0.21 | 0.31 | 0.24 | 0.05 |
|  Net realized and unrealized gain (loss) | 3.95 | 2.48 | 5.67 | 0.94 | (4.41) | 20.09 |
|  Total from investment operations | 4.03 | 2.82 | 5.88 | 1.25 | (4.17) | 20.14 |
|  Distributions to shareholders from net investment income | (0.22) | (0.56) | (0.39) | (0.28) | (0.17) | (0.22) |
|  Distributions to shareholders from net realized gains | (6.79) | (7.87) | (1.46) | (7.30) | (11.85) |  |
|  Total distributions | (7.01) | (8.43) | (1.85) | (7.58) | (12.02) | (0.22) |
|  Net asset value, end of period | $33.10 | $36.08 | $41.69 | $37.66 | $43.99 | $60.18 |
|  **Total Return<sup>(b)</sup>** | 12.37% | 7.13% | 16.20% | 2.94% | (9.07)% | 50.14% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18769 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19287 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71845 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131530 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140918 |
|  Ratio of net expenses to average net assets | 1.00 %<sup>(c)</sup> | 1.01% | 1.02% | 1.04% | 1.04% | 1.04% |
|  Ratio of total expenses to average net assets | 1.18 %<sup>(c)</sup> | 1.19% | 1.18% | 1.15% | 1.11% | 1.11% |
|  Ratio of net investment income to average net assets | 0.48 %<sup>(c)</sup> | 0.95% | 0.57% | 0.78% | 0.46% | 0.09% |
|  Portfolio turnover rate<sup>(d)</sup> | 41% | 82% | 83% | 71% | 65% | 64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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 SMALL CAP VALUE 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $43.49 | $48.60 | $43.61 | $49.78 | $66.55 | $44.50 |
|  Net investment income<sup>(a)</sup> | 0.11 | 0.26 | 0.26 | 0.37 | 0.31 | 0.11 |
|  Net realized and unrealized gain (loss) | 4.86 | 3.07 | 6.59 | 1.08 | (5.02) | 22.22 |
|  Total from investment operations | 4.97 | 3.33 | 6.85 | 1.45 | (4.71) | 22.33 |
|  Distributions to shareholders from net investment income | (0.24) | (0.57) | (0.40) | (0.32) | (0.21) | (0.28) |
|  Distributions to shareholders from net realized gains | (6.79) | (7.87) | (1.46) | (7.30) | (11.85) |  |
|  Total distributions | (7.03) | (8.44) | (1.86) | (7.62) | (12.06) | (0.28) |
|  Net asset value, end of period | $41.43 | $43.49 | $48.60 | $43.61 | $49.78 | $66.55 |
|  **Total Return<sup>(b)</sup>** | 12.41% | 7.16% | 16.21% | 2.99% | (9.02)% | 50.31% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232033 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258264 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443791 | $1145840 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436954 |
|  Ratio of net expenses to average net assets | 0.95 %<sup>(c)</sup> | 0.97% | 1.01% | 0.99% | 0.96% | 0.95% |
|  Ratio of total expenses to average net assets | 1.06 %<sup>(c)</sup> | 1.07% | 1.06% | 1.02% | 0.98% | 0.98% |
|  Ratio of net investment income to average net assets | 0.54 %<sup>(c)</sup> | 0.62% | 0.60% | 0.82% | 0.54% | 0.19% |
|  Portfolio turnover rate<sup>(d)</sup> | 41% | 82% | 83% | 71% | 65% | 64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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 SMALL CAP VALUE 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $34.57 | $40.29 | $36.47 | $42.82 | $58.98 | $39.48 |
|  Net investment income (loss)<sup>(a)</sup> | – <sup>(b)</sup> | 0.03 | 0.03 | 0.10 | (0.03) | (0.21) |
|  Net realized and unrealized gain (loss) | 3.78 | 2.51 | 5.47 | 0.94 | (4.28) | 19.71 |
|  Total from investment operations | 3.78 | 2.54 | 5.50 | 1.04 | (4.31) | 19.50 |
|  Distributions to shareholders from net investment income | (0.08) | (0.39) | (0.22) | (0.09) |  |  |
|  Distributions to shareholders from net realized gains | (6.79) | (7.87) | (1.46) | (7.30) | (11.85) |  |
|  Total distributions | (6.87) | (8.26) | (1.68) | (7.39) | (11.85) |  |
|  Net asset value, end of period | $31.48 | $34.57 | $40.29 | $36.47 | $42.82 | $58.98 |
|  **Total Return<sup>(c)</sup>** | 12.13% | 6.56% | 15.62% | 2.44% | (9.53)% | 49.39% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31289 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30170 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34566 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35901 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41857 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62339 |
|  Ratio of net expenses to average net assets | 1.50 %<sup>(d)</sup> | 1.51% | 1.52% | 1.54% | 1.54% | 1.55% |
|  Ratio of total expenses to average net assets | 1.68 %<sup>(d)</sup> | 1.69% | 1.68% | 1.66% | 1.61% | 1.61% |
|  Ratio of net investment income (loss) to average net assets | (0.03)%<sup>(d)</sup> | 0.07% | 0.07% | 0.26% | (0.06)% | (0.40)% |
|  Portfolio turnover rate<sup>(e)</sup> | 41% | 82% | 83% | 71% | 65% | 64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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 SMALL CAP VALUE 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $43.49 | $48.60 | $43.61 | $49.79 | $66.55 | $44.50 |
|  Net investment income<sup>(a)</sup> | 0.11 | 0.22 | 0.25 | 0.35 | 0.31 | 0.11 |
|  Net realized and unrealized gain (loss) | 4.86 | 3.11 | 6.60 | 1.09 | (5.01) | 22.22 |
|  Total from investment operations | 4.97 | 3.33 | 6.85 | 1.44 | (4.70) | 22.33 |
|  Distributions to shareholders from net investment income | (0.24) | (0.57) | (0.40) | (0.32) | (0.21) | (0.28) |
|  Distributions to shareholders from net realized gains | (6.79) | (7.87) | (1.46) | (7.30) | (11.85) |  |
|  Total distributions | (7.03) | (8.44) | (1.86) | (7.62) | (12.06) | (0.28) |
|  Net asset value, end of period | $41.43 | $43.49 | $48.60 | $43.61 | $49.79 | $66.55 |
|  **Total Return<sup>(b)</sup>** | 12.41% | 7.17% | 16.21% | 2.97% | (9.01)% | 50.28% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250493 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241826 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238187 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263075 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265197 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333524 |
|  Ratio of net expenses to average net assets | 0.95 %<sup>(c)</sup> | 0.97% | 1.01% | 1.00% | 0.96% | 0.95% |
|  Ratio of total expenses to average net assets | 1.06 %<sup>(c)</sup> | 1.07% | 1.06% | 1.03% | 0.98% | 0.98% |
|  Ratio of net investment income to average net assets | 0.52 %<sup>(c)</sup> | 0.52% | 0.58% | 0.80% | 0.53% | 0.18% |
|  Portfolio turnover rate<sup>(d)</sup> | 41% | 82% | 83% | 71% | 65% | 64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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 SMALL/MID CAP 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $16.70 | $16.75 | $14.37 | $14.86 | $17.26 | $11.50 |
|  Net investment income (loss)<sup>(a)</sup> | (0.02) | 0.05 | 0.04 | 0.06 | 0.05 | 0.01 |
|  Net realized and unrealized gain (loss) | 2.00 | 0.20 | 2.43 | 0.50 | (1.48) | 5.80 |
|  Total from investment operations | 1.98 | 0.25 | 2.47 | 0.56 | (1.43) | 5.81 |
|  Distributions to shareholders from net investment income |  | (0.13) | (0.09) | (0.08) | (0.04) | (0.05) |
|  Distributions to shareholders from net realized gains | (0.96) | (0.17) |  | (0.97) | (0.93) |  |
|  Total distributions | (0.96) | (0.30) | (0.09) | (1.05) | (0.97) | (0.05) |
|  Net asset value, end of period | $17.72 | $16.70 | $16.75 | $14.37 | $14.86 | $17.26 |
|  **Total Return<sup>(b)</sup>** | 12.09% | 1.50% | 17.29% | 4.03% | (8.91)% | 50.62% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2608 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2432 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2596 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2279 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2231 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2034 |
|  Ratio of net expenses to average net assets | 1.17 %<sup>(c)</sup> | 1.17% | 1.18% | 1.20% | 1.21% | 1.21% |
|  Ratio of total expenses to average net assets | 1.48 %<sup>(c)</sup> | 1.45% | 1.44% | 1.35% | 1.34% | 1.42% |
|  Ratio of net investment income (loss) to average net assets | (0.18)%<sup>(c)</sup> | 0.32% | 0.28% | 0.43% | 0.33% | 0.07% |
|  Portfolio turnover rate<sup>(d)</sup> | 30% | 100% | 67% | 56% | 90% | 78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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;

---

| | |
|:---|:---|
| 54 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL/MID CAP 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $15.92 | $15.98 | $13.73 | $14.26 | $16.68 | $11.17 |
|  Net investment loss<sup>(a)</sup> | (0.07) | (0.06) | (0.06) | (0.04) | (0.07) | (0.10) |
|  Net realized and unrealized gain (loss) | 1.89 | 0.18 | 2.31 | 0.48 | (1.42) | 5.61 |
|  Total from investment operations | 1.82 | 0.12 | 2.25 | 0.44 | (1.49) | 5.51 |
|  Distributions to shareholders from net investment income |  | (0.01) |  |  |  |  |
|  Distributions to shareholders from net realized gains | (0.96) | (0.17) |  | (0.97) | (0.93) |  |
|  Total distributions | (0.96) | (0.18) |  | (0.97) | (0.93) |  |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.78 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.92 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.98 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.73 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.68 |
|  **Total Return<sup>(b)</sup>** | 11.67% | 0.70% | 16.46% | 3.25% | (9.56)% | 49.46% |
|  Net assets, end of period (in 000's) | $456 | $484 | $680 | $894 | $997 | $1483 |
|  Ratio of net expenses to average net assets | 1.92 %<sup>(c)</sup> | 1.92% | 1.93% | 1.95% | 1.96% | 1.96% |
|  Ratio of total expenses to average net assets | 2.23 %<sup>(c)</sup> | 2.20% | 2.19% | 2.10% | 2.09% | 2.17% |
|  Ratio of net investment loss to average net assets | (0.93)%<sup>(c)</sup> | (0.37)% | (0.45)% | (0.32)% | (0.44)% | (0.69)% |
|  Portfolio turnover rate<sup>(d)</sup> | 30% | 100% | 67% | 56% | 90% | 78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. | **55** |

---

------

GOLDMAN SACHS SMALL/MID CAP 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $17.01 | $17.05 | $14.62 | $15.11 | $17.51 | $11.67 |
|  Net investment income<sup>(a)</sup> | 0.01 | 0.14 | 0.10 | 0.11 | 0.12 | 0.07 |
|  Net realized and unrealized gain (loss) | 2.04 | 0.18 | 2.47 | 0.50 | (1.50) | 5.87 |
|  Total from investment operations | 2.05 | 0.32 | 2.57 | 0.61 | (1.38) | 5.94 |
|  Distributions to shareholders from net investment income |  | (0.19) | (0.14) | (0.13) | (0.09) | (0.10) |
|  Distributions to shareholders from net realized gains | (0.96) | (0.17) |  | (0.97) | (0.93) |  |
|  Total distributions | (0.96) | (0.36) | (0.14) | (1.10) | (1.02) | (0.10) |
|  Net asset value, end of period | $18.10 | $17.01 | $17.05 | $14.62 | $15.11 | $17.51 |
|  **Total Return<sup>(b)</sup>** | 12.28% | 1.86% | 17.72% | 4.33% | (8.56)% | 51.16% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15935 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15245 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23681 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24274 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18472 |
|  Ratio of net expenses to average net assets | 0.84 %<sup>(c)</sup> | 0.84% | 0.84% | 0.84% | 0.84% | 0.84% |
|  Ratio of total expenses to average net assets | 1.12 %<sup>(c)</sup> | 1.09% | 1.08% | 0.99% | 0.97% | 1.05% |
|  Ratio of net investment income to average net assets | 0.15 %<sup>(c)</sup> | 0.87% | 0.63% | 0.79% | 0.72% | 0.44% |
|  Portfolio turnover rate<sup>(d)</sup> | 30% | 100% | 67% | 56% | 90% | 78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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;

---

| | |
|:---|:---|
| 56 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL/MID CAP 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $16.89 | $16.94 | $14.52 | $15.00 | $17.41 | $11.59 |
|  Net investment income<sup>(a)</sup> | 0.01 | 0.10 | 0.08 | 0.10 | 0.09 | 0.07 |
|  Net realized and unrealized gain (loss) | 2.02 | 0.19 | 2.46 | 0.50 | (1.49) | 5.82 |
|  Total from investment operations | 2.03 | 0.29 | 2.54 | 0.60 | (1.40) | 5.89 |
|  Distributions to shareholders from net investment income |  | (0.17) | (0.12) | (0.11) | (0.08) | (0.07) |
|  Distributions to shareholders from net realized gains | (0.96) | (0.17) |  | (0.97) | (0.93) |  |
|  Total distributions | (0.96) | (0.34) | (0.12) | (1.08) | (1.01) | (0.07) |
|  Net asset value, end of period | $17.96 | $16.89 | $16.94 | $14.52 | $15.00 | $17.41 |
|  **Total Return<sup>(b)</sup>** | 12.25% | 1.72% | 17.64% | 4.28% | (8.68)% | 50.98% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4484 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5491 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9219 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11178 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13553 |
|  Ratio of net expenses to average net assets | 0.92 %<sup>(c)</sup> | 0.92% | 0.93% | 0.95% | 0.96% | 0.96% |
|  Ratio of total expenses to average net assets | 1.23 %<sup>(c)</sup> | 1.20% | 1.18% | 1.10% | 1.08% | 1.15% |
|  Ratio of net investment income to average net assets | 0.08 %<sup>(c)</sup> | 0.61% | 0.53% | 0.69% | 0.55% | 0.40% |
|  Portfolio turnover rate<sup>(d)</sup> | 30% | 100% | 67% | 56% | 90% | 78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. | **57** |

