# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001193125-26-206402
**Filing Date:** 2026-5
**Character Count:** 409510
**Document Hash:** 37f931b264756c1bca8cdcf6e24d9676
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-206402.hdr.sgml**: 20260505

**ACCESSION NUMBER**: 0001193125-26-206402

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**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:** 26943179

**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 Tactical Tilt Overlay Fund (Series ID: S000046190)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000144475 | Institutional Shares | TTIFX           |
| C000196984 | Class R6 Shares      | TTRFX           |
| C000201713 | Class P Shares       | GSLPX           |

### Goldman Sachs Global Managed Beta Fund (Series ID: S000048066)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000151917 | Institutional Shares | GGMBX           |

### Goldman Sachs Strategic Factor Allocation Fund (Series ID: S000054057)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000169918 | Institutional Shares | SFAFX           |
| C000201707 | Class P Shares       | GSQPX           |

### Goldman Sachs Strategic Volatility Premium Fund (Series ID: S000071304)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000226252 | Institutional Shares | SVPFX           |
| C000226253 | Class P Shares       | SVPBX           |

?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 Global Managed Beta Fund, Goldman Sachs Strategic Factor Allocation Fund, Goldman Sachs Strategic Volatility Premium Fund, and Goldman Sachs Tactical Tilt Overlay Fund is filed herewith.

![Image](g106429ie1ddb0c57e32872.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Global Managed Beta Fund

#### GGMBX: Institutional Class

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Global Managed Beta 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.

## 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 | $14 | 0.26%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Asset Allocation (%)

---

| | |
|:---|:---|
| Common Stocks | 10.4% |
| Short-Term Investments | 1.4% |
| Other | 85.4% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $4816690408 |
| # of Portfolio Holdings as of Period End | 485 |
| Portfolio Turnover Rate for the Period | 14% |
| Total Net Advisory Fees Paid for the Period | $5220036 |

---

# Goldman Sachs Global Managed Beta 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Global Managed Beta Fund

# 38147X762-SAR-0226

# Institutional Class
![Image](g106429ie1ddb0c57e32872.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Strategic Factor Allocation Fund

#### GSQPX: Class P

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Strategic Factor Allocation 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. These allocations may not be representative of the Fund's future investments.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $39 | 0.76%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Fixed Income Put Options | 13.4 | - | 13.4 | -13.4 |
| Fixed Income Call Options | 13.7 | - | 13.7 | -13.7 |
| Developed Markets Equity Volatility | 0.1 | 0.1 | - | 0.1 |
| Interest Rate Call Options | 7.3 | 7.3 | - | 7.3 |
| Short-Term Investments | 53.6 | 53.6 | - | 53.6 |
| Developed Markets Equity Call Options | 13.9 | 13.9 | - | 13.9 |
| Developed Markets Ex U.S. Equity | 0.1 | 0.1 | - | 0.1 |
| Developed Markets Equity Put Options | 350.0 | 149.4 | 200.6 | -51.2 |
| Developed Markets Currency | 14.4 | 5.0 | 9.5 | -4.5 |
| Interest Rate Put Options | 7.3 | 7.3 | - | 7.3 |
| U.S. Equity | 51.0 | 51.0 | - | 51.0 |
| Cash | 114.7 | 60.3 | 54.4 | 5.9 |
| Fixed Income | 68.4 | 65.3 | 3.2 | 62.1 |

---

\* Asset class exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given asset class), divided by the Fund's net assets. "Net Exposure" represents the net exposure within the Fund to a given asset class, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted. Forward foreign currency exchange contracts for individual currency crosses are aggregated by settlement date and counterparty in the determination of gross exposure. Fixed income exposures are duration-adjusted to the 10-year reference rate of each respective country. "Short-term Investments" includes U.S. Treasuries and other short-term investments, including money market funds, repurchase agreements, cash and time deposits.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2386384754 |
| # of Portfolio Holdings as of Period End | 694 |
| Portfolio Turnover Rate for the Period | 13% |
| Total Net Advisory Fees Paid for the Period | $8413609 |

---

# Goldman Sachs Strategic Factor Allocation 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Strategic Factor Allocation Fund

# 38150B293-SAR-0226

# Class P
![Image](g106429ie1ddb0c57e32872.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Strategic Factor Allocation Fund

#### SFAFX: Institutional Class

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Strategic Factor Allocation 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. These allocations may not be representative of the Fund's future investments.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $39 | 0.77%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Fixed Income Put Options | 13.4 | - | 13.4 | -13.4 |
| Fixed Income Call Options | 13.7 | - | 13.7 | -13.7 |
| Developed Markets Equity Volatility | 0.1 | 0.1 | - | 0.1 |
| Interest Rate Call Options | 7.3 | 7.3 | - | 7.3 |
| Short-Term Investments | 53.6 | 53.6 | - | 53.6 |
| Developed Markets Equity Call Options | 13.9 | 13.9 | - | 13.9 |
| Developed Markets Ex U.S. Equity | 0.1 | 0.1 | - | 0.1 |
| Developed Markets Equity Put Options | 350.0 | 149.4 | 200.6 | -51.2 |
| Developed Markets Currency | 14.4 | 5.0 | 9.5 | -4.5 |
| Interest Rate Put Options | 7.3 | 7.3 | - | 7.3 |
| U.S. Equity | 51.0 | 51.0 | - | 51.0 |
| Cash | 114.7 | 60.3 | 54.4 | 5.9 |
| Fixed Income | 68.4 | 65.3 | 3.2 | 62.1 |

---

\* Asset class exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given asset class), divided by the Fund's net assets. "Net Exposure" represents the net exposure within the Fund to a given asset class, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted. Forward foreign currency exchange contracts for individual currency crosses are aggregated by settlement date and counterparty in the determination of gross exposure. Fixed income exposures are duration-adjusted to the 10-year reference rate of each respective country. "Short-term Investments" includes U.S. Treasuries and other short-term investments, including money market funds, repurchase agreements, cash and time deposits.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2386384754 |
| # of Portfolio Holdings as of Period End | 694 |
| Portfolio Turnover Rate for the Period | 13% |
| Total Net Advisory Fees Paid for the Period | $8413609 |

---

# Goldman Sachs Strategic Factor Allocation 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Strategic Factor Allocation Fund

# 38148U338-SAR-0226

# Institutional Class
![Image](g106429ie1ddb0c57e32872.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Strategic Volatility Premium Fund

#### SVPBX: Class P

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Strategic Volatility Premium 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. These allocations may not be representative of the Fund's future investments.

## 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 | $22 | 0.43%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Developed Markets Equity Put Options | 491.8 | 219.4 | 272.4 | -53.1 |
| Fixed Income Put Options | 13.1 | - | 13.1 | -13.1 |
| Fixed Income Call Options | 13.4 | - | 13.4 | -13.4 |
| Interest Rate Put Options | 0.4 | 0.4 | - | 0.4 |
| U.S. Equity | 1 | 1 | - | 1 |
| Interest Rate Call Options | 0.4 | 0.4 | - | 0.4 |
| Cash | 38.5 | 22.2 | 16.3 | 6 |
| Fixed Income | 44 | 44 | - | 44 |
| Short-Term Investments | 93.9 | 93.9 |  | 93.9 |

---

\* Asset class exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given asset class), divided by the Fund's net assets. "Net Exposure" represents the net exposure within the Fund to a given asset class, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted. Forward foreign currency exchange contracts for individual currency crosses are aggregated by settlement date and counterparty in the determination of gross exposure. Fixed income exposures are duration-adjusted to the 10-year reference rate of each respective country. "Short-term Investments" includes U.S. Treasuries and other short-term investments, including money market funds, repurchase agreements, cash and time deposits.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $531337532 |
| # of Portfolio Holdings as of Period End | 82 |
| Portfolio Turnover Rate for the Period | 0% |
| Total Net Advisory Fees Paid for the Period | $877221 |

---

# Goldman Sachs Strategic Volatility Premium 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Strategic Volatility Premium Fund

# 38150C515-SAR-0226

# Class P
![Image](g106429ie1ddb0c57e32872.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Strategic Volatility Premium Fund

#### SVPFX: Institutional Class

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Strategic Volatility Premium 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. These allocations may not be representative of the Fund's future investments.

## 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 | $22 | 0.44%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Developed Markets Equity Put Options | 491.8 | 219.4 | 272.4 | -53.1 |
| Fixed Income Put Options | 13.1 | - | 13.1 | -13.1 |
| Fixed Income Call Options | 13.4 | - | 13.4 | -13.4 |
| Interest Rate Put Options | 0.4 | 0.4 | - | 0.4 |
| U.S. Equity | 1 | 1 | - | 1 |
| Interest Rate Call Options | 0.4 | 0.4 | - | 0.4 |
| Cash | 38.5 | 22.2 | 16.3 | 6 |
| Fixed Income | 44 | 44 | - | 44 |
| Short-Term Investments | 93.9 | 93.9 |  | 93.9 |

---

\* Asset class exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given asset class), divided by the Fund's net assets. "Net Exposure" represents the net exposure within the Fund to a given asset class, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted. Forward foreign currency exchange contracts for individual currency crosses are aggregated by settlement date and counterparty in the determination of gross exposure. Fixed income exposures are duration-adjusted to the 10-year reference rate of each respective country. "Short-term Investments" includes U.S. Treasuries and other short-term investments, including money market funds, repurchase agreements, cash and time deposits.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $531337532 |
| # of Portfolio Holdings as of Period End | 82 |
| Portfolio Turnover Rate for the Period | 0% |
| Total Net Advisory Fees Paid for the Period | $877221 |

---

# Goldman Sachs Strategic Volatility Premium 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Strategic Volatility Premium Fund

# 38150C523-SAR-0226

# Institutional Class
![Image](g106429ie1ddb0c57e32872.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Tactical Tilt Overlay Fund

#### GSLPX: Class P

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Tactical Tilt Overlay 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. These allocations may not be representative of the Fund's future investments.

## 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 | 0.71%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Trend-Based Rotation Tilt | 1.9 | 1.9 | - | 1.9 |
| Long Spot Uranium | 0.8 | 0.8 | - | 0.8 |
| Long Mexico Equities | 1.3 | 1.3 | - | 1.3 |
| Long South Africa Equities | 1.4 | 1.4 | - | 1.4 |
| Long U.S. Healthcare Equities | 4.2 | 4.2 | - | 4.2 |
| Ensemble Timing System Tilt (S&P 500) | 0.5 | 0.5 | - | 0.5 |
| Long European Healthcare Equities | 2.5 | 2.5 | - | 2.5 |
| Long Indian Equities | 1.8 | 1.8 | - | 1.8 |
| U.S. Healthcare Equities Options | 1.5 | - | 1.5 | -1.5 |
| Long German Midcap Equities | 0.9 | 0.9 | - | 0.9 |
| Receive Brazilian Rates | 2.1 | 2.1 | - | 2.1 |
| EURGBP Options | 0.5 | 0.5 | - | 0.5 |
| N.A. Tech Software Equity Options | 0.3 | 0.3 | - | 0.3 |
| Investment Grade Fixed Income | 48.7 | 48.7 |  | 48.7 |

---

\* Tilts exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a tilt exposure), divided by the Fund's total net assets. "Net Exposure" represents the net exposure within the Fund to a given tilt position, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted. Fixed income exposures are duration-adjusted to the 10-year reference rate of each respective country.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $5124343598 |
| # of Portfolio Holdings as of Period End | 241 |
| Portfolio Turnover Rate for the Period | 19% |
| Total Net Advisory Fees Paid for the Period | $16179385 |

---

# Goldman Sachs Tactical Tilt Overlay 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Tactical Tilt Overlay Fund

# 38150B244-SAR-0226

# Class P
![Image](g106429ie1ddb0c57e32872.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Tactical Tilt Overlay Fund

#### TTRFX: Class R6

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Tactical Tilt Overlay 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. These allocations may not be representative of the Fund's future investments.

## 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 | 0.71%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Trend-Based Rotation Tilt | 1.9 | 1.9 | - | 1.9 |
| Long Spot Uranium | 0.8 | 0.8 | - | 0.8 |
| Long Mexico Equities | 1.3 | 1.3 | - | 1.3 |
| Long South Africa Equities | 1.4 | 1.4 | - | 1.4 |
| Long U.S. Healthcare Equities | 4.2 | 4.2 | - | 4.2 |
| Ensemble Timing System Tilt (S&P 500) | 0.5 | 0.5 | - | 0.5 |
| Long European Healthcare Equities | 2.5 | 2.5 | - | 2.5 |
| Long Indian Equities | 1.8 | 1.8 | - | 1.8 |
| U.S. Healthcare Equities Options | 1.5 | - | 1.5 | -1.5 |
| Long German Midcap Equities | 0.9 | 0.9 | - | 0.9 |
| Receive Brazilian Rates | 2.1 | 2.1 | - | 2.1 |
| EURGBP Options | 0.5 | 0.5 | - | 0.5 |
| N.A. Tech Software Equity Options | 0.3 | 0.3 | - | 0.3 |
| Investment Grade Fixed Income | 48.7 | 48.7 |  | 48.7 |

---

\* Tilts exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a tilt exposure), divided by the Fund's total net assets. "Net Exposure" represents the net exposure within the Fund to a given tilt position, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted. Fixed income exposures are duration-adjusted to the 10-year reference rate of each respective country.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $5124343598 |
| # of Portfolio Holdings as of Period End | 241 |
| Portfolio Turnover Rate for the Period | 19% |
| Total Net Advisory Fees Paid for the Period | $16179385 |

---

# Goldman Sachs Tactical Tilt Overlay 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Tactical Tilt Overlay Fund

# 38148U155-SAR-0226

# Class R6
![Image](g106429ie1ddb0c57e32872.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs Tactical Tilt Overlay Fund

#### TTIFX: Institutional Class

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Tactical Tilt Overlay 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. These allocations may not be representative of the Fund's future investments.

## 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 | 0.72%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Trend-Based Rotation Tilt | 1.9 | 1.9 | - | 1.9 |
| Long Spot Uranium | 0.8 | 0.8 | - | 0.8 |
| Long Mexico Equities | 1.3 | 1.3 | - | 1.3 |
| Long South Africa Equities | 1.4 | 1.4 | - | 1.4 |
| Long U.S. Healthcare Equities | 4.2 | 4.2 | - | 4.2 |
| Ensemble Timing System Tilt (S&P 500) | 0.5 | 0.5 | - | 0.5 |
| Long European Healthcare Equities | 2.5 | 2.5 | - | 2.5 |
| Long Indian Equities | 1.8 | 1.8 | - | 1.8 |
| U.S. Healthcare Equities Options | 1.5 | - | 1.5 | -1.5 |
| Long German Midcap Equities | 0.9 | 0.9 | - | 0.9 |
| Receive Brazilian Rates | 2.1 | 2.1 | - | 2.1 |
| EURGBP Options | 0.5 | 0.5 | - | 0.5 |
| N.A. Tech Software Equity Options | 0.3 | 0.3 | - | 0.3 |
| Investment Grade Fixed Income | 48.7 | 48.7 |  | 48.7 |

---

\* Tilts exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a tilt exposure), divided by the Fund's total net assets. "Net Exposure" represents the net exposure within the Fund to a given tilt position, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted. Fixed income exposures are duration-adjusted to the 10-year reference rate of each respective country.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $5124343598 |
| # of Portfolio Holdings as of Period End | 241 |
| Portfolio Turnover Rate for the Period | 19% |
| Total Net Advisory Fees Paid for the Period | $16179385 |

---

# Goldman Sachs Tactical Tilt Overlay 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Tactical Tilt Overlay Fund

# 38147X838-SAR-0226

# Institutional Class

------

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](g106429dsp001.jpg)

Goldman Sachs Funds Semi-Annual Financial Statements February 28, 2026 Allocation Funds Goldman Sachs Global Managed Beta Fund Goldman Sachs Strategic Factor Allocation Fund Goldman Sachs Strategic Volatility Premium Fund Goldman Sachs Tactical Tilt Overlay Fund

------

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

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

## Goldman Sachs Allocation Funds

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  **[Consolidated Schedules of Investments](#af106429_1)** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Global Managed Beta Fund](#af106429_2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Strategic Factor Allocation Fund](#af106429_3) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Strategic Volatility Premium Fund](#af106429_4) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Tactical Tilt Overlay Fund](#af106429_5) | 30 |
|  **[Consolidated Financial Statements](#af106429_6)** | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#af106429_7) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#af106429_8) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#af106429_9) | 41 |
|  **[Consolidated Financial Highlights](#af106429_10)** | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Global Managed Beta Fund](#af106429_11) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Strategic Factor Allocation Fund](#af106429_12) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Strategic Volatility Premium Fund](#af106429_13) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Tactical Tilt Overlay Fund](#af106429_14) | 48 |
|  **[Consolidated Notes to Financial Statements](#af106429_15)** | 51 |

---

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

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

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

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

Consolidated 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 – 10.4% | Common Stocks – 10.4% |  |
| Aerospace & Defense – 0.0% | Aerospace & Defense – 0.0% |  |
| 205 | Curtiss-Wright Corp. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143568 |
| 750 | Textron, Inc. | 73987 |
|  |  | 217555 |
| Air Freight & Logistics – 0.1% | Air Freight & Logistics – 0.1% |  |
| 13054 | CH Robinson Worldwide, Inc. | 2418253 |
| 37811 | Deutsche Post AG | 2226506 |
| 4434 | Expeditors International of Washington, Inc. | 643063 |
| 1207 | FedEx Corp. | 467109 |
| 18896 | InPost SA\* | 339181 |
|  |  | 6094112 |
| Automobile Components – 0.1% | Automobile Components – 0.1% |  |
| 4369 | Aisin Corp. | 77552 |
| 3434 | Aptiv PLC\* | 252536 |
| 45881 | Bridgestone Corp. | 1107571 |
| 3865 | Continental AG | 333063 |
| 9650 | Sumitomo Electric Industries Ltd. | 637664 |
|  |  | 2408386 |
| Automobiles – 0.1% | Automobiles – 0.1% |  |
| 34696 | Rivian Automotive, Inc. Class A\* | 531890 |
| 37762 | Suzuki Motor Corp. | 571089 |
| 5475 | Tesla, Inc.\* | 2203742 |
|  |  | 3306721 |
| Banks – 0.8% | Banks – 0.8% |  |
| 77156 | AIB Group PLC | 800864 |
| 88197 | Banco Bilbao Vizcaya Argentaria SA | 2042784 |
| 32860 | Banco BPM SpA | 484033 |
| 29895 | Banco Comercial Portugues SA Class R | 31400 |
| 119327 | Banco de Sabadell SA | 449269 |
| 130553 | Banco Santander SA | 1646543 |
| 30158 | Bank Hapoalim BM | 761131 |
| 43378 | Bank Leumi Le-Israel BM | 1050160 |
| 31016 | Bank of America Corp. | 1545527 |
| 754 | Bank of Montreal | 108513 |
| 47414 | Bankinter SA | 786757 |
| 2440 | BAWAG Group AG<sup>(a)</sup> | 377914 |
| 58318 | BOC Hong Kong Holdings Ltd. | 333565 |
| 17063 | BPER Banca SpA | 240314 |
| 79792 | CaixaBank SA | 983458 |
| 14952 | Canadian Imperial Bank of Commerce | 1510382 |
| 7390 | Citigroup, Inc. | 814304 |
| 11139 | Danske Bank AS | 581172 |
| 23787 | DBS Group Holdings Ltd. | 1071490 |
| 32550 | DNB Bank ASA | 1030351 |
| 4837 | Erste Group Bank AG | 574124 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Banks – (continued) | Banks – (continued) |  |
| 4398 | FinecoBank Banca Fineco SpA | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103503 |
| 31747 | HSBC Holdings PLC | 593384 |
| 22966 | ING Groep NV | 662636 |
| 178570 | Intesa Sanpaolo SpA | 1225267 |
| 34677 | Israel Discount Bank Ltd. Class A | 419694 |
| 18093 | JPMorgan Chase & Co. | 5433328 |
| 4182 | KBC Group NV | 566381 |
| 12358 | Mizrahi Tefahot Bank Ltd. | 925891 |
| 956 | National Bank of Canada | 133422 |
| 90626 | NatWest Group PLC | 752415 |
| 49950 | Nordea Bank Abp | 966559 |
| 17309 | Oversea-Chinese Banking Corp. Ltd. | 292923 |
| 514 | PNC Financial Services Group, Inc. | 109148 |
| 1747 | Regions Financial Corp. | 48619 |
| 9203 | Royal Bank of Canada | 1538747 |
| 11823 | Skandinaviska Enskilda Banken AB Class A | 251371 |
| 16935 | Standard Chartered PLC | 417742 |
| 22028 | Svenska Handelsbanken AB Class A | 352168 |
| 27814 | Swedbank AB Class A | 1068421 |
| 24411 | Toronto-Dominion Bank | 2378017 |
| 6985 | U.S. Bancorp | 381800 |
| 16821 | UniCredit SpA | 1432264 |
| 16134 | Wells Fargo & Co. | 1314114 |
|  |  | 38591869 |
| Beverages – 0.1% | Beverages – 0.1% |  |
| 308 | Coca-Cola Co. | 25121 |
| 11252 | Coca-Cola HBC AG Class DI | 730382 |
| 580 | Heineken Holding NV | 50243 |
| 12592 | Kirin Holdings Co. Ltd. | 218568 |
| 19235 | Monster Beverage Corp.\* | 1640746 |
| 2806 | PepsiCo, Inc. | 476290 |
| 2631 | Suntory Beverage & Food Ltd. | 82739 |
|  |  | 3224089 |
| Biotechnology – 0.3% | Biotechnology – 0.3% |  |
| 8452 | AbbVie, Inc. | 1961540 |
| 1598 | Alnylam Pharmaceuticals, Inc.\* | 532006 |
| 153 | Amgen, Inc. | 59388 |
| 3762 | Biogen, Inc.\* | 721627 |
| 2118 | Genmab AS\* | 623595 |
| 17803 | Gilead Sciences, Inc. | 2651757 |
| 25560 | Incyte Corp.\* | 2588461 |
| 2114 | Natera, Inc.\* | 439797 |
| 801 | Regeneron Pharmaceuticals, Inc. | 626118 |
| 3113 | United Therapeutics Corp.\* | 1568641 |

---

&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 consolidated financial statements.**<sub>1</sub>