---

------

GOLDMAN SACHS SMALL/MID CAP 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $16.99 | $17.04 | $14.61 | $15.09 | $17.50 | $11.66 |
|  Net investment income<sup>(a)</sup> | 0.01 | 0.11 | 0.10 | 0.11 | 0.12 | 0.07 |
|  Net realized and unrealized gain (loss) | 2.04 | 0.20 | 2.47 | 0.51 | (1.51) | 5.87 |
|  Total from investment operations | 2.05 | 0.31 | 2.57 | 0.62 | (1.39) | 5.94 |
|  Distributions to shareholders from net investment income |  | (0.19) | (0.14) | (0.13) | (0.09) | (0.10) |
|  Distributions to shareholders from net realized gains | (0.96) | (0.17) |  | (0.97) | (0.93) |  |
|  Total distributions | (0.96) | (0.36) | (0.14) | (1.10) | (1.02) | (0.10) |
|  Net asset value, end of period | $18.08 | $16.99 | $17.04 | $14.61 | $15.09 | $17.50 |
|  **Total Return<sup>(b)</sup>** | 12.30% | 1.82% | 17.69% | 4.41% | (8.56)% | 51.12% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27172 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23653 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24928 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91082 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93904 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97324 |
|  Ratio of net expenses to average net assets | 0.83 %<sup>(c)</sup> | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% |
|  Ratio of total expenses to average net assets | 1.11 %<sup>(c)</sup> | 1.08% | 1.06% | 0.98% | 0.96% | 1.04% |
|  Ratio of net investment income to average net assets | 0.16 %<sup>(c)</sup> | 0.65% | 0.66% | 0.80% | 0.70% | 0.44% |
|  Portfolio turnover rate<sup>(d)</sup> | 30% | 100% | 67% | 56% | 90% | 78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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;

---

| | |
|:---|:---|
| 58 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL/MID CAP 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $16.64 | $16.69 | $14.32 | $14.82 | $17.21 | $11.46 |
|  Net investment income (loss)<sup>(a)</sup> | (0.03) | 0.01 | 0.01 | 0.03 | 0.01 | (0.03) |
|  Net realized and unrealized gain (loss) | 1.98 | 0.20 | 2.41 | 0.49 | (1.47) | 5.78 |
|  Total from investment operations | 1.95 | 0.21 | 2.42 | 0.52 | (1.46) | 5.75 |
|  Distributions to shareholders from net investment income |  | (0.09) | (0.05) | (0.05) |  |  |
|  Distributions to shareholders from net realized gains | (0.96) | (0.17) |  | (0.97) | (0.93) |  |
|  Total distributions | (0.96) | (0.26) | (0.05) | (1.02) | (0.93) |  |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.63 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.64 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.69 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.82 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.21 |
|  **Total Return<sup>(b)</sup>** | 11.95% | 1.27% | 16.97% | 3.75% | (9.07)% | 50.17% |
|  Net assets, end of period (in 000's) | $100 | $43 | $105 | $107 | $105 | $99 |
|  Ratio of net expenses to average net assets | 1.42 %<sup>(c)</sup> | 1.42% | 1.43% | 1.45% | 1.45% | 1.46% |
|  Ratio of total expenses to average net assets | 1.73 %<sup>(c)</sup> | 1.69% | 1.69% | 1.60% | 1.58% | 1.67% |
|  Ratio of net investment income (loss) to average net assets | (0.41)%<sup>(c)</sup> | 0.09% | 0.04% | 0.18% | 0.07% | (0.19)% |
|  Portfolio turnover rate<sup>(d)</sup> | 30% | 100% | 67% | 56% | 90% | 78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. | **59** |

---

------

GOLDMAN SACHS SMALL/MID CAP 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $16.98 | $17.03 | $14.60 | $15.09 | $17.49 | $11.66 |
|  Net investment income<sup>(a)</sup> | 0.01 | 0.11 | 0.10 | 0.11 | 0.12 | 0.07 |
|  Net realized and unrealized gain (loss) | 2.04 | 0.20 | 2.47 | 0.50 | (1.50) | 5.86 |
|  Total from investment operations | 2.05 | 0.31 | 2.57 | 0.61 | (1.38) | 5.93 |
|  Distributions to shareholders from net investment income |  | (0.19) | (0.14) | (0.13) | (0.09) | (0.10) |
|  Distributions to shareholders from net realized gains | (0.96) | (0.17) |  | (0.97) | (0.93) |  |
|  Total distributions | (0.96) | (0.36) | (0.14) | (1.10) | (1.02) | (0.10) |
|  Net asset value, end of period | $18.07 | $16.98 | $17.03 | $14.60 | $15.09 | $17.49 |
|  **Total Return<sup>(b)</sup>** | 12.30% | 1.82% | 17.76% | 4.34% | (8.51)% | 51.04% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92765 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96298 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97695 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93063 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97396 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92056 |
|  Ratio of net expenses to average net assets | 0.83 %<sup>(c)</sup> | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% |
|  Ratio of total expenses to average net assets | 1.11 %<sup>(c)</sup> | 1.08% | 1.07% | 0.98% | 0.96% | 1.04% |
|  Ratio of net investment income to average net assets | 0.16 %<sup>(c)</sup> | 0.65% | 0.63% | 0.80% | 0.70% | 0.44% |
|  Portfolio turnover rate<sup>(d)</sup> | 30% | 100% | 67% | 56% | 90% | 78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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;

---

| | |
|:---|:---|
| 60 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *February 28, 2026 (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/**<br> **Non-Diversified** |
| Equity Income Fund | A, C, Institutional, Service, Investor, R6, R and P | Diversified |
| Large Cap Value Fund | A, C, Institutional, Service, Investor, R6, R and P | Diversified |
| Mid Cap Value Fund | A, C, Institutional, Service, Investor, R6, R and P | Diversified |
| Small Cap Value Fund | A, C, Institutional, Service, Investor, R6, R and P | Diversified |
| Small/Mid Cap Equity 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.

A Investment Valuation — The Funds' and underlying funds' ("Underlying 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.

&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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**61**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (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;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 at least annually.

---

| | | |
|:---|:---|:---|
| Fund | **Income Distributions**<br> **Declared/Paid** | **Capital Gains Distributions**<br> **Declared/Paid** |
| Equity Income Fund | Quarterly | Annually |
| Large Cap Value Fund | Annually | Annually |
| Mid Cap Value Fund | Annually | Annually |
| Small Cap Value Fund | Annually | Annually |
| Small/Mid Cap Equity 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;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;F. In-Kind Transactions — Each Fund may allow investors, under certain circumstances, to purchase shares with securities instead of cash. In addition, the Trust reserves the right to redeem an investor's shares by distributing securities instead of cash. These are known as in-kind transactions. Securities included as part of in-kind purchases and redemptions of Fund shares are valued in the same manner as they are valued for purposes of computing a Fund's NAV, in accordance with each Fund's valuation procedures that govern the valuation of the portfolio investments held by the Funds ("Valuation Procedures"), and such valuations are as of the date the trade is submitted pursuant to the procedures specified in the Funds' prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;G. Segment Reporting — The Funds follow 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' prospectuses. The Chief Operating Decision Maker ("CODM") is the portfolio management team within the Funds' 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 each Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

62.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 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 the valuation procedures that govern the valuation of the portfolio investments held by the Funds ("Valuation Procedures"), including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

&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 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**63**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (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;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 financial statements at SEC.gov.

&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 classified in the fair value hierarchy as of February 28, 2026:

---

| | | | |
|:---|:---|:---|:---|
| 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; Europe | $13239314 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 416918827 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 5085016 |  |  |
|  Investment Company | 916 |  |  |
|  **Total** | $435244073 | $— | $— |
| Large Cap Value 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 | $1808397 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 445888021 |  |  |
|  Investment Company | 586129 |  |  |
|  **Total** | $448282547 | $— | $— |
| Mid Cap Value 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 | $12656161 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 29750063 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 1080489968 |  |  |
|  Investment Company | 7900247 |  |  |
|  Securities Lending Reinvestment Vehicle | 3839184 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134635623 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

64.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| Small Cap Value 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 | $12163527 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 915933570 |  |  |
|  Investment Company | 12113831 |  |  |
|  Securities Lending Reinvestment Vehicle | 408808 |  |  |
|  **Total** | $940619736 | $— | $— |
| Small/Mid Cap 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 | $1595256 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 3051847 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 136759650 |  | 4477 |
|  Investment Company | 1705092 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143111845 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4477 |

---

<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. 

For further information regarding security characteristics, see the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. 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 February 28, 2026, 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^ |
|  Equity Income Fund | 0.69% | 0.62% | 0.59% | 0.58% | 0.57% | 0.69% | 0.65%\* |
|  Large Cap Value Fund | 0.75 | 0.68 | 0.65 | 0.64 | 0.63 | 0.75 | 0.66\* |
|  Mid Cap Value Fund | 0.75 | 0.75 | 0.68 | 0.65 | 0.64 | 0.75 | 0.75 |
|  Small Cap Value Fund | 0.98 | 0.98 | 0.88 | 0.84 | 0.82 | 0.98 | 0.92\* |
|  Small/Mid Cap Equity Fund | 0.80 | 0.80 | 0.72 | 0.68 | 0.67 | 0.80 | 0.80 |

---

^ 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.

\* GSAM agreed to waive a portion of its management fee with respect to the Equity Income Fund, Large Cap Value Fund and Small Cap Value Fund, in order to achieve an effective net management fee rate of 0.65%, 0.66% and 0.92%, respectively, as an annual percentage of each Fund's average daily net assets. This arrangement will remain in effect through at least December 29, 2026, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**65**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (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;4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund ("Government 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 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 Government Money Market Fund. For the six months ended February 28, 2026, the management fee waived by GSAM for each Fund was as follows:

---

| | |
|:---|:---|
| Fund | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management** <br> **Fee Waived** |
|  Equity Income Fund | $431 |
|  Large Cap Value Fund | 1481 |
|  Mid Cap Value Fund | 8075 |
|  Small Cap Value Fund | 4530 |
|  Small/Mid Cap Equity Fund | 785 |

---

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or Service Plan Rates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or Service Plan Rates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or Service Plan Rates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 February 28, 2026, Goldman Sachs retained the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

66.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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;4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | |
|:---|:---|:---|
|  | Front End<br>Sales Charge  | Contingent Deferred<br>Sales Charge  |
| Fund | Class A | Class C |
|  Equity Income Fund | $2980 | $— |
|  Large Cap Value Fund | 7885 |  |
|  Mid Cap Value Fund | 4352 |  |
|  Small Cap Value Fund | 347 |  |
|  Small/Mid Cap Equity Fund | 38 |  |

---

&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.

For the six months ended February 28, 2026, the transfer agency fee waivers were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Equity Income Fund | Large Cap Value Fund | Mid Cap Value Fund | Small Cap Value Fund |
| Transfer Agency Waivers (Class A, Class C, Investor, and Class R Shares)<sup>\*</sup> | 0.06% | 0.06% | 0.01% | 0.07% |

---

\* These arrangements will remain in effect through at least December 29, 2026, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

---

| | |
|:---|:---|
|  | **Small/Mid Cap Equity**<br> **Fund** |
| Transfer Agency Waivers (Class A, Class C, Investor, and Class R Shares) <sup>\*</sup> | 0.03% |

---

\* These arrangements will remain in effect through at least December 29, 2026, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

&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 Equity Income, Large Cap Value, Small Cap Value and Small/Mid Cap Equity Funds is 0.004% and for Mid Cap Value Fund is 0.104%. These Other Expense limitations will remain in place through at least December 29, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**67**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (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;4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Goldman Sachs may voluntarily waive a portion of any payments under a Fund's Distribution and Service Plan, Service Plan and Shareholder Administration Plan, and Transfer Agency Agreement, and these waivers are in addition to what is stipulated in any contractual fee waiver arrangements (as applicable). These temporary waivers may be modified or terminated at any time at the option of Goldman Sachs without shareholder approval.

For the six months ended February 28, 2026, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Management<br>Fee Waiver | Transfer Agency<br>Waiver/Credits | Other Expense<br>Reimbursements | Total Expense<br>Reductions |
|  Equity Income Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83841 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98546 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186042 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368429 |
|  Large Cap Value Fund | 195890 | 29009 | 183147 | 408046 |
|  Mid Cap Value Fund | 8075 | 25459 |  | 33534 |
|  Small Cap Value Fund | 276033 | 87276 | 206798 | 570107 |
|  Small/Mid Cap Equity Fund | 785 | 1070 | 190712 | 192567 |

---

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of February 28, 2026, 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 February 28, 2026, the Funds did not have any borrowings under the facility.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — For the six months ended February 28, 2026, Goldman Sachs earned the following amounts in brokerage commissions from portfolio transactions, on behalf of the Funds:

---

| | | |
|:---|:---|:---|
|  | **Goldman Sachs Mid Cap**<br> **Value Fund** | **Goldman Sachs Small Cap**<br> **Value Fund** |
|  Brokerage commissions paid | $11396 | $18378 |

---

The tables below show the transactions in and earnings from investments in the Financial Square Government Money Market Fund — Institutional Shares for the six months ended February 28, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Equity Income Fund | Equity Income Fund |  |  |  |  |  |
|  | Beginning value |  |  |  |  |  |
|  | as of August 31, |  |  | Ending value as of | Shares as of |  |
| Underlying Fund | 2025 | Purchases at Cost | Proceeds from Sales | February 28, 2026 | February 28, 2026 | 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 |
|  | $341 | $24216838 | $(24216263) | $916 | 916 | $5784 |
| Large Cap Value Fund | Large Cap Value Fund |  |  |  |  |  |
|  | Beginning value |  |  |  |  |  |
|  | as of August 31, |  |  | Ending value as of | Shares as of |  |
| Underlying Fund | 2025 | Purchases at Cost | Proceeds from Sales | February 28, 2026 | February 28, 2026 | 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 |
|  | 1159423 | 39185051 | (39758345) | 586129 | 586129 | 33616 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

68.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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;4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Mid Cap Value Fund | Mid Cap Value Fund |  |  |  |  |  |
|  | Beginning value |  |  |  |  |  |
|  | as of August 31, |  |  | Ending value as of | Shares as of |  |
| Underlying Fund | 2025 | Purchases at Cost | Proceeds from Sales | February 28, 2026 | February 28, 2026 | 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 |
|  | $11772742 | $126140117 | $(130012612) | $7900247 | 7900247 | $190546 |
| Small Cap Value Fund | Small Cap Value Fund |  |  |  |  |  |
|  | Beginning value |  |  |  |  |  |
|  | as of August 31, |  |  | Ending value as of | Shares as of |  |
| Underlying Fund | 2025 | Purchases at Cost | Proceeds from Sales | February 28, 2026 | February 28, 2026 | 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 |
|  | 8029450 | 125810755 | (121726374) | 12113831 | 12113831 | 106358 |
| Small/Mid Cap Equity Fund | Small/Mid Cap Equity Fund |  |  |  |  |  |
|  | Beginning value |  |  |  |  |  |
|  | as of August 31, |  |  | Ending value as of | Shares as of |  |
| Underlying Fund | 2025 | Purchases at Cost | Proceeds from Sales | February 28, 2026 | February 28, 2026 | 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 |
|  | 1088254 | 18545343 | (17928505) | 1705092 | 1705092 | 18720 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the period ended February 28, 2026, were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Purchases | Sales |
|  Equity Income Fund | $85785718 | $105296827 |
|  Large Cap Value Fund | 179574231 | 208047582 |
|  Mid Cap Value Fund | 525568722 | 608143547 |
|  Small Cap Value Fund | 375489527 | 493353048 |
|  Small/Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41759709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57645914 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. SECURITIES LENDING

The Funds may lend their securities through a securities lending agent, the Bank of New York ("BNY"), to certain qualified borrowers. 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**69**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (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;6. SECURITIES LENDING (continued)

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, BNY may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNY is unable to purchase replacement securities, BNY 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 February 28, 2026, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and BNY received compensation relating to the lending of the Funds' securities. The amounts earned, if any, by the Funds for the six months ended February 28, 2026, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds' investments in the Government Money Market Fund for the six months ended February 28, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Beginning value as<br>of August 31, 2025 | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | Ending value as<br>of February 28, 2026 |
|  Equity Income Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1867020 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15095868 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16962888) | $— |
|  Large Cap Value Fund |  | 17031387 | (17031387) |  |
|  Mid Cap Value Fund |  | 34178997 | (30339813) | 3839184 |
|  Small Cap Value Fund |  | 42037013 | (41628205) | 408808 |
|  Small/Mid Cap Equity Fund | 179668 | 4439787 | (4619455) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION

As of the Funds' most recent fiscal year end, August 31, 2025, certain timing differences on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | Large Cap Value<br>Fund | Small/Mid Cap<br>Equity Fund |
|  Timing differences — (Qualified Late Year Loss Deferral and Post October Losses) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1202156) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1989681) |

---

As of February 28, 2026, 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;

70.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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;7. TAX INFORMATION (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Equity Income Fund | Large Cap Value Fund | Mid Cap Value Fund | Small Cap Value Fund |
|  Tax Cost | $305960676 | $339620402 | $894104902 | $710128260 |
|  Gross unrealized gain | 435244073 | 115489076 | 271310779 | 231268957 |
|  Gross unrealized loss | (305960676) | (6826932) | (30780058) | (777481) |
|  Net unrealized gain (loss) | $129283397 | $108662144 | $240530721 | $230491476 |

---

---

| | |
|:---|:---|
|  | Small/Mid Cap Equity Fund |
|  Tax Cost | $106125363 |
|  Gross unrealized gain | 40537185 |
|  Gross unrealized loss | (3546226) |
|  Net unrealized gain (loss) | $36990959 |

---

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, differences in the tax treatment of passive foreign investment company investments and underlying fund 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;8. 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.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**71**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (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;8. 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.

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, governments or countries and/ or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments. 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.

REIT Risk — Risks associated with investments in the real estate industry (such as REITs) include, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage financing, variations in rental income, neighborhood values or the appeal of property to tenants; interest rates; overbuilding; extended vacancies of properties; increases in competition, property taxes and operating expenses; and changes in zoning laws. REITs whose underlying properties are concentrated in a particular industry or geographic region are subject to risks affecting such industries and regions. The securities of REITs involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements because of interest rate changes, economic conditions and other factors. Securities of such issuers may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price.

Stock Risk — Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

72.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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;10. OTHER MATTERS

The Funds adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Fund's financial position or the results of its operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. 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;12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Equity Income Fund  | Equity Income Fund  | Equity Income Fund  | Equity Income Fund  |
|  | **For the Six Months Ended<br>February 28, 2026**<br> (Unaudited) | **For the Six Months Ended<br>February 28, 2026**<br> (Unaudited) | For the Fiscal Year Ended<br>August 31, 2025 | For the Fiscal Year Ended<br>August 31, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 46564 | $2271560 | 105963 | $5031739 |
|  Reinvestment of distributions | 579382 | 27402576 | 600921 | 28374868 |
|  Shares redeemed | (479831) | (23358087) | (804054) | (38249933) |
|  | 146115 | 6316049 | (97170) | (4843326) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 2670 | 122234 | 8408 | 371535 |
|  Reinvestment of distributions | 7435 | 326347 | 8196 | 361898 |
|  Shares redeemed | (9352) | (422330) | (25768) | (1144195) |
|  | 753 | 26251 | (9164) | (410762) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 23649 | 1190634 | 41664 | 2022341 |
|  Reinvestment of distributions | 34018 | 1653190 | 35409 | 1713353 |
|  Shares redeemed | (41076) | (2048345) | (79581) | (3851281) |
|  | 16591 | 795479 | (2508) | (115587) |
|  **Service Shares** |  |  |  |  |
|  Shares sold |  |  | 5660 | 270257 |
|  Reinvestment of distributions | 70 | 3317 | 146 | 6941 |
|  Shares redeemed |  |  | (6685) | (322622) |
|  | 70 | 3317 | (879) | (45424) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 9544 | 465160 | 20270 | 954955 |
|  Reinvestment of distributions | 6859 | 323666 | 6715 | 316410 |
|  Shares redeemed | (16669) | (810833) | (23878) | (1144553) |
|  | (266) | (22007) | 3107 | 126812 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**73**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (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;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Equity Income Fund  | Equity Income Fund  | Equity Income Fund  | Equity Income Fund  |
|  | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 30514 | $1543887 | 43695 | $2109464 |
|  Reinvestment of distributions | 14986 | 728371 | 13566 | 656544 |
|  Shares redeemed | (19991) | (1004031) | (36535) | (1779176) |
|  | 25509 | 1268227 | 20726 | 986832 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 190 | 9236 | 301 | 14324 |
|  Reinvestment of distributions | 1589 | 74611 | 1561 | 73209 |
|  Shares redeemed | (1113) | (55407) | (654) | (30754) |
|  | 666 | 28440 | 1208 | 56779 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 107167 | 5327482 | 270583 | 14250365 |
|  Reinvestment of distributions | 107874 | 5242006 | 102665 | 4965019 |
|  Shares redeemed | (96264) | (4798909) | (76068) | (3713379) |
|  | 118777 | 5770579 | 297180 | 15502005 |
|  **NET INCREASE IN SHARES** | 308215 | $14186335 | 212500 | $11257329 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  |
|  | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 299660 | $4903353 | 437253 | $7065284 |
|  Reinvestment of distributions | 675195 | 10457565 | 562664 | 9236001 |
|  Shares redeemed | (602970) | (9787757) | (1007437) | (16526645) |
|  | 371885 | 5573161 | (7520) | (225360) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 32594 | 472101 | 73330 | 1114150 |
|  Reinvestment of distributions | 39000 | 547175 | 43841 | 660006 |
|  Shares redeemed | (75670) | (1128105) | (229894) | (3496323) |
|  | (4076) | (108829) | (112723) | (1722167) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 251213 | 4194664 | 266240 | 4463890 |
|  Reinvestment of distributions | 1024213 | 16199528 | 856268 | 14317751 |
|  Shares redeemed | (913266) | (15035947) | (1088268) | (18349356) |
|  | 362160 | 5358245 | 34240 | 432285 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 1706 | 27215 | 13982 | 222692 |
|  Reinvestment of distributions | 4016 | 61748 | 3227 | 52631 |
|  Shares redeemed | (2290) | (36067) | (8542) | (136606) |
|  | 3432 | 52896 | 8667 | 138717 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

74.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Large Cap Value Fund  | Large Cap Value Fund  | Large Cap Value Fund  | Large Cap Value Fund  |
|  | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 26581 | $434644 | 90654 | $1469546 |
|  Reinvestment of distributions | 43510 | 675228 | 31444 | 517027 |
|  Shares redeemed | (54983) | (898935) | (56805) | (929605) |
|  | 15108 | 210937 | 65293 | 1056968 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 30821 | 531269 | 68467 | 1199806 |
|  Reinvestment of distributions | 23936 | 394822 | 20199 | 350235 |
|  Shares redeemed | (19991) | (341616) | (76868) | (1309716) |
|  | 34766 | 584475 | 11798 | 240325 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 36328 | 577405 | 22207 | 344632 |
|  Reinvestment of distributions | 20504 | 300131 | 19937 | 311390 |
|  Shares redeemed | (55817) | (900889) | (47766) | (740064) |
|  | 1015 | (23353) | (5622) | (84042) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 201276 | 3541019 | 325268 | 5886877 |
|  Reinvestment of distributions | 1553126 | 25618557 | 1345220 | 23325551 |
|  Shares redeemed | (1022220) | (17681950) | (1544375) | (26586710) |
|  | 732182 | 11477626 | 126113 | 2625718 |
|  **NET INCREASE IN SHARES** | 1516472 | $23125158 | 120246 | $2462444 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Mid Cap Value Fund  | Mid Cap Value Fund  | Mid Cap Value Fund  | Mid Cap Value Fund  |
|  | **For the Six Months Ended<br>February 28, 2026**<br> (Unaudited) | **For the Six Months Ended<br>February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 285232 | $10490143 | 505914 | $18601843 |
|  Reinvestment of distributions | 1429386 | 50292855 | 749704 | 28105608 |
|  Shares redeemed | (1163152) | (42988589) | (1971595) | (72097041) |
|  | 551466 | 17794409 | (715977) | (25389590) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 6155 | 171567 | 16187 | 454999 |
|  Reinvestment of distributions | 24133 | 642745 | 13115 | 387465 |
|  Shares redeemed | (29046) | (818527) | (53637) | (1555842) |
|  | 1242 | (4215) | (24335) | (713378) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 581089 | 21760290 | 991125 | 36622600 |
|  Reinvestment of distributions | 913928 | 32936232 | 483544 | 18500876 |
|  Shares redeemed | (897372) | (33656755) | (2666488) | (101107593) |
|  | 597645 | 21039767 | (1191819) | (45984117) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**75**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (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;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Mid Cap Value Fund  | Mid Cap Value Fund  | Mid Cap Value Fund  | Mid Cap Value Fund  |
|  | **For the Six Months Ended<br>February 28, 2026**<br> (Unaudited) | **For the Six Months Ended<br>February 28, 2026**<br> (Unaudited) | For the Fiscal Year Ended<br>August 31, 2025 | For the Fiscal Year Ended<br>August 31, 2025 |
|  | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 49051 | $1693284 | 124742 | $4329394 |
|  Reinvestment of distributions | 101997 | 3447255 | 49933 | 1807695 |
|  Shares redeemed | (101900) | (3672671) | (214245) | (7594914) |
|  | 49148 | 1467868 | (39570) | (1457825) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 185604 | 6689767 | 610274 | 21728547 |
|  Reinvestment of distributions | 266267 | 8966836 | 190325 | 6863688 |
|  Shares redeemed | (1035777) | (37348199) | (1018421) | (36043797) |
|  | (583906) | (21691596) | (217822) | (7451562) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 297058 | 11162816 | 493607 | 18391173 |
|  Reinvestment of distributions | 336249 | 12103634 | 179978 | 6878422 |
|  Shares redeemed | (319157) | (12068479) | (828347) | (31129683) |
|  | 314150 | 11197971 | (154762) | (5860088) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 53490 | 1905741 | 132283 | 4681678 |
|  Reinvestment of distributions | 72615 | 2393610 | 37817 | 1339970 |
|  Shares redeemed | (54959) | (1930633) | (246724) | (8593725) |
|  | 71146 | 2368718 | (76624) | (2572077) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 265250 | 9805725 | 556841 | 20308956 |
|  Reinvestment of distributions | 586313 | 21106035 | 278271 | 10635540 |
|  Shares redeemed | (397767) | (14740460) | (1790906) | (68939528) |
|  | 453796 | 16171300 | (955794) | (37995032) |
|  **NET INCREASE (DECREASE) IN SHARES** | 1454687 | $48344222 | (3376703) | $(127423669) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Small Cap Value Fund  | Small Cap Value Fund  | Small Cap Value Fund  | Small Cap Value Fund  |
|  | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | For the Fiscal Year Ended<br>August 31, 2025 | For the Fiscal Year Ended<br>August 31, 2025 |
|  | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 178604 | $6054457 | 378421 | $13493566 |
|  Reinvestment of distributions | 1091442 | 34980208 | 1152029 | 42127895 |
|  Shares redeemed | (770156) | (26469304) | (1503419) | (54083865) |
|  | 499890 | 14565361 | 27031 | 1537596 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 10023 | 103328 | 10034 | 166393 |
|  Reinvestment of distributions | 27399 | 260250 | 23092 | 361223 |
|  Shares redeemed | (3109) | (42444) | (41976) | (657105) |
|  | 34313 | 321134 | (8850) | (129489) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

76.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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;12. SUMMARY OF SHARE TRANSACTIONS (continued)

 $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <BORDER_TOP>
<BORDER_TOP> Small Cap Value Fund
<br><BORDER_TOP> <BORDER_TOP>

**For the Six Months
Ended**<br> **February 28,
2026**<br>
(Unaudited)<br> For the Fiscal Year
Ended<br>August 31, 2025

 &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   
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars  
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares  
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars  

  **Institutional
Shares**<br>

  Shares sold<br> 371,210
$15,466,513 900,464 $38,661,863

  Reinvestment of distributions<br>
689,523 27,118,582 1,048,246
45,389,636
  Shares
redeemed<br> (645,829) (26,952,814)
(4,866,519) (210,343,012)

   414,904 
  15,632,281  
 (2,917,809)   
(126,291,513) 
 
**Service Shares**<br>

  Shares sold<br> 16,026
495,617 30,658 1,031,028

  Reinvestment of distributions<br>
40,052 1,171,053 43,889
1,488,686
  Shares
redeemed<br> (34,736) (1,068,199)
(127,462) (4,546,967)

   21,342 
  598,471  
 (52,915)   
(2,027,253) 
 
**Investor Shares**<br>

  Shares sold<br> 33,141
1,110,940 79,428 2,863,928

  Reinvestment of distributions<br>
112,205 3,525,072 130,419
4,690,677
  Shares
redeemed<br> (112,899) (3,734,300)
(467,595) (17,878,310)

   32,447 
  901,712  
 (257,748)   
(10,323,705) 
 
**Class R6 Shares**<br>

  Shares sold<br> 396,901
16,466,058 711,511 29,757,664

  Reinvestment of distributions<br>
857,613 33,685,877 1,161,664
50,239,202
  Shares
redeemed<br> (1,591,985) (68,009,660) (2,316,889) (97,185,503)

   
(337,471)   
(17,857,725)   
(443,714)   
(17,188,637) 
 
**Class R Shares**<br>

  Shares sold<br> 62,830
2,015,519 264,893 9,639,031

  Reinvestment of distributions<br>
191,474 5,705,883 188,010
6,482,211
  Shares
redeemed<br> (132,840) (4,287,153)
(438,201) (15,910,435)

   121,464 
  3,434,249  
 14,702   
210,807 
 
**Class P Shares**<br>

  Shares sold<br> 725,550
29,035,002 1,322,785 55,492,941

  Reinvestment of distributions<br>
920,243 36,146,183 922,527
39,897,883
  Shares
redeemed<br> (1,159,545) (48,352,958) (1,585,808) (67,050,246)