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

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

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

Consolidated 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** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Biotechnology – (continued) | Biotechnology – (continued) | Biotechnology – (continued) | Biotechnology – (continued) |
| 1997 | Vertex Pharmaceuticals, Inc.\* | $| 992169 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;12765099 |
| Broadline Retail – 0.3% | Broadline Retail – 0.3% | Broadline Retail – 0.3% | Broadline Retail – 0.3% |
| 53193 | Amazon.com, Inc.\* |  | 11170530 |
| 14388 | eBay, Inc. |  | 1307294 |
| 322 | MercadoLibre, Inc.\* |  | 565941 |
| 7271 | Next PLC |  | 1325064 |
| 113889 | Pan Pacific International Holdings Corp. |  | 761111 |
| 24032 | Ryohin Keikaku Co. Ltd. |  | 548422 |
| 257 | Sea Ltd. ADR\* |  | 27871 |
| 11614 | Wesfarmers Ltd. |  | 657969 |
|  |  |  | 16364202 |
| Building Products – 0.1% | Building Products – 0.1% | Building Products – 0.1% | Building Products – 0.1% |
| 8040 | Allegion PLC |  | 1295646 |
| 16392 | Builders FirstSource, Inc.\* |  | 1709522 |
| 854 | Carlisle Cos., Inc. |  | 337134 |
| 1423 | Daikin Industries Ltd. |  | 180799 |
| 843 | Lennox International, Inc. |  | 480459 |
| 16707 | Masco Corp. |  | 1196555 |
| 14293 | Rockwool AS Class B |  | 473920 |
| 589 | Trane Technologies PLC |  | 272307 |
|  |  |  | 5946342 |
| Capital Markets – 0.3% | Capital Markets – 0.3% | Capital Markets – 0.3% | Capital Markets – 0.3% |
| 13728 | 3i Group PLC |  | 613311 |
| 3491 | Ameriprise Financial, Inc. |  | 1641189 |
| 17997 | Bank of New York Mellon Corp. |  | 2143443 |
| 1519 | Cboe Global Markets, Inc. |  | 455275 |
| 10773 | Charles Schwab Corp. |  | 1025590 |
| 476 | Moody's Corp. |  | 227333 |
| 10087 | Morgan Stanley |  | 1679586 |
| 8791 | Northern Trust Corp. |  | 1257904 |
| 5115 | Raymond James Financial, Inc. |  | 783004 |
| 6533 | Robinhood Markets, Inc. Class A\* |  | 495528 |
| 58943 | SBI Holdings, Inc. |  | 1260713 |
| 17507 | Singapore Exchange Ltd. |  | 251411 |
| 9850 | State Street Corp. |  | 1266907 |
| 5825 | T. Rowe Price Group, Inc. |  | 551220 |
|  |  |  | 13652414 |
| Chemicals – 0.1% | Chemicals – 0.1% |  |  |
| 43504 | Asahi Kasei Corp. |  | 512713 |
| 4881 | CF Industries Holdings, Inc. |  | 485855 |
| 3437 | Corteva, Inc. |  | 275373 |
| 40632 | Mitsubishi Chemical Group Corp. |  | 301519 |
| 10587 | Nitto Denko Corp. |  | 245517 |
| 3112 | RPM International, Inc. |  | 355142 |
| 660 | Sherwin-Williams Co. |  | 239309 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Chemicals – (continued) | Chemicals – (continued) | Chemicals – (continued) | Chemicals – (continued) |
| 16687 | Yara International ASA | $| 844733 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3260161 |
| Commercial Services & Supplies – 0.1% | Commercial Services & Supplies – 0.1% | Commercial Services & Supplies – 0.1% | Commercial Services & Supplies – 0.1% |
| 2353 | Cintas Corp. |  | 473259 |
| 19094 | Rollins, Inc. |  | 1162634 |
| 32114 | Securitas AB Class B |  | 571489 |
| 8387 | Veralto Corp. |  | 817145 |
|  |  |  | 3024527 |
| Communications Equipment – 0.1% | Communications Equipment – 0.1% | Communications Equipment – 0.1% | Communications Equipment – 0.1% |
| 619 | Arista Networks, Inc.\* |  | 82637 |
| 2226 | Ciena Corp.\* |  | 776206 |
| 23327 | Cisco Systems, Inc. |  | 1853563 |
| 5577 | F5, Inc.\* |  | 1513375 |
| 131620 | Telefonaktiebolaget LM Ericsson Class B |  | 1521525 |
|  |  |  | 5747306 |
| Construction & Engineering – 0.2% | Construction & Engineering – 0.2% | Construction & Engineering – 0.2% | Construction & Engineering – 0.2% |
| 573 | Comfort Systems USA, Inc. |  | 819029 |
| 13735 | Eiffage SA |  | 2368497 |
| 3336 | EMCOR Group, Inc. |  | 2417332 |
| 2963 | HOCHTIEF AG |  | 1429237 |
| 6123 | Stantec, Inc. |  | 566940 |
| 7308 | Vinci SA |  | 1213026 |
| 7013 | WSP Global, Inc. |  | 1188002 |
|  |  |  | 10002063 |
| Construction Materials – 0.1% | Construction Materials – 0.1% | Construction Materials – 0.1% | Construction Materials – 0.1% |
| 4229 | Buzzi SpA |  | 243816 |
| 8043 | Heidelberg Materials AG |  | 1791919 |
| 13918 | Holcim AG |  | 1279499 |
|  |  |  | 3315234 |
| Consumer Finance – 0.1% | Consumer Finance – 0.1% | Consumer Finance – 0.1% | Consumer Finance – 0.1% |
| 4822 | American Express Co. |  | 1489516 |
| 0 | Isracard Ltd. |  | 4 |
| 31679 | Synchrony Financial |  | 2189335 |
|  |  |  | 3678855 |
| Consumer Staples Distribution & Retail – 0.6% | Consumer Staples Distribution & Retail – 0.6% | Consumer Staples Distribution & Retail – 0.6% | Consumer Staples Distribution & Retail – 0.6% |
| 21867 | Aeon Co. Ltd. |  | 311766 |
| 36583 | Carrefour SA |  | 693809 |
| 740 | Casey's General Stores, Inc. |  | 507337 |
| 66926 | Coles Group Ltd. |  | 981496 |
| 2310 | Costco Wholesale Corp. |  | 2334925 |
| 17181 | Dollar General Corp. |  | 2684359 |
| 18179 | Dollar Tree, Inc.\* |  | 2299280 |
| 50539 | Empire Co. Ltd. Class A |  | 1792513 |
| 17205 | George Weston Ltd. |  | 1262831 |
| 23192 | Jeronimo Martins SGPS SA |  | 609510 |
| 52385 | Koninklijke Ahold Delhaize NV |  | 2585484 |
| 33499 | Kroger Co. |  | 2285972 |

---

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

---

| | |
|:---|:---|
| **2** | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |  |
| Consumer Staples Distribution & Retail – (continued) | Consumer Staples Distribution & Retail – (continued) | Consumer Staples Distribution & Retail – (continued) | Consumer Staples Distribution & Retail – (continued) |
| 32518 | Loblaw Cos. Ltd. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507121 |
| 82518 | MatsukiyoCocokara & Co. |  | 1368034 |
| 40751 | Seven & i Holdings Co. Ltd. |  | 574693 |
| 17884 | Sysco Corp. |  | 1630305 |
| 7665 | Target Corp. |  | 872200 |
| 21316 | Tsuruha Holdings, Inc. |  | 358304 |
| 34015 | Walmart, Inc. |  | 4352219 |
| 15348 | Woolworths Group Ltd. |  | 393465 |
|  |  |  | 29405623 |
| Distributors – 0.0% | Distributors – 0.0% |  |  |
| 1366 | Genuine Parts Co. |  | 162909 |
| Diversified Telecommunication Services – 0.1% | Diversified Telecommunication Services – 0.1% |  |  |
| 29303 | AT&T, Inc. |  | 820777 |
| 9789 | Deutsche Telekom AG |  | 393128 |
| 120839 | NTT, Inc. |  | 118221 |
| 843 | Swisscom AG |  | 790734 |
| 1749 | Telenor ASA |  | 32429 |
| 306248 | Telstra Group Ltd. |  | 1128919 |
| 19897 | Verizon Communications, Inc. |  | 997636 |
|  |  |  | 4281844 |
| Electric Utilities – 0.0% | Electric Utilities – 0.0% |  |  |
| 2299 | Acciona SA |  | 667210 |
| 13940 | Endesa SA |  | 568699 |
| 44020 | Enel SpA |  | 529338 |
|  |  |  | 1765247 |
| Electrical Equipment – 0.1% | Electrical Equipment – 0.1% |  |  |
| 1671 | Fujikura Ltd. |  | 285328 |
| 1247 | GE Vernova, Inc. |  | 1089379 |
| 16491 | Mitsubishi Electric Corp. |  | 627697 |
| 8555 | Prysmian SpA |  | 1030458 |
| 289 | Rockwell Automation, Inc. |  | 117753 |
| 1605 | Vertiv Holdings Co. Class A |  | 409098 |
|  |  |  | 3559713 |
| Electronic Equipment, Instruments & Components – 0.1% | Electronic Equipment, Instruments & Components – 0.1% | Electronic Equipment, Instruments & Components – 0.1% | Electronic Equipment, Instruments & Components – 0.1% |
| 5265 | Amphenol Corp. Class A |  | 769006 |
| 1247 | CDW Corp. |  | 152932 |
| 653 | Keysight Technologies, Inc.\* |  | 200686 |
| 3874 | TE Connectivity PLC |  | 891601 |
| 33489 | Yokogawa Electric Corp. |  | 1335775 |
| 612 | Zebra Technologies Corp. Class A\* |  | 137064 |
|  |  |  | 3487064 |
| Entertainment – 0.1% | Entertainment – 0.1% |  |  |
| 9324 | Electronic Arts, Inc. |  | 1870115 |
| 16749 | Netflix, Inc.\* |  | 1611924 |
| 11448 | ROBLOX Corp. Class A\* |  | 786020 |
| 1553 | Take-Two Interactive Software, Inc.\* |  | 328428 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Entertainment – (continued) | Entertainment – (continued) |  |
| 31643 | Warner Bros Discovery, Inc.\* | $891383 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5487870 |
| Financial Services – 0.3% | Financial Services – 0.3% |  |
| 2004 | Apollo Global Management, Inc. | 209618 |
| 89405 | Banca Mediolanum SpA | 1917607 |
| 5808 | Berkshire Hathaway, Inc. Class B\* | 2932750 |
| 4499 | Block, Inc.\* | 286586 |
| 506 | Corpay, Inc.\* | 164501 |
| 1188 | Jack Henry & Associates, Inc. | 193003 |
| 4799 | Mastercard, Inc. Class A | 2482091 |
| 20423 | PayPal Holdings, Inc. | 943747 |
| 60690 | Poste Italiane SpA<sup>(a)</sup> | 1625882 |
| 162962 | Sony Financial Group, Inc.\* | 166676 |
| 9239 | Visa, Inc. Class A | 2957773 |
|  |  | 13880234 |
| Food Products – 0.1% | Food Products – 0.1% |  |
| 2696 | Ajinomoto Co., Inc. | 85749 |
| 731 | Archer-Daniels-Midland Co. | 50468 |
| 12068 | Associated British Foods PLC | 321399 |
| 3561 | Danone SA | 306243 |
| 44133 | Saputo, Inc. | 1408710 |
| 1131091 | WH Group Ltd.<sup>(a)</sup> | 1422647 |
|  |  | 3595216 |
| Gas Utilities – 0.0% | Gas Utilities – 0.0% |  |
| 6698 | Italgas SpA | 86321 |
| 7595 | Osaka Gas Co. Ltd. | 317046 |
| 12096 | Tokyo Gas Co. Ltd. | 593783 |
|  |  | 997150 |
| Ground Transportation – 0.0% | Ground Transportation – 0.0% |  |
| 6414 | Ayvens SA<sup>(a)</sup> | 81421 |
| 1564 | Seibu Holdings, Inc. | 46429 |
| 9722 | Uber Technologies, Inc.\* | 733233 |
|  |  | 861083 |
| Health Care Equipment & Supplies – 0.1% | Health Care Equipment & Supplies – 0.1% |  |
| 2074 | Abbott Laboratories | 241310 |
| 2973 | BioMerieux | 351384 |
| 5849 | Boston Scientific Corp.\* | 449496 |
| 18825 | Demant AS\* | 587114 |
| 1628 | Dexcom, Inc.\* | 119544 |
| 3805 | Fisher & Paykel Healthcare Corp. Ltd. | 93022 |
| 846 | Hologic, Inc.\* | 63755 |
| 844 | IDEXX Laboratories, Inc.\* | 554280 |
| 1043 | Insulet Corp.\* | 257214 |
| 7855 | Koninklijke Philips NV | 251716 |
| 999 | Medtronic PLC | 97562 |
| 14126 | Olympus Corp. | 138417 |
| 3047 | ResMed, Inc. | 780824 |

---

&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 consolidated financial statements.**<sub>3</sub>

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

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

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

Consolidated 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** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care Equipment & Supplies – (continued) | Health Care Equipment & Supplies – (continued) | Health Care Equipment & Supplies – (continued) | Health Care Equipment & Supplies – (continued) |
| 48358 | Smith & Nephew PLC | $| 892691 |
| 1386 | Solventum Corp.\* |  | 102841 |
| 1189 | Zimmer Biomet Holdings, Inc. |  | 117045 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5098215 |
| Health Care Providers & Services – 0.1% | Health Care Providers & Services – 0.1% | Health Care Providers & Services – 0.1% | Health Care Providers & Services – 0.1% |
| 1576 | Cardinal Health, Inc. |  | 361266 |
| 1638 | Centene Corp.\* |  | 73513 |
| 11004 | CVS Health Corp. |  | 879220 |
| 913 | Elevance Health, Inc. |  | 292160 |
| 1491 | HCA Healthcare, Inc. |  | 789783 |
| 5267 | Humana, Inc. |  | 1003574 |
| 925 | Labcorp Holdings, Inc. |  | 267436 |
| 275 | McKesson Corp. |  | 271527 |
| 1665 | Quest Diagnostics, Inc. |  | 352830 |
| 4118 | UnitedHealth Group, Inc. |  | 1207686 |
|  |  |  | 5498995 |
| Health Care Technology\*<sup>(b)</sup> – 0.0% | Health Care Technology\*<sup>(b)</sup> – 0.0% | Health Care Technology\*<sup>(b)</sup> – 0.0% | Health Care Technology\*<sup>(b)</sup> – 0.0% |
| 580 | ABIOMED, Inc. |  | 592 |
| Hotels, Restaurants & Leisure – 0.1% | Hotels, Restaurants & Leisure – 0.1% | Hotels, Restaurants & Leisure – 0.1% | Hotels, Restaurants & Leisure – 0.1% |
| 396 | Airbnb, Inc. Class A\* |  | 53504 |
| 404 | Booking Holdings, Inc. |  | 1712697 |
| 2288 | Domino's Pizza, Inc. |  | 920943 |
| 816 | DoorDash, Inc. Class A\* |  | 144000 |
| 53433 | Entain PLC |  | 413996 |
| 7779 | Expedia Group, Inc. |  | 1677853 |
| 1467 | Las Vegas Sands Corp. |  | 83208 |
| 53077 | Lottery Corp. Ltd. |  | 208166 |
| 3483 | Yum! Brands, Inc. |  | 585701 |
| 1684 | Zensho Holdings Co. Ltd. |  | 106895 |
|  |  |  | 5906963 |
| Household Durables – 0.0% | Household Durables – 0.0% | Household Durables – 0.0% | Household Durables – 0.0% |
| 126 | NVR, Inc.\* |  | 947242 |
| 3181 | PulteGroup, Inc. |  | 436433 |
| 2345 | Sony Group Corp. |  | 53907 |
|  |  |  | 1437582 |
| Household Products – 0.0% | Household Products – 0.0% | Household Products – 0.0% | Household Products – 0.0% |
| 6616 | Colgate-Palmolive Co. |  | 655910 |
| 2972 | Henkel AG & Co. KGaA |  | 269168 |
| 3411 | Procter & Gamble Co. |  | 570319 |
|  |  |  | 1495397 |
| Industrial Conglomerates – 0.0% | Industrial Conglomerates – 0.0% | Industrial Conglomerates – 0.0% | Industrial Conglomerates – 0.0% |
| 9197 | Sekisui Chemical Co. Ltd. |  | 179101 |
| 8447 | Smiths Group PLC |  | 312289 |
|  |  |  | 491390 |
| Insurance – 0.7% | Insurance – 0.7% |  |  |
| 30957 | Admiral Group PLC |  | 1236716 |
| 21016 | Ageas SA |  | 1559947 |
| 60364 | AIA Group Ltd. |  | 665907 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Insurance – (continued) | Insurance – (continued) | Insurance – (continued) | Insurance – (continued) |
| 3447 | Allianz SE | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547969 |
| 10224 | Allstate Corp. |  | 2193253 |
| 999 | Aon PLC Class A |  | 335135 |
| 10808 | Arch Capital Group Ltd.\* |  | 1082421 |
| 18591 | AXA SA |  | 909139 |
| 2385 | Chubb Ltd. |  | 812951 |
| 4179 | Cincinnati Financial Corp. |  | 685272 |
| 44842 | Dai-ichi Life Holdings, Inc. |  | 460139 |
| 758 | Fairfax Financial Holdings Ltd. |  | 1304640 |
| 4265 | Generali |  | 181608 |
| 14595 | Gjensidige Forsikring ASA |  | 412370 |
| 9237 | Great-West Lifeco, Inc. |  | 446258 |
| 14533 | Hartford Insurance Group, Inc. |  | 2046682 |
| 3787 | iA Financial Corp., Inc. |  | 430686 |
| 24923 | Insurance Australia Group Ltd. |  | 118088 |
| 646 | Loews Corp. |  | 71073 |
| 28482 | Mapfre SA |  | 132387 |
| 12 | Markel Group, Inc.\* |  | 24870 |
| 1972 | Marsh & McLennan Cos., Inc. |  | 368251 |
| 22358 | Medibank Pvt Ltd. |  | 69681 |
| 44469 | MS&AD Insurance Group Holdings, Inc. |  | 1239191 |
| 1190 | Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen |  | 776621 |
| 26844 | Phoenix Financial Ltd. |  | 1372485 |
| 10446 | Power Corp. of Canada |  | 524731 |
| 7700 | Progressive Corp. |  | 1645182 |
| 61321 | Prudential PLC |  | 939223 |
| 77700 | QBE Insurance Group Ltd. |  | 1206633 |
| 55950 | Sampo OYJ Class A |  | 620099 |
| 373 | Swiss Life Holding AG |  | 427144 |
| 3651 | Swiss Re AG |  | 642719 |
| 10573 | T&D Holdings, Inc. |  | 284757 |
| 5308 | Talanx AG |  | 667643 |
| 26147 | Tokio Marine Holdings, Inc. |  | 1085928 |
| 5888 | Travelers Cos., Inc. |  | 1817272 |
| 24578 | Unipol Assicurazioni SpA |  | 611464 |
| 18799 | W.R. Berkley Corp. |  | 1347888 |
| 1293 | Willis Towers Watson PLC |  | 394585 |
| 1403 | Zurich Insurance Group AG |  | 1058317 |
|  |  |  | 33757325 |
| Interactive Media & Services – 0.6% | Interactive Media & Services – 0.6% | Interactive Media & Services – 0.6% | Interactive Media & Services – 0.6% |
| 29734 | Alphabet, Inc. Class C |  | 9260060 |
| 34887 | Alphabet, Inc. Class A |  | 10876371 |
| 37252 | Autotrader Group PLC<sup>(a)</sup> |  | 246755 |
| 12678 | Meta Platforms, Inc. Class A |  | 8217626 |
| 58233 | Pinterest, Inc. Class A\* |  | 997531 |
| 3448 | Reddit, Inc. Class A\* |  | 502753 |
|  |  |  | 30101096 |

---

&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 consolidated financial statements.** |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| IT Services – 0.2% | IT Services – 0.2% |  |
| 3993 | Accenture PLC Class A | $833419 |
| 17818 | Cognizant Technology Solutions Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148014 |
| 29095 | Fujitsu Ltd. | 648612 |
| 4814 | Gartner, Inc.\* | 756761 |
| 3009 | GoDaddy, Inc. Class A\* | 262264 |
| 4810 | International Business Machines Corp. | 1155410 |
| 39357 | NEC Corp. | 1091105 |
| 5348 | Nomura Research Institute Ltd. | 146729 |
| 24796 | TIS, Inc. | 512474 |
| 4282 | Twilio, Inc. Class A\* | 517951 |
| 9959 | VeriSign, Inc. | 2270054 |
|  |  | 9342793 |
| Leisure Products – 0.0% | Leisure Products – 0.0% |  |
| 12262 | Bandai Namco Holdings, Inc. | 332447 |
| Life Sciences Tools & Services\* – 0.0% | Life Sciences Tools & Services\* – 0.0% |  |
| 9794 | Illumina, Inc. | 1316901 |
| 604 | Mettler-Toledo International, Inc. | 825481 |
|  |  | 2142382 |
| Machinery – 0.2% | Machinery – 0.2% |  |
| 1377 | Caterpillar, Inc. | 1022877 |
| 284 | Cummins, Inc. | 165819 |
| 14044 | GEA Group AG | 1088882 |
| 6183 | Graco, Inc. | 580708 |
| 213 | Illinois Tool Works, Inc. | 61904 |
| 9924 | Knorr-Bremse AG | 1298915 |
| 169 | Nordson Corp. | 49592 |
| 8527 | Otis Worldwide Corp. | 789259 |
| 2631 | Sandvik AB | 115951 |
| 2074 | Snap-on, Inc. | 798946 |
| 79001 | Techtronic Industries Co. Ltd. | 1279475 |
| 9968 | Wartsila OYJ Abp | 432856 |
|  |  | 7685184 |
| Marine Transportation – 0.0% | Marine Transportation – 0.0% |  |
| 1015 | Kuehne & Nagel International AG | 236168 |
| 349937 | SITC International Holdings Co. Ltd. | 1492728 |
|  |  | 1728896 |
| Media – 0.1% | Media – 0.1% |  |
| 21224 | Fox Corp. Class A | 1195760 |
| 21239 | Fox Corp. Class B | 1098694 |
| 13189 | News Corp. Class A | 320361 |
| 1993 | Trade Desk, Inc. Class A\* | 47473 |
|  |  | 2662288 |
| Metals & Mining – 0.2% | Metals & Mining – 0.2% |  |
| 15468 | Endeavour Mining PLC | 1105157 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |  |
| Metals & Mining – (continued) | Metals & Mining – (continued) |  |  |
| 32012 | Fresnillo PLC | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826581 |
| 49238 | Kinross Gold Corp. |  | 1820007 |
| 10819 | Lundin Gold, Inc. |  | 1019756 |
| 10845 | Newmont Corp. |  | 1409850 |
| 4854 | Reliance, Inc. |  | 1532117 |
|  |  |  | 8713468 |
| Mortgage Real Estate Investment Trusts (REITs) – 0.0% | Mortgage Real Estate Investment Trusts (REITs) – 0.0% | Mortgage Real Estate Investment Trusts (REITs) – 0.0% | Mortgage Real Estate Investment Trusts (REITs) – 0.0% |
| 30857 | Annaly Capital Management, Inc. |  | 717117 |
| Oil, Gas & Consumable Fuels – 0.1% | Oil, Gas & Consumable Fuels – 0.1% |  |  |
| 21165 | Cenovus Energy, Inc. |  | 471540 |
| 13804 | Devon Energy Corp. |  | 600888 |
| 8279 | EOG Resources, Inc. |  | 1027258 |
| 19347 | Equinor ASA |  | 579717 |
| 838 | Expand Energy Corp. |  | 90437 |
| 8105 | Exxon Mobil Corp. |  | 1236013 |
| 3185 | Imperial Oil Ltd. |  | 372543 |
| 14919 | Inpex Corp. |  | 364213 |
| 26505 | Suncor Energy, Inc. |  | 1497167 |
| 584 | TotalEnergies SE |  | 46779 |
| 485 | Valero Energy Corp. |  | 99250 |
|  |  |  | 6385805 |
| Passenger Airlines – 0.1% | Passenger Airlines – 0.1% |  |  |
| 65619 | Deutsche Lufthansa AG |  | 700906 |
| 104930 | Japan Airlines Co. Ltd. |  | 2168037 |
| 3624 | United Airlines Holdings, Inc.\* |  | 385231 |
|  |  |  | 3254174 |
| Personal Products – 0.0% | Personal Products – 0.0% |  |  |
| 9645 | Estee Lauder Cos., Inc. Class A |  | 1055838 |
| 2615 | Kenvue, Inc. |  | 49999 |
| 219 | L'Oreal SA |  | 102612 |
| 37885 | Shiseido Co. Ltd. |  | 799927 |
|  |  |  | 2008376 |
| Pharmaceuticals – 0.5% | Pharmaceuticals – 0.5% |  |  |
| 85686 | Astellas Pharma, Inc. |  | 1425944 |
| 5700 | AstraZeneca PLC |  | 1199467 |
| 33510 | Bayer AG |  | 1658102 |
| 26709 | Bristol-Myers Squibb Co. |  | 1665840 |
| 2990 | Eisai Co. Ltd. |  | 100663 |
| 3477 | Eli Lilly & Co. |  | 3657769 |
| 52596 | GSK PLC |  | 1562800 |
| 9908 | Ipsen SA |  | 1934067 |
| 13810 | Johnson & Johnson |  | 3430818 |
| 8579 | Kyowa Kirin Co. Ltd. |  | 159468 |
| 13239 | Merck & Co., Inc. |  | 1639253 |
| 14133 | Novartis AG |  | 2376347 |
| 2645 | Orion OYJ Class B |  | 211884 |
| 21612 | Otsuka Holdings Co. Ltd. |  | 1489289 |
| 3760 | Roche Holding AG |  | 1789389 |

---

&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 consolidated financial statements.**<sub>5</sub>