   
486,248   
16,828,227   
659,504   
28,340,578 
 
**NET INCREASE (DECREASE) IN
SHARES**<br>  
1,273,137   $
34,423,710   
(2,979,799)   $
(125,871,616) 
 $**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;##INDEN
T##** $**&nbsp;&nbsp;&nbsp;&nbsp;##INDENT
##&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** $##BOLD_START_1778#
#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** $**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;##BOLD_END_
1779## Small/Mid Cap Equity Fund
 **For the Six Months
Ended**<br> **February 28,
2026**<br>
(Unaudited)<br>
**For the Fiscal Year
Ended**<br> **August 31,
2025**<br>

 &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   
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars   
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares   
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars  

  **Class A
Shares**<br>

  Shares sold<br> 5,791
$98,008 19,284 $310,630

  Reinvestment of distributions<br>
8,082 137,071 2,631 45,131

  Shares redeemed<br> (12,291) (208,673) (31,284) (512,511)
   
1,582    26,406
   (9,369) 
  (156,750) 
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**77**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (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;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Small/Mid Cap Equity Fund  | Small/Mid Cap Equity Fund  | Small/Mid Cap Equity Fund  | Small/Mid Cap Equity Fund  |
|  | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 160 | $2593 | 534 | $8019 |
|  Reinvestment of distributions | 1591 | 25589 | 470 | 7756 |
|  Shares redeemed | (5005) | (80647) | (13129) | (202583) |
|  | (3254) | (52465) | (12125) | (186808) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 48459 | 837346 | 144043 | 2379182 |
|  Reinvestment of distributions | 49881 | 863447 | 22210 | 386551 |
|  Shares redeemed | (114122) | (1945112) | (658592) | (11004148) |
|  | (15782) | (244319) | (492339) | (8238415) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 3997 | 68192 | 29390 | 477040 |
|  Reinvestment of distributions | 12543 | 215485 | 6167 | 106671 |
|  Shares redeemed | (57540) | (991331) | (94332) | (1540362) |
|  | (41000) | (707654) | (58775) | (956651) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 200623 | 3468356 | 603869 | 10228894 |
|  Reinvestment of distributions | 77402 | 1338272 | 34472 | 599514 |
|  Shares redeemed | (167158) | (2914147) | (709278) | (11468081) |
|  | 110867 | 1892481 | (70937) | (639673) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 2865 | 47788 | 1053 | 16632 |
|  Reinvestment of distributions | 300 | 5073 | 98 | 1679 |
|  Shares redeemed | (59) | (1020) | (4902) | (79784) |
|  | 3106 | 51841 | (3751) | (61473) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 160039 | 2824188 | 972766 | 15428815 |
|  Reinvestment of distributions | 276656 | 4780610 | 118284 | 2055339 |
|  Shares redeemed | (973108) | (17040853) | (1157373) | (19119460) |
|  | (536413) | (9436055) | (66323) | (1635306) |
|  **NET DECREASE IN SHARES** | (480894) | $(8469765) | (713619) | $(11875076) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

78.0 ------

(This page intentionally left blank)

------

![LOGO](g108943dsp080.jpg)

TRUSTEES OFFICERS Gregory G. Weaver, Chair James A. McNamara, President and Principal Executive Officer Cheryl K. Beebe Joseph F. DiMaria, Principal Financial Officer, Dwight L. Bush Principal Accounting Officer and Treasurer Kathryn A. Cassidy Robert Griffith, Secretary John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener Brian J. Wildman\* \*Effective April 1, 2026. GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282© 2026 Goldman Sachs. All rights reserved. EQVALSAR-26

------

![LOGO](g57815dsp001.jpg)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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 Global Tax-Aware Equity Portfolios

---

| | |
|:---|:---|
| **Table of Contents** | **Page** |
|  **[Schedules of Investments](#gta57815_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Enhanced Dividend Global Equity Portfolio](#gta57815_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Tax-Advantaged Global Equity Portfolio](#gta57815_3) | 6 |
|  **[Financial Statements](#gta57815_4)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#gta57815_5) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#gta57815_6) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#gta57815_7) | 12 |
|  **[Financial Highlights](#gta57815_8)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Enhanced Dividend Global Equity Portfolio](#gta57815_9) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Tax-Advantaged Global Equity Portfolio](#gta57815_10) | 17 |
|  **[Notes to Financial Statements](#gta57815_11)** | 21 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Underlying Funds (Class R6 Shares)<sup>(a)</sup> – 85.3% | Underlying Funds (Class R6 Shares)<sup>(a)</sup> – 85.3% | Underlying Funds (Class R6 Shares)<sup>(a)</sup> – 85.3% |
| Equity – 85.3% | Equity – 85.3% | Equity – 85.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;16453660 | Goldman Sachs U.S. Equity Dividend and Premium Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301266507 |
| 8967707 | Goldman Sachs International Equity Dividend and Premium Fund | 83668708 |
| 844125 | Goldman Sachs Small Cap Equity Insights Fund | 26750332 |
| 750682 | Goldman Sachs International Small Cap Insights Fund\* | 14007721 |
| 794311 | Goldman Sachs Emerging Markets Equity Insights Fund | 10357814 |
| TOTAL UNDERLYING FUNDS (CLASS R6 SHARES) | TOTAL UNDERLYING FUNDS (CLASS R6 SHARES) | TOTAL UNDERLYING FUNDS (CLASS R6 SHARES) |
| (Cost $245,404,024) | (Cost $245,404,024) | 436051082 |
| Exchange-Traded Funds – 5.8% | Exchange-Traded Funds – 5.8% | Exchange-Traded Funds – 5.8% |
| 360213 | iShares Core S&P Mid-Cap ETF | 25751627 |
| 14058 | State Street Health Care Select Sector SPDR ETF | 2252092 |
| 8246 | iShares MSCI Mexico ETF | 667431 |
| 21400 | Sprott Physical Uranium Trust\* | 431749 |
| 2004 | iShares Core MSCI Emerging Markets ETF | 153827 |
| 1395 | Vanguard Russell 2000 ETF | 147479 |
| 3628 | Sprott Physical Gold Trust\* | 145664 |
| 8906 | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 132878 |
| 391 | Vanguard Real Estate ETF | 37415 |
| 249 | iShares 7-10 Year Treasury Bond ETF | 24400 |
| 56 | iShares 20+ Year Treasury Bond ETF | 5086 |
| TOTAL EXCHANGE-TRADED FUNDS | TOTAL EXCHANGE-TRADED FUNDS | TOTAL EXCHANGE-TRADED FUNDS |
| (Cost $24,472,803) | (Cost $24,472,803) | 29749648 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 7.0%<sup>(a)</sup> | Investment Company – 7.0%<sup>(a)</sup> | Investment Company – 7.0%<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government<br> Fund - Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government<br> Fund - Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35592651 | 3.589% | $35592651 |
| **(Cost $35,592,651)** | **(Cost $35,592,651)** |  |
| **TOTAL INVESTMENTS – 98.0%**<br> **(Cost $305,469,478)** | **TOTAL INVESTMENTS – 98.0%**<br> **(Cost $305,469,478)** | $501393381 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 2.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 2.0%** | 10094826 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511488207 |

---

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) Represents an affiliated issuer.

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CHF | Swiss Franc |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| ILS | Israeli New Shekel |
| JPY | Japanese Yen |
| MXN | Mexican Peso |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| USD | United States Dollar |

---

ADDITIONAL INVESTMENT INFORMATION

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At February 28, 2026, the Portfolio had the following forward foreign currency exchange contracts:

#### FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Settlement Date** | **Unrealized Gain** |
|  Morgan Stanley Co., Inc. |  |  |  |  |  |  |
|  | USD | 834851 | HKD | 6480000 | 3/18/2026 | $5893 |
|  | USD | 9310482 | JPY | 1433272100 | 3/18/2026 | 119442 |
|  **TOTAL** |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125335 |
| &nbsp;&nbsp;&nbsp; <br> **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | &nbsp;&nbsp;&nbsp; <br> **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | &nbsp;&nbsp;&nbsp; <br> **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | &nbsp;&nbsp;&nbsp; <br> **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | &nbsp;&nbsp;&nbsp; <br> **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | &nbsp;&nbsp;&nbsp; <br> **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | &nbsp;&nbsp;&nbsp; <br> **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** |
| **Counterparty** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Settlement Date** | **Unrealized Loss** |
|  Morgan Stanley Co., Inc. |  |  |  |  |  |  |
|  | USD | 2891027 | AUD | 4389962 | 3/18/2026 | (232877) |

---

&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 ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

#### FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Settlement Date** | **Unrealized Loss** |
|  Morgan Stanley Co., Inc. |  |  |  |  |  |  |
| (continued) |  |  |  |  |  |  |
|  | USD | 4020383 | CHF | 3180844 | 3/18/2026 | $(125157) |
|  | USD | 884638 | DKK | 5630000 | 3/18/2026 | (6617) |
|  | USD | 15045973 | EUR | 12834225 | 3/18/2026 | (132600) |
|  | USD | 6202024 | GBP | 4659415 | 3/18/2026 | (77556) |
|  | USD | 272407 | ILS | 880000 | 3/18/2026 | (8558) |
|  | USD | 439683 | MXN | 8125000 | 3/18/2026 | (31359) |
|  | USD | 252841 | NOK | 2550000 | 3/18/2026 | (15319) |
|  | USD | 80756 | NZD | 140000 | 3/18/2026 | (3281) |
|  | USD | 1332945 | SEK | 12450000 | 3/18/2026 | (47519) |
|  | USD | 591574 | SGD | 760000 | 3/18/2026 | (10039) |
|  **TOTAL** |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(690882) |

---

**FUTURES CONTRACTS** — At February 28, 2026, the Portfolio had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional**<br> **Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  FTSE/JSE Top 40 Index | 9 | 03/19/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678899 | $58945 |
|  IFSC NIFTY 50 | 17 | 03/30/26 | 859690 | (15030) |
|  Mini MDAX Index | 12 | 03/20/26 | 448560 | 17189 |
|  STOXX EUROPE 600 Index | 2 | 03/20/26 | 74937 | 2740 |
|  U.S. Treasury 10 Year Note | 66 | 06/18/26 | 7507500 | 54878 |
|  U.S. Treasury 2 Year Note | 51 | 06/30/26 | 10670953 | 18239 |
|  U.S. Treasury 5 Year Note | 43 | 06/30/26 | 4735039 | 24425 |
|  **Total 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;161386 |

---

**SWAP CONTRACTS** — At February 28, 2026, the Fund had the following swap contracts:

#### CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the<br>Fund<sup>(a)</sup>** | **Payments Received by<br>the Fund** | **Termination<br>Date** | **Notional Amounts**<br> **(000's)** | **Value** | **Upfront Premium<br>(Received) Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  0.000%<sup>(b)</sup> | 1 Day BZDIO | 1/2/2030 | BRL 5,597 | $10077 | $– | $10077 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made annually.

#### OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Counterparty** | **Termination<br>Date<sup>(a)</sup>** | **Notional<br>Amount (000's)** | **Upfront Premium<br>(Received) Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
|  SXDR<br> 2.271%<sup>(b)</sup> | JPMorgan Chase | 08/05/2026 | $1065 | $– | $30989 |
|  TOTAL |  |  |  |  | $30989 |

---

\* There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

&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 ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund pays/receives annual coupon payments in accordance with the swap contract. On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars).

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made quarterly.

**PURCHASED & WRITTEN OPTIONS CONTRACTS** — At February 28, 2026, the Fund had the following purchased and written option contracts:

OVER-THE-COUNTER OPTIONS ON EQUITIES

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional Amount** | **Market Value** | **Premiums Paid<br>(Received) by<br>the Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased Option Contracts:** | **Purchased Option Contracts:** | **Purchased Option Contracts:** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Health Care<br> Select<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sector<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPDR Fund | Morgan<br>Stanley Co.,<br>Inc. | $135.00 | 06/19/2026 | 6281 | $6281 | $168429 | $64887 | $103542 |
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional Amount** | **Market Value** | **Premiums Paid<br>(Received) by<br>the Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written Option Contracts:** | **Written Option Contracts:** | **Written Option Contracts:** | **Written Option Contracts:** | **Written Option Contracts:** |  |  |  |  |
|  **Calls** | **Calls** | **Calls** | **Calls** | **Calls** |  |  |  |  |
|  Health Care<br> Select<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sector<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPDR Fund | Morgan<br>Stanley Co.,<br>Inc. | $146.00 | 06/19/2026 | (12561) | $(12561) | $— | $(64244) | $(150965) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  iShares Expanded<br> Tech-<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software Sector<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ETF | Morgan<br>Stanley Co.,<br>Inc. | $76.62 | 04/20/2026 | (7730) | $(7730) | $— | $(21438) | $4579 |
|  Total written option contracts | Total written option contracts |  |  | (20291) | $(20291) | $— | $(85682) | $(146386) |
|  **OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY** | **OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY** | **OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY** | **OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY** | **OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY** | **OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY** | **OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY** | **OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY** | **OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY** |
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional Amount** | **Market Value** | **Premiums Paid<br>(Received) by<br>the Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased Option Contracts:** | **Purchased Option Contracts:** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  CALL EUR/GBP 0.8824 6/26 | Bank of<br>America N.A. | EUR 0.88 | 06/12/2026 | 780000 | $780000 | $8697 | $11828 | $(3131) |
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional Amount** | **Market Value** | **Premiums Paid<br>(Received) by<br>the Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written Option Contracts:** | **Written Option Contracts:** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  CALL EUR/GBP<br>0.9075 6/26 | Bank of<br>America N.A. | EUR 0.91 | 06/12/2026 | (780000) | $(780000) | $(2452) | $(4449) | $1997 |

---

---

| | |
|:---|:---|
|  **Investment Abbreviations:** | **Investment Abbreviations:** |
|  BZDIO  | —Brazil Interbank Rate |

---

&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 TAX - ADVANTAGED GLOBAL EQUITY PORTFOLIO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Underlying Funds (Class R6 Shares)<sup>(a)</sup> – 87.8% | Underlying Funds (Class R6 Shares)<sup>(a)</sup> – 87.8% | Underlying Funds (Class R6 Shares)<sup>(a)</sup> – 87.8% |
| Equity – 87.8% | Equity – 87.8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;69550157 | Goldman Sachs U.S. Tax-<br> Managed Equity Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3814130623 |
| 46051270 | Goldman Sachs International Tax-Managed Equity Fund | 870829522 |
| 8136013 | Goldman Sachs International Small Cap Insights Fund | 151818006 |
| 9030693 | Goldman Sachs Emerging Markets Equity Insights Fund | 117760233 |
| TOTAL UNDERLYING FUNDS (CLASS R6 SHARES) | TOTAL UNDERLYING FUNDS (CLASS R6 SHARES) | TOTAL UNDERLYING FUNDS (CLASS R6 SHARES) |
| (Cost $1,949,453,466) | (Cost $1,949,453,466) | 4954538384 |
| Exchange-Traded Funds – 1.8% | Exchange-Traded Funds – 1.8% | Exchange-Traded Funds – 1.8% |
| 607602 | iShares Core MSCI EAFE ETF | 59739429 |
| 147535 | State Street Health Care Select |  |
|  | Sector SPDR ETF | 23635107 |
| 79716 | iShares MSCI Mexico ETF | 6452213 |
| 236600 | Sprott Physical Uranium Trust\* | 4773456 |
| 22083 | iShares Core MSCI Emerging Markets ETF | 1695091 |
| 15377 | Vanguard Russell 2000 ETF | 1625656 |
| 39974 | Sprott Physical Gold Trust\* | 1604956 |
| 98114 | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 1463861 |
| 4328 | Vanguard Real Estate ETF | 414146 |
| 2743 | iShares 7-10 Year Treasury Bond ETF | 268787 |
| 627 | iShares 20+ Year Treasury Bond<br> ETF | 56944 |
| TOTAL EXCHANGE-TRADED FUNDS | TOTAL EXCHANGE-TRADED FUNDS | TOTAL EXCHANGE-TRADED FUNDS |
| (Cost $88,980,387) | (Cost $88,980,387) | 101729646 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 8.6%<sup>(a)</sup> | Investment Company – 8.6%<sup>(a)</sup> |  |
|  Goldman Sachs Financial Square Government<br> &nbsp;&nbsp;&nbsp;&nbsp;Fund - Institutional Shares | Goldman Sachs Financial Square Government<br> &nbsp;&nbsp;&nbsp;&nbsp;Fund - Institutional Shares |  |
| 484684983 | 3.589% | $484684983 |
| (Cost $484,684,983) | (Cost $484,684,983) |  |
| TOTAL INVESTMENTS – 98.1%<br>(Cost $2,523,118,836) | TOTAL INVESTMENTS – 98.1%<br>(Cost $2,523,118,836) | $5540953013 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.9%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.9%** | 104764725 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $5645717738 |

---

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) Represents an affiliated issuer.

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CHF | Swiss Franc |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| ILS | Israeli New Shekel |
| JPY | Japanese Yen |
| MXN | Mexican Peso |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| USD | United States Dollar<br>|

---

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 28, 2026, the Portfolio had the following forward foreign currency exchange contracts:

#### FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Settlement Date** | **Unrealized Gain** |
|  Morgan Stanley Co., Inc. |  |  |  |  |  |  |
|  | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030000 | USD | 1366555 | 3/18/2026 | $77996 |
|  | NOK | 50000 | USD | 4975 | 3/18/2026 | 283 |
|  | USD | 3508009 | GBP | 2600000 | 3/18/2026 | 3941 |
|  | USD | 9241033 | HKD | 71730000 | 3/18/2026 | 64923 |
|  | USD | 111385963 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17168154282 | 3/18/2026 | 1292993 |
|  **TOTAL** |  |  |  |  |  | $1440136 |

---

#### FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Settlement Date** | **Unrealized Loss** |
|  Morgan Stanley Co., Inc. |  |  |  |  |  |  |
|  | USD | 31863987 | AUD | 48384774 | 3/18/2026 | (2566696) |

---

&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 TAX - ADVANTAGED GLOBAL EQUITY PORTFOLIO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

#### FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Settlement Date** | **Unrealized Loss** |
|  Morgan Stanley Co., Inc.<br> (continued) |  |  |  |  |  |  |
|  | USD | 46711734 | CHF | 36952984 | 3/18/2026 | $(1448459) |
|  | USD | 9605031 | DKK | 61130000 | 3/18/2026 | (72131) |
|  | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175470699 | EUR | 149673958 | 3/18/2026 | (1543258) |
|  | USD | 67952858 | GBP | 51051169 | 3/18/2026 | (849751) |
|  | USD | 3285636 | ILS | 10600000 | 3/18/2026 | (98711) |
|  | USD | 4532116 | MXN | 83750000 | 3/18/2026 | (323237) |
|  | USD | 2806045 | NOK | 28300000 | 3/18/2026 | (170012) |
|  | USD | 847966 | NZD | 1470000 | 3/18/2026 | (34422) |
|  | USD | 15695864 | SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146400000 | 3/18/2026 | (537066) |
|  | USD | 6869311 | SGD | 8820000 | 3/18/2026 | (112573) |
|  **TOTAL** |  |  |  |  |  | $(7756316) |

---

FUTURES CONTRACTS — At February 28, 2026, the Portfolio had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  FTSE/JSE Top 40 Index | 101 | 03/19/26 | $7618757 | $670106 |
|  IFSC NIFTY 50 | 200 | 03/30/26 | 10114000 | (176824) |
|  Mini MDAX Index | 128 | 03/20/26 | 4784632 | 183354 |
|  STOXX EUROPE 600 Index | 24 | 03/20/26 | 899245 | 32603 |
|  TOPIX Index | 7 | 03/12/26 | 1772580 | 135559 |
|  U.S. Treasury 10 Year Note | 730 | 06/18/26 | 83037500 | 606940 |
|  U.S. Treasury 2 Year Note | 567 | 06/30/26 | 118635891 | 202774 |
|  U.S. Treasury 5 Year Note | 478 | 06/30/26 | 52636016 | 271773 |
|  **Total Futures Contracts** |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1926285 |

---

SWAP CONTRACTS — At February 28, 2026, the Fund had the following swap contracts:

#### CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the**<br> **Fund<sup>(a)</sup>** | **Payments Received by<br>the Fund** | **Termination<br>Date** | **Notional Amounts**<br> **(000's)** | **Value** | **Upfront Premium<br>(Received) Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  0.000%<sup>(b)</sup> | 1 Day BZDIO | 1/2/2030 | BRL 60,127 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136117 | $16494 | $119623 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made annually.

#### OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Financing Rate<br>Received (Paid) by<br>the Fund** | **Counterparty** | **Termination<br>Date<sup>(a)</sup>** | **Notional<br>Amount (000's)** | **Upfront<br>Premium<br>(Received) Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
|  SXDR | 2.271%<sup>(b)</sup> | JPMorgan Chase | 08/05/2026 | $11723 | $– | $341261 |
|  TOTAL |  |  |  |  |  | $341261 |

---

\* There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

&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 TAX - ADVANTAGED GLOBAL EQUITY PORTFOLIO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund pays/receives annual coupon payments in accordance with the swap contract. On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars).

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made quarterly.

**PURCHASED & WRITTEN OPTIONS CONTRACTS** — At February 28, 2026, the Fund had the following purchased and written option contracts:

#### OVER-THE-COUNTER OPTIONS ON EQUITIES

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received) by the<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased Option Contracts:** | **Purchased Option Contracts:** | **Purchased Option Contracts:** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Health Care Select Sector SPDR Fund | Morgan<br>Stanley Co.,<br>Inc. | $135.00 | 06/19/2026 | 67328 | $67328 | $1805443 | $695545 | $1109898 |
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by the<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written Option Contracts:** | **Written Option Contracts:** | **Written Option Contracts:** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Health Care Select Sector SPDR Fund | Morgan<br>Stanley Co.,<br>Inc. | $146.00 | 06/19/2026 | (134655) | $(134655) | $(2307061) | $(688707) | $(1618355) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  EQO IGV.Z U.S. 17Apr26 | Morgan<br>Stanley Co.,<br>Inc. | $76.62 | 04/20/2026 | (84901) | $(84901) | $(185166) | $(235456) | $50291 |
|  Total written option contracts | Total written option contracts | Total written option contracts |  | (219556) | $(219556) | $(2492227) | $(924163) | $(1568064) |
| OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY | OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY | OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY | OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY | OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY | OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY | OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY | OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY | OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY |
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by the<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased Option Contracts:** | **Purchased Option Contracts:** | **Purchased Option Contracts:** | **Purchased Option Contracts:** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  CALL EUR/GBP 0.8824 | Bank of<br> America N.A. | EUR 0.88 | 06/12/2026 | 8640000 | $8640000 | $96330 | $130698 | $(34368) |
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by the<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written Option Contracts:** | **Written Option Contracts:** | **Written Option Contracts:** | **Written Option Contracts:** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  CALL EUR/GBP 0.9075 | Bank of<br>America N.A. | EUR 0.91 | 06/12/2026 | (8640000) | $(8640000) | $(27165) | $(48974) | $21809 |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| BZDIO | —Brazil Interbank Rate |

---

&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 GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Enhanced Dividend<br>Global Equity Portfolio** | **Tax-Advantaged Global<br>Equity Portfolio** |
| Assets: |  |  |
|  Investments in affiliated issuers, at value (cost $280,996,675 and $2,434,138,449, respectively) | $&nbsp;&nbsp;&nbsp;&nbsp;471643733 | $&nbsp;&nbsp;&nbsp;&nbsp;5439223367 |
|  Investments in unaffiliated issuers, at value (cost $24,472,803 and $88,980,387, respectively) | 29749648 | 101729646 |
|  Purchased Options, at value (premiums paid $76,715 and $826,243, respectively) | 177126 | 1901773 |
|  Cash | 7678445 | 85091668 |
|  Foreign Currency, at value (cost $406,232 and $(16155765), respectively) | 407308 | 4239099 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(a)</sup> | 1803396 | 21508035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 850580 | 1737148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 90267 | 1327590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 9581 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 9 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  | 177446 |
|  Unrealized gain on forward foreign currency exchange contracts | 125335 | 1440136 |
|  Unrealized gain on swap contracts | 41066 | 460884 |
|  Upfront payments received on swap contracts |  | 16494 |
|  Variation margin on futures contracts | 57938 | 665232 |
|  Variation margin on swap contracts | 1005 | 10555 |
|  Other assets | 40078 | 47265 |
|  **Total assets** | 512675515 | 5659576442 |
| Liabilities: |  |  |
|  Written options, at value (premiums received $90,131 and $973,137, respectively) | 234520 | 2519392 |
|  Unrealized loss on forward foreign currency exchange contracts | 690882 | 7756316 |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 113371 | 2645137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 42455 | 470939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 23308 | 252136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 5421 | 55813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 77351 | 158971 |
|  **Total liabilities** | 1187308 | 13858704 |
| Net Assets: |  |  |
|  Paid-in capital | 314105776 | 2662856633 |
|  Total distributable earnings | 197382431 | 2982861105 |
|  **NET ASSETS** | $511488207 | $5645717738 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $3348353 | $1222629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 7709431 | 57334137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 20394 | 12425690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 500410029 | 5574735282 |
|  Total Net Assets | $511488207 | $5645717738 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 221203 | 41814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 501262 | 1941386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 1330 | 427308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 32658545 | 191692062 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $15.14 | $29.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 15.38 | 29.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 15.34 | 29.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 15.32 | 29.08 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Segregated for initial margin and/or collateral as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Futures** | **Forwards** | **Swaps** |
|  Enhanced Dividend Global Equity Portfolio | $404760 | $— | $1398636 |
|  Tax-Advantaged Global Equity Portfolio | 4357659 | 16250000 | 900376 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Maximum public offering price per share for Class A Shares of the Enhanced Dividend Global Equity Portfolio and Tax-Advantaged Global Equity Portfolio is $16.02 and $30.94, respectively.

&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 GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Six Months Ended February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Enhanced Dividend<br>Global Equity<br>Portfolio** | **Tax-Advantaged<br>Global Equity<br>Portfolio** |
| Investment income: |  |  |
|  Dividends from Affiliated Underlying Funds | $3776032 | $51478711 |
|  Dividends — unaffiliated issuers (net of foreign withholding taxes of $– and $240, respectively) | 232587 | 1507023 |
|  **Total Investment Income** | 4008619 | 52985734 |
| Expenses: |  |  |
|  Management fees | 364022 | 4021776 |
|  Transfer Agency fees<sup>(a)</sup> | 75082 | 807809 |
|  Professional fees | 60120 | 60137 |
|  Custody, accounting and administrative services | 52826 | 210799 |
|  Registration fees | 24682 | 35037 |
|  Printing and mailing costs | 14325 | 18092 |
|  Trustee fees | 14153 | 18931 |
|  Distribution and/or Service (12b-1) fees | 3952 | 1424 |
|  Other | 9095 | 39548 |
|  **Total expenses** | 618257 | 5213553 |
|  Less — expense reductions | (171006) | (364081) |
|  **Net expenses** | 447251 | 4849472 |
|  **NET INVESTMENT INCOME** | 3561368 | 48136262 |
| Realized and Unrealized gain (loss): |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 100876 | 2448481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated Underlying Funds | 1807298 | 63319592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 865776 | 9316583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts | 342713 | 3839441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | 80897 | 857618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (6763) | (86682) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | (68877) | (752320) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 146716 | (5821007) |
|  Capital gain distributions from affiliated Underlying Funds | 18206065 | 6188021 |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 2879385 | 13147771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment in affiliated Underlying Funds | 16496712 | 403902532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 70271 | 3232199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 83601 | 896309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 20722 | 166300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts | (224) | 9750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | (195663) | (2083133) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (547725) | (6132783) |
|  **Net realized and unrealized gain** | 40281780 | 492448672 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $43843148 | $540584934 |

---

&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 GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations (continued) *For the Six Months Ended February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Class specific Transfer Agency fees were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Institutional** | **Class R6** | **Class P** |
| Enhanced Dividend Global Equity Portfolio | $2371 | $1519 | $4 | $71188 |
| Tax-Advantaged Global Equity Portfolio | 854 | 11082 | 1772 | 794101 |

---

&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 GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** |
|  | **For the**<br> **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** | **For the**<br> **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>August 31, 2025** |
| From operations: |  |  |  |  |
| Net investment income | $3561368 | $7653066 | $48136262 | $48719857 |
| Net realized gain | 21474701 | 19940876 | 79309727 | 175489513 |
|  Net change in unrealized gain | 18807079 | 23709150 | 413138945 | 408418447 |
|  **Net increase in net assets resulting from operations** | 43843148 | 51303092 | 540584934 | 632627817 |
| Distributions to shareholders: |  |  |  |  |
| From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (164594) | (184554) | (55624) | (16398) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (407090) | (512400) | (2867195) | (993154) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (1029) | (1171) | (622897) | (213936) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (25270376) | (29814564) | (279632982) | (94037337) |
|  **Total distributions to shareholders** | (25843089) | (30512689) | (283178698) | (95260825) |
| From share transactions: |  |  |  |  |
| Proceeds from sales of shares | 36399973 | 27233021 | 350728282 | 336776517 |
| Reinvestment of distributions | 7832927 | 30510699 | 98812891 | 94933078 |
| Cost of shares redeemed | (22627889) | (52752185) | (199184763) | (312003492) |
| **Net increase in net assets resulting from share transactions** | 21605011 | 4991535 | 250356410 | 119706103 |
|  **TOTAL INCREASE** | 39605070 | 25781938 | 507762646 | 657073095 |
| Net Assets: |  |  |  |  |
| Beginning of period | $471883137 | $446101199 | $5137955092 | $4480881997 |
| End of period | $511488207 | $471883137 | $5645717738 | $5137955092 |