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

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

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

Consolidated 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** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |  |
| Pharmaceuticals – (continued) | Pharmaceuticals – (continued) |  |  |
| 486 | Roche Holding AG Class BR | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240891 |
| 1343 | Takeda Pharmaceutical Co. Ltd. |  | 50265 |
|  |  |  | 24592256 |
| Professional Services – 0.1% | Professional Services – 0.1% |  |  |
| 7986 | Bureau Veritas SA |  | 277525 |
| 4473 | Leidos Holdings, Inc. |  | 783222 |
| 12229 | Randstad NV |  | 403215 |
| 17747 | Recruit Holdings Co. Ltd. |  | 772266 |
| 8124 | SGS SA |  | 1026268 |
|  |  |  | 3262496 |
| Real Estate Management & Development – 0.0% | Real Estate Management & Development – 0.0% |  |  |
| 2186 | FirstService Corp. |  | 344459 |
| 6833 | Zillow Group, Inc. Class C\* |  | 304888 |
|  |  |  | 649347 |
| Retail REITs\* – 0.0% | Retail REITs\* – 0.0% |  |  |
| 1603 | Unibail-Rodamco-Westfield |  | 200836 |
| Semiconductors & Semiconductor Equipment – 1.0% | Semiconductors & Semiconductor Equipment – 1.0% | Semiconductors & Semiconductor Equipment – 1.0% | Semiconductors & Semiconductor Equipment – 1.0% |
| 1038 | Advanced Micro Devices, Inc.\* |  | 207818 |
| 9924 | Advantest Corp. |  | 1718533 |
| 5989 | Applied Materials, Inc. |  | 2229705 |
| 723 | ASML Holding NV |  | 1051537 |
| 533 | Astera Labs, Inc.\* |  | 63336 |
| 19774 | Broadcom, Inc. |  | 6318782 |
| 1286 | KLA Corp. |  | 1960571 |
| 12082 | Lam Research Corp. |  | 2825859 |
| 513 | Lasertec Corp. |  | 110604 |
| 2548 | Micron Technology, Inc. |  | 1050719 |
| 149876 | NVIDIA Corp. |  | 26556528 |
| 10938 | QUALCOMM, Inc. |  | 1557134 |
| 808 | SCREEN Holdings Co. Ltd. |  | 117788 |
| 2367 | Teradyne, Inc. |  | 757511 |
|  |  |  | 46526425 |
| Software – 0.6% | Software – 0.6% |  |  |
| 4846 | Adobe, Inc.\* |  | 1271639 |
| 4399 | AppLovin Corp. Class A\* |  | 1912553 |
| 7240 | Atlassian Corp. Class A\* |  | 543941 |
| 3083 | Autodesk, Inc.\* |  | 758017 |
| 572 | Check Point Software Technologies Ltd.\* |  | 86984 |
| 119 | Constellation Software, Inc. |  | 219903 |
| 268 | Fair Isaac Corp.\* |  | 377709 |
| 8558 | Fortinet, Inc.\* |  | 676339 |
| 2043 | HubSpot, Inc.\* |  | 540394 |
| 1206 | Intuit, Inc. |  | 493290 |
| 12406 | IREN Ltd.\* |  | 508026 |
| 39587 | Microsoft Corp. |  | 15547398 |
| 757 | Monday.com Ltd.\* |  | 54988 |
| 1388 | Nebius Group NV\* |  | 126572 |
| 2850 | Nice Ltd.\* |  | 326376 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |  |
| Software – (continued) | Software – (continued) |  |  |
| 6214 | Open Text Corp. | $| 153932 |
| 17341 | Palantir Technologies, Inc. Class A\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2379012 |
| 11345 | Sage Group PLC |  | 124837 |
| 4054 | Salesforce, Inc. |  | 789679 |
| 1292 | ServiceNow, Inc.\* |  | 139549 |
| 2311 | Workday, Inc. Class A\* |  | 309119 |
| 11370 | Zoom Communications, Inc.\* |  | 840698 |
|  |  |  | 28180955 |
| Specialty Retail – 0.5% | Specialty Retail – 0.5% |  |  |
| 461 | AutoZone, Inc.\* |  | 1731322 |
| 29174 | Avolta AG |  | 1917878 |
| 21394 | Best Buy Co., Inc. |  | 1325786 |
| 42976 | H & M Hennes & Mauritz AB Class B |  | 916238 |
| 5168 | Home Depot, Inc. |  | 1967561 |
| 1164601 | JD Sports Fashion PLC |  | 1282954 |
| 425333 | Kingfisher PLC |  | 2139437 |
| 6447 | Lowe's Cos., Inc. |  | 1705683 |
| 15298 | O'Reilly Automotive, Inc.\* |  | 1436176 |
| 4535 | Ross Stores, Inc. |  | 932577 |
| 13347 | TJX Cos., Inc. |  | 2157676 |
| 5837 | Tractor Supply Co. |  | 302590 |
| 3445 | Ulta Beauty, Inc.\* |  | 2359102 |
| 6439 | Williams-Sonoma, Inc. |  | 1324180 |
| 35015 | Zalando SE\*<sup>(a)</sup> |  | 851205 |
|  |  |  | 22350365 |
| Technology Hardware, Storage & Peripherals – 0.6% | Technology Hardware, Storage & Peripherals – 0.6% | Technology Hardware, Storage & Peripherals – 0.6% | Technology Hardware, Storage & Peripherals – 0.6% |
| 88374 | Apple, Inc. |  | 23346643 |
| 1872 | HP, Inc. |  | 35549 |
| 6384 | Logitech International SA |  | 585689 |
| 7784 | NetApp, Inc. |  | 770850 |
| 8619 | Pure Storage, Inc. Class A\* |  | 553512 |
| 3446 | Seagate Technology Holdings PLC |  | 1405417 |
| 5556 | Western Digital Corp. |  | 1554013 |
|  |  |  | 28251673 |
| Textiles, Apparel & Luxury Goods – 0.1% | Textiles, Apparel & Luxury Goods – 0.1% |  |  |
| 18840 | Asics Corp. |  | 577365 |
| 13010 | Deckers Outdoor Corp.\* |  | 1525683 |
| 7063 | Lululemon Athletica, Inc.\* |  | 1307856 |
| 5584 | Pandora AS |  | 441417 |
| 17600 | Tapestry, Inc. |  | 2736272 |
|  |  |  | 6588593 |
| Tobacco – 0.1% | Tobacco – 0.1% |  |  |
| 14836 | Altria Group, Inc. |  | 1024277 |
| 8148 | Imperial Brands PLC |  | 364940 |
| 6619 | Philip Morris International, Inc. |  | 1236628 |
|  |  |  | 2625845 |

---

&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 consolidated financial statements.** |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Trading Companies & Distributors – 0.1% | Trading Companies & Distributors – 0.1% | Trading Companies & Distributors – 0.1% |
| 5425 | Brenntag SE | $333666 |
| 25898 | Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192344 |
| 5872 | Ferguson Enterprises, Inc. | 1531183 |
| 12465 | Rexel SA | 539833 |
| 168 | Toromont Industries Ltd. | 26074 |
| 1287 | WW Grainger, Inc. | 1473267 |
|  |  | 5096367 |
| Wireless Telecommunication Services – 0.0% | Wireless Telecommunication Services – 0.0% | Wireless Telecommunication Services – 0.0% |
| 102338 | Airtel Africa PLC<sup>(a)</sup> | 480140 |
| 990 | T-Mobile U.S., Inc. | 214919 |
| 422705 | Vodafone Group PLC | 650894 |
|  |  | 1345953 |
| TOTAL COMMON STOCKS<br>(Cost $313,105,251) | TOTAL COMMON STOCKS<br>(Cost $313,105,251) | $497514484 |
| **Units** | **Expiration**<br> **Date** | **Value** |
| Warrants\*<sup>(b)</sup> – 0.0% | Warrants\*<sup>(b)</sup> – 0.0% | Warrants\*<sup>(b)</sup> – 0.0% |
| Constellation Software, Inc. | Constellation Software, Inc. | Constellation Software, Inc. |
| 264 | 03/31/40 | $— |
| (Cost $—) | (Cost $—) | (Cost $—) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Obligations<sup>(c)</sup> – 1.4% | U.S. Treasury Obligations<sup>(c)</sup> – 1.4% | U.S. Treasury Obligations<sup>(c)</sup> – 1.4% |  |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400000 | 0.000% | 03/05/26 | $5398371 |
| 5000000 | 0.000 | 03/10/26 | 4995976 |
| 5000000 | 0.000 | 03/17/26 | 4992448 |
| 4690200 | 0.000 | 03/19/26 | 4682184 |
| 6100000 | 0.000 | 03/24/26 | 6086545 |
| 6181100 | 0.000 | 04/16/26 | 6153136 |
| 3800000 | 0.000 | 04/21/26 | 3780922 |
| 4444400 | 0.000 | 04/30/26 | 4417985 |
| 5000000 | 0.000 | 05/14/26 | 4963610 |
| 4453300 | 0.000 | 05/21/26 | 4417866 |
| 1391100 | 0.000 | 06/09/26 | 1377421 |
| 3100000 | 0.000 | 06/11/26 | 3069032 |
| 2036400 | 0.000 | 06/25/26 | 2013304 |
| 6217700 | 0.000 | 07/02/26 | 6142567 |
| 6251000 | 0.000 | 07/09/26 | 6171289 |
| TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $68,655,868) | TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $68,655,868) | TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $68,655,868) | $&nbsp;&nbsp;&nbsp;&nbsp;68662656 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Exchange Traded Funds – 79.2% | Exchange Traded Funds – 79.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345401 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF<sup>(d)</sup> | $64027633 |
| 8484204 | Goldman Sachs MarketBeta International Equity ETF<sup>(d)</sup> | 646666029 |
| 3769282 | Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF<sup>(d)(e)</sup> | 231019294 |
| 6750041 | Goldman Sachs MarketBeta Russell 1000 Value Equity ETF<sup>(d)(e)</sup> | 390790924 |
| 12162611 | Goldman Sachs MarketBeta U.S. Equity ETF<sup>(d)</sup> | 1149974870 |
| 2965615 | iShares Core MSCI EAFE ETF | 291579267 |
| 7560924 | iShares Core MSCI Emerging Markets ETF | 580376526 |
| 2448943 | iShares MSCI EAFE Small-Cap ETF | 209923394 |
| 94610 | iShares MSCI USA Quality Factor ETF | 19381804 |
| 93691 | iShares U.S. Technology ETF | 17761940 |
| 2063247 | State Street SPDR Portfolio S&P 500 Growth ETF | 213690492 |
| TOTAL EXCHANGE TRADED FUNDS<br>(Cost $2,511,409,371) | TOTAL EXCHANGE TRADED FUNDS<br>(Cost $2,511,409,371) | $3815192173 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(d)</sup> – 6.2% | Investment Company<sup>(d)</sup> – 6.2% |  |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 297873817 | 3.589% | $297873817 |
| (Cost $297,873,817) | (Cost $297,873,817) |  |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT – 97.2%<br>(Cost $3,191,044,307) | TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT – 97.2%<br>(Cost $3,191,044,307) | $4679243130 |
| Securities Lending Reinvestment Vehicle<sup>(d)</sup> – 0.0% | Securities Lending Reinvestment Vehicle<sup>(d)</sup> – 0.0% | Securities Lending Reinvestment Vehicle<sup>(d)</sup> – 0.0% |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 478425 | 3.589% | $478425 |
| (Cost $478,425) | (Cost $478,425) |  |
| TOTAL INVESTMENTS – 97.2%<br>(Cost $3,191,522,732) | TOTAL INVESTMENTS – 97.2%<br>(Cost $3,191,522,732) | $4679721555 |
| OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 2.8% | OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 2.8% | 136968853 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $4816690408 |

---

&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 consolidated financial statements.**<sub>7</sub>

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

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

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

Consolidated Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Issued with a zero coupon. Income is recognized through the accretion of discount.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents an affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(e) All or a portion of security is on loan.

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 28, 2026, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC | AUD | 4120000 | USD | 2759336 | 03/18/26 | $172443 |
|  | CAD | 73170000 | USD | 52670412 | 03/18/26 | 1015539 |
|  | CHF | 2660000 | USD | 3386359 | 03/18/26 | 81473 |
|  | DKK | 21040000 | USD | 3327943 | 03/18/26 | 3373 |
|  | EUR | 32760000 | USD | 38504123 | 03/18/26 | 245428 |
|  | GBP | 5285000 | USD | 7115627 | 03/18/26 | 7053 |
|  | ILS | 720000 | USD | 226643 | 03/18/26 | 3241 |
|  | NOK | 1350000 | USD | 134352 | 03/18/26 | 7614 |
|  | NZD | 170000 | USD | 98699 | 03/18/26 | 3357 |
|  | SEK | 10725000 | USD | 1170642 | 03/18/26 | 18735 |
|  | SGD | 730000 | USD | 571450 | 03/18/26 | 6536 |
|  | USD | 2583148 | AUD | 3630000 | 03/18/26 | 51 |
|  | USD | 649178 | DKK | 4080000 | 03/18/26 | 3182 |
|  | USD | 451338 | EUR | 380000 | 03/18/26 | 1862 |
|  | USD | 5405149 | GBP | 3975000 | 03/18/26 | 47978 |
|  | USD | 16730723 | HKD | 129900000 | 03/18/26 | 110938 |
|  | USD | 515208 | ILS | 1600000 | 03/18/26 | 4353 |
|  | USD | &nbsp;&nbsp;&nbsp;&nbsp;193040863 | JPY | 29725000000 | 03/18/26 | 2377559 |
|  | USD | 331263 | NOK | 3150000 | 03/18/26 | 10 |
|  | USD | 6030 | NZD | 10000 | 03/18/26 | 27 |
|  | USD | 1248811 | SEK | 11100000 | 03/18/26 | 17847 |
| TOTAL |  |  |  |  |  | $4128599 |

---

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | HKD | 9730000 | USD | 1252650 | 03/18/26 | $(7765) |
|  | JPY | 1638000000 | USD | 10536251 | 03/18/26 | (29725) |
|  | USD | 52842540 | AUD | 80130000 | 03/18/26 | (4177715) |
|  | USD | 82248162 | CHF | 64980000 | 03/18/26 | (2466018) |
|  | USD | 15838776 | DKK | 100800000 | 03/18/26 | (121138) |
|  | USD | 333028841 | EUR | 283900000 | 03/18/26 | (2776948) |
|  | USD | 126585680 | GBP | 95040000 | 03/18/26 | (1501255) |
|  | USD | 181626 | HKD | 1420000 | 03/18/26 | (53) |
|  | USD | 5439546 | ILS | 17560000 | 03/18/26 | (167093) |
|  | USD | 16865366 | JPY | 2633000000 | 03/18/26 | (23329) |
|  | USD | 4859422 | NOK | 48900000 | 03/18/26 | (282887) |
|  | USD | 1519572 | NZD | 2630000 | 03/18/26 | (59291) |
|  | USD | 27844741 | SEK | 259500000 | 03/18/26 | (933200) |
|  | USD | 12247000 | SGD | 15720000 | 03/18/26 | (199479) |
|  **TOTAL** |  |  |  |  |  | $(12745896) |

---

&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 consolidated financial statements.** |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA 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;

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At February 28, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  E-Mini Russell 2000 Index | 2306 | 03/20/26 | $303780910 | $2634178 |
|  IFSC NIFTY 50 Index | &nbsp;&nbsp;&nbsp;&nbsp;428 | 03/30/26 | 21643960 | (378405) |
|  S&P 500 E-Mini Index | 1337 | 03/20/26 | 460529650 | (4803185) |
|  S&P Toronto Stock Exchange 60 Index | &nbsp;&nbsp;&nbsp;&nbsp;495 | 03/19/26 | 143087497 | 8385051 |
| TOTAL FUTURES CONTRACTS |  |  |  | $5837639 |

---

SWAP CONTRACTS — At February 28, 2026, the Fund had the following swap contracts:

OVER-THE-COUNTER TOTAL RETURN SWAP CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Financing Rate<br>Paid/(Received)<br>by the Fund<sup>(a)</sup>** | **Counterparty** | **Termination**<br> **Date#** | **Notional<br>Amount<br>(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
|  CIEQDUG2 Index | 0.000% | Citibank NA | 07/27/26-01/06/27 | $94112 | $494702 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made monthly.

# The Fund pays/receives annual coupon payments in accordance with the swap contract(s). 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). 

\* There are no upfront payments on the swap contracts. Therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

#### A basket (CIEQDUG2) of Purchased Options & Common Stocks

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Caption** | **Security Type** | **Shares** | **Value** | **Weight** |
|  NVIDIA Corp | Equities | 464 | $82219 | 0.2 |
|  Microsoft Corp | Equities | 181 | 71049 | 0.1 |
|  Amazon.com Inc | Equities | 312 | 65538 | 0.1 |
|  Broadcom Inc | Equities | 112 | 35877 | 0.1 |
|  Tesla Inc | Equities | 83 | 33229 | 0.1 |
|  Meta Platforms Inc | Equities | 36 | 23038 | 0.0 |
|  JPMorgan Chase & Co | Equities | 53 | 15787 | 0.0 |
|  Visa Inc | Equities | 44 | 14030 | 0.0 |
|  Palantir Technologies Inc | Equities | 101 | 13885 | 0.0 |
|  Apple Inc | Equities | 43 | 11373 | 0.0 |
|  International Business Machines Corp | Equities | 43 | 10397 | 0.0 |
|  UnitedHealth Group Inc | Equities | 35 | 10324 | 0.0 |
|  Bank of America Corp | Equities | 179 | 8936 | 0.0 |
|  Salesforce Inc | Equities | 42 | 8167 | 0.0 |
|  American Express Co | Equities | 25 | 7662 | 0.0 |
|  QUALCOMM Inc | Equities | 50 | 7060 | 0.0 |
|  Wells Fargo & Co | Equities | 83 | 6748 | 0.0 |
|  Oracle Corp | Equities | 45 | 6508 | 0.0 |
|  Walt Disney Co/The | Equities | 48 | 5067 | 0.0 |
|  Uber Technologies Inc | Equities | 67 | 5017 | 0.0 |
|  Abbott Laboratories | Equities | 41 | 4773 | 0.0 |
|  Advanced Micro Devices Inc | Equities | 22 | 4485 | 0.0 |
|  Intuit Inc | Equities | 5 | 2008 | 0.0 |
|  NVIDIA Corp, 07/17/26, Put | Options | 56 | 1814 | 0.0 |
|  NVIDIA Corp, 08/21/26, Put | Options | 48 | 1626 | 0.0 |
|  NVIDIA Corp, 05/15/26, Put | Options | 74 | 1553 | 0.0 |
|  NVIDIA Corp, 06/18/26, Put | Options | 47 | 1430 | 0.0 |
|  NVIDIA Corp, 05/15/26, Put | Options | 38 | 1379 | 0.0 |
|  Intuitive Surgical Inc | Equities | 3 | 1367 | 0.0 |
|  NVIDIA Corp, 08/21/26, Put | Options | 54 | 1345 | 0.0 |
|  Apple Inc, 05/15/26, Put | Options | 62 | 1317 | 0.0 |

---

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

**The accompanying notes are an integral part of these consolidated financial statements.**<sub>9</sub>

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

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

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

Consolidated Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

ADDITIONAL INVESTMENT INFORMATION (continued)

#### A basket (CIEQDUG2) of Purchased Options & Common Stocks (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Caption** | **Security Type** | **Shares** | **Value** | **Weight** |
|  NVIDIA Corp, 07/17/26, Put | Options | 45 | $1298 | 0.0 |
|  Microsoft Corp, 06/18/26, Put | Options | 13 | 1294 | 0.0 |
|  NVIDIA Corp, 07/17/26, Put | Options | 53 | 1210 | 0.0 |
|  Microsoft Corp, 06/18/26, Put | Options | 11 | 1161 | 0.0 |
|  NVIDIA Corp, 04/17/26, Put | Options | 44 | 1148 | 0.0 |
|  Microsoft Corp, 05/15/26, Put | Options | 15 | 1145 | 0.0 |
|  Exxon Mobil Corp, 03/20/26, Call | Options | 34 | 1133 | 0.0 |
|  Microsoft Corp, 06/18/26, Put | Options | 19 | 1112 | 0.0 |
|  Microsoft Corp, 05/15/26, Put | Options | 12 | 1083 | 0.0 |
|  NVIDIA Corp, 04/17/26, Put | Options | 58 | 1082 | 0.0 |
|  NVIDIA Corp, 08/21/26, Put | Options | 61 | 1078 | 0.0 |
|  Amazon.com Inc, 06/18/26, Put | Options | 31 | 1074 | 0.0 |
|  Microsoft Corp, 07/17/26, Put | Options | 16 | 1046 | 0.0 |
|  Exxon Mobil Corp, 03/20/26, Call | Options | 26 | 1001 | 0.0 |
|  Microsoft Corp, 06/18/26, Put | Options | 13 | 995 | 0.0 |
|  Microsoft Corp, 07/17/26, Put | Options | 10 | 986 | 0.0 |
|  Apple Inc, 06/18/26, Put | Options | 42 | 981 | 0.0 |
|  Microsoft Corp, 06/18/26, Put | Options | 11 | 956 | 0.0 |
|  NVIDIA Corp, 05/15/26, Put | Options | 74 | 953 | 0.0 |

---

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At February 28, 2026, the Fund had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise**<br> **Price** | **Expiration<br>Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid**<br> (Received)<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
| Call CHF/Put NOK | MS & Co. Int. PLC | 13.881 | 03/18/2026 | $6143000 | 6143000 | $8 | $107474 | $(107466) |
| Call CHF/Put NOK | MS & Co. Int. PLC | 14.209 | 06/17/2026 | 9258000 | 9258000 | 10066 | 174711 | (164645) |
| Call CHF/Put NOK | MS & Co. Int. PLC | 14.297 | 09/16/2026 | 12790000 | 12790000 | 57275 | 219030 | (161755) |
| Call CHF/Put NOK | MS & Co. Int. PLC | 14.658 | 12/16/2026 | 12658000 | 12658000 | 87570 | 203393 | (115823) |
| Call CHF/Put SEK | MS & Co. Int. PLC | 12.805 | 03/18/2026 | 6975000 | 6975000 | 9 | 114554 | (114545) |
| Call CHF/Put SEK | MS & Co. Int. PLC | 13.248 | 06/17/2026 | 10517000 | 10517000 | 5800 | 196666 | (190866) |
| Call CHF/Put SEK | MS & Co. Int. PLC | 13.045 | 09/16/2026 | 14676000 | 14676000 | 61770 | 219968 | (158198) |
| Call CHF/Put SEK | MS & Co. Int. PLC | 12.920 | 12/16/2026 | 14434000 | 14434000 | 145513 | 225564 | (80051) |
| Call JPY/Put KRW | MS & Co. Int. PLC | 11.102 | 03/18/2026 | 655617000 | 655617000 | 4 | 58270 | (58266) |
| Call JPY/Put KRW | MS & Co. Int. PLC | 10.883 | 06/17/2026 | 807229000 | 807229000 | 2719 | 82485 | (79766) |
| Call JPY/Put KRW | MS & Co. Int. PLC | 10.589 | 09/16/2026 | 1176981000 | 1176981000 | 27140 | 107071 | (79931) |
| Call JPY/Put KRW | MS & Co. Int. PLC | 10.715 | 12/16/2026 | 1221949000 | 1221949000 | 46244 | 104448 | (58204) |
| Call USD/Put CAD | MS & Co. Int. PLC | $1.504 | 03/18/2026 | 19875000 | $19875000 | 20 | 163492 | (163472) |
| Call USD/Put CAD | MS & Co. Int. PLC | $1.425 | 06/17/2026 | 29120000 | $29120000 | 28770 | 192774 | (164004) |
| Call USD/Put CAD | MS & Co. Int. PLC | $1.429 | 09/16/2026 | 41095000 | $41095000 | 97025 | 268103 | (171078) |
| Call USD/Put CAD | MS & Co. Int. PLC | $1.431 | 12/16/2026 | 39171000 | $39171000 | 148811 | 243683 | (94872) |
| Call USD/Put CLP | MS & Co. Int. PLC | $1066.790 | 03/18/2026 | 7503000 | $7503000 | 8 | 130335 | (130327) |
| Call USD/Put CLP | MS & Co. Int. PLC | $1093.270 | 06/17/2026 | 9575000 | $9575000 | 1791 | 165245 | (163454) |
| Call USD/Put CLP | MS & Co. Int. PLC | $1092.440 | 09/16/2026 | 13030000 | $13030000 | 18372 | 225015 | (206643) |
| Call USD/Put CLP | MS & Co. Int. PLC | $1040.580 | 12/16/2026 | 16388000 | $16388000 | 95755 | 238822 | (143067) |
| Call USD/Put KRW | MS & Co. Int. PLC | $1559.160 | 03/18/2026 | 5674000 | $5674000 | 6 | 63322 | (63316) |
| Call USD/Put KRW | MS & Co. Int. PLC | $1493.850 | 06/17/2026 | 6659000 | $6659000 | 41839 | 86301 | (44462) |
| Call USD/Put KRW | MS & Co. Int. PLC | $1479.730 | 09/16/2026 | 9958000 | $9958000 | 135180 | 102767 | 32413 |
| Call USD/Put KRW | MS & Co. Int. PLC | $1581.730 | 12/16/2026 | 9704000 | $9704000 | 54885 | 98204 | (43319) |
| Call USD/Put MXN | MS & Co. Int. PLC | $24.200 | 03/18/2026 | 3684000 | $3684000 | 4 | 61092 | (61088) |
| Call USD/Put MXN | MS & Co. Int. PLC | $22.541 | 06/17/2026 | 5275000 | $5275000 | 617 | 79816 | (79199) |

---

&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 consolidated financial statements.** |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA 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;