---

&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 ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

&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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $14.61 | $13.99 | $12.30 | $12.08 | $14.54 | $11.76 |
|  Net investment income<sup>(a)(b)</sup> | 0.08 | 0.19 | 0.22 | 0.18 | 0.25 | 0.19 |
|  Net realized and unrealized gain (loss) | 1.23 | 1.36 | 1.97 | 1.14 | (1.54) | 2.80 |
|  Total from investment operations | 1.31 | 1.55 | 2.19 | 1.32 | (1.29) | 2.99 |
|  Distributions to shareholders from net investment income | (0.17) | (0.29) | (0.23) | (0.22) | (0.45) | (0.21) |
|  Distributions to shareholders from net realized gains | (0.61) | (0.64) | (0.27) | (0.88) | (0.72) |  |
|  Total distributions | (0.78) | (0.93) | (0.50) | (1.10) | (1.17) | (0.21) |
|  Net asset value, end of period | $15.14 | $14.61 | $13.99 | $12.30 | $12.08 | $14.54 |
|  **Total Return<sup>(c)</sup>** | 9.20% | 11.61% | 18.38% | 11.84% | (9.61)% | 25.64% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3009 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2685 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2774 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2713 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3801 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.51 %<sup>(e)</sup> | 0.51% | 0.51% | 0.53% | 0.52% | 0.50% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.62 %<sup>(e)</sup> | 0.64% | 0.64% | 0.65% | 0.61% | 0.63% |
|  Ratio of net investment income to average net assets | 1.14 %<sup>(e)</sup> | 1.39% | 1.69% | 1.50% | 1.89% | 1.49% |
|  Portfolio turnover rate<sup>(f)</sup> | 3% | 17% | 10% | 8% | 23% | 16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions and 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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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.<sub>13</sub>

------

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

&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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $14.83 | $14.19 | $12.47 | $12.24 | $14.71 | $11.90 |
|  Net investment income<sup>(a)(b)</sup> | 0.11 | 0.24 | 0.26 | 0.22 | 0.30 | 0.25 |
|  Net realized and unrealized gain (loss) | 1.24 | 1.37 | 2.00 | 1.15 | (1.55) | 2.81 |
|  Total from investment operations | 1.35 | 1.61 | 2.26 | 1.37 | (1.25) | 3.06 |
|  Distributions to shareholders from net investment income | (0.19) | (0.33) | (0.27) | (0.26) | (0.50) | (0.25) |
|  Distributions to shareholders from net realized gains | (0.61) | (0.64) | (0.27) | (0.88) | (0.72) |  |
|  Total distributions | (0.80) | (0.97) | (0.54) | (1.14) | (1.22) | (0.25) |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.83 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.19 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.71 |
|  **Total Return<sup>(c)</sup>** | 9.37% | 11.93% | 18.74% | 12.24% | (9.32)% | 26.05% |
|  Net assets, end of period (in 000's) | $7709 | $7952 | $8428 | $8456 | $9109 | $13638 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.19 %<sup>(e)</sup> | 0.19% | 0.19% | 0.20% | 0.17% | 0.13% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.26 %<sup>(e)</sup> | 0.28% | 0.27% | 0.28% | 0.24% | 0.26% |
|  Ratio of net investment income to average net assets | 1.48 %<sup>(e)</sup> | 1.72% | 1.99% | 1.83% | 2.24% | 1.87% |
|  Portfolio turnover rate<sup>(f)</sup> | 3% | 17% | 10% | 8% | 23% | 16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions and 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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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;

---

| | |
|:---|:---|
| 14 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

&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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $14.79 | $14.16 | $12.44 | $12.21 | $14.68 | $11.88 |
|  Net investment income<sup>(a)(b)</sup> | 0.11 | 0.24 | 0.26 | 0.22 | 0.30 | 0.25 |
|  Net realized and unrealized gain (loss) | 1.24 | 1.37 | 2.00 | 1.15 | (1.55) | 2.81 |
|  Total from investment operations | 1.35 | 1.61 | 2.26 | 1.37 | (1.25) | 3.06 |
|  Distributions to shareholders from net investment income | (0.19) | (0.34) | (0.27) | (0.26) | (0.50) | (0.26) |
|  Distributions to shareholders from net realized gains | (0.61) | (0.64) | (0.27) | (0.88) | (0.72) |  |
|  Total distributions | (0.80) | (0.98) | (0.54) | (1.14) | (1.22) | (0.26) |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.79 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.68 |
|  **Total Return<sup>(c)</sup>** | 9.40% | 12.00% | 18.72% | 12.20% | (9.25)% | 26.03% |
|  Net assets, end of period (in 000's) | $20 | $19 | $17 | $14 | $12 | $14 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.19 %<sup>(e)</sup> | 0.18% | 0.17% | 0.19% | 0.17% | 0.13% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.24 %<sup>(e)</sup> | 0.25% | 0.24% | 0.25% | 0.22% | 0.23% |
|  Ratio of net investment income to average net assets | 1.47 %<sup>(e)</sup> | 1.73% | 2.01% | 1.86% | 2.24% | 1.86% |
|  Portfolio turnover rate<sup>(f)</sup> | 3% | 17% | 10% | 8% | 23% | 16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions and 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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. | **15** |

---

------

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

&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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $14.78 | $14.14 | $12.43 | $12.20 | $14.67 | $11.87 |
|  Net investment income<sup>(a)(b)</sup> | 0.11 | 0.24 | 0.26 | 0.22 | 0.30 | 0.25 |
|  Net realized and unrealized gain (loss) | 1.24 | 1.37 | 1.99 | 1.15 | (1.55) | 2.81 |
|  Total from investment operations | 1.35 | 1.61 | 2.25 | 1.37 | (1.25) | 3.06 |
|  Distributions to shareholders from net investment income | (0.20) | (0.33) | (0.27) | (0.26) | (0.50) | (0.26) |
|  Distributions to shareholders from net realized gains | (0.61) | (0.64) | (0.27) | (0.88) | (0.72) |  |
|  Total distributions | (0.81) | (0.97) | (0.54) | (1.14) | (1.22) | (0.26) |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.78 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.67 |
|  **Total Return<sup>(c)</sup>** | 9.34% | 11.99% | 18.73% | 12.20% | (9.26)% | 26.05% |
|  Net assets, end of period (in 000's) | $500410 | $460903 | $434972 | $403126 | $391095 | $470368 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.18 %<sup>(e)</sup> | 0.18% | 0.18% | 0.19% | 0.17% | 0.12% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.25 %<sup>(e)</sup> | 0.27% | 0.26% | 0.27% | 0.23% | 0.25% |
|  Ratio of net investment income to average net assets | 1.47 %<sup>(e)</sup> | 1.72% | 2.01% | 1.86% | 2.25% | 1.91% |
|  Portfolio turnover rate<sup>(f)</sup> | 3% | 17% | 10% | 8% | 23% | 16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions and 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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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;

---

| | |
|:---|:---|
| 16 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

&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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $27.84 | $24.92 | $20.43 | $18.81 | $21.83 | $17.16 |
|  Net investment income<sup>(a)(b)</sup> | 0.20 | 0.17 | 0.21 | 0.22 | 0.21 | 0.16 |
|  Net realized and unrealized gain (loss) | 2.63 | 3.19 | 4.49 | 1.98 | (2.91) | 4.67 |
|  Total from investment operations | 2.83 | 3.36 | 4.70 | 2.20 | (2.70) | 4.83 |
|  Distributions to shareholders from net investment income | (0.17) | (0.23) | (0.21) | (0.19) | (0.27) | (0.16) |
|  Distributions to shareholders from net realized gains | (1.26) | (0.21) |  | (0.39) | (0.05) |  |
|  Total distributions | (1.43) | (0.44) | (0.21) | (0.58) | (0.32) | (0.16) |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.84 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.92 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.81 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.83 |
|  **Total Return<sup>(c)</sup>** | 10.36% | 13.67% | 23.19% | 12.09% | (12.59)% | 28.29% |
|  Net assets, end of period (in 000's) | $1223 | $1083 | $878 | $603 | $526 | $606 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.55 %<sup>(e)</sup> | 0.55% | 0.55% | 0.56% | 0.55% | 0.50% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.56 %<sup>(e)</sup> | 0.57% | 0.57% | 0.58% | 0.57% | 0.58% |
|  Ratio of net investment income to average net assets | 1.41 %<sup>(e)</sup> | 0.68% | 0.92% | 1.18% | 1.03% | 0.81% |
|  Portfolio turnover rate<sup>(f)</sup> | 3% | 28% | 9% | 4% | 22% | 16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions and 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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. | **17** |

---

------

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

&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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $28.14 | $25.17 | $20.62 | $18.98 | $22.03 | $17.30 |
|  Net investment income<sup>(a)(b)</sup> | 0.25 | 0.27 | 0.30 | 0.30 | 0.29 | 0.23 |
|  Net realized and unrealized gain (loss) | 2.66 | 3.22 | 4.53 | 1.99 | (2.94) | 4.71 |
|  Total from investment operations | 2.91 | 3.49 | 4.83 | 2.29 | (2.65) | 4.94 |
|  Distributions to shareholders from net investment income | (0.26) | (0.31) | (0.28) | (0.26) | (0.35) | (0.21) |
|  Distributions to shareholders from net realized gains | (1.26) | (0.21) |  | (0.39) | (0.05) |  |
|  Total distributions | (1.52) | (0.52) | (0.28) | (0.65) | (0.40) | (0.21) |
|  Net asset value, end of period | $29.53 | $28.14 | $25.17 | $20.62 | $18.98 | $22.03 |
|  **Total Return<sup>(c)</sup>** | 10.55% | 14.07% | 23.66% | 12.51% | (12.31)% | 28.81% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57334 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54225 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48612 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40174 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37591 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33151 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.19 %<sup>(e)</sup> | 0.19% | 0.19% | 0.20% | 0.18% | 0.13% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.20 %<sup>(e)</sup> | 0.21% | 0.21% | 0.22% | 0.20% | 0.21% |
|  Ratio of net investment income to average net assets | 1.76 %<sup>(e)</sup> | 1.03% | 1.31% | 1.55% | 1.40% | 1.17% |
|  Portfolio turnover rate<sup>(f)</sup> | 3% | 28% | 9% | 4% | 22% | 16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions and 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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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;

---

| | |
|:---|:---|
| 18 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

&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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $27.73 | $24.81 | $20.33 | $18.73 | $21.73 | $17.07 |
|  Net investment income<sup>(a)(b)</sup> | 0.26 | 0.27 | 0.29 | 0.29 | 0.29 | 0.26 |
|  Net realized and unrealized gain (loss) | 2.62 | 3.17 | 4.48 | 1.97 | (2.89) | 4.62 |
|  Total from investment operations | 2.88 | 3.44 | 4.77 | 2.26 | (2.60) | 4.88 |
|  Distributions to shareholders from net investment income | (0.27) | (0.31) | (0.29) | (0.27) | (0.35) | (0.22) |
|  Distributions to shareholders from net realized gains | (1.26) | (0.21) |  | (0.39) | (0.05) |  |
|  Total distributions | (1.53) | (0.52) | (0.29) | (0.66) | (0.40) | (0.22) |
|  Net asset value, end of period | $29.08 | $27.73 | $24.81 | $20.33 | $18.73 | $21.73 |
|  **Total Return<sup>(c)</sup>** | 10.57% | 14.09% | 23.67% | 12.47% | (12.24)% | 28.84% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12426 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11311 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10112 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8284 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8343 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9971 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.18 %<sup>(e)</sup> | 0.18% | 0.18% | 0.19% | 0.16% | 0.12% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.19 %<sup>(e)</sup> | 0.20% | 0.20% | 0.21% | 0.19% | 0.20% |
|  Ratio of net investment income to average net assets | 1.80 %<sup>(e)</sup> | 1.05% | 1.31% | 1.54% | 1.41% | 1.36% |
|  Portfolio turnover rate<sup>(f)</sup> | 3% | 28% | 9% | 4% | 22% | 16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions and 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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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. | **19** |

---

------

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

&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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $27.74 | $24.82 | $20.34 | $18.73 | $21.74 | $17.07 |
|  Net investment income<sup>(a)(b)</sup> | 0.25 | 0.26 | 0.29 | 0.30 | 0.29 | 0.23 |
|  Net realized and unrealized gain (loss) | 2.62 | 3.18 | 4.48 | 1.97 | (2.90) | 4.66 |
|  Total from investment operations | 2.87 | 3.44 | 4.77 | 2.27 | (2.61) | 4.89 |
|  Distributions to shareholders from net investment income | (0.27) | (0.31) | (0.29) | (0.27) | (0.35) | (0.22) |
|  Distributions to shareholders from net realized gains | (1.26) | (0.21) |  | (0.39) | (0.05) |  |
|  Total distributions | (1.53) | (0.52) | (0.29) | (0.66) | (0.40) | (0.22) |
|  Net asset value, end of period | $29.08 | $27.74 | $24.82 | $20.34 | $18.73 | $21.74 |
|  **Total Return<sup>(c)</sup>** | 10.53% | 14.08% | 23.66% | 12.53% | (12.28)% | 28.87% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5574735 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5071336 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4421281 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3596886 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3232977 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3585571 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.18 %<sup>(e)</sup> | 0.18% | 0.18% | 0.19% | 0.17% | 0.12% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.19 %<sup>(e)</sup> | 0.20% | 0.20% | 0.21% | 0.19% | 0.20% |
|  Ratio of net investment income to average net assets | 1.80 %<sup>(e)</sup> | 1.04% | 1.31% | 1.56% | 1.41% | 1.18% |
|  Portfolio turnover rate<sup>(f)</sup> | 3% | 28% | 9% | 4% | 22% | 16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions and 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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&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;

---

| | |
|:---|:---|
| 20 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *February 28, 2026 (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 "Portfolios" or individually a "Portfolio"), along with their corresponding share classes and respective diversification status under the Act:

---

| | | |
|:---|:---|:---|
| **Fund** | **Share Classes Offered** | **Diversified/ Non-Diversified** |
| Goldman Sachs Enhanced Dividend Global Equity Portfolio | A, Institutional, R6 and P | Diversified |
| Goldman Sachs Tax-Advantaged Global Equity Portfolio | A, Institutional, R6 and P | Diversified |

---

Class A Shares are sold with a front-end sales charge of up to 5.50%. Institutional, Class R6 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 Portfolios pursuant to a management agreement (the "Agreement") with the Trust.

The Portfolios are expected to invest primarily in a combination of domestic and international equity and fixed income underlying funds ("Underlying Funds") which are registered under the Act, for which GSAM acts as the investment adviser. Additionally, these Portfolios may invest a portion of their assets directly in other securities and instruments, including unaffiliated exchange-traded funds.

&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 Portfolio 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 valuation policy of the Portfolios and Underlying Funds 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. Income distributions are recognized as capital gains or income in the financial statements in accordance with the character that is distributed. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract's term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date.

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 Portfolio are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Portfolio are charged to that Portfolio while such expenses incurred by the Trust are allocated across the applicable Portfolios 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 and Transfer Agency fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**21**

------

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (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;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Expenses included in the accompanying financial statements reflect the expenses of each Portfolio and do not include any expenses associated with the Underlying Funds. Because the Underlying Funds have varied expense and fee levels and the Portfolios may own different proportions of the Underlying Funds at different times, the amount of fees and expenses incurred indirectly by each Portfolio will vary.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Portfolio'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 Portfolio 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** | **CapitalGains Distributions Declared/Paid** |
| Enhanced Dividend Global Equity Portfolio | Quarterly | Annually |
| Tax-Advantaged Global Equity Portfolio | 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 Portfolio's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Portfolios' 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 Portfolio 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;F. Segment Reporting — The Portfolios follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Portfolio operates in one segment. The segment derives its revenues from Portfolio investments made in accordance with the defined investment strategy of the Portfolio, as prescribed in the Portfolios' prospectuses. The Chief Operating Decision Maker ("CODM") is the portfolio management team within the Portfolios' Investment Adviser. The CODM monitors and actively manages the operating results of each Portfolio. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Portfolios' single segment, is consistent with that presented within each Portfolio's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Portfolios' 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

22.0 ------

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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)

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 Portfolios ("Valuation Procedures"), including investments for which market quotations are not readily available. With respect to the Portfolios' 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 Portfolios' 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 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.

Underlying Funds (including Money Market 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 Portfolios invest in Underlying Funds that fluctuate in value, the Portfolios' 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 financial statements at SEC.gov.

Derivative Contracts— A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Portfolio 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 Portfolio 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 Portfolio, 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;

**23**

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (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;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A forward foreign currency exchange contract is a forward contract in which a Portfolio agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. 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 Portfolio 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 Portfolio 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Options —When the Portfolio writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

Upon the purchase of a call option or a put option by the Portfolio, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Swap Contracts — Bilateral swap contracts are agreements in which a Portfolio and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Portfolio and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member ("DCM"), acting in an agency capacity, and submitted to a central counterparty ("CCP") ("centrally cleared swaps"), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Portfolio is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

*An interest rate swap* is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

24.0 ------

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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)

*A total return swap* is an agreement that gives the Portfolio the right to receive or pay the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of securities or indices or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, the Portfolio may also be required to pay the dollar value of that decline to the counterparty.

&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 Portfolio'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 Portfolio'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 Portfolios' investments classified in the fair value hierarchy as of February 28, 2026:

---

| | | | |
|:---|:---|:---|:---|
| Enhanced Dividend Global Equity Portfolio | Enhanced Dividend Global Equity Portfolio |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Underlying Funds | $436051082 | $— | $— |
|  Exchange-Traded Funds | 29749648 |  |  |
|  Investment Companies | 35592651 |  |  |
|  **Total** | $501393381 | $— | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $125335 | $— |
|  Futures Contracts<sup>(a)</sup> | 176416 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | 10077 |  |
|  Purchased Options Contracts |  | 177126 |  |
|  Total Return Swap Contracts<sup>(a)</sup> |  | 30989 |  |
|  **Total** | $176416 | $343527 | $— |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $(690882) | $— |
|  Futures Contracts<sup>(a)</sup> | (15030) |  |  |
|  Written Options Contracts |  | (234520) |  |
|  **Total** | $(15030) | $(925402) | $— |
| **Tax-Advantaged Global Equity Portfolio** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Underlying Funds | $4954538384 | $— | $— |
|  Exchange-Traded Funds | 101729646 |  |  |
|  Investment Companies | 484684983 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5540953013 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $1440136 | $— |
|  Futures Contracts<sup>(a)</sup> | 2103109 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**25**

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (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;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
|  Interest Rate Swap Contracts<sup>(a)</sup> | $— | $119623 | $|
|  Purchased Options Contracts |  | 1901773 |  |
|  Total Return Swap Contracts<sup>(a)</sup> |  | 341261 |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103109 | $3802793 | $|
| Liabilities |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $(7756316) | $|
|  Futures Contracts<sup>(a)</sup> | (176824) |  |  |
|  Written Options Contracts |  | (2519392) |  |
|  **Total** | $(176824) | $(10275708) | $|

---

<sup>(a)</sup> 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 February 28, 2026. These instruments were used as part of the Portfolios' 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 Portfolios' net exposure.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Currency | Unrealized gain on forward foreign currency exchange contracts and Purchased options, at value | $134032 | Unrealized gain on forward foreign currency exchange contracts and Written options, at value | $(693334) |
| Equity | Purchased options at value, Variation margin<br> on futures and swaps contracts | $263262 | Written options at value, Variation margin on<br> futures contracts | $(232068) |
| Interest Rate | Variation margin on futures and swaps<br> contracts | $107619 | Variation margin on futures and swaps<br> contracts | $— |
|  Total |  | $504913 | Total | $(925402) |
| **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Currency | Unrealized gain on forward foreign currency exchange contracts and Purchased options, at value | $1536466 | Unrealized gain on forward foreign currency exchange contracts and Written options, at value | $(7783481) |
| Equity | Purchased options at value, Variation margin on futures contracts | $2991502 | Written options at value, Variation margin on futures contracts | $(2492227) |
| Interest Rate | Variation margin on futures and swaps contracts | $1201110 | Variation margin on futures and swaps<br> contracts | $— |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5729078 | Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10275708) |

---

<sup>(1)</sup> Includes unrealized gain (loss) on futures contracts and centrally cleared swap contracts described in the Additional Investment Information sections of the Schedule of Investments. Only variation margin as of February 28, 2026 is reported within the Statements of Assets and Liabilities. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

26.0 ------

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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)

The following tables set forth, by certain risk types, the Portfolios' gains (losses) related to these derivatives and their indicative volumes for the six months ended February 28, 2026. 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:

---

| | | | |
|:---|:---|:---|:---|
| **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in**<br> **Unrealized**<br> **Gain (Loss)** |
| Currency | Net realized gain (loss) from forward currency<br> exchange contracts, purchased options, and written options/Net change in unrealized gain (loss) on forward currency exchange contracts, purchased options, and written options | $850910 | $(546503) |
| Equity | Net realized gain (loss) from futures contracts, swap contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased options and written options | 412041 | (43716) |
| Interest Rate | Net realized gain (loss) from futures and swap contracts/Net change in unrealized gain (loss) on futures, swap contracts, purchased options and written options | 104274 | 480 |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367225 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(589739) |
| **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Currency | Net realized gain (loss) from forward currency<br> exchange contracts, purchased options and written<br> options/Net change in unrealized gain (loss) on<br> forward currency exchange contracts, purchased<br> options and written options | 9153046 | (6120277) |
| Equity | Net realized gain (loss) from futures contracts, swap contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts,<br> swap contracts, purchased options and written options | (2931532) | 2005173 |
| Interest Rate | Net realized gain (loss) from futures and swap<br> contracts/Net change in unrealized gain (loss) on<br> futures, swap contracts, purchased options and written<br> options | 1218803 | 37446 |
|  **Total** |  | $7440317 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4077658) |

---

For the six months ended February 28, 2026, the relevant values for each derivative type was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Average number of Contracts or Notional Amounts<sup>(a)</sup>** | **Average number of Contracts or Notional Amounts<sup>(a)</sup>** | **Average number of Contracts or Notional Amounts<sup>(a)</sup>** | **Average number of Contracts or Notional Amounts<sup>(a)</sup>** | **Average number of Contracts or Notional Amounts<sup>(a)</sup>** |
| **Fund** | **Futures Contracts** | **Forward Contracts** | **Swap Contracts** | **Purchased Options** | **Written Options** |
|  Enhanced Dividend Global Equity Portfolio | 225 | 42239603 | 133996 | 3429766 | 2757424 |
|  Tax-Advantaged Global Equity Portfolio | 2426 | 464095670 | 1463016 | 37243983 | 29550089 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent average number of contracts for futures contracts, purchased options and written options, notional amounts for forward contracts and swap 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 February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**27**

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (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;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Portfolios, 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 Portfolios' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of 0.15% of each Portfolio's average daily net assets. For the six months ended February 28, 2026, the effective net management fee with GSAM was at 0.14% of each Portfolio's average daily net assets.

The Portfolios invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund ("Government Money Market Fund") and Class R6 Shares of the Goldman Sachs Energy Infrastructure Fund, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Portfolios in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which the Portfolios invest. For the six months ended February 28, 2026, the management fees waived by GSAM for each Portfolio was as follows:

---

| | |
|:---|:---|
| **Fund** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management**<br> **Fee Waived** |
| Enhanced Dividend Global Equity Portfolio | $29148 |
| Tax-Advantaged Global Equity Portfolio | 355702 |

---

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A Shares of each applicable Portfolio, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, 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 0.25% of the average daily net assets attributable to Class A Shares of the Portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Portfolios pursuant to a Distribution Agreement, may retain a portion of the Class A Shares' front end sales charge. During the six months ended February 28, 2026, Goldman Sachs retained front-end sales charges of $288 for the Enhanced Dividend Global Equity Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;D. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Portfolios 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 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 Shares. Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.04% as an annual percentage rate of the average daily net assets attributable to Class A Shares of the Goldman Sachs Enhanced Dividend Global Equity Portfolio through at least December 29, 2026, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;E. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Portfolios (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 Portfolio. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Portfolios 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 Portfolios is 0.014%. These Other Expense limitations will remain in place through at least December 29, 2026, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Portfolios have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Portfolios' expenses and are received irrespective of the application of the "Other Expense" limitations described above.

For the six months ended February 28, 2026, 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;

28.0 ------

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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** |
|  Enhanced Dividend Global Equity Portfolio | $29148 | $632 | $141226 | $171006 |
|  Tax-Advantaged Global Equity Portfolio | 355702 |  | 8379 | 364081 |

---

&nbsp;&nbsp;&nbsp;&nbsp;F. Line of Credit Facility — As of February 28, 2026, the Portfolios 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 Portfolios based on the amount of the commitment that has not been utilized. For the six months ended February 28, 2026, the Portfolios did not have any borrowings under the facility.

&nbsp;&nbsp;&nbsp;&nbsp;G. Other Transactions with Affiliates — For the six months ended February 28, 2026, Goldman Sachs did not earn any brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Enhanced Dividend Global Equity Portfolio and Tax-Advantaged Global Equity Portfolio.

The Portfolios invest primarily in Class R6 Shares of the Underlying Funds. These Underlying Funds are considered to be affiliated with the Portfolios. The tables below show the transactions in and earnings from investments in these Underlying Funds for the six months ended February 28, 2026:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Enhanced Dividend Global Equity Portfolio | Enhanced Dividend Global Equity Portfolio | Enhanced Dividend Global Equity Portfolio | Enhanced Dividend Global Equity Portfolio |  |  |  |  |  |  |
| **Underlying Fund**<br>| **Beginning value as of August 31, 2025** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as<br>of February 28,<br>2026** | **Shares as of<br>February 28,<br>2026** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  Goldman Sachs U.S. Equity Dividend and Premium Fund | Goldman Sachs U.S. Equity Dividend and Premium Fund | Goldman Sachs U.S. Equity Dividend and Premium Fund | Goldman Sachs U.S. Equity Dividend and Premium Fund | Goldman Sachs U.S. Equity Dividend and Premium Fund |  |  |  |  |  |
|  | $288281853 | $17065237 | $(6301801) | $668039 | $1553178 | $301266507 | 16453660 | $1627883 | $15437355 |
|  Goldman Sachs Emerging Markets Equity Insights Fund | Goldman Sachs Emerging Markets Equity Insights Fund | Goldman Sachs Emerging Markets Equity Insights Fund | Goldman Sachs Emerging Markets Equity Insights Fund | Goldman Sachs Emerging Markets Equity Insights Fund |  |  |  |  |  |
|  | 8521488 | 193242 | (613600) | 100618 | 2156066 | 10357814 | 794311 | 193242 |  |
|  Goldman Sachs Energy Infrastructure Fund | Goldman Sachs Energy Infrastructure Fund | Goldman Sachs Energy Infrastructure Fund | Goldman Sachs Energy Infrastructure Fund | Goldman Sachs Energy Infrastructure Fund |  |  |  |  |  |
|  | 568004 | 43872 | (616433) | 133070 | (128514) |  |  | 10384 | 33488 |
|  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 |  |  |  |  |  |
|  | 29846434 | 29439464 | (23693228) | (19) |  | 35592651 | 35592651 | 639911 |  |
|  Goldman Sachs International Equity Dividend and Premium Fund | Goldman Sachs International Equity Dividend and Premium Fund | Goldman Sachs International Equity Dividend and Premium Fund | Goldman Sachs International Equity Dividend and Premium Fund | Goldman Sachs International Equity Dividend and Premium Fund |  |  |  |  |  |
|  | 71126030 | 1901169 |  |  | 10641509 | 83668708 | 8967707 | 743689 |  |
|  Goldman Sachs International Small Cap Insights Fund | Goldman Sachs International Small Cap Insights Fund | Goldman Sachs International Small Cap Insights Fund | Goldman Sachs International Small Cap Insights Fund | Goldman Sachs International Small Cap Insights Fund |  |  |  |  |  |
|  | 12478991 | 925826 | (1268124) | 610296 | 1260733 | 14007721 | 750682 | 380164 | 545662 |
|  Goldman Sachs Small Cap Equity Insights Fund | Goldman Sachs Small Cap Equity Insights Fund | Goldman Sachs Small Cap Equity Insights Fund | Goldman Sachs Small Cap Equity Insights Fund | Goldman Sachs Small Cap Equity Insights Fund |  |  |  |  |  |
|  | 25335668 | 2370320 | (2264670) | 295275 | 1013740 | 26750332 | 844125 | 180759 | 2189560 |
|  Total | $436158468 | $51939130 | $(34757856) | $1807279 | $16496712 | $471643733 |  | $3776032 | $18206065 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** |  |  |  |  |  |  |
| **Underlying**<br> **Fund**<br>| **Beginning value<br>as of August 31,<br>2025** | **Purchases at Cost** | **Proceeds from**<br> **Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as<br>of February 28,<br>2026** | **Shares as of<br>February 28,<br>2026** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  Goldman Sachs Emerging Markets Equity Insights Fund | Goldman Sachs Emerging Markets Equity Insights Fund | Goldman Sachs Emerging Markets Equity Insights Fund | Goldman Sachs Emerging Markets Equity Insights Fund | Goldman Sachs Emerging Markets Equity Insights Fund |  |  |  |  |  |
|  | $90299067 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2197012 | $– | $– | $25264154 | $117760233 | 9030693 | $2197012 | $– |
|  Goldman Sachs Energy Infrastructure Fund | Goldman Sachs Energy Infrastructure Fund | Goldman Sachs Energy Infrastructure Fund | Goldman Sachs Energy Infrastructure Fund | Goldman Sachs Energy Infrastructure Fund |  |  |  |  |  |
|  | 4648256 | 359024 | (5044570) | 1117193 | (1079903) |  |  | 84974 | 274050 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**29**