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise**<br> **Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| Call USD/Put MXN | MS & Co. Int. PLC | $21.614 | 09/15/2026 | $7000000 | $7000000 | $12313 | $102963 | $(90650) |
| Call USD/Put NOK | MS & Co. Int. PLC | $11.867 | 03/18/2026 | 2411000 | $2411000 | 2 | 35923 | (35921) |
| Call USD/Put SEK | MS & Co. Int. PLC | $11.060 | 03/18/2026 | 7173000 | $7173000 | 7 | 111662 | (111655) |
| Call USD/Put SEK | MS & Co. Int. PLC | $10.537 | 06/17/2026 | 6149000 | $6149000 | 1193 | 92419 | (91226) |
| Call USD/Put SEK | MS & Co. Int. PLC | $10.074 | 09/16/2026 | 8468000 | $8468000 | 26810 | 109178 | (82368) |
| Call USD/Put SEK | MS & Co. Int. PLC | $10.040 | 12/16/2026 | 8810000 | $8810000 | 54666 | 101271 | (46605) |
|  |  |  |  | 4205949000 |  | $1162192 | $4486021 | $(3323829) |
|  **Puts** |  |  |  |  |  |  |  |  |
| Put AUD/Call JPY | MS & Co. Int. PLC | 82.400 | 03/18/2026 | 18102000 | 18102000 | 13 | 186590 | (186577) |
| Put AUD/Call JPY | MS & Co. Int. PLC | 81.740 | 06/17/2026 | 22311000 | 22311000 | 3064 | 247995 | (244931) |
| Put AUD/Call JPY | MS & Co. Int. PLC | 86.090 | 09/16/2026 | 31651000 | 31651000 | 42909 | 319774 | (276865) |
| Put AUD/Call JPY | MS & Co. Int. PLC | 90.000 | 12/16/2026 | 29642000 | 29642000 | 115641 | 309709 | (194068) |
| Put AUD/Call USD | MS & Co. Int. PLC | 0.585 | 03/18/2026 | 7676000 | 7676000 | 5 | 63327 | (63322) |
| Put AUD/Call USD | MS & Co. Int. PLC | 0.597 | 06/17/2026 | 9287000 | 9287000 | 1771 | 85603 | (83832) |
| Put AUD/Call USD | MS & Co. Int. PLC | 0.613 | 09/16/2026 | 12942000 | 12942000 | 19986 | 109789 | (89803) |
| Put AUD/Call USD | MS & Co. Int. PLC | 0.607 | 12/16/2026 | 11836000 | 11836000 | 32033 | 101388 | (69355) |
| Put CAD/Call JPY | MS & Co. Int. PLC | 92.800 | 03/18/2026 | 8981000 | 8981000 | 7 | 95305 | (95298) |
| Put CAD/Call JPY | MS & Co. Int. PLC | 94.010 | 06/17/2026 | 11261000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11261000 | 1973 | 124720 | (122747) |
| Put CAD/Call JPY | MS & Co. Int. PLC | 95.680 | 09/16/2026 | 16416000 | 16416000 | 18594 | 159363 | (140769) |
| Put CAD/Call JPY | MS & Co. Int. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102.300 | 12/16/2026 | 16531000 | 16531000 | 89584 | 148898 | (59314) |
| Put NZD/Call JPY | MS & Co. Int. PLC | 75.830 | 03/18/2026 | 9578000 | 9578000 | 6 | 89388 | (89382) |
| Put NZD/Call JPY | MS & Co. Int. PLC | 75.890 | 06/17/2026 | 11647000 | 11647000 | 4884 | 118093 | (113209) |
| Put NZD/Call JPY | MS & Co. Int. PLC | 77.260 | 09/16/2026 | 16878000 | 16878000 | 30312 | 147016 | (116704) |
| Put NZD/Call JPY | MS & Co. Int. PLC | 79.800 | 12/16/2026 | 17065000 | 17065000 | 75064 | 153976 | (78912) |
| Put NZD/Call USD | MS & Co. Int. PLC | 0.537 | 03/18/2026 | 4201000 | 4201000 | 3 | 31912 | (31909) |
| Put NZD/Call USD | MS & Co. Int. PLC | 0.554 | 06/17/2026 | 5047000 | 5047000 | 7529 | 43582 | (36053) |
| Put NZD/Call USD | MS & Co. Int. PLC | 0.550 | 09/16/2026 | 7151000 | 7151000 | 21881 | 53036 | (31155) |
| Put NZD/Call USD | MS & Co. Int. PLC | 0.537 | 12/16/2026 | 13447000 | 13447000 | 47219 | 101290 | (54071) |
|  |  |  |  | 281650000 |  | $512478 | $2690754 | $(2178276) |
| Total purchased option contracts | Total purchased option contracts | Total purchased option contracts |  | 4487599000 |  | $1674670 | $7176775 | $(5502105) |

---

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Exercise**<br> **Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized**<br> **Appreciation/<br>(Depreciation)** |
|  **Written option contracts** |  |  |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |  |
|  Euro Stoxx 50 Index | EUR | 6250.000 | 03/06/2026 | (65) | EUR | (40625000) | $(6528) | $(11461) | $4933 |
|  Euro Stoxx 50 Index |  | 6250.000 | 03/13/2026 | (65) |  | (40625000) | (19355) | (9714) | (9641) |
|  Euro Stoxx 50 Index |  | 6400.000 | 03/20/2026 | (64) |  | (40960000) | (5369) | (9442) | 4073 |
|  FTSE 100 Index | GBP | 10650.000 | 03/20/2026 | (1) | GBP | (1065000) | (4131) | (257) | (3874) |
|  FTSE 100 Index |  | 10675.000 | 03/20/2026 | (3) |  | (3202500) | (11563) | (1001) | (10562) |
|  FTSE 100 Index |  | 10800.000 | 03/20/2026 | (16) |  | (17280000) | (40753) | (4853) | (35900) |
|  FTSE 100 Index |  | 11000.000 | 03/20/2026 | (13) |  | (14300000) | (12702) | (4714) | (7988) |
|  FTSE 100 Index |  | 11125.000 | 03/20/2026 | (10) |  | (11125000) | (4245) | (3892) | (353) |
|  FTSE 100 Index |  | 11300.000 | 04/17/2026 | (4) |  | (4520000) | (2102) | (2096) | (6) |
|  Nikkei 225 Index | JPY | 59000.000 | 03/13/2026 | (3) | JPY | (17700000) | (22092) | (8849) | (13243) |

---

&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 consolidated financial statements.**<sub>11</sub>

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

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

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

Consolidated Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized**<br> **Appreciation/<br>(Depreciation)** |
|  Nikkei 225 Index | 60000.000 | 03/13/2026 | (4) | (24000000) | $(17930) | $(6677) | $(11253) |
|  Nikkei 225 Index | 61000.000 | 03/13/2026 | (6) | (36600000) | (16137) | (9611) | (6526) |
|  Nikkei 225 Index | 61500.000 | 03/13/2026 | (5) | (30750000) | (9925) | (3839) | (6086) |
|  Nikkei 225 Index | 62500.000 | 03/13/2026 | (4) | (25000000) | (4073) | (3501) | (572) |
|  Nikkei 225 Index | 64000.000 | 03/13/2026 | (7) | (44800000) | (2779) | (2176) | (603) |
|  Nikkei 225 Index | 63500.000 | 04/10/2026 | (2) | (12700000) | (6403) | (3098) | (3305) |
|  Nikkei 225 Index | 65000.000 | 04/10/2026 | (4) | (26000000) | (7274) | (6529) | (745) |
|  S&P 500 Index | $7040.000 | 03/02/2026 | (36) | $(25344000) | (270) | (10892) | 10622 |
|  S&P 500 Index | 7025.000 | 03/04/2026 | (36) | (25290000) | (1260) | (35188) | 33928 |
|  S&P 500 Index | 7200.000 | 03/04/2026 | (26) | (18720000) | (130) | (25347) | 25217 |
|  S&P 500 Index | 7000.000 | 03/06/2026 | (37) | (25900000) | (28120) | (24943) | (3177) |
|  S&P 500 Index | 7200.000 | 03/11/2026 | (26) | (18720000) | (325) | (31370) | 31045 |
|  S&P 500 Index | 7125.000 | 03/18/2026 | (27) | (19237500) | (13905) | (59425) | 45520 |
|  S&P 500 Index | 7175.000 | 03/25/2026 | (27) | (19372500) | (16065) | (39353) | 23288 |
|  |  |  | (491) |  | $(253436) | $(318228) | $64792 |
|  **Puts** |  |  |  |  |  |  |  |
|  Euro Stoxx 50 Index | 5725.000 | 03/06/2026 | (130) | (74425000) | (4301) | (35725) | 31424 |
|  Euro Stoxx 50 Index | 5700.000 | 03/13/2026 | (129) | (73530000) | (13870) | (41220) | 27350 |
|  Euro Stoxx 50 Index | 5850.000 | 03/20/2026 | (129) | (75465000) | (42832) | (47781) | 4949 |
|  FTSE 100 Index | 9600.000 | 03/20/2026 | (6) | (5760000) | (606) | (4470) | 3864 |
|  FTSE 100 Index | 9625.000 | 03/20/2026 | (1) | (962500) | (101) | (796) | 695 |
|  FTSE 100 Index | 9675.000 | 03/20/2026 | (13) | (12577500) | (1402) | (6568) | 5166 |
|  FTSE 100 Index | 9900.000 | 03/20/2026 | (19) | (18810000) | (2817) | (13331) | 10514 |
|  FTSE 100 Index | 10150.000 | 03/20/2026 | (25) | (25375000) | (5559) | (11222) | 5663 |
|  FTSE 100 Index | 10450.000 | 03/20/2026 | (19) | (19855000) | (7682) | (7897) | 215 |
|  FTSE 100 Index | 10250.000 | 04/17/2026 | (7) | (7175000) | (4811) | (4705) | (106) |
|  Nikkei 225 Index | 47375.000 | 03/13/2026 | (5) | (23687500) | (961) | (16033) | 15072 |
|  Nikkei 225 Index | 48000.000 | 03/13/2026 | (7) | (33600000) | (1524) | (26810) | 25286 |
|  Nikkei 225 Index | 49250.000 | 03/13/2026 | (11) | (54175000) | (3029) | (48523) | 45494 |
|  Nikkei 225 Index | 52750.000 | 03/13/2026 | (14) | (73850000) | (8875) | (30715) | 21840 |
|  Nikkei 225 Index | 53375.000 | 03/13/2026 | (11) | (58712500) | (8382) | (23265) | 14883 |
|  Nikkei 225 Index | 55125.000 | 03/13/2026 | (8) | (44100000) | (11014) | (13454) | 2440 |
|  Nikkei 225 Index | 51375.000 | 04/10/2026 | (4) | (20550000) | (9861) | (15646) | 5785 |
|  Nikkei 225 Index | 53000.000 | 04/10/2026 | (8) | (42400000) | (28431) | (30826) | 2395 |
|  S&P 500 Index | $6715.000 | 03/02/2026 | (71) | $(47676500) | (24850) | (207683) | 182833 |
|  S&P 500 Index | 6600.000 | 03/04/2026 | (53) | (34980000) | (24115) | (216597) | 192482 |
|  S&P 500 Index | 6705.000 | 03/04/2026 | (22) | (14751000) | (26070) | (27727) | 1657 |
|  S&P 500 Index | 6600.000 | 03/06/2026 | (74) | (48840000) | (78440) | (109488) | 31048 |
|  S&P 500 Index | 6625.000 | 03/11/2026 | (53) | (35112500) | (131440) | (216895) | 85455 |
|  S&P 500 Index | 6450.000 | 03/18/2026 | (54) | (34830000) | (120150) | (154703) | 34553 |
|  S&P 500 Index | 6525.000 | 03/25/2026 | (54) | (35235000) | (220590) | (183277) | (37313) |
|  |  |  | (927) |  | $(781713) | $(1495357) | $713644 |
| Total written option contracts |  |  | (1418) |  | $(1035149) | $(1813585) | $778436 |

---

&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 consolidated financial statements.** |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA 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;

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON FUTURES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums<br>Paid (Received)**<br> **by Fund** | **Unrealized**<br> **Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  3 Month SOFR | $96.000 | 03/13/2026 | 1922 | $4805000 | $1717787 | $2752934 | $(1035147) |
|  3 Month SOFR | 96.250 | 03/13/2026 | 727 | 1817500 | 195381 | 910436 | (715055) |
|  3 Month SOFR | 96.625 | 03/13/2026 | 615 | 1537500 | 7688 | 916240 | (908552) |
|  3 Month SOFR | 96.750 | 03/13/2026 | 480 | 1200000 | 3000 | 781114 | (778114) |
|  3 Month SOFR | 97.000 | 03/13/2026 | 1854 | 4635000 | 11588 | 749898 | (738310) |
|  3 Month SOFR | 97.250 | 03/13/2026 | 1368 | 3420000 | 8550 | 1371174 | (1362624) |
|  3 Month SOFR | 97.500 | 03/13/2026 | 363 | 907500 | 2268 | 118686 | (116418) |
|  3 Month SOFR | 96.000 | 06/12/2026 | 1712 | 4280000 | 2289800 | 2734522 | (444722) |
|  3 Month SOFR | 96.250 | 06/12/2026 | 658 | 1645000 | 468825 | 935558 | (466733) |
|  3 Month SOFR | 96.500 | 06/12/2026 | 408 | 1020000 | 117300 | 449600 | (332300) |
|  3 Month SOFR | 96.625 | 06/12/2026 | 580 | 1450000 | 108750 | 914846 | (806096) |
|  3 Month SOFR | 96.750 | 06/12/2026 | 494 | 1235000 | 67925 | 766846 | (698921) |
|  3 Month SOFR | 97.000 | 06/12/2026 | 998 | 2495000 | 81087 | 663131 | (582044) |
|  3 Month SOFR | 97.125 | 06/12/2026 | 408 | 1020000 | 28050 | 209900 | (181850) |
|  3 Month SOFR | 97.250 | 06/12/2026 | 1469 | 3672500 | 82631 | 700654 | (618023) |
|  3 Month SOFR | 96.000 | 09/11/2026 | 1600 | 4000000 | 3100000 | 2747337 | 352663 |
|  3 Month SOFR | 96.375 | 09/11/2026 | 658 | 1645000 | 670338 | 947402 | (277064) |
|  3 Month SOFR | 96.500 | 09/11/2026 | 1245 | 3112500 | 996000 | 1413440 | (417440) |
|  3 Month SOFR | 96.625 | 09/11/2026 | 559 | 1397500 | 349375 | 930634 | (581259) |
|  3 Month SOFR | 97.000 | 09/11/2026 | 1398 | 3495000 | 436875 | 1086190 | (649315) |
|  3 Month SOFR | 97.250 | 09/11/2026 | 1143 | 2857500 | 250031 | 745190 | (495159) |
|  3 Month SOFR | 96.000 | 12/11/2026 | 2008 | 5020000 | 4743900 | 4045036 | 698864 |
|  3 Month SOFR | 96.375 | 12/11/2026 | 620 | 1550000 | 910625 | 962438 | (51813) |
|  3 Month SOFR | 96.500 | 12/11/2026 | 2891 | 7227500 | 3559544 | 4082654 | (523110) |
|  3 Month SOFR | 96.000 | 03/12/2027 | 1952 | 4880000 | 5026400 | 4103026 | 923374 |
|  3 Month SOFR | 96.250 | 03/12/2027 | 1302 | 3255000 | 2604000 | 2606552 | (2552) |
|  3 Month SOFR | 96.500 | 03/12/2027 | 1232 | 3080000 | 1824900 | 1641665 | 183235 |
|  3 Month SOFR | 97.250 | 03/12/2027 | 4239 | 10597500 | 2516906 | 1995833 | 521073 |
|  3 Month SOFR | 96.000 | 06/11/2027 | 1731 | 4327500 | 4684519 | 3725043 | 959476 |
|  3 Month SOFR | 96.250 | 06/11/2027 | 1302 | 3255000 | 2799300 | 2671652 | 127648 |
|  3 Month SOFR | 96.500 | 06/11/2027 | 4249 | 10622500 | 7063963 | 6284041 | 779922 |
|  3 Month SOFR | 96.250 | 09/10/2027 | 1323 | 3307500 | 2976750 | 2681668 | 295082 |
|  3 Month SOFR | 96.500 | 09/10/2027 | 3685 | 9212500 | 6563906 | 5815135 | 748771 |
|  3 Month SOFR | 96.500 | 12/10/2027 | 4565 | 11412500 | 8388187 | 7415047 | 973140 |
|  3 Month SOFR | 96.375 | 03/10/2028 | 4021 | 10052500 | 8318444 | 7390869 | 927575 |
| TOTAL |  |  | 55779 | $139447500 | $72974593 | $78266391 | $(5291798) |

---

&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 consolidated financial statements.**<sub>13</sub>

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

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

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

Consolidated Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| <br> **Currency Abbreviations:** | <br> **Currency Abbreviations:** |
| AUD | —Australian Dollar |
| CAD | —Canadian Dollar |
| CHF | —Swiss Franc |
| DKK | —Denmark Krone |
| EUR | —Euro |
| GBP | —British Pound |
| HKD | —Hong Kong Dollar |
| ILS | —Israeli Shekel |
| JPY | —Japanese Yen |
| NOK | —Norwegian Krone |
| NZD | —New Zealand Dollar |
| SEK | —Swedish Krona |
| SGD | —Singapore Dollar |
| USD | —U.S. Dollar |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ADR | —American Depositary Receipt |
| ETF | —Exchange Traded Fund |
| MSCI | —Morgan Stanley Capital International |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |
| SpA | —Stand-by Purchase Agreement |
| SPDR | —Standard and Poor's Depository Receipt |

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC |
| SOFR | —Secured Overnight Financing Rate |

---

&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 consolidated financial statements.** |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

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

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

Consolidated 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 – 39.5% | Common Stocks – 39.5% | Common Stocks – 39.5% |
| Aerospace & Defense – 1.0% | Aerospace & Defense – 1.0% | Aerospace & Defense – 1.0% |
| 1276 | Axon Enterprise, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692102 |
| 12662 | Boeing Co.\* | 2880985 |
| 4100 | General Dynamics Corp. | 1463905 |
| 17057 | General Electric Co. | 5837929 |
| 6501 | Howmet Aerospace, Inc. | 1706708 |
| 635 | Huntington Ingalls Industries, Inc. | 282270 |
| 3025 | L3Harris Technologies, Inc. | 1102733 |
| 3293 | Lockheed Martin Corp. | 2167057 |
| 2169 | Northrop Grumman Corp. | 1571180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21681 | RTX Corp. | 4393004 |
| 2850 | Textron, Inc. | 281153 |
| 911 | TransDigm Group, Inc. | 1186842 |
|  |  | 23565868 |
| Air Freight & Logistics – 0.1% | Air Freight & Logistics – 0.1% | Air Freight & Logistics – 0.1% |
| 1910 | CH Robinson Worldwide, Inc. | 353827 |
| 2167 | Expeditors International of Washington, Inc. | 314280 |
| 3510 | FedEx Corp. | 1358370 |
| 11950 | United Parcel Service, Inc. Class B | 1385722 |
|  |  | 3412199 |
| Automobile Components\* – 0.0% | Automobile Components\* – 0.0% | Automobile Components\* – 0.0% |
| 3494 | Aptiv PLC | 256949 |
| Automobiles – 0.9% | Automobiles – 0.9% | Automobiles – 0.9% |
| 63284 | Ford Motor Co. | 891672 |
| 15085 | General Motors Co. | 1187340 |
| 45437 | Tesla, Inc.\* | 18288847 |
|  |  | 20367859 |
| Banks – 1.3% | Banks – 1.3% | Banks – 1.3% |
| 108636 | Bank of America Corp. | 5413332 |
| 28933 | Citigroup, Inc. | 3188127 |
| 6945 | Citizens Financial Group, Inc. | 418019 |
| 14544 | Fifth Third Bancorp | 719492 |
| 32877 | Huntington Bancshares, Inc. | 552334 |
| 44019 | JPMorgan Chase & Co. | 13218906 |
| 15022 | KeyCorp | 311556 |
| 6341 | PNC Financial Services Group, Inc. | 1346511 |
| 14179 | Regions Financial Corp. | 394602 |
| 20686 | Truist Financial Corp. | 1020027 |
| 25135 | U.S. Bancorp | 1373879 |
| 50760 | Wells Fargo & Co. | 4134402 |
|  |  | 32091187 |
| Beverages – 0.5% | Beverages – 0.5% | Beverages – 0.5% |
| 2847 | Brown-Forman Corp. Class B | 82165 |
| 62602 | Coca-Cola Co. | 5105819 |
| 2280 | Constellation Brands, Inc. Class A | 359921 |
| 21969 | Keurig Dr. Pepper, Inc. | 665221 |
| 2738 | Molson Coors Beverage Co. Class B | 134135 |
| 11533 | Monster Beverage Corp.\* | 983765 |
| 22110 | PepsiCo, Inc. | 3752951 |
|  |  | 11083977 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Biotechnology – 0.7% | Biotechnology – 0.7% | Biotechnology – 0.7% |
| 28579 | AbbVie, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6632614 |
| 8707 | Amgen, Inc. | 3379709 |
| 2372 | Biogen, Inc.\* | 454997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20062 | Gilead Sciences, Inc. | 2988235 |
| 2667 | Incyte Corp.\* | 270087 |
| 5622 | Moderna, Inc.\* | 301171 |
| 1630 | Regeneron Pharmaceuticals, Inc. | 1274122 |
| 4103 | Vertex Pharmaceuticals, Inc.\* | 2038494 |
|  |  | 17339429 |
| Broadline Retail – 1.4% | Broadline Retail – 1.4% | Broadline Retail – 1.4% |
| 157305 | Amazon.com, Inc.\* | 33034050 |
| 7309 | eBay, Inc. | 664096 |
|  |  | 33698146 |
| Building Products – 0.2% | Building Products – 0.2% | Building Products – 0.2% |
| 1833 | A.O. Smith Corp. | 142974 |
| 1391 | Allegion PLC | 224160 |
| 1788 | Builders FirstSource, Inc.\* | 186470 |
| 12802 | Carrier Global Corp. | 824449 |
| 9882 | Johnson Controls International PLC | 1425973 |
| 516 | Lennox International, Inc. | 294089 |
| 3358 | Masco Corp. | 240500 |
| 3586 | Trane Technologies PLC | 1657879 |
|  |  | 4996494 |
| Capital Markets – 1.1% | Capital Markets – 1.1% | Capital Markets – 1.1% |
| 1502 | Ameriprise Financial, Inc. | 706120 |
| 3331 | ARES Management Corp. Class A | 373105 |
| 11276 | Bank of New York Mellon Corp. | 1342972 |
| 2333 | Blackrock, Inc. | 2480516 |
| 11941 | Blackstone, Inc. | 1353751 |
| 1692 | Cboe Global Markets, Inc. | 507126 |
| 27009 | Charles Schwab Corp. | 2571257 |
| 5831 | CME Group, Inc. | 1863004 |
| 3689 | Coinbase Global, Inc. Class A\* | 648711 |
| 606 | FactSet Research Systems, Inc. | 131387 |
| 4970 | Franklin Resources, Inc. | 131904 |
| 7202 | Interactive Brokers Group, Inc. Class A | 512710 |
| 9220 | Intercontinental Exchange, Inc. | 1513279 |
| 7197 | Invesco Ltd. | 188993 |
| 11098 | KKR & Co., Inc. | 973073 |
| 2481 | Moody's Corp. | 1184901 |
| 19532 | Morgan Stanley | 3252273 |
| 1215 | MSCI, Inc. | 694773 |
| 7294 | Nasdaq, Inc. | 638808 |
| 3058 | Northern Trust Corp. | 437569 |
| 2851 | Raymond James Financial, Inc. | 436431 |
| 12716 | Robinhood Markets, Inc. Class A\* | 964509 |
| 5013 | S&P Global, Inc. | 2215144 |
| 4517 | State Street Corp. | 580977 |
|  |  | 25703293 |
| Chemicals – 0.5% | Chemicals – 0.5% | Chemicals – 0.5% |
| 3599 | Air Products & Chemicals, Inc. | 992136 |
| 1903 | Albemarle Corp. | 340009 |

---

&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 consolidated financial statements.** | **15** |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