------

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (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;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** |  |  |  |  |  |  |
| **Underlying<br>Fund**<br>| **Beginning value<br>as of August 31,<br>2025** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as<br>of February 28,<br>2026** | **Shares as of<br>February 28,<br>2026** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  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 |  |  |  |  |  |
|  | $305012766 | $405344705 | $(225672488) | $– | $– | $484684983 | 484684983 | $8043250 | $– |
|  Goldman Sachs International Small Cap Insights Fund | Goldman Sachs International Small Cap Insights Fund | Goldman Sachs International Small Cap Insights Fund | Goldman Sachs International Small Cap Insights Fund | Goldman Sachs International Small Cap Insights Fund |  |  |  |  |  |
|  | 131646220 | 10034255 | (10116354) | 3679061 | 16574824 | 151818006 | 8136013 | 4120285 | 5913971 |
|  Goldman Sachs International Tax-Managed Equity Fund | Goldman Sachs International Tax-Managed Equity Fund | Goldman Sachs International Tax-Managed Equity Fund | Goldman Sachs International Tax-Managed Equity Fund | Goldman Sachs International Tax-Managed Equity Fund |  |  |  |  |  |
|  | 787161136 | 29127002 | (101250000) | 37222702 | 118568682 | 870829522 | 46051270 | 17385517 |  |
|  Goldman Sachs U.S. Tax-Managed Equity Fund | Goldman Sachs U.S. Tax-Managed Equity Fund | Goldman Sachs U.S. Tax-Managed Equity Fund | Goldman Sachs U.S. Tax-Managed Equity Fund | Goldman Sachs U.S. Tax-Managed Equity Fund |  |  |  |  |  |
|  | 3685800547 | 46674664 | (184220000) | 21300636 | 244574776 | 3814130623 | 69550157 | 19647673 |  |
|  Total | $5004567992 | $493736662 | $(526303412) | $63319592 | $403902533 | $5439223367 |  | $51478711 | $6188021 |

---

As of February 28, 2026, the Portfolios were beneficial owners of 5% or more of total outstanding shares of the following Funds:

---

| | | |
|:---|:---|:---|
| **Underlying Funds** | **Enhanced Dividend<br>Global Equity Portfolio** | **Tax-Advantaged<br>Global Equity Portfolio** |
| Goldman Sachs U.S. Equity Dividend and Premium Fund | 8% | –% |
| Goldman Sachs International Equity Dividend & Premium Fund | 50 |  |
| Goldman Sachs U.S. Tax-Managed Equity Fund |  | 87 |
| Goldman Sachs International Tax-Managed Equity Fund |  | 78 |

---

As of February 28, 2026, the Goldman Sachs Group, Inc. was the beneficial owner of the following share class of the Portfolios:

---

| | |
|:---|:---|
| **Fund** | **Class R6** |
| Enhanced Dividend Global Equity Portfolio | 100% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the six months ended February 28, 2026, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Enhanced Dividend Global Equity Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22704410 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11709334 |
|  Tax-Advantaged Global Equity Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143505002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299872965 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

30.0 ------

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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. TAX INFORMATION

As of the Portfolios' most recent fiscal year ended August 31, 2025, certain timing differences on a tax-basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **Enhanced**<br> **Dividend Global<br>Equity Portfolio** | **Tax-Advantaged<br>Global Equity<br>Portfolio** |
|  Timing differences — (Qualified Late Year Loss Deferral/Post October Loss Deferral/ Straddle Deferral) | $(818888) | $(8574087) |

---

As of February 28, 2026, the Portfolios' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
|  | **Enhanced Dividend**<br> **Global Equity Portfolio** | **Tax-Advantaged Global<br>Equity Portfolio** |
| Tax Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319639473 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2574509962 |
| Gross unrealized gain | 195930211 | 3018005873 |
| Gross unrealized loss | (14176303) | (51562821) |
|  Net unrealized gain (loss) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181753908 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2966443052 |

---

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, net mark to market gains/(losses) on regulated options contracts, net mark to market gains/(losses) on foreign currency contracts and differences in the tax treatment of passive foreign investment companies and swap transactions.

GSAM has reviewed the Portfolios' 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 Portfolios' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS

The Portfolios' and Underlying Funds' risks include, but are not limited to, the following:

Counterparty Risk — Many of the protections afforded to cleared transactions, such as the security afforded by transacting through a clearing house, might not be available in connection with OTC transactions. Therefore, in those instances in which the Fund enters into uncleared OTC transactions, the Fund will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the Fund will sustain losses.

Derivatives Risk — The Portfolios' use of derivatives and other similar instruments (collectively referred to in this paragraph as "derivatives") may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Portfolios. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Portfolios will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Portfolios will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**31**

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (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;8. OTHER RISKS (continued)

Dividend-Paying Investments Risk — A Portfolio's investments in dividend-paying securities could cause a Portfolio to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet a Portfolio's investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of a Portfolio to produce current income.

Expenses Risk — By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also the expenses of the Portfolio.

Investments in the Underlying Funds Risk — The Portfolios invest primarily in a combination of Underlying Funds, and are subject to the risk factors associated with the investments of those Underlying Funds in direct proportion to the amount of assets allocated to each. A strategy used by the Underlying Funds may fail to produce the intended results. As of February 28, 2026, the Enhanced Dividend Global Equity Portfolio invested 58.9% and 16.4% of its net assets in the Goldman Sachs U.S. Equity Dividend and Premium Fund (the "U.S. Equity Dividend and Premium Fund") and the Goldman Sachs International Equity Dividend and Premium Fund (the "International Equity Dividend and Premium Fund"), respectively. Because of the high concentration of its assets in these Underlying Funds, the Enhanced Dividend Global Equity Portfolio has greater exposure to the risks associated with these Underlying Funds than it does to the risks associated with the other Underlying Funds in which it invests. The U.S. Equity Dividend and Premium Fund invests primarily in dividend paying equity investments in large capitalization U.S. issuers, with public stock market capitalizations within the range of the market capitalization of the S&P 500<sup>®</sup> Index at the time of investment. This Underlying Fund expects that, under normal circumstances, it will write (sell) call options on the S&P 500<sup>®</sup> Index or related exchange-traded funds in an amount that is between 20% and 75% of the value of its portfolio. The International Equity Dividend and Premium Fund invests primarily in dividend-paying equity investments in non-U.S. issuers with public stock market capitalizations within the range of capitalization of the Morgan Stanley Capital International ("MSCI") Europe, Australasia, Far East ("EAFE") Index ("MSCI EAFE Index") at the time of investment. This Underlying Fund expects that, under normal circumstances, it will write (sell) call options on the MSCI EAFE Index, other national or regional stock market indices or related exchange-traded funds in an amount that is between 20% and 75% of the value of its portfolio.

As of February 28, 2026, the Tax-Advantaged Global Equity Portfolio invested 58.3% and 13.3% of its net assets in the Goldman Sachs U.S. Tax-Managed Equity Fund (the "U.S. Tax-Managed Equity Fund") and the Goldman Sachs International Tax-Managed Equity Fund (the "International Tax-Managed Equity Fund"), respectively. Because of the high concentration of its assets in these Underlying Funds, the Tax-Advantaged Global Equity Portfolio has greater exposure to the risks associated with these Underlying Funds than it does to the risks associated with the other Underlying Funds in which it invests. The U.S. Tax-Managed Equity Fund invests primarily in equity investments in U.S. issuers. This Underlying Fund will seek to maintain risk, style, capitalization and industry characteristics similar to the Russell 3000 Index. The International Tax-Managed Equity Fund invests primarily in equity investments in non-U.S. issuers. This Underlying Fund will seek to maintain risk, style, capitalization and industry characteristics similar to the MSCI EAFE Index. The investment adviser may seek tax-efficiency by offsetting gains and losses, limiting portfolio turnover or selling high tax basis securities for both Underlying Funds.

The Portfolios do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Portfolios within their principal investment strategies may represent a significant portion of an Underlying Fund's net assets.

Large Shareholder Transactions Risk — A Portfolio or an Underlying 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 Portfolio or an Underlying Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Portfolio or an Underlying Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Portfolio or an Underlying Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Portfolio's or an Underlying Fund's NAV and liquidity. These transactions may also accelerate the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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. OTHER RISKS (continued)

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 Portfolio's or an Underlying Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio's or the Underlying Fund's expense ratio. Similarly, large Portfolio or Underlying Fund share purchases may adversely affect a Portfolio's or an Underlying Fund's performance to the extent that the Portfolio or the Underlying Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Leverage Risk — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowing and the use of derivatives may result in leverage and may make the Portfolio more volatile. When the Portfolio uses leverage, the sum of that Portfolio's investment exposure may significantly exceed the amount of assets invested in the Portfolio, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. The use of leverage may cause the Portfolio to liquidate portfolio positions to satisfy its obligations when it may not be advantageous to do so. The use of leverage by the Portfolio can substantially increase the adverse impact to which the Portfolio's investment portfolio may be subject.

Market and Credit Risks — In the normal course of business, a Portfolio and an Underlying Fund trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of securities in which a Portfolio and/or an Underlying Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Portfolio and/or an Underlying Fund and their investments. Additionally, a Portfolio and/or an Underlying 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 Portfolio and the Underlying Fund have unsettled or open transactions defaults.

Tax-Managed Investment Risk — Because the Investment Adviser balances investment considerations and tax considerations, the pre-tax performance of the Goldman Sachs Tax-Advantaged Global Equity Portfolio may be lower than the performance of similar funds that are not tax-managed. This is because the Investment Adviser may choose not to make certain investments that may result in taxable distributions to the Goldman Sachs Tax-Advantaged Global Equity Portfolio. Even though tax-managed strategies are being used, they may not reduce the amount of taxable income and capital gains distributed by the Goldman Sachs Tax-Advantaged Global Equity Portfolio to shareholders. A high percentage of an Underlying Fund's NAV may consist of unrealized capital gains, which represent a potential future tax liability to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. 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 Portfolios. Additionally, in the course of business, the Portfolios enter into contracts that contain a variety of indemnification clauses. The Portfolios' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolios 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;10. OTHER MATTERS

The Portfolios adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**33**

------

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (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;10. OTHER MATTERS (continued)

jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Fund's financial position or the results of its operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. 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;12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** |
|  | **For the Six Months Ended<br>February 28, 2026**<br> (Unaudited) | **For the Six Months Ended<br>February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended<br>August 31, 2025** | **For the Fiscal Year Ended<br>August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 18137 | $267844 | 13006 | $180134 |
|  Reinvestment of distributions | 3109 | 45749 | 13324 | 183678 |
|  Shares redeemed<br>| (6032 ) | (89829 ) | (12255 ) | (167756 ) |
|  | 15214 | 223764 | 14075 | 196056 |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 60261 | 909263 | 65563 | 902019 |
|  Reinvestment of distributions | 8017 | 119784 | 36552 | 511285 |
|  Shares redeemed<br>| (103259 ) | (1545464 ) | (159787 ) | (2229694 ) |
|  | (34981) | (516417) | (57672) | (816390) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 48 | 719 | 1 | 11 |
|  Reinvestment of distributions | 21 | 311 | 84 | 1172 |
|  Shares redeemed<br>| —  | —  | —  | (1 ) |
|  | 69 | 1030 | 85 | 1182 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 2352423 | 35222147 | 1904286 | 26150857 |
|  Reinvestment of distributions | 514969 | 7667083 | 2139188 | 29814564 |
|  Shares redeemed<br>| (1397113 ) | (20992596 ) | (3608813 ) | (50354734 ) |
|  | 1470279 | 21896634 | 434661 | 5610687 |
|  **NET INCREASE IN SHARES** | 1450581 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21605011 | 391149 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4991535 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

34.0 ------

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** |
|  | **For the Six Months Ended<br>February 28, 2026**<br> (Unaudited) | **For the Six Months Ended<br>February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended<br>August 31, 2025** | **For the Fiscal Year Ended<br>August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 3544 | $100998 | 6234 | $163716 |
|  Reinvestment of distributions | 603 | 17072 | 642 | 16397 |
|  Shares redeemed<br>| (1238 ) | (35875 ) | (3201 ) | (83342 ) |
|  | 2909 | 82195 | 3675 | 96771 |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 101005 | 2906340 | 88276 | 2207660 |
|  Reinvestment of distributions | 34689 | 992614 | 38405 | 986797 |
|  Shares redeemed<br>| (121144 ) | (3513047 ) | (131105 ) | (3309680 ) |
|  | 14550 | 385907 | (4424) | (115223) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 14457 | 407455 | 510 | 12963 |
|  Reinvestment of distributions | 7757 | 218603 | 8449 | 213936 |
|  Shares redeemed | (2765 ) | (79045 ) | (8624 ) | (220327 ) |
|  | 19449 | 547013 | 335 | 6572 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 12225936 | 347313489 | 13205709 | 334392178 |
|  Reinvestment of distributions | 3462903 | 97584602 | 3701310 | 93715948 |
|  Shares redeemed | (6842102 ) | (195556796 ) | (12229685 ) | (308390143 ) |
|  | 8846737 | 249341295 | 4677334 | 119717983 |
|  **NET INCREASE IN SHARES** | 8883645 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250356410 | 4676920 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119706103 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**35**

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![LOGO](g57815dsp036.jpg)

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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.

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| | |
|:---|:---|
| (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.](d112713dex99cert.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.](d112713dex99906cert.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. |

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------

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: | May 5, 2026 |

---

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: | May 5, 2026 |
| By: | /s/ Joseph F. DiMaria |
|  | Joseph F. DiMaria |
|  | Principal Financial Officer |
|  | Goldman Sachs Trust |
| Date: | May 5, 2026 |

---

## 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: May 5, 2026

---

| |
|:---|
|  /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: May 5, 2026

---

| |
|:---|
|  /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 February 28, 2026 (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: May 5, 2026 | Date: May 5, 2026 |

---

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.