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

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

Consolidated 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** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Chemicals – (continued) | Chemicals – (continued) | Chemicals – (continued) | Chemicals – (continued) |
| 2522 | CF Industries Holdings, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10927 | Corteva, Inc. |  | 875471 |
| 11493 | Dow, Inc. |  | 353180 |
| 6775 | DuPont de Nemours, Inc. |  | 339021 |
| 4122 | Ecolab, Inc. |  | 1271019 |
| 4141 | International Flavors & Fragrances, Inc. |  | 340514 |
| 7551 | Linde PLC |  | 3836512 |
| 4164 | LyondellBasell Industries NV Class A |  | 239513 |
| 5133 | Mosaic Co. |  | 142903 |
| 3629 | PPG Industries, Inc. |  | 447347 |
| 3728 | Sherwin-Williams Co. |  | 1351736 |
|  |  |  | 10780401 |
| Commercial Services & Supplies – 0.2% | Commercial Services & Supplies – 0.2% | Commercial Services & Supplies – 0.2% | Commercial Services & Supplies – 0.2% |
| 5524 | Cintas Corp. |  | 1111042 |
| 14398 | Copart, Inc.\* |  | 548420 |
| 3254 | Republic Services, Inc. |  | 745166 |
| 4746 | Rollins, Inc. |  | 288984 |
| 4015 | Veralto Corp. |  | 391181 |
| 5993 | Waste Management, Inc. |  | 1443354 |
|  |  |  | 4528147 |
| Communications Equipment – 0.4% | Communications Equipment – 0.4% | Communications Equipment – 0.4% | Communications Equipment – 0.4% |
| 16698 | Arista Networks, Inc.\* |  | 2229183 |
| 2281 | Ciena Corp.\* |  | 795385 |
| 63722 | Cisco Systems, Inc. |  | 5063350 |
| 933 | F5, Inc.\* |  | 253179 |
| 2693 | Motorola Solutions, Inc. |  | 1298726 |
|  |  |  | 9639823 |
| Construction & Engineering – 0.1% | Construction & Engineering – 0.1% | Construction & Engineering – 0.1% | Construction & Engineering – 0.1% |
| 569 | Comfort Systems USA, Inc. |  | 813311 |
| 724 | EMCOR Group, Inc. |  | 524625 |
| 2411 | Quanta Services, Inc. |  | 1357586 |
|  |  |  | 2695522 |
| Construction Materials – 0.1% | Construction Materials – 0.1% | Construction Materials – 0.1% | Construction Materials – 0.1% |
| 975 | Martin Marietta Materials, Inc. |  | 659656 |
| 2137 | Vulcan Materials Co. |  | 662470 |
|  |  |  | 1322126 |
| Consumer Finance – 0.2% | Consumer Finance – 0.2% | Consumer Finance – 0.2% | Consumer Finance – 0.2% |
| 8688 | American Express Co. |  | 2683723 |
| 10280 | Capital One Financial Corp. |  | 2011179 |
| 5824 | Synchrony Financial |  | 402497 |
|  |  |  | 5097399 |
| Consumer Staples Distribution & Retail – 0.8% | Consumer Staples Distribution & Retail – 0.8% | Consumer Staples Distribution & Retail – 0.8% | Consumer Staples Distribution & Retail – 0.8% |
| 7166 | Costco Wholesale Corp. |  | 7243321 |
| 3559 | Dollar General Corp. |  | 556058 |
| 3067 | Dollar Tree, Inc.\* |  | 387914 |
| 9858 | Kroger Co. |  | 672710 |
| 7743 | Sysco Corp. |  | 705852 |
| 7348 | Target Corp. |  | 836129 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Staples Distribution & Retail – (continued) | Consumer Staples Distribution & Retail – (continued) | Consumer Staples Distribution & Retail – (continued) | Consumer Staples Distribution & Retail – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70907 | Walmart, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9072551 |
|  |  |  | 19474535 |
| Containers & Packaging – 0.1% | Containers & Packaging – 0.1% | Containers & Packaging – 0.1% | Containers & Packaging – 0.1% |
| 7465 | Amcor PLC |  | 361530 |
| 1250 | Avery Dennison Corp. |  | 245438 |
| 4333 | Ball Corp. |  | 290874 |
| 8538 | International Paper Co. |  | 371830 |
| 1445 | Packaging Corp. of America |  | 335442 |
| 8444 | Smurfit Westrock PLC |  | 396952 |
|  |  |  | 2002066 |
| Distributors – 0.0% | Distributors – 0.0% | Distributors – 0.0% | Distributors – 0.0% |
| 2249 | Genuine Parts Co. |  | 268216 |
| 530 | Pool Corp. |  | 120405 |
|  |  |  | 388621 |
| Diversified Telecommunication Services – 0.4% | Diversified Telecommunication Services – 0.4% | Diversified Telecommunication Services – 0.4% | Diversified Telecommunication Services – 0.4% |
| 114638 | AT&T, Inc. |  | 3211011 |
| 58770 | Comcast Corp. Class A |  | 1819519 |
| 68180 | Verizon Communications, Inc. |  | 3418545 |
|  |  |  | 8449075 |
| Electric Utilities – 0.7% | Electric Utilities – 0.7% | Electric Utilities – 0.7% | Electric Utilities – 0.7% |
| 4157 | Alliant Energy Corp. |  | 300717 |
| 8655 | American Electric Power Co., Inc. |  | 1158212 |
| 5050 | Constellation Energy Corp. |  | 1665894 |
| 12575 | Duke Energy Corp. |  | 1645439 |
| 6222 | Edison International |  | 465032 |
| 7222 | Entergy Corp. |  | 773549 |
| 3723 | Evergy, Inc. |  | 311466 |
| 6067 | Eversource Energy |  | 462366 |
| 16337 | Exelon Corp. |  | 808191 |
| 8407 | FirstEnergy Corp. |  | 430102 |
| 33676 | NextEra Energy, Inc. |  | 3157799 |
| 3099 | NRG Energy, Inc. |  | 554597 |
| 35541 | PG&E Corp. |  | 675279 |
| 1935 | Pinnacle West Capital Corp. |  | 194081 |
| 11962 | PPL Corp. |  | 466279 |
| 17805 | Southern Co. |  | 1733851 |
| 9565 | Xcel Energy, Inc. |  | 797338 |
|  |  |  | 15600192 |
| Electrical Equipment – 0.4% | Electrical Equipment – 0.4% | Electrical Equipment – 0.4% | Electrical Equipment – 0.4% |
| 3722 | AMETEK, Inc. |  | 890377 |
| 6280 | Eaton Corp. PLC |  | 2360778 |
| 9084 | Emerson Electric Co. |  | 1369413 |
| 4387 | GE Vernova, Inc. |  | 3832483 |
| 949 | Generac Holdings, Inc.\* |  | 213876 |
| 859 | Hubbell, Inc. |  | 439490 |
| 1815 | Rockwell Automation, Inc. |  | 739522 |
|  |  |  | 9845939 |
| Electronic Equipment, Instruments & Components – 0.3% | Electronic Equipment, Instruments & Components – 0.3% | Electronic Equipment, Instruments & Components – 0.3% | Electronic Equipment, Instruments & Components – 0.3% |
| 19793 | Amphenol Corp. Class A |  | 2890966 |
| 2105 | CDW Corp. |  | 258157 |
| 12616 | Corning, Inc. |  | 1897194 |
| 1728 | Jabil, Inc. |  | 457903 |

---

&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 consolidated financial statements.** |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Electronic Equipment, Instruments & Components – (continued) | Electronic Equipment, Instruments & Components – (continued) | Electronic Equipment, Instruments & Components – (continued) | Electronic Equipment, Instruments & Components – (continued) |
| 2779 | Keysight Technologies, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854070 |
| 4757 | TE Connectivity PLC |  | 1094823 |
| 759 | Teledyne Technologies, Inc.\* |  | 516955 |
| 819 | Zebra Technologies Corp. Class A\* |  | 183423 |
|  |  |  | 8153491 |
| Energy Equipment & Services – 0.1% | Energy Equipment & Services – 0.1% | Energy Equipment & Services – 0.1% | Energy Equipment & Services – 0.1% |
| 15956 | Baker Hughes Co. |  | 1041289 |
| 13609 | Halliburton Co. |  | 489924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24157 | SLB Ltd. |  | 1240220 |
|  |  |  | 2771433 |
| Entertainment – 0.5% | Entertainment – 0.5% | Entertainment – 0.5% | Entertainment – 0.5% |
| 3630 | Electronic Arts, Inc. |  | 728069 |
| 2553 | Live Nation Entertainment, Inc.\* |  | 413943 |
| 68518 | Netflix, Inc.\* |  | 6594172 |
| 2809 | Take-Two Interactive Software, Inc.\* |  | 594047 |
| 1072 | TKO Group Holdings, Inc. |  | 239989 |
| 28868 | Walt Disney Co. |  | 3061163 |
| 40069 | Warner Bros Discovery, Inc.\* |  | 1128744 |
|  |  |  | 12760127 |
| Financial Services – 1.4% | Financial Services – 1.4% | Financial Services – 1.4% | Financial Services – 1.4% |
| 7508 | Apollo Global Management, Inc. |  | 785337 |
| 29652 | Berkshire Hathaway, Inc. Class B\* |  | 14972778 |
| 8856 | Block, Inc.\* |  | 564127 |
| 1131 | Corpay, Inc.\* |  | 367688 |
| 8697 | Fiserv, Inc.\* |  | 541736 |
| 3828 | Global Payments, Inc. |  | 292689 |
| 1170 | Jack Henry & Associates, Inc. |  | 190078 |
| 13259 | Mastercard, Inc. Class A |  | 6857687 |
| 15130 | PayPal Holdings, Inc. |  | 699157 |
| 27289 | Visa, Inc. Class A |  | 8736301 |
|  |  |  | 34007578 |
| Food Products – 0.2% | Food Products – 0.2% | Food Products – 0.2% | Food Products – 0.2% |
| 7771 | Archer-Daniels-Midland Co. |  | 536510 |
| 2189 | Bunge Global SA |  | 264103 |
| 3177 | Campbell's Co. |  | 85620 |
| 7735 | Conagra Brands, Inc. |  | 148899 |
| 8625 | General Mills, Inc. |  | 390109 |
| 2396 | Hershey Co. |  | 566127 |
| 4714 | Hormel Foods Corp. |  | 120678 |
| 1725 | J.M. Smucker Co. |  | 200014 |
| 13781 | Kraft Heinz Co. |  | 339150 |
| 2253 | Lamb Weston Holdings, Inc. |  | 108572 |
| 4095 | McCormick & Co., Inc. |  | 290909 |
| 20865 | Mondelez International, Inc. Class A |  | 1284867 |
| 4577 | Tyson Foods, Inc. Class A |  | 297459 |
|  |  |  | 4633017 |
| Gas Utilities – 0.0% | Gas Utilities – 0.0% | Gas Utilities – 0.0% | Gas Utilities – 0.0% |
| 2596 | Atmos Energy Corp. |  | 484907 |
| Ground Transportation – 0.3% | Ground Transportation – 0.3% | Ground Transportation – 0.3% | Ground Transportation – 0.3% |
| 30111 | CSX Corp. |  | 1285439 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Ground Transportation – (continued) | Ground Transportation – (continued) | Ground Transportation – (continued) | Ground Transportation – (continued) |
| 1216 | JB Hunt Transport Services, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283826 |
| 3628 | Norfolk Southern Corp. |  | 1141877 |
| 2975 | Old Dominion Freight Line, Inc. |  | 604074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33599 | Uber Technologies, Inc.\* |  | 2534036 |
| 9592 | Union Pacific Corp. |  | 2541688 |
|  |  |  | 8390940 |
| Health Care Equipment & Supplies – 0.8% | Health Care Equipment & Supplies – 0.8% | Health Care Equipment & Supplies – 0.8% | Health Care Equipment & Supplies – 0.8% |
| 28118 | Abbott Laboratories |  | 3271529 |
| 1079 | Align Technology, Inc.\* |  | 205118 |
| 8312 | Baxter International, Inc. |  | 169315 |
| 4635 | Becton Dickinson & Co. |  | 817985 |
| 23971 | Boston Scientific Corp.\* |  | 1842171 |
| 3215 | Cooper Cos., Inc.\* |  | 268999 |
| 6307 | Dexcom, Inc.\* |  | 463123 |
| 9384 | Edwards Lifesciences Corp.\* |  | 811435 |
| 7366 | GE HealthCare Technologies, Inc. |  | 620733 |
| 3599 | Hologic, Inc.\* |  | 271221 |
| 1291 | IDEXX Laboratories, Inc.\* |  | 847838 |
| 1138 | Insulet Corp.\* |  | 280642 |
| 5732 | Intuitive Surgical, Inc.\* |  | 2886119 |
| 20740 | Medtronic PLC |  | 2025468 |
| 2360 | ResMed, Inc. |  | 604774 |
| 2384 | Solventum Corp.\* |  | 176893 |
| 1587 | STERIS PLC |  | 400480 |
| 5565 | Stryker Corp. |  | 2156215 |
| 3205 | Zimmer Biomet Holdings, Inc. |  | 315500 |
|  |  |  | 18435558 |
| Health Care Providers & Services – 0.7% | Health Care Providers & Services – 0.7% | Health Care Providers & Services – 0.7% | Health Care Providers & Services – 0.7% |
| 3842 | Cardinal Health, Inc. |  | 880702 |
| 3135 | Cencora, Inc. |  | 1166659 |
| 7551 | Centene Corp.\* |  | 338889 |
| 4319 | Cigna Group |  | 1251733 |
| 20527 | CVS Health Corp. |  | 1640107 |
| 571 | DaVita, Inc.\* |  | 89247 |
| 3594 | Elevance Health, Inc. |  | 1150080 |
| 2583 | HCA Healthcare, Inc. |  | 1368215 |
| 1618 | Henry Schein, Inc.\* |  | 133307 |
| 1945 | Humana, Inc. |  | 370600 |
| 1341 | Labcorp Holdings, Inc. |  | 387710 |
| 1996 | McKesson Corp. |  | 1970790 |
| 831 | Molina Healthcare, Inc.\* |  | 128016 |
| 1799 | Quest Diagnostics, Inc. |  | 381226 |
| 14648 | UnitedHealth Group, Inc. |  | 4295819 |
| 893 | Universal Health Services, Inc. Class B |  | 184047 |
|  |  |  | 15737147 |
| Health Care REITs – 0.1% | Health Care REITs – 0.1% | Health Care REITs – 0.1% | Health Care REITs – 0.1% |
| 2515 | Alexandria Real Estate Equities, |  |  |
|  | Inc. |  | 135911 |
| 11237 | Healthpeak Properties, Inc. |  | 198670 |
| 7596 | Ventas, Inc. |  | 654471 |
| 11098 | Welltower, Inc. |  | 2298618 |
|  |  |  | 3287670 |

---

&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 consolidated financial statements.** | **17** |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

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

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

Consolidated 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) |
| Hotel & Resort REITs – 0.0% | Hotel & Resort REITs – 0.0% | Hotel & Resort REITs – 0.0% |
| 10342 | Host Hotels & Resorts, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202600 |
| Hotels, Restaurants & Leisure – 0.7% | Hotels, Restaurants & Leisure – 0.7% | Hotels, Restaurants & Leisure – 0.7% |
| 6877 | Airbnb, Inc. Class A\* | 929151 |
| 521 | Booking Holdings, Inc. | 2208701 |
| 17558 | Carnival Corp. | 553955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21381 | Chipotle Mexican Grill, Inc.\* | 795801 |
| 1881 | Darden Restaurants, Inc. | 402252 |
| 503 | Domino's Pizza, Inc. | 202463 |
| 6045 | DoorDash, Inc. Class A\* | 1066761 |
| 1892 | Expedia Group, Inc. | 408086 |
| 3759 | Hilton Worldwide Holdings, Inc. | 1171981 |
| 4920 | Las Vegas Sands Corp. | 279062 |
| 3602 | Marriott International, Inc. Class A | 1230911 |
| 11516 | McDonald's Corp. | 3927647 |
| 3317 | MGM Resorts International\* | 122265 |
| 7362 | Norwegian Cruise Line Holdings Ltd.\* | 182504 |
| 4101 | Royal Caribbean Cruises Ltd. | 1275247 |
| 18384 | Starbucks Corp. | 1802000 |
| 1365 | Wynn Resorts Ltd. | 147679 |
| 4490 | Yum! Brands, Inc. | 755038 |
|  |  | 17461504 |
| Household Durables – 0.1% | Household Durables – 0.1% | Household Durables – 0.1% |
| 4428 | DR Horton, Inc. | 710207 |
| 2644 | Garmin Ltd. | 668483 |
| 3489 | Lennar Corp. Class A | 399002 |
| 46 | NVR, Inc.\* | 345818 |
| 3152 | PulteGroup, Inc. | 432454 |
|  |  | 2555964 |
| Household Products – 0.4% | Household Products – 0.4% | Household Products – 0.4% |
| 3883 | Church & Dwight Co., Inc. | 407171 |
| 1972 | Clorox Co. | 250760 |
| 13034 | Colgate-Palmolive Co. | 1292191 |
| 5366 | Kimberly-Clark Corp. | 597987 |
| 37785 | Procter & Gamble Co. | 6317652 |
|  |  | 8865761 |
| Independent Power and Renewable Electricity Producers – 0.0% | Independent Power and Renewable Electricity Producers – 0.0% | Independent Power and Renewable Electricity Producers – 0.0% |
| 11515 | AES Corp. | 198979 |
| 5150 | Vistra Corp. | 895534 |
|  |  | 1094513 |
| Industrial Conglomerates – 0.2% | Industrial Conglomerates – 0.2% | Industrial Conglomerates – 0.2% |
| 8590 | 3M Co. | 1420099 |
| 10266 | Honeywell International, Inc. | 2500695 |
|  |  | 3920794 |
| Industrial REITs – 0.1% | Industrial REITs – 0.1% | Industrial REITs – 0.1% |
| 15020 | Prologis, Inc. | 2141401 |
| Insurance – 0.7% | Insurance – 0.7% | Insurance – 0.7% |
| 7628 | Aflac, Inc. | 861430 |
| 4231 | Allstate Corp. | 907634 |
| 8725 | American International Group, Inc. | 702275 |
| 3476 | Aon PLC Class A | 1166094 |
| 5839 | Arch Capital Group Ltd.\* | 584776 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Insurance – (continued) | Insurance – (continued) | Insurance – (continued) | Insurance – (continued) |
| 4153 | Arthur J Gallagher & Co. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947715 |
| 810 | Assurant, Inc. |  | 185968 |
| 4748 | Brown & Brown, Inc. |  | 341001 |
| 5918 | Chubb Ltd. |  | 2017209 |
| 2523 | Cincinnati Financial Corp. |  | 413722 |
| 411 | Erie Indemnity Co. Class A |  | 110740 |
| 679 | Everest Group Ltd. |  | 227798 |
| 1287 | Globe Life, Inc. |  | 186950 |
| 4506 | Hartford Insurance Group, Inc. |  | 634580 |
| 2740 | Loews Corp. |  | 301455 |
| 7922 | Marsh & McLennan Cos., Inc. |  | 1479354 |
| 8950 | MetLife, Inc. |  | 645026 |
| 3233 | Principal Financial Group, Inc. |  | 308493 |
| 9482 | Progressive Corp. |  | 2025924 |
| 5660 | Prudential Financial, Inc. |  | 556831 |
| 3607 | Travelers Cos., Inc. |  | 1113264 |
| 4855 | W.R. Berkley Corp. |  | 348103 |
| 1548 | Willis Towers Watson PLC |  | 472403 |
|  |  |  | 16538745 |
| Interactive Media & Services – 3.2% | Interactive Media & Services – 3.2% | Interactive Media & Services – 3.2% | Interactive Media & Services – 3.2% |
| 75192 | Alphabet, Inc. Class C |  | 23417045 |
| 94078 | Alphabet, Inc. Class A |  | 29329757 |
| 3817 | Match Group, Inc. |  | 120617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35217 | Meta Platforms, Inc. Class A |  | 22826955 |
|  |  |  | 75694374 |
| IT Services – 0.3% | IT Services – 0.3% | IT Services – 0.3% | IT Services – 0.3% |
| 10028 | Accenture PLC Class A |  | 2093044 |
| 2326 | Akamai Technologies, Inc.\* |  | 228855 |
| 7804 | Cognizant Technology Solutions Corp. Class A |  | 502812 |
| 893 | EPAM Systems, Inc.\* |  | 125913 |
| 1165 | Gartner, Inc.\* |  | 183138 |
| 2185 | GoDaddy, Inc. Class A\* |  | 190445 |
| 15115 | International Business Machines Corp. |  | 3630774 |
| 1349 | VeriSign, Inc. |  | 307491 |
|  |  |  | 7262472 |
| Leisure Products – 0.0% | Leisure Products – 0.0% | Leisure Products – 0.0% | Leisure Products – 0.0% |
| 2156 | Hasbro, Inc. |  | 214716 |
| Life Sciences Tools & Services – 0.3% | Life Sciences Tools & Services – 0.3% | Life Sciences Tools & Services – 0.3% | Life Sciences Tools & Services – 0.3% |
| 4584 | Agilent Technologies, Inc. |  | 556406 |
| 2520 | Bio-Techne Corp. |  | 148680 |
| 796 | Charles River Laboratories |  |  |
|  | International, Inc.\* |  | 142078 |
| 10165 | Danaher Corp. |  | 2141156 |
| 2754 | IQVIA Holdings, Inc.\* |  | 492443 |
| 330 | Mettler-Toledo International, Inc.\* |  | 451008 |
| 1833 | Revvity, Inc. |  | 180202 |
| 6075 | Thermo Fisher Scientific, Inc. |  | 3165743 |
| 1590 | Waters Corp.\* |  | 507814 |
| 1163 | West Pharmaceutical Services, Inc. |  | 295797 |
|  |  |  | 8081327 |

---

&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 consolidated financial statements.** |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Machinery – 0.8% | Machinery – 0.8% | Machinery – 0.8% |
| 7567 | Caterpillar, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5620995 |
| 2232 | Cummins, Inc. | 1303198 |
| 4065 | Deere & Co. | 2559771 |
| 2218 | Dover Corp. | 500159 |
| 5136 | Fortive Corp. | 304051 |
| 1210 | IDEX Corp. | 253459 |
| 4269 | Illinois Tool Works, Inc. | 1240699 |
| 5814 | Ingersoll Rand, Inc. | 547330 |
| 863 | Nordson Corp. | 253239 |
| 6302 | Otis Worldwide Corp. | 583313 |
| 8493 | PACCAR, Inc. | 1070882 |
| 2040 | Parker-Hannifin Corp. | 2058727 |
| 2646 | Pentair PLC | 262457 |
| 841 | Snap-on, Inc. | 323970 |
| 2505 | Stanley Black & Decker, Inc. | 216657 |
| 2764 | Westinghouse Air Brake Technologies Corp. | 729558 |
| 3937 | Xylem, Inc. | 510078 |
|  |  | 18338543 |
| Media – 0.1% | Media – 0.1% | Media – 0.1% |
| 1423 | Charter Communications, Inc. Class A\* | 333878 |
| 3364 | Fox Corp. Class A | 189528 |
| 2396 | Fox Corp. Class B | 123945 |
| 6055 | News Corp. Class A | 147076 |
| 1996 | News Corp. Class B | 53453 |
| 5158 | Omnicom Group, Inc. | 439926 |
| 5025 | Paramount Skydance Corp. Class B | 67888 |
| 7120 | Trade Desk, Inc. Class A\* | 169598 |
|  |  | 1525292 |
| Metals & Mining – 0.2% | Metals & Mining – 0.2% | Metals & Mining – 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23219 | Freeport-McMoRan, Inc. | 1580749 |
| 17646 | Newmont Corp. | 2293980 |
| 3701 | Nucor Corp. | 654633 |
| 2220 | Steel Dynamics, Inc. | 428749 |
|  |  | 4958111 |
| Multi-Utilities – 0.3% | Multi-Utilities – 0.3% | Multi-Utilities – 0.3% |
| 4374 | Ameren Corp. | 495487 |
| 10557 | CenterPoint Energy, Inc. | 459229 |
| 4921 | CMS Energy Corp. | 384182 |
| 5836 | Consolidated Edison, Inc. | 656667 |
| 13808 | Dominion Energy, Inc. | 871837 |
| 3358 | DTE Energy Co. | 497790 |
| 7716 | NiSource, Inc. | 364967 |
| 8071 | Public Service Enterprise Group, Inc. | 694671 |
| 10554 | Sempra | 1016033 |
| 5260 | WEC Energy Group, Inc. | 615210 |
|  |  | 6056073 |
| Office REITs – 0.0% | Office REITs – 0.0% | Office REITs – 0.0% |
| 2383 | BXP, Inc. | 137213 |

---

---

| | | |
|:---|:---|:---|
| **&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 – 1.3% | Oil, Gas & Consumable Fuels – 1.3% | Oil, Gas & Consumable Fuels – 1.3% |
| 5735 | APA Corp. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30605 | Chevron Corp. | 5715790 |
| 19982 | ConocoPhillips | 2267158 |
| 12312 | Coterra Energy, Inc. | 376624 |
| 10144 | Devon Energy Corp. | 441568 |
| 3012 | Diamondback Energy, Inc. | 524329 |
| 8774 | EOG Resources, Inc. | 1088678 |
| 10091 | EQT Corp. | 619789 |
| 3851 | Expand Energy Corp. | 415600 |
| 68192 | Exxon Mobil Corp. | 10399280 |
| 31658 | Kinder Morgan, Inc. | 1053262 |
| 4861 | Marathon Petroleum Corp. | 963499 |
| 11630 | Occidental Petroleum Corp. | 617320 |
| 10175 | ONEOK, Inc. | 842185 |
| 6515 | Phillips 66 | 1005460 |
| 3471 | Targa Resources Corp. | 818462 |
| 936 | Texas Pacific Land Corp. | 490735 |
| 4932 | Valero Energy Corp. | 1009284 |
| 19747 | Williams Cos., Inc. | 1475496 |
|  |  | 30298691 |
| Passenger Airlines – 0.1% | Passenger Airlines – 0.1% | Passenger Airlines – 0.1% |
| 10489 | Delta Air Lines, Inc. | 689127 |
| 8362 | Southwest Airlines Co. | 411912 |
| 5235 | United Airlines Holdings, Inc.\* | 556481 |
|  |  | 1657520 |
| Personal Products – 0.0% | Personal Products – 0.0% | Personal Products – 0.0% |
| 3975 | Estee Lauder Cos., Inc. Class A | 435143 |
| 30979 | Kenvue, Inc. | 592319 |
|  |  | 1027462 |
| Pharmaceuticals – 1.4% | Pharmaceuticals – 1.4% | Pharmaceuticals – 1.4% |
| 32918 | Bristol-Myers Squibb Co. | 2053096 |
| 12841 | Eli Lilly & Co. | 13508604 |
| 38959 | Johnson & Johnson | 9678584 |
| 40135 | Merck & Co., Inc. | 4969516 |
| 91939 | Pfizer, Inc. | 2542113 |
| 18624 | Viatris, Inc. | 278056 |
| 7126 | Zoetis, Inc. | 934219 |
|  |  | 33964188 |
| Professional Services – 0.2% | Professional Services – 0.2% | Professional Services – 0.2% |
| 6540 | Automatic Data Processing, Inc. | 1401914 |
| 1888 | Broadridge Financial Solutions, Inc. | 350922 |
| 1979 | Equifax, Inc. | 413532 |
| 1933 | Jacobs Solutions, Inc. | 266483 |
| 2067 | Leidos Holdings, Inc. | 361932 |
| 5238 | Paychex, Inc. | 490539 |
| 790 | Paycom Software, Inc. | 99406 |
| 2254 | Verisk Analytics, Inc. | 467863 |
|  |  | 3852591 |
| Real Estate Management & Development\* – 0.0% | Real Estate Management & Development\* – 0.0% | Real Estate Management & Development\* – 0.0% |
| 4740 | CBRE Group, Inc. Class A | 699909 |

---

&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 consolidated financial statements.** | **19** |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

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

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

Consolidated 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** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Real Estate Management & Development\* – (continued) | Real Estate Management & Development\* – (continued) | Real Estate Management & Development\* – (continued) | Real Estate Management & Development\* – (continued) |
| 6853 | CoStar Group, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305849 |
|  |  |  | 1005758 |
| Residential REITs – 0.1% | Residential REITs – 0.1% | Residential REITs – 0.1% | Residential REITs – 0.1% |
| 2287 | AvalonBay Communities, Inc. |  | 405325 |
| 1720 | Camden Property Trust |  | 186345 |
| 5599 | Equity Residential |  | 353913 |
| 1041 | Essex Property Trust, Inc. |  | 265569 |
| 9120 | Invitation Homes, Inc. |  | 240221 |
| 1893 | Mid-America Apartment Communities, Inc. |  | 253397 |
| 4863 | UDR, Inc. |  | 182362 |
|  |  |  | 1887132 |
| Retail REITs – 0.1% | Retail REITs – 0.1% | Retail REITs – 0.1% | Retail REITs – 0.1% |
| 1269 | Federal Realty Investment Trust |  | 138029 |
| 10950 | Kimco Realty Corp. |  | 257873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14875 | Realty Income Corp. |  | 996625 |
| 2662 | Regency Centers Corp. |  | 210298 |
| 5279 | Simon Property Group, Inc. |  | 1076124 |
|  |  |  | 2678949 |
| Semiconductors & Semiconductor Equipment – 5.7% | Semiconductors & Semiconductor Equipment – 5.7% | Semiconductors & Semiconductor Equipment – 5.7% | Semiconductors & Semiconductor Equipment – 5.7% |
| 26326 | Advanced Micro Devices, Inc.\* |  | 5270728 |
| 7955 | Analog Devices, Inc. |  | 2830309 |
| 12882 | Applied Materials, Inc. |  | 4795969 |
| 76361 | Broadcom, Inc. |  | 24401158 |
| 1735 | First Solar, Inc.\* |  | 342142 |
| 72504 | Intel Corp.\* |  | 3306907 |
| 2125 | KLA Corp. |  | 3239669 |
| 20310 | Lam Research Corp. |  | 4750306 |
| 8739 | Microchip Technology, Inc. |  | 652279 |
| 18150 | Micron Technology, Inc. |  | 7484516 |
| 775 | Monolithic Power Systems, Inc. |  | 885624 |
| 392935 | NVIDIA Corp. |  | 69624153 |
| 4070 | NXP Semiconductors NV |  | 923931 |
| 6507 | ON Semiconductor Corp.\* |  | 432585 |
| 3387 | Qnity Electronics, Inc. Class W/I |  | 429336 |
| 17318 | QUALCOMM, Inc. |  | 2465390 |
| 2404 | Skyworks Solutions, Inc. |  | 143230 |
| 2532 | Teradyne, Inc. |  | 810316 |
| 14693 | Texas Instruments, Inc. |  | 3116532 |
|  |  |  | 135905080 |
| Software – 3.2% | Software – 3.2% | Software – 3.2% | Software – 3.2% |
| 6769 | Adobe, Inc.\* |  | 1776253 |
| 4377 | AppLovin Corp. Class A\* |  | 1902988 |
| 3444 | Autodesk, Inc.\* |  | 846776 |
| 4402 | Cadence Design Systems, Inc.\* |  | 1326763 |
| 4058 | Crowdstrike Holdings, Inc. Class A\* |  | 1509495 |
| 5262 | Datadog, Inc. Class A\* |  | 589134 |
| 383 | Fair Isaac Corp.\* |  | 539785 |
| 10221 | Fortinet, Inc.\* |  | 807766 |
| 9075 | Gen Digital, Inc. |  | 204823 |
| 4508 | Intuit, Inc. |  | 1843907 |
| 120183 | Microsoft Corp. |  | 47200671 |
| 27198 | Oracle Corp. |  | 3954589 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Software – (continued) | Software – (continued) | Software – (continued) | Software – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36938 | Palantir Technologies, Inc. Class A\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5067524 |
| 12856 | Palo Alto Networks, Inc.\* |  | 1914516 |
| 1937 | PTC, Inc.\* |  | 303315 |
| 1741 | Roper Technologies, Inc. |  | 608880 |
| 15394 | Salesforce, Inc. |  | 2998597 |
| 16775 | ServiceNow, Inc.\* |  | 1811868 |
| 3004 | Synopsys, Inc.\* |  | 1243656 |
| 3847 | Trimble, Inc.\* |  | 257249 |
| 696 | Tyler Technologies, Inc.\* |  | 246864 |
| 3509 | Workday, Inc. Class A\* |  | 469364 |
|  |  |  | 77424783 |
| Specialized REITs – 0.3% | Specialized REITs – 0.3% | Specialized REITs – 0.3% | Specialized REITs – 0.3% |
| 7570 | American Tower Corp. |  | 1452380 |
| 7042 | Crown Castle, Inc. |  | 630541 |
| 5221 | Digital Realty Trust, Inc. |  | 925161 |
| 1588 | Equinix, Inc. |  | 1547125 |
| 3432 | Extra Space Storage, Inc. |  | 518335 |
| 4780 | Iron Mountain, Inc. |  | 517817 |
| 2554 | Public Storage |  | 784231 |
| 1723 | SBA Communications Corp. |  | 346599 |
| 17283 | VICI Properties, Inc. |  | 522119 |
| 11656 | Weyerhaeuser Co. |  | 285922 |
|  |  |  | 7530230 |
| Specialty Retail – 0.7% | Specialty Retail – 0.7% | Specialty Retail – 0.7% | Specialty Retail – 0.7% |
| 269 | AutoZone, Inc.\* |  | 1010251 |
| 3160 | Best Buy Co., Inc. |  | 195825 |
| 2287 | Carvana Co.\* |  | 764224 |
| 16096 | Home Depot, Inc. |  | 6128069 |
| 9069 | Lowe's Cos., Inc. |  | 2399385 |
| 13649 | O'Reilly Automotive, Inc.\* |  | 1281368 |
| 5259 | Ross Stores, Inc. |  | 1081461 |
| 17996 | TJX Cos., Inc. |  | 2909233 |
| 8544 | Tractor Supply Co. |  | 442921 |
| 725 | Ulta Beauty, Inc.\* |  | 496473 |
| 1969 | Williams-Sonoma, Inc. |  | 404925 |
|  |  |  | 17114135 |
| Technology Hardware, Storage & Peripherals – 2.9% | Technology Hardware, Storage & Peripherals – 2.9% | Technology Hardware, Storage & Peripherals – 2.9% | Technology Hardware, Storage & Peripherals – 2.9% |
| 238936 | Apple, Inc. |  | 63122112 |
| 4874 | Dell Technologies, Inc. Class C |  | 721742 |
| 21336 | Hewlett Packard Enterprise Co. |  | 458084 |
| 15114 | HP, Inc. |  | 287015 |
| 3228 | NetApp, Inc. |  | 319669 |
| 2387 | Sandisk Corp.\* |  | 1516604 |
| 3523 | Seagate Technology Holdings PLC |  | 1436820 |
| 8109 | Super Micro Computer, Inc.\* |  | 262651 |
| 5529 | Western Digital Corp. |  | 1546461 |
|  |  |  | 69671158 |
| Textiles, Apparel & Luxury Goods – 0.1% | Textiles, Apparel & Luxury Goods – 0.1% | Textiles, Apparel & Luxury Goods – 0.1% | Textiles, Apparel & Luxury Goods – 0.1% |
| 2357 | Deckers Outdoor Corp.\* |  | 276405 |
| 1745 | Lululemon Athletica, Inc.\* |  | 323122 |
| 19231 | NIKE, Inc. Class B |  | 1195784 |
| 627 | Ralph Lauren Corp. |  | 227350 |

---

&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 consolidated financial statements.** |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Textiles, Apparel & Luxury Goods – (continued) | Textiles, Apparel & Luxury Goods – (continued) | Textiles, Apparel & Luxury Goods – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3309 | Tapestry, Inc. | $514450 |
|  |  | 2537111 |
| Tobacco – 0.3% | Tobacco – 0.3% | Tobacco – 0.3% |
| 27144 | Altria Group, Inc. | 1874022 |
| 25171 | Philip Morris International, Inc. | 4702698 |
|  |  | 6576720 |
| Trading Companies & Distributors – 0.1% | Trading Companies & Distributors – 0.1% | Trading Companies & Distributors – 0.1% |
| 18564 | Fastenal Co. | 854687 |
| 1029 | United Rentals, Inc. | 864360 |
| 707 | WW Grainger, Inc. | 809324 |
|  |  | 2528371 |
| Water Utilities – 0.0% | Water Utilities – 0.0% | Water Utilities – 0.0% |
| 3155 | American Water Works Co., Inc. | 429175 |
| Wireless Telecommunication Services – 0.1% | Wireless Telecommunication Services – 0.1% | Wireless Telecommunication Services – 0.1% |
| 7777 | T-Mobile U.S., Inc. | 1688309 |
| **TOTAL COMMON STOCKS**<br> **(Cost $907,415,237)** | **TOTAL COMMON STOCKS**<br> **(Cost $907,415,237)** | $&nbsp;&nbsp;&nbsp;&nbsp;943827881 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Obligations<sup>(a)</sup> – 47.6% | U.S. Treasury Obligations<sup>(a)</sup> – 47.6% | U.S. Treasury Obligations<sup>(a)</sup> – 47.6% | U.S. Treasury Obligations<sup>(a)</sup> – 47.6% |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| $120000000 | 0.000% | 03/19/26 | $&nbsp;&nbsp;&nbsp;&nbsp;119794901 |
| 85000000 | 0.000 | 03/26/26 | 84794581 |
| 165000000 | 0.000 | 04/23/26 | 164139740 |
| 115000000 | 0.000 | 05/14/26 | 114163023 |
| 154208500 | 0.000 | 06/11/26 | 152667990 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Obligations<sup>(a)</sup> – (continued) | U.S. Treasury Obligations<sup>(a)</sup> – (continued) | U.S. Treasury Obligations<sup>(a)</sup> – (continued) | U.S. Treasury Obligations<sup>(a)</sup> – (continued) |
| $88131500 | 0.000% | 06/16/26 | $87204889 |
| 72880100 | 0.000 | 06/18/26 | 72099693 |
| 73155200 | 0.000 | 07/02/26 | 72271208 |
| 146396100 | 0.000 | 07/09/26 | 144529299 |
| 126000000 | 0.000 | 07/23/26 | 124232434 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $1,135,833,743)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $1,135,833,743)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $1,135,833,743)** | $1135897758 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(b)</sup> – 6.3% | Investment Company<sup>(b)</sup> – 6.3% | Investment Company<sup>(b)</sup> – 6.3% |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 149791123 | 3.589% | $149791123 |
| (Cost $149,791,123) | (Cost $149,791,123) |  |
| TOTAL INVESTMENTS – 93.4%<br>(Cost $2,193,040,103) | TOTAL INVESTMENTS – 93.4%<br>(Cost $2,193,040,103) | $2229516762 |
| OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 6.6% | OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 6.6% | 156867992 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $2386384754 |

---

---

| | |
|:---|:---|
| 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) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (b) | Represents an affiliated issuer. |

---

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 28, 2026, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized**<br> **Gain** |
|  MS & Co. Int. PLC | AUD | 118640000 | USD | 81814623 | 03/18/26 | $2609227 |
|  | CHF | 79220000 | USD | 100358685 | 03/18/26 | 2920127 |
|  | EUR | 86070000 | USD | 101314892 | 03/18/26 | 491393 |
|  | USD | 11327479 | AUD | 15910000 | 03/18/26 | 5973 |
|  | USD | 63671951 | EUR | 53480000 | 03/18/26 | 414136 |
|  **TOTAL** |  |  |  |  |  | $6440856 |

---

&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 consolidated financial statements.** | **21** |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

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

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

Consolidated Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized**<br> **Loss** |
|  MS & Co. Int. PLC | CAD | 76260000 | USD | 56346481 | 03/18/26 | $(393349) |
|  | CHF | 51300000 | USD | 66923952 | 03/18/26 | (44337) |
|  | GBP | 35930000 | USD | 49305887 | 03/18/26 | (882449) |
|  | JPY | 8798510000 | USD | 57268139 | 03/18/26 | (832379) |
|  | NZD | 204910000 | USD | 124141328 | 03/18/26 | (1128101) |
|  | USD | 19450406 | AUD | 29470000 | 03/18/26 | (1520353) |
|  | USD | 136129582 | CAD | 187620000 | 03/18/26 | (1530089) |
|  | USD | 153644190 | CHF | 117940000 | 03/18/26 | (113739) |
|  | USD | 173437178 | GBP | 129320000 | 03/18/26 | (849465) |
|  | USD | 44993772 | JPY | 7016360000 | 03/18/26 | (10849) |
|  | USD | 136319885 | NZD | 235570000 | 03/18/26 | (5099401) |
| TOTAL |  |  |  |  |  | $(12404511) |

---

FUTURES CONTRACTS — At February 28, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Amount** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  **Long position contracts:** |  |  |  |  |
|  10 Year U.K. Long Gilt | 358 | 06/26/26 | $45196757 | $399785 |
|  10 Year U.S. Treasury Notes | 12978 | 06/18/26 | 1477058625 | 6076686 |
|  2 Year U.S. Treasury Notes | 86 | 06/30/26 | 17997516 | 26258 |
|  5 Year U.S. Treasury Notes | 27 | 06/30/26 | 2973797 | 10289 |
|  CBOE Volatility Index | 53 | 04/15/26 | 1121008 | 31858 |
|  Japan 10 Year Government Bonds | 33 | 03/13/26 | 28062626 | 55326 |
|  S&P 500 E-Mini Index | 803 | 03/20/26 | 276593350 | (700938) |
| Total |  |  |  | $5899264 |
|  **Short position contracts:** |  |  |  |  |
|  20 Year U.S. Treasury Bonds | (24) | 06/18/26 | (2843250) | (20297) |
|  5 Year German Euro-Bund | (182) | 03/06/26 | (28006121) | (196180) |
|  Australian 10 Year Government Bonds | (535) | 03/16/26 | (42098507) | (427085) |
| Total |  |  |  | $(643562) |
| TOTAL FUTURES CONTRACTS |  |  |  | $5255702 |

---

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At February 28, 2026, the Fund had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts**<br> **Calls** | **Purchased option contracts**<br> **Calls** |  |  |  |  |  |  |
|  S&P 500 Index | $6970.000 | 03/06/2026 | 33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23001000 | $&nbsp;&nbsp;&nbsp;&nbsp;52965 | $48405 | $4560 |
|  S&P 500 Index | 6990.000 | 03/06/2026 | 1 | 699000 | 945 | 2066 | (1121) |
|  S&P 500 Index | 6995.000 | 03/06/2026 | 75 | 52462500 | 61875 | 116086 | (54211) |
|  S&P 500 Index | 7025.000 | 03/06/2026 | 27 | 18967500 | 7695 | 53570 | (45875) |

---

&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 consolidated financial statements.** |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION 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;

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise**<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; Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid**<br> (Received)<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  S&P 500 Index | $7030.000 | 03/06/2026 | 12 | $8436000 | $2760 | $28689 | $(25929) |
|  S&P 500 Index | 7055.000 | 03/06/2026 | 2 | 1411000 | 145 | 4522 | (4377) |
|  S&P 500 Index | 7060.000 | 03/06/2026 | 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21180000 | 1725 | 75522 | (73797) |
|  S&P 500 Index | 7070.000 | 03/06/2026 | 9 | 6363000 | 315 | 22957 | (22642) |
|  S&P 500 Index | 7110.000 | 03/06/2026 | 6 | 4266000 | 60 | 16865 | (16805) |
|  S&P 500 Index | 7125.000 | 03/06/2026 | 4 | 2850000 | 30 | 8243 | (8213) |
|  S&P 500 Index | 7140.000 | 03/06/2026 | 25 | 17850000 | 188 | 54769 | (54581) |
|  S&P 500 Index | 7010.000 | 03/13/2026 | 15 | 10515000 | 31275 | 28841 | 2434 |
|  S&P 500 Index | 7025.000 | 03/13/2026 | 26 | 18265000 | 41470 | 63339 | (21869) |
|  S&P 500 Index | 7030.000 | 03/13/2026 | 37 | 26011000 | 54020 | 75348 | (21328) |
|  S&P 500 Index | 7050.000 | 03/13/2026 | 11 | 7755000 | 11000 | 28058 | (17058) |
|  S&P 500 Index | 7060.000 | 03/13/2026 | 5 | 3530000 | 4050 | 13554 | (9504) |
|  S&P 500 Index | 7080.000 | 03/13/2026 | 1 | 708000 | 505 | 2721 | (2216) |
|  S&P 500 Index | 7090.000 | 03/13/2026 | 14 | 9926000 | 5530 | 39190 | (33660) |
|  S&P 500 Index | 7150.000 | 03/13/2026 | 2 | 1430000 | 185 | 5022 | (4837) |
|  S&P 500 Index | 7175.000 | 03/13/2026 | 26 | 18655000 | 1430 | 62420 | (60990) |
|  S&P 500 Index | 7050.000 | 03/20/2026 | 7 | 4935000 | 16205 | 15195 | 1010 |
|  S&P 500 Index | 7060.000 | 03/20/2026 | 14 | 9884000 | 28350 | 37090 | (8740) |
|  S&P 500 Index | 7070.000 | 03/20/2026 | 18 | 12726000 | 31770 | 40874 | (9104) |
|  S&P 500 Index | 7090.000 | 03/20/2026 | 6 | 4254000 | 7950 | 15485 | (7535) |
|  S&P 500 Index | 7120.000 | 03/20/2026 | 26 | 18512000 | 21320 | 67239 | (45919) |
|  S&P 500 Index | 7080.000 | 03/27/2026 | 3 | 2124000 | 8085 | 7772 | 313 |
|  S&P 500 Index | 7100.000 | 03/27/2026 | 9 | 6390000 | 19305 | 24207 | (4902) |
|  S&P 500 Index | 7150.000 | 03/27/2026 | 25 | 17875000 | 28375 | 66139 | (37764) |
|  |  |  | 469 |  | $439528 | $1024188 | $(584660) |
|  **Puts** | **Puts** |  |  |  |  |  |  |
|  S&P 500 Index | 5200.000 | 03/02/2026 | 344 | 178880000 | 860 | 72928 | (72068) |
|  S&P 500 Index | 5600.000 | 03/03/2026 | 345 | 193200000 | 3450 | 90390 | (86940) |
|  S&P 500 Index | 5400.000 | 03/04/2026 | 345 | 186300000 | 5175 | 145091 | (139916) |
|  S&P 500 Index | 5000.000 | 03/05/2026 | 348 | 174000000 | 3480 | 82913 | (79433) |
|  S&P 500 Index | 5000.000 | 03/06/2026 | 350 | 175000000 | 5250 | 97444 | (92194) |
|  S&P 500 Index | 5200.000 | 03/09/2026 | 352 | 183040000 | 14960 | 85102 | (70142) |
|  S&P 500 Index | 5400.000 | 03/10/2026 | 346 | 186840000 | 25950 | 86266 | (60316) |
|  S&P 500 Index | 5200.000 | 03/11/2026 | 345 | 179400000 | 23287 | 79969 | (56682) |
|  S&P 500 Index | 5200.000 | 03/12/2026 | 347 | 180440000 | 26892 | 78335 | (51443) |
|  S&P 500 Index | 4800.000 | 03/13/2026 | 349 | 167520000 | 16577 | 72243 | (55666) |
|  S&P 500 Index | 5000.000 | 03/16/2026 | 351 | 175500000 | 28080 | 86153 | (58073) |
|  S&P 500 Index | 5000.000 | 03/17/2026 | 352 | 176000000 | 32560 | 77745 | (45185) |
|  S&P 500 Index | 5200.000 | 03/18/2026 | 351 | 182520000 | 50895 | 92755 | (41860) |
|  S&P 500 Index | 5000.000 | 03/19/2026 | 350 | 175000000 | 42875 | 86600 | (43725) |
|  S&P 500 Index | 5050.000 | 03/20/2026 | 350 | 176750000 | 48125 | 72528 | (24403) |
|  S&P 500 Index | 5000.000 | 03/23/2026 | 349 | 174500000 | 55840 | 83411 | (27571) |
|  S&P 500 Index | 5000.000 | 03/24/2026 | 351 | 175500000 | 61425 | 68708 | (7283) |
|  S&P 500 Index | 5200.000 | 03/25/2026 | 348 | 180960000 | 90480 | 80067 | 10413 |
|  S&P 500 Index | 5000.000 | 03/26/2026 | 348 | 174000000 | 73080 | 73958 | (878) |
|  S&P 500 Index | 5000.000 | 03/27/2026 | 345 | 172500000 | 78487 | 92115 | (13628) |
|  |  |  | 6966 |  | $687728 | $1704721 | $(1016993) |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | 7435 |  | $1127256 | $2728909 | $(1601653) |

---

&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 consolidated financial statements.** | **23** |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

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

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

Consolidated Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise**<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; Price** | **Expiration<br>Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts** |  |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | $6250.000 | 03/02/2026 | (1401) | $(875625000) | $(24518) | $(221359) | $196841 |
|  S&P 500 Index | 6375.000 | 03/03/2026 | (1408) | (897600000) | (84480) | (257664) | 173184 |
|  S&P 500 Index | 6470.000 | 03/04/2026 | (1396) | (903212000) | (237320) | (283388) | 46068 |
|  S&P 500 Index | 6325.000 | 03/05/2026 | (1398) | (884235000) | (188730) | (241854) | 53124 |
|  S&P 500 Index | 6300.000 | 03/06/2026 | (1382) | (870660000) | (272945) | (363466) | 90521 |
|  S&P 500 Index | 6620.000 | 03/06/2026 | (18) | (11916000) | (23310) | (74226) | 50916 |
|  S&P 500 Index | 6640.000 | 03/06/2026 | (43) | (28552000) | (63855) | (272928) | 209073 |
|  S&P 500 Index | 6665.000 | 03/06/2026 | (38) | (25327000) | (66500) | (132121) | 65621 |
|  S&P 500 Index | 6685.000 | 03/06/2026 | (71) | (47463500) | (141645) | (173477) | 31832 |
|  S&P 500 Index | 6690.000 | 03/06/2026 | (53) | (35457000) | (109975) | (178410) | 68435 |
|  S&P 500 Index | 6725.000 | 03/06/2026 | (31) | (20847500) | (79825) | (122097) | 42272 |
|  S&P 500 Index | 6625.000 | 03/13/2026 | (17) | (11262500) | (52360) | (71747) | 19387 |
|  S&P 500 Index | 6635.000 | 03/13/2026 | (27) | (17914500) | (86940) | (91210) | 4270 |
|  S&P 500 Index | 6640.000 | 03/13/2026 | (22) | (14608000) | (72380) | (91663) | 19283 |
|  S&P 500 Index | 6680.000 | 03/13/2026 | (43) | (28724000) | (166625) | (197818) | 31193 |
|  S&P 500 Index | 6720.000 | 03/13/2026 | (48) | (32256000) | (219360) | (154564) | (64796) |
|  S&P 500 Index | 6585.000 | 03/20/2026 | (44) | (28974000) | (174900) | (207707) | 32807 |
|  S&P 500 Index | 6600.000 | 03/20/2026 | (13) | (8580000) | (54080) | (61780) | 7700 |
|  S&P 500 Index | 6670.000 | 03/20/2026 | (26) | (17342000) | (136630) | (99301) | (37329) |
|  S&P 500 Index | 6640.000 | 03/27/2026 | (44) | (29216000) | (270600) | (204297) | (66303) |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | (7523) |  | $(2526978) | $(3501077) | $974099 |
| TOTAL |  |  | (88) |  | $(1399722) | $(772168) | $(627554) |

---

EXCHANGE TRADED OPTIONS ON FUTURES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise**<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; Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  3 Month SOFR | $96.438 | 03/13/2026 | 75 | $187500 | $1875 | $63897 | $(62022) |
|  3 Month SOFR | 96.500 | 03/13/2026 | 70 | 175000 | 1312 | 68386 | (67074) |
|  3 Month SOFR | 96.938 | 03/13/2026 | 59 | 147500 | 369 | 63541 | (63172) |
|  3 Month SOFR | 96.438 | 06/12/2026 | 76 | 190000 | 26600 | 58099 | (31499) |
|  3 Month SOFR | 96.625 | 06/12/2026 | 813 | 2032500 | 152438 | 1137814 | (985376) |
|  3 Month SOFR | 96.750 | 06/12/2026 | 78 | 195000 | 10725 | 58653 | (47928) |
|  3 Month SOFR | 96.813 | 06/12/2026 | 75 | 187500 | 8906 | 69522 | (60616) |
|  3 Month SOFR | 97.000 | 06/12/2026 | 1676 | 4190000 | 136175 | 2377996 | (2241821) |
|  3 Month SOFR | 96.125 | 09/11/2026 | 802 | 2005000 | 1303250 | 1032646 | 270604 |
|  3 Month SOFR | 96.375 | 09/11/2026 | 1679 | 4197500 | 1710481 | 2470705 | (760224) |
|  3 Month SOFR | 96.813 | 09/11/2026 | 79 | 197500 | 34563 | 51505 | (16942) |
|  3 Month SOFR | 96.875 | 09/11/2026 | 160 | 400000 | 62000 | 108164 | (46164) |
|  3 Month SOFR | 96.125 | 12/11/2026 | 818 | 2045000 | 1682012 | 1095677 | 586335 |
|  3 Month SOFR | 96.500 | 12/11/2026 | 806 | 2015000 | 992388 | 1089680 | (97292) |
|  3 Month SOFR | 96.625 | 12/11/2026 | 787 | 1967500 | 806675 | 1024643 | (217968) |
|  3 Month SOFR | 96.813 | 12/11/2026 | 79 | 197500 | 62212 | 42617 | 19595 |
|  3 Month SOFR | 96.875 | 12/11/2026 | 79 | 197500 | 56781 | 54961 | 1820 |

---

&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 consolidated financial statements.** |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION 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;

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON FUTURES (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise**<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; Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid**<br> (Received)<br>by Fund | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3 Month SOFR | $96.938 | 12/11/2026 | 79 | $197500 | $51844 | $51505 | $339 |
|  3 Month SOFR | 96.750 | 03/12/2027 | 776 | 1940000 | 843900 | 1095371 | (251471) |
|  3 Month SOFR | 96.875 | 03/12/2027 | 792 | 1980000 | 747450 | 1096423 | (348973) |
|  3 Month SOFR | 97.000 | 03/12/2027 | 757 | 1892500 | 610330 | 1165371 | (555041) |
|  3 Month SOFR | 96.750 | 06/11/2027 | 794 | 1985000 | 1007387 | 1023830 | (16443) |
|  3 Month SOFR | 96.875 | 06/11/2027 | 815 | 2037500 | 896500 | 887910 | 8590 |
|  3 Month SOFR | 97.000 | 06/11/2027 | 810 | 2025000 | 769500 | 980183 | (210683) |
|  3 Month SOFR | 96.875 | 09/10/2027 | 1637 | 4092500 | 1984863 | 1608783 | 376080 |
|  3 Month SOFR | 97.000 | 09/10/2027 | 836 | 2090000 | 883025 | 837639 | 45386 |
|  3 Month SOFR | 96.625 | 12/10/2027 | 828 | 2070000 | 1355850 | 829623 | 526227 |
|  3 Month SOFR | 97.000 | 12/10/2027 | 821 | 2052500 | 923625 | 914972 | 8653 |
|  |  |  | 17156 | $42890000 | $17123036 | $21360116 | $(4237080) |
|  **Puts** |  |  |  |  |  |  |  |
|  3 Month SOFR | 96.438 | 03/13/2026 | 75 | 187500 | 16875 | 63897 | (47022) |
|  3 Month SOFR | 96.500 | 03/13/2026 | 70 | 175000 | 26250 | 71012 | (44762) |
|  3 Month SOFR | 96.938 | 03/13/2026 | 59 | 147500 | 85550 | 67966 | 17584 |
|  3 Month SOFR | 96.438 | 06/12/2026 | 76 | 190000 | 8075 | 57149 | (49074) |
|  3 Month SOFR | 96.625 | 06/12/2026 | 813 | 2032500 | 335362 | 1302685 | (967323) |
|  3 Month SOFR | 96.750 | 06/12/2026 | 78 | 195000 | 52163 | 56703 | (4540) |
|  3 Month SOFR | 96.813 | 06/12/2026 | 75 | 187500 | 60469 | 69522 | (9053) |
|  3 Month SOFR | 97.000 | 06/12/2026 | 1676 | 4190000 | 2074050 | 2492735 | (418685) |
|  3 Month SOFR | 96.125 | 09/11/2026 | 802 | 2005000 | 5013 | 1226121 | (1221108) |
|  3 Month SOFR | 96.375 | 09/11/2026 | 1679 | 4197500 | 52469 | 2539225 | (2486756) |
|  3 Month SOFR | 96.813 | 09/11/2026 | 79 | 197500 | 41969 | 51505 | (9536) |
|  3 Month SOFR | 96.875 | 09/11/2026 | 160 | 400000 | 101000 | 112576 | (11576) |
|  3 Month SOFR | 96.125 | 12/11/2026 | 818 | 2045000 | 20450 | 1238828 | (1218378) |
|  3 Month SOFR | 96.500 | 12/11/2026 | 806 | 2015000 | 110825 | 1200505 | (1089680) |
|  3 Month SOFR | 96.625 | 12/11/2026 | 787 | 1967500 | 186913 | 1184144 | (997231) |
|  3 Month SOFR | 96.813 | 12/11/2026 | 79 | 197500 | 36538 | 41630 | (5092) |
|  3 Month SOFR | 96.875 | 12/11/2026 | 79 | 197500 | 43450 | 47555 | (4105) |
|  3 Month SOFR | 96.938 | 12/11/2026 | 79 | 197500 | 50363 | 51505 | (1142) |
|  3 Month SOFR | 96.750 | 03/12/2027 | 776 | 1940000 | 324950 | 1078221 | (753271) |
|  3 Month SOFR | 96.875 | 03/12/2027 | 792 | 1980000 | 455400 | 951952 | (496552) |
|  3 Month SOFR | 97.000 | 03/12/2027 | 757 | 1892500 | 563019 | 1174834 | (611815) |
|  3 Month SOFR | 96.750 | 06/11/2027 | 794 | 1985000 | 406925 | 954356 | (547431) |
|  3 Month SOFR | 96.875 | 06/11/2027 | 815 | 2037500 | 529750 | 826785 | (297035) |
|  3 Month SOFR | 97.000 | 06/11/2027 | 810 | 2025000 | 653063 | 892588 | (239525) |
|  3 Month SOFR | 96.875 | 09/10/2027 | 1637 | 4092500 | 1248213 | 1752634 | (504421) |
|  3 Month SOFR | 97.000 | 09/10/2027 | 836 | 2090000 | 762850 | 931689 | (168839) |
|  3 Month SOFR | 96.625 | 12/10/2027 | 828 | 2070000 | 527850 | 705423 | (177573) |
|  3 Month SOFR | 97.000 | 12/10/2027 | 821 | 2052500 | 846656 | 863659 | (17003) |
|  |  |  | 17156 | $42890000 | $9626460 | $22007404 | $(12380944) |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | 34312 | $85780000 | $26749496 | $43367520 | $(16618024) |
|  **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  10 Year U.S. Treasury Notes | 114.000 | 02/27/2026 | (717) | (717000) | (5019) | (21112) | 16093 |
|  10 Year U.S. Treasury Notes | 114.250 | 02/27/2026 | (357) | (357000) |  | (10460) | 10460 |
|  10 Year U.S. Treasury Notes | 114.750 | 02/27/2026 | (358) | (358000) |  | (4896) | 4896 |

---

&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 consolidated financial statements.** | **25** |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

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

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

Consolidated Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON FUTURES (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise**<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; Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums**<br> **Paid (Received)**<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  10 Year U.S. Treasury Notes | $115.250 | 02/27/2026 | (356) | $(356000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(4868) | $4868 |
|  10 Year U.S. Treasury Notes | 115.750 | 02/27/2026 | (357) | (357000) |  | (10460) | 10460 |
|  10 Year U.S. Treasury Notes | 114.000 | 03/04/2026 | (354) | (354000) | (55312) | (15903) | (39409) |
|  10 Year U.S. Treasury Notes | 114.500 | 03/04/2026 | (354) | (354000) | (11062) | (10372) | (690) |
|  10 Year U.S. Treasury Notes | 114.750 | 03/04/2026 | (354) | (354000) | (11063) | (4841) | (6222) |
|  10 Year U.S. Treasury Notes | 115.500 | 03/04/2026 | (354) | (354000) | (5531) | (4841) | (690) |
|  10 Year U.S. Treasury Notes | 114.750 | 03/06/2026 | (357) | (357000) | (22313) | (10461) | (11852) |
|  10 Year U.S. Treasury Notes | 115.250 | 03/06/2026 | (351) | (351000) | (10969) | (10284) | (685) |
|  10 Year U.S. Treasury Notes | 115.750 | 03/06/2026 | (357) | (357000) | (5578) | (4882) | (696) |
|  10 Year U.S. Treasury Notes | 116.250 | 03/06/2026 | (351) | (351000) | (5486) | (4800) | (686) |
|  |  |  | (4977) | $(4977000) | $(132333) | $(118180) | $(14153) |
|  **Puts** |  |  |  |  |  |  |  |
|  10 Year U.S. Treasury Notes | 111.750 | 02/27/2026 | (356) | (356000) |  | (4868) | 4868 |
|  10 Year U.S. Treasury Notes | 112.000 | 02/27/2026 | (711) | (711000) |  | (20832) | 20832 |
|  10 Year U.S. Treasury Notes | 112.250 | 02/27/2026 | (357) | (357000) |  | (16038) | 16038 |
|  10 Year U.S. Treasury Notes | 112.750 | 02/27/2026 | (715) | (715000) |  | (20941) | 20941 |
|  10 Year U.S. Treasury Notes | 112.250 | 03/04/2026 | (354) | (354000) | (354) | (10372) | 10018 |
|  10 Year U.S. Treasury Notes | 112.500 | 03/04/2026 | (708) | (708000) | (708) | (9682) | 8974 |
|  10 Year U.S. Treasury Notes | 112.750 | 03/04/2026 | (354) | (354000) | (5531) | (21417) | 15886 |
|  10 Year U.S. Treasury Notes | 112.250 | 03/06/2026 | (357) | (357000) | (5578) | (10460) | 4882 |
|  10 Year U.S. Treasury Notes | 112.500 | 03/06/2026 | (357) | (357000) | (5578) | (4882) | (696) |
|  10 Year U.S. Treasury Notes | 112.750 | 03/06/2026 | (351) | (351000) | (5486) | (4800) | (686) |
|  10 Year U.S. Treasury Notes | 113.000 | 03/06/2026 | (351) | (351000) | (16455) | (15769) | (686) |
|  |  |  | (4971) | $(4971000) | $(39690) | $(140061) | $100371 |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | (9948) | $(9948000) | $(172023) | $(258241) | $86218 |
|  **TOTAL** | **TOTAL** | **TOTAL** | 24364 | $75832000 | $26577473 | $43109279 | $(16531806) |

---

---

| | |
|:---|:---|
| <br> **Currency Abbreviations:** | <br> **Currency Abbreviations:** |
| AUD | —Australian Dollar |
| CAD | —Canadian Dollar |
| CHF | —Swiss Franc |
| EUR | —Euro |
| GBP | —British Pound |
| JPY | —Japanese Yen |
| NZD | —New Zealand Dollar |
| USD | —U.S. Dollar |

---

---

| | |
|:---|:---|
| <br> **Investment Abbreviations:** | <br> **Investment Abbreviations:** |
| NR | —Not Rated |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| <br> **Abbreviations:** | <br> **Abbreviations:** |
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC |
| SOFR | —Secured Overnight Financing Rate |

---

&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 consolidated financial statements.** |

---

------

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

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

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

Consolidated Schedule of Investments *February 28, 2026 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Obligations<sup>(a)</sup> – 65.4% | U.S. Treasury Obligations<sup>(a)</sup> – 65.4% | U.S. Treasury Obligations<sup>(a)</sup> – 65.4% | U.S. Treasury Obligations<sup>(a)</sup> – 65.4% |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| $26000000 | 0.000% | 04/07/26 | $25905778 |
| 37312300 | 0.000 | 04/16/26 | 37143495 |
| 26000000 | 0.000 | 05/14/26 | 25810770 |
| 30000000 | 0.000 | 05/19/26 | 29767942 |
| 20000000 | 0.000 | 05/21/26 | 19840866 |
| 27000000 | 0.000 | 06/02/26 | 26752987 |
| 27126800 | 0.000 | 06/04/26 | 26874063 |
| 24062900 | 0.000 | 06/11/26 | 23822517 |
| 2579000 | 0.000 | 06/16/26 | 2551884 |
| 21500000 | 0.000 | 06/23/26 | 21258438 |
| 21500000 | 0.000 | 07/02/26 | 21240198 |
| 34000000 | 0.000 | 07/23/26 | 33523038 |
| 27000000 | 0.000 | 08/06/26 | 26586199 |
| 27000000 | 0.000 | 10/29/26 | 26380949 |
| TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $347,411,967) | TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $347,411,967) | TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $347,411,967) | $347459124 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Companies<sup>(b)</sup> – 29.7% | Investment Companies<sup>(b)</sup> – 29.7% | Investment Companies<sup>(b)</sup> – 29.7% |
|  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;5555278 | 3.589% | $&nbsp;&nbsp;&nbsp;&nbsp;5555278 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Companies<sup>(b)</sup> – (continued) | Investment Companies<sup>(b)</sup> – (continued) | Investment Companies<sup>(b)</sup> – (continued) |
|  Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares |
| 152287239 | 3.548% | $152287239 |
| TOTAL INVESTMENT COMPANIES<br>(Cost $157,842,517) | TOTAL INVESTMENT COMPANIES<br>(Cost $157,842,517) | $157842517 |
| TOTAL INVESTMENTS – 95.1%<br>(Cost $505,254,484) | TOTAL INVESTMENTS – 95.1%<br>(Cost $505,254,484) | $505301641 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 4.9%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 4.9%** | 26035891 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $531337532 |

---

---

| | |
|:---|:---|
| 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) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (b) | Represents an affiliated issuer. |

---

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 28, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Amount** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  **Long position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | 33 | 06/18/26 | $3755812 | $(63) |
|  2 Year U.S. Treasury Notes | 1703 | 06/30/26 | 356392665 | 439533 |
|  5 Year U.S. Treasury Notes | 1537 | 06/30/26 | 169286141 | 584958 |
|  S&P 500 E-Mini Index | 16 | 03/20/26 | 5511200 | 9403 |
| TOTAL FUTURES CONTRACTS |  |  |  | $1033831 |

---

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At February 28, 2026, the Fund had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid**<br> (Received)<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200.000 | 03/02/2026 | 112 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58240000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | $23772 | $(23492) |
|  S&P 500 Index | 5600.000 | 03/03/2026 | 113 | 63280000 | 1130 | 29634 | (28504) |
|  S&P 500 Index | 5400.000 | 03/04/2026 | 112 | 60480000 | 1680 | 47131 | (45451) |
|  S&P 500 Index | 5000.000 | 03/05/2026 | 113 | 56500000 | 1130 | 26951 | (25821) |

---

&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 consolidated financial statements.** | **27** |

---

------

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

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

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

Consolidated Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise**<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;Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid**<br> (Received)<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  S&P 500 Index | $5000.000 | 03/06/2026 | 114 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57000000 | $1710 | $31767 | $(30057) |
|  S&P 500 Index | 5200.000 | 03/09/2026 | 115 | 59800000 | 4888 | 27832 | (22944) |
|  S&P 500 Index | 5400.000 | 03/10/2026 | 113 | 61020000 | 8475 | 28202 | (19727) |
|  S&P 500 Index | 5200.000 | 03/11/2026 | 113 | 58760000 | 7628 | 26222 | (18594) |
|  S&P 500 Index | 5200.000 | 03/12/2026 | 114 | 59280000 | 8835 | 25764 | (16929) |
|  S&P 500 Index | 4800.000 | 03/13/2026 | 114 | 54720000 | 5415 | 23627 | (18212) |
|  S&P 500 Index | 5000.000 | 03/16/2026 | 115 | 57500000 | 9200 | 28255 | (19055) |
|  S&P 500 Index | 5000.000 | 03/17/2026 | 116 | 58000000 | 10730 | 25650 | (14920) |
|  S&P 500 Index | 5200.000 | 03/18/2026 | 115 | 59800000 | 16675 | 30419 | (13744) |
|  S&P 500 Index | 5000.000 | 03/19/2026 | 115 | 57500000 | 14088 | 28483 | (14395) |
|  S&P 500 Index | 5050.000 | 03/20/2026 | 115 | 58075000 | 15812 | 23859 | (8047) |
|  S&P 500 Index | 5000.000 | 03/23/2026 | 114 | 57000000 | 18240 | 27275 | (9035) |
|  S&P 500 Index | 5000.000 | 03/24/2026 | 115 | 57500000 | 20125 | 22540 | (2415) |
|  S&P 500 Index | 5200.000 | 03/25/2026 | 113 | 58760000 | 29380 | 26027 | 3353 |
|  S&P 500 Index | 5000.000 | 03/26/2026 | 112 | 56000000 | 23520 | 23830 | (310) |
|  S&P 500 Index | 5000.000 | 03/27/2026 | 114 | 57000000 | 25935 | 30467 | (4532) |
| Total purchased option contracts |  |  | 2277 |  | $224876 | $557707 | $(332831) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |
|  **Puts** | **Puts** |  |  |  |  |  |  |
|  S&P 500 Index | 6250.000 | 03/02/2026 | (457) | (285625000) | (7998) | (72092) | 64094 |
|  S&P 500 Index | 6375.000 | 03/03/2026 | (463) | (295162500) | (27780) | (84613) | 56833 |
|  S&P 500 Index | 6470.000 | 03/04/2026 | (455) | (294385000) | (77350) | (92251) | 14901 |
|  S&P 500 Index | 6325.000 | 03/05/2026 | (452) | (285890000) | (61020) | (78083) | 17063 |
|  S&P 500 Index | 6300.000 | 03/06/2026 | (456) | (287280000) | (90060) | (119814) | 29754 |
|  **Total written option contracts** |  |  | (2283) |  | $(264208) | $(446853) | $182645 |
| TOTAL | TOTAL | TOTAL | (6) |  | $(39332) | $110854 | $(150186) |

---

EXCHANGE TRADED OPTIONS ON FUTURES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise**<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;Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid**<br> (Received)<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  3 Month SOFR | $96.438 | 03/13/2026 | 16 | $40000 | $400 | $13631 | $(13231) |
|  3 Month SOFR | 96.500 | 03/13/2026 | 15 | 37500 | 281 | 14654 | (14373) |
|  3 Month SOFR | 96.938 | 03/13/2026 | 13 | 32500 | 81 | 14000 | (13919) |
|  3 Month SOFR | 96.438 | 06/12/2026 | 16 | 40000 | 5600 | 12231 | (6631) |
|  3 Month SOFR | 96.750 | 06/12/2026 | 17 | 42500 | 2338 | 12784 | (10446) |
|  3 Month SOFR | 96.813 | 06/12/2026 | 16 | 40000 | 1900 | 14831 | (12931) |
|  3 Month SOFR | 96.813 | 09/11/2026 | 17 | 42500 | 7437 | 11083 | (3646) |
|  3 Month SOFR | 96.875 | 09/11/2026 | 34 | 85000 | 13175 | 23017 | (9842) |
|  3 Month SOFR | 96.813 | 12/11/2026 | 17 | 42500 | 13388 | 9171 | 4217 |
|  3 Month SOFR | 96.875 | 12/11/2026 | 17 | 42500 | 12219 | 11828 | 391 |
|  3 Month SOFR | 96.938 | 12/11/2026 | 17 | 42500 | 11156 | 11083 | 73 |
|  |  |  | 195 | $487500 | $67975 | $148313 | $(80338) |

---

&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 consolidated financial statements.** |

---

------

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM 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;

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON FUTURES (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise**<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;Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid**<br> (Received)<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  **Puts** |  |  |  |  |  |  |  |
|  3 Month SOFR | $96.438 | 03/13/2026 | 16 | $40000 | $3600 | $13631 | $(10031) |
|  3 Month SOFR | 96.500 | 03/13/2026 | 15 | 37500 | 5625 | 15217 | (9592) |
|  3 Month SOFR | 96.938 | 03/13/2026 | 13 | 32500 | 18850 | 14975 | 3875 |
|  3 Month SOFR | 96.438 | 06/12/2026 | 16 | 40000 | 1700 | 12031 | (10331) |
|  3 Month SOFR | 96.750 | 06/12/2026 | 17 | 42500 | 11368 | 12358 | (990) |
|  3 Month SOFR | 96.813 | 06/12/2026 | 16 | 40000 | 12900 | 14831 | (1931) |
|  3 Month SOFR | 96.813 | 09/11/2026 | 17 | 42500 | 9031 | 11083 | (2052) |
|  3 Month SOFR | 96.875 | 09/11/2026 | 34 | 85000 | 21463 | 23973 | (2510) |
|  3 Month SOFR | 96.813 | 12/11/2026 | 17 | 42500 | 7863 | 8959 | (1096) |
|  3 Month SOFR | 96.875 | 12/11/2026 | 17 | 42500 | 9350 | 10233 | (883) |
|  3 Month SOFR | 96.938 | 12/11/2026 | 17 | 42500 | 10837 | 11083 | (246) |
|  |  |  | 195 | $487500 | $112587 | $148374 | $(35787) |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | 390 | $975000 | $180562 | $296687 | $(116125) |
|  **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  10 Year U.S. Treasury Notes | 114.000 | 03/04/2026 | (77) | (77000) | (12031) | (3459) | (8572) |
|  10 Year U.S. Treasury Notes | 114.500 | 03/04/2026 | (78) | (78000) | (2437) | (2285) | (152) |
|  10 Year U.S. Treasury Notes | 114.750 | 03/04/2026 | (77) | (77000) | (2406) | (1053) | (1353) |
|  10 Year U.S. Treasury Notes | 115.500 | 03/04/2026 | (78) | (78000) | (1219) | (1067) | (152) |
|  10 Year U.S. Treasury Notes | 114.750 | 03/06/2026 | (77) | (77000) | (4813) | (2257) | (2556) |
|  10 Year U.S. Treasury Notes | 115.250 | 03/06/2026 | (77) | (77000) | (2406) | (2256) | (150) |
|  10 Year U.S. Treasury Notes | 115.750 | 03/06/2026 | (77) | (77000) | (1203) | (1053) | (150) |
|  10 Year U.S. Treasury Notes | 116.250 | 03/06/2026 | (77) | (77000) | (1204) | (1053) | (151) |
|  |  |  | (618) | $(618000) | $(27719) | $(14483) | $(13236) |
|  **Puts** |  |  |  |  |  |  |  |
|  10 Year U.S. Treasury Notes | 112.250 | 03/04/2026 | (78) | (78000) | (78) | (2285) | 2207 |
|  10 Year U.S. Treasury Notes | 112.500 | 03/04/2026 | (154) | (154000) | (154) | (2106) | 1952 |
|  10 Year U.S. Treasury Notes | 112.750 | 03/04/2026 | (77) | (77000) | (1203) | (4659) | 3456 |
|  10 Year U.S. Treasury Notes | 112.250 | 03/06/2026 | (77) | (77000) | (1203) | (2256) | 1053 |
|  10 Year U.S. Treasury Notes | 112.500 | 03/06/2026 | (77) | (77000) | (1203) | (1053) | (150) |
|  10 Year U.S. Treasury Notes | 112.750 | 03/06/2026 | (77) | (77000) | (1204) | (1053) | (151) |
|  10 Year U.S. Treasury Notes | 113.000 | 03/06/2026 | (77) | (77000) | (3610) | (3459) | (151) |
|  |  |  | (617) | $(617000) | $(8655) | $(16871) | $8216 |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | (1235) | $(1235000) | $(36374) | $(31354) | $(5020) |
|  **TOTAL** | **TOTAL** | **TOTAL** | (845) | $(260000) | $144188 | $265333 | $(121145) |

---

---

| | |
|:---|:---|
| <br> **Currency Abbreviations:** | <br> **Currency Abbreviations:** |
| USD | —U.S. Dollar |

---

---

| | |
|:---|:---|
| <br> **Abbreviation:** | <br> **Abbreviation:** |
| SOFR | —Secured Overnight Financing 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 consolidated financial statements.** | **29** |

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------

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

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

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

Consolidated Schedule of Investments *February 28, 2026 (Unaudited)*

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Agency Debentures<sup>(a)(b)</sup> – 1.4% | Agency Debentures<sup>(a)(b)</sup> – 1.4% | Agency Debentures<sup>(a)(b)</sup> – 1.4% | Agency Debentures<sup>(a)(b)</sup> – 1.4% |
| Sovereign – 1.4% | Sovereign – 1.4% | Sovereign – 1.4% | Sovereign – 1.4% |
| Federal Home Loan Banks (Secured Overnight Financing Rate + 0.180%) | Federal Home Loan Banks (Secured Overnight Financing Rate + 0.180%) | Federal Home Loan Banks (Secured Overnight Financing Rate + 0.180%) | Federal Home Loan Banks (Secured Overnight Financing Rate + 0.180%) |
| $69835000 | 3.850% | 10/08/27 | $&nbsp;&nbsp;&nbsp;&nbsp;69830728 |
| (Cost $69,835,000) | (Cost $69,835,000) | (Cost $69,835,000) | (Cost $69,835,000) |
| U.S. Treasury Obligations – 3.4% | U.S. Treasury Obligations – 3.4% | U.S. Treasury Obligations – 3.4% | U.S. Treasury Obligations – 3.4% |
| U.S. Treasury Bills<sup>(d)</sup> | U.S. Treasury Bills<sup>(d)</sup> | U.S. Treasury Bills<sup>(d)</sup> | U.S. Treasury Bills<sup>(d)</sup> |
| $21052500 | 0.000 %<sup>(c)</sup> | 03/24/26 | $21006063 |
| 584100 | 0.000 | 04/21/26 | 581167 |
| 4045300 | 0.000 | 06/18/26 | 4001983 |
| 16812100 | 0.000 | 08/06/26 | 16554438 |
| 3660300 | 0.000 | 12/24/26 | 3558108 |
| U.S. Treasury Floating Rate Notes<sup>(b)</sup> (3 mo. Treasury money market yield + 0.182%) | U.S. Treasury Floating Rate Notes<sup>(b)</sup> (3 mo. Treasury money market yield + 0.182%) | U.S. Treasury Floating Rate Notes<sup>(b)</sup> (3 mo. Treasury money market yield + 0.182%) | U.S. Treasury Floating Rate Notes<sup>(b)</sup> (3 mo. Treasury money market yield + 0.182%) |
| 1567800 | 3.805 | 07/31/26 | 1568623 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 34009000 | 4.500 <sup>(c)</sup> | 03/31/26 | 34026270 |
| 9520200 | 4.875 <sup>(c)</sup> | 04/30/26 | 9538050 |
| 14878600 | 4.875 | 05/31/26 | 14919284 |
| 1800600 | 0.875 | 06/30/26 | 1783930 |
| 18999900 | 4.625 | 06/30/26 | 19058533 |
| 34774000 | 0.625 | 07/31/26 | 34342042 |
| 385300 | 1.875 | 07/31/26 | 382486 |
| 3326100 | 4.375 | 07/31/26 | 3335715 |
| 361700 | 4.375 | 08/15/26 | 362830 |
| 616700 | 0.750 | 08/31/26 | 607931 |
| 7077800 | 3.750 | 08/31/26 | 7079735 |
| 588200 | 0.875 | 09/30/26 | 578918 |
| 204600 | 3.500 | 09/30/26 | 204424 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $173,372,954)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $173,372,954)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $173,372,954)** | $173490530 |
| **Shares** | **Description** | **Description** | **Value** |
| Exchange Traded Funds – 9.9% | Exchange Traded Funds – 9.9% | Exchange Traded Funds – 9.9% | Exchange Traded Funds – 9.9% |
| 1410482 | Goldman Sachs Access<br>Treasury 0-1 Year ETF<sup>(e)</sup> | Goldman Sachs Access<br>Treasury 0-1 Year ETF<sup>(e)</sup> | $141330296 |
| 525162 | Invesco DB Commodity Index<br>Tracking Fund | Invesco DB Commodity Index<br>Tracking Fund | 13181566 |
| 5887 | iShares 20+ Year Treasury<br>Bond ETF | iShares 20+ Year Treasury<br>Bond ETF | 534657 |
| 65447 | iShares 7-10 Year Treasury<br>Bond ETF | iShares 7-10 Year Treasury<br>Bond ETF | 6413152 |
| 203523 | iShares Core MSCI Emerging<br>Markets ETF | iShares Core MSCI Emerging<br>Markets ETF | 15622426 |
| 145049 | iShares Gold Trust | iShares Gold Trust | 14370004 |
| 671373 | iShares MSCI Mexico ETF<sup>(f)</sup> | iShares MSCI Mexico ETF<sup>(f)</sup> | 54340931 |
| 2122599 | Sprott Physical Uranium Trust | Sprott Physical Uranium Trust | 42823888 |
| 1355512 | State Street Health Care Select<br>Sector SPDR ETF | State Street Health Care Select<br>Sector SPDR ETF | 217153022 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Description** | **Value** |
| Exchange Traded Funds – (continued) | Exchange Traded Funds – (continued) | Exchange Traded Funds – (continued) | Exchange Traded Funds – (continued) |
| 39000 | Vanguard Real Estate ETF | Vanguard Real Estate ETF | $3731910 |
| TOTAL EXCHANGE TRADED FUNDS<br> **(Cost $452,887,934)** | TOTAL EXCHANGE TRADED FUNDS<br> **(Cost $452,887,934)** | TOTAL EXCHANGE TRADED FUNDS<br> **(Cost $452,887,934)** | $509501852 |
| **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(e)</sup> – 27.2% | Investment Company<sup>(e)</sup> – 27.2% | Investment Company<sup>(e)</sup> – 27.2% |  |
| 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 |
| 1395828343 | 3.589% | 3.589% | $1395828343 |
| (Cost $1,395,828,343) | (Cost $1,395,828,343) | (Cost $1,395,828,343) |  |
| TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 40.5% **(Cost $2,022,089,231)** | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 40.5% **(Cost $2,022,089,231)** | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 40.5% **(Cost $2,022,089,231)** | $2078820725 |
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Short-term Investments – 56.1% | Short-term Investments – 56.1% | Short-term Investments – 56.1% | Short-term Investments – 56.1% |
| Certificates of Deposit – 15.9% | Certificates of Deposit – 15.9% | Certificates of Deposit – 15.9% |  |
| Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
| 21000000 | 4.000% | 04/24/26 | $21004437 |
| 4100000 | 4.010 | 06/01/26 | 4102235 |
| Banco Santander SA | Banco Santander SA |  |  |
| 5991000 | 4.030 | 03/06/26 | 5991342 |
| 15132000 | 4.420 | 05/27/26 | 15152806 |
| (Secured Overnight Financing Rate + 0.320%) | (Secured Overnight Financing Rate + 0.320%) | (Secured Overnight Financing Rate + 0.320%) | (Secured Overnight Financing Rate + 0.320%) |
| 8352000 | 3.990 <sup>(b)</sup> | 08/24/26 | 8357660 |
| Bank of America NA | Bank of America NA | Bank of America NA | Bank of America NA |
| 12888000 | 4.350 | 07/24/26 | 12912544 |
| Bank of Montreal<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.400%) | Bank of Montreal<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.400%) | Bank of Montreal<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.400%) | Bank of Montreal<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.400%) |
| 7639000 | 4.070 | 09/08/26 | 7643135 |
| Bank of New York Mellon<sup>(b)</sup> (Secured Overnight Financing Rate + 0.250%) | Bank of New York Mellon<sup>(b)</sup> (Secured Overnight Financing Rate + 0.250%) | Bank of New York Mellon<sup>(b)</sup> (Secured Overnight Financing Rate + 0.250%) | Bank of New York Mellon<sup>(b)</sup> (Secured Overnight Financing Rate + 0.250%) |
| 6487000 | 3.920 | 03/26/26 | 6487668 |
| Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC |
| 31000000 | 3.930 | 12/10/26 | 31021213 |
| (Secured Overnight Financing Rate + 0.370%) | (Secured Overnight Financing Rate + 0.370%) | (Secured Overnight Financing Rate + 0.370%) | (Secured Overnight Financing Rate + 0.370%) |
| 16000000 | 4.040 <sup>(b)</sup> | 09/25/26 | 16006395 |
| 15394000 | 4.040 <sup>(b)</sup> | 10/09/26 | 15400111 |
| (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) |
| 15000000 | 4.070 <sup>(b)</sup> | 05/08/26 | 15007610 |
| Bayerische Landesbank<sup>(b)</sup> | Bayerische Landesbank<sup>(b)</sup> | Bayerische Landesbank<sup>(b)</sup> | Bayerische Landesbank<sup>(b)</sup> |
| (Secured Overnight Financing Rate + 0.350%) | (Secured Overnight Financing Rate + 0.350%) | (Secured Overnight Financing Rate + 0.350%) | (Secured Overnight Financing Rate + 0.350%) |
| 20997000 | 4.010 | 01/26/27 | 21000456 |
| (Secured Overnight Financing Rate + 0.440%) | (Secured Overnight Financing Rate + 0.440%) | (Secured Overnight Financing Rate + 0.440%) | (Secured Overnight Financing Rate + 0.440%) |
| 4020000 | 4.110 | 07/16/26 | 4023886 |
| (Secured Overnight Financing Rate + 0.530%) | (Secured Overnight Financing Rate + 0.530%) | (Secured Overnight Financing Rate + 0.530%) | (Secured Overnight Financing Rate + 0.530%) |
| 12924000 | 4.200 | 04/27/26 | 12924003 |
| Cabot Trail Funding LLC<sup>(b)</sup> (Secured Overnight Financing Rate + 0.200%) | Cabot Trail Funding LLC<sup>(b)</sup> (Secured Overnight Financing Rate + 0.200%) | Cabot Trail Funding LLC<sup>(b)</sup> (Secured Overnight Financing Rate + 0.200%) | Cabot Trail Funding LLC<sup>(b)</sup> (Secured Overnight Financing Rate + 0.200%) |
| 3216000 | 3.870 | 04/22/26 | 3216471 |
| Collateralized Commercial Paper V Co. LLC<sup>(b)</sup> | Collateralized Commercial Paper V Co. LLC<sup>(b)</sup> | Collateralized Commercial Paper V Co. LLC<sup>(b)</sup> | Collateralized Commercial Paper V Co. LLC<sup>(b)</sup> |
| 20000000 | 3.920 | 07/30/26 | 19999998 |

---

&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 consolidated financial statements.** |

---

------

GOLDMAN SACHS TACTICAL TILT OVERLAY 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;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) |
| Certificates of Deposit – (continued) | Certificates of Deposit – (continued) | Certificates of Deposit – (continued) | Certificates of Deposit – (continued) |
| Columbia Funding Co. LLC<sup>(a)(b)(g)</sup> (Secured Overnight Financing Rate + 0.300%) | Columbia Funding Co. LLC<sup>(a)(b)(g)</sup> (Secured Overnight Financing Rate + 0.300%) | Columbia Funding Co. LLC<sup>(a)(b)(g)</sup> (Secured Overnight Financing Rate + 0.300%) | Columbia Funding Co. LLC<sup>(a)(b)(g)</sup> (Secured Overnight Financing Rate + 0.300%) |
| $20000000 | 3.980% | 06/22/26 | $&nbsp;&nbsp;&nbsp;&nbsp;19999988 |
| Credit Agricole Corporate & Investment Bank SA | Credit Agricole Corporate & Investment Bank SA | Credit Agricole Corporate & Investment Bank SA | Credit Agricole Corporate & Investment Bank SA |
| 6002000 | 3.830 | 07/31/26 | 6005551 |
| Credit Industriel et Commercial | Credit Industriel et Commercial | Credit Industriel et Commercial | Credit Industriel et Commercial |
| 9000000 | 4.600 <sup>(b)</sup> | 05/12/26 | 9010146 |
| 22000000 | 3.850 | 01/26/27 | 22013273 |
| Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
| 15100000 | 4.440 | 08/03/26 | 15132664 |
| (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) |
| 5758000 | 4.085 <sup>(b)</sup> | 10/27/26 | 5762275 |
| HSBC USA, Inc.<sup>(b)(g)</sup> (Secured Overnight Financing Rate + 0.490%) | HSBC USA, Inc.<sup>(b)(g)</sup> (Secured Overnight Financing Rate + 0.490%) | HSBC USA, Inc.<sup>(b)(g)</sup> (Secured Overnight Financing Rate + 0.490%) | HSBC USA, Inc.<sup>(b)(g)</sup> (Secured Overnight Financing Rate + 0.490%) |
| 10689000 | 4.170 | 08/14/26 | 10699059 |
| Jupiter Securitization Co. LLC<sup>(b)(g)</sup> | Jupiter Securitization Co. LLC<sup>(b)(g)</sup> | Jupiter Securitization Co. LLC<sup>(b)(g)</sup> | Jupiter Securitization Co. LLC<sup>(b)(g)</sup> |
| 27400000 | 3.880 | 06/05/26 | 27399970 |
| Kookmin Bank<sup>(b)</sup> | Kookmin Bank<sup>(b)</sup> | Kookmin Bank<sup>(b)</sup> | Kookmin Bank<sup>(b)</sup> |
| 21502000 | 4.120 | 02/08/27 | 21498994 |
| La Fayette Asset Securitization LLC<sup>(b)(g)</sup> (Secured Overnight Financing Rate + 0.300%) | La Fayette Asset Securitization LLC<sup>(b)(g)</sup> (Secured Overnight Financing Rate + 0.300%) | La Fayette Asset Securitization LLC<sup>(b)(g)</sup> (Secured Overnight Financing Rate + 0.300%) | La Fayette Asset Securitization LLC<sup>(b)(g)</sup> (Secured Overnight Financing Rate + 0.300%) |
| 1447000 | 3.970 | 07/13/26 | 1447617 |
| Lloyds Bank Corporate Markets PLC | Lloyds Bank Corporate Markets PLC | Lloyds Bank Corporate Markets PLC | Lloyds Bank Corporate Markets PLC |
| 20727000 | 4.170 | 08/18/26 | 20764816 |
| Macquarie Bank Ltd.<sup>(b)(g)</sup> (Secured Overnight Financing Rate +<br>0.340%) | Macquarie Bank Ltd.<sup>(b)(g)</sup> (Secured Overnight Financing Rate +<br>0.340%) | Macquarie Bank Ltd.<sup>(b)(g)</sup> (Secured Overnight Financing Rate +<br>0.340%) | Macquarie Bank Ltd.<sup>(b)(g)</sup> (Secured Overnight Financing Rate +<br>0.340%) |
| 14098000 | 4.010 | 09/10/26 | 14103212 |
| Mitsubishi UFJ Trust & Banking Corp.<sup>(b)</sup> | Mitsubishi UFJ Trust & Banking Corp.<sup>(b)</sup> | Mitsubishi UFJ Trust & Banking Corp.<sup>(b)</sup> | Mitsubishi UFJ Trust & Banking Corp.<sup>(b)</sup> |
| 23454000 | 3.980 | 02/24/27 | 23452044 |
| Mizuho Bank Ltd.<sup>(b)</sup> | Mizuho Bank Ltd.<sup>(b)</sup> | Mizuho Bank Ltd.<sup>(b)</sup> | Mizuho Bank Ltd.<sup>(b)</sup> |
| (Secured Overnight Financing Rate + 0.190%) | (Secured Overnight Financing Rate + 0.190%) | (Secured Overnight Financing Rate + 0.190%) | (Secured Overnight Financing Rate + 0.190%) |
| 4636000 | 3.860 | 03/17/26 | 4636245 |
| (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) |
| 29985000 | 4.070 | 10/14/26 | 30016403 |
| National Bank of Canada<sup>(g)</sup> | National Bank of Canada<sup>(g)</sup> | National Bank of Canada<sup>(g)</sup> | National Bank of Canada<sup>(g)</sup> |
| 12000000 | 3.980 | 03/05/27 | 12001913 |
| National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait |
| 13000000 | 4.420 | 08/19/26 | 13022486 |
| 4108000 | 4.200 <sup>(a)(b)</sup> | 11/06/26 | 4108278 |
| (Secured Overnight Financing Rate + 0.600%) | (Secured Overnight Financing Rate + 0.600%) | (Secured Overnight Financing Rate + 0.600%) | (Secured Overnight Financing Rate + 0.600%) |
| 36885000 | 4.270 <sup>(a)(b)</sup> | 12/11/26 | 36899795 |
| 14371000 | 4.280 <sup>(a)(b)</sup> | 01/14/27 | 14374713 |
| Natixis SA<sup>(b)</sup> (Secured Overnight Financing Rate + 0.400%) | Natixis SA<sup>(b)</sup> (Secured Overnight Financing Rate + 0.400%) | Natixis SA<sup>(b)</sup> (Secured Overnight Financing Rate + 0.400%) | Natixis SA<sup>(b)</sup> (Secured Overnight Financing Rate + 0.400%) |
| 15000000 | 4.070 | 12/04/26 | 15016802 |
| Paradelle Funding LLC<sup>(b)</sup> (Secured Overnight Financing Rate +<br>0.340%) | Paradelle Funding LLC<sup>(b)</sup> (Secured Overnight Financing Rate +<br>0.340%) | Paradelle Funding LLC<sup>(b)</sup> (Secured Overnight Financing Rate +<br>0.340%) | Paradelle Funding LLC<sup>(b)</sup> (Secured Overnight Financing Rate +<br>0.340%) |
| 2000000 | 4.010 | 07/30/26 | 2000000 |
| Park Avenue Collateralized Notes Co. LLC<sup>(a)(b)</sup> | Park Avenue Collateralized Notes Co. LLC<sup>(a)(b)</sup> | Park Avenue Collateralized Notes Co. LLC<sup>(a)(b)</sup> | Park Avenue Collateralized Notes Co. LLC<sup>(a)(b)</sup> |
| (Secured Overnight Financing Rate + 0.260%) | (Secured Overnight Financing Rate + 0.260%) | (Secured Overnight Financing Rate + 0.260%) | (Secured Overnight Financing Rate + 0.260%) |
| 30000000 | 3.930 | 07/20/26 | 30005247 |
| (Secured Overnight Financing Rate + 0.300%) | (Secured Overnight Financing Rate + 0.300%) | (Secured Overnight Financing Rate + 0.300%) | (Secured Overnight Financing Rate + 0.300%) |
| 16969000 | 3.970 | 06/03/26 | 16973198 |
| Podium Funding Trust<sup>(b)</sup> | Podium Funding Trust<sup>(b)</sup> | Podium Funding Trust<sup>(b)</sup> | Podium Funding Trust<sup>(b)</sup> |
| 10000000 | 3.890 | 09/03/26 | 9998686 |
| (Secured Overnight Financing Rate + 0.220%) | (Secured Overnight Financing Rate + 0.220%) | (Secured Overnight Financing Rate + 0.220%) | (Secured Overnight Financing Rate + 0.220%) |
| 4448000 | 3.890 | 04/22/26 | 4448586 |
| Ridgefield Funding Co. LLC<sup>(b)(g)</sup> | Ridgefield Funding Co. LLC<sup>(b)(g)</sup> | Ridgefield Funding Co. LLC<sup>(b)(g)</sup> | Ridgefield Funding Co. LLC<sup>(b)(g)</sup> |
| 32000000 | 3.890 | 08/03/26 | 31999968 |

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) |
| Certificates of Deposit – (continued) | Certificates of Deposit – (continued) | Certificates of Deposit – (continued) | Certificates of Deposit – (continued) |
| Salisbury Receivables Co. LLC<sup>(g)</sup> | Salisbury Receivables Co. LLC<sup>(g)</sup> | Salisbury Receivables Co. LLC<sup>(g)</sup> | Salisbury Receivables Co. LLC<sup>(g)</sup> |
| 8500000 | 3.860% | 07/08/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500894 |
| Standard Chartered Bank<sup>(a)(b)</sup> | Standard Chartered Bank<sup>(a)(b)</sup> | Standard Chartered Bank<sup>(a)(b)</sup> | Standard Chartered Bank<sup>(a)(b)</sup> |
| (Secured Overnight Financing Rate + 0.430%) | (Secured Overnight Financing Rate + 0.430%) | (Secured Overnight Financing Rate + 0.430%) | (Secured Overnight Financing Rate + 0.430%) |
| 16040000 | 4.100 | 10/14/26 | 16056244 |
| (Secured Overnight Financing Rate + 0.440%) | (Secured Overnight Financing Rate + 0.440%) | (Secured Overnight Financing Rate + 0.440%) | (Secured Overnight Financing Rate + 0.440%) |
| 9734000 | 4.110 | 10/30/26 | 9745195 |
| Swedbank AB<sup>(b)</sup> (Secured Overnight Financing Rate + 0.400%) | Swedbank AB<sup>(b)</sup> (Secured Overnight Financing Rate + 0.400%) | Swedbank AB<sup>(b)</sup> (Secured Overnight Financing Rate + 0.400%) | Swedbank AB<sup>(b)</sup> (Secured Overnight Financing Rate + 0.400%) |
| 18804000 | 4.070 | 04/10/26 | 18810559 |
| Thunder Bay Funding LLC | Thunder Bay Funding LLC | Thunder Bay Funding LLC | Thunder Bay Funding LLC |
| 22000000 | 3.870 | 06/16/26 | 21999976 |
| Toronto-Dominion Bank<sup>(b)</sup> | Toronto-Dominion Bank<sup>(b)</sup> | Toronto-Dominion Bank<sup>(b)</sup> | Toronto-Dominion Bank<sup>(b)</sup> |
| 4957000 | 4.310 | 04/10/26 | 4959518 |
| (Secured Overnight Financing Rate + 0.390%) | (Secured Overnight Financing Rate + 0.390%) | (Secured Overnight Financing Rate + 0.390%) | (Secured Overnight Financing Rate + 0.390%) |
| 7616000 | 4.060 <sup>(a)</sup> | 08/18/26 | 7619191 |
| (Secured Overnight Financing Rate + 0.450%) | (Secured Overnight Financing Rate + 0.450%) | (Secured Overnight Financing Rate + 0.450%) | (Secured Overnight Financing Rate + 0.450%) |
| 19051000 | 4.120 | 04/23/26 | 19061663 |
| UBS AG<sup>(g)</sup> | UBS AG<sup>(g)</sup> | UBS AG<sup>(g)</sup> | UBS AG<sup>(g)</sup> |
| 15622000 | 3.993 | 12/17/26 | 15624203 |
| Versailles Commercial Paper LLC | Versailles Commercial Paper LLC | Versailles Commercial Paper LLC | Versailles Commercial Paper LLC |
| 15000000 | 3.840 | 06/01/26 | 15000498 |
| (Secured Overnight Financing Rate + 0.190%) | (Secured Overnight Financing Rate + 0.190%) | (Secured Overnight Financing Rate + 0.190%) | (Secured Overnight Financing Rate + 0.190%) |
| 11200000 | 3.830 <sup>(a)(b)(g)</sup> | 05/05/26 | 11200772 |
| Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
| 7978000 | 3.750 | 12/03/26 | 7976892 |
| Westpac Banking Corp.<sup>(b)(g)</sup> (Secured Overnight Financing Rate + 0.400%) | Westpac Banking Corp.<sup>(b)(g)</sup> (Secured Overnight Financing Rate + 0.400%) | Westpac Banking Corp.<sup>(b)(g)</sup> (Secured Overnight Financing Rate + 0.400%) | Westpac Banking Corp.<sup>(b)(g)</sup> (Secured Overnight Financing Rate + 0.400%) |
| 15924000 | 4.070 | 04/10/26 | 15929209 |
|  |  |  | 815528713 |
| Commercial Paper<sup>(d)</sup> – 40.2% | Commercial Paper<sup>(d)</sup> – 40.2% | Commercial Paper<sup>(d)</sup> – 40.2% |  |
| Albion Capital Corp. SA/Albion Capital LLC | Albion Capital Corp. SA/Albion Capital LLC | Albion Capital Corp. SA/Albion Capital LLC |  |
| 4565000 | 0.000 | 03/16/26 | 4556929 |
| 15216000 | 0.000 | 03/20/26 | 15182587 |
| 5671000 | 0.000 | 03/25/26 | 5655615 |
| 15644000 | 0.000 | 03/26/26 | 15599945 |
| 21360000 | 0.000 | 05/15/26 | 21189513 |
| 10855000 | 0.000 | 05/21/26 | 10761859 |
| Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
| 53188000 | 0.000 <sup>(g)</sup> | 03/13/26 | 53107249 |
| Alimentation Couche-Tard, Inc.<sup>(g)</sup> | Alimentation Couche-Tard, Inc.<sup>(g)</sup> | Alimentation Couche-Tard, Inc.<sup>(g)</sup> | Alimentation Couche-Tard, Inc.<sup>(g)</sup> |
| 30998000 | 0.000 | 03/06/26 | 30974615 |
| 15847000 | 0.000 | 04/07/26 | 15779996 |
| Antalis SA<sup>(g)</sup> | Antalis SA<sup>(g)</sup> | Antalis SA<sup>(g)</sup> | Antalis SA<sup>(g)</sup> |
| 18743000 | 0.000 | 03/03/26 | 18735263 |
| 1763000 | 0.000 | 03/11/26 | 1760811 |
| 6663000 | 0.000 | 05/12/26 | 6610955 |
| 26909000 | 0.000 | 06/16/26 | 26601643 |
| 3463000 | 0.000 | 08/05/26 | 3406149 |
| Archer-Daniels-Midland Co.<sup>(g)</sup> | Archer-Daniels-Midland Co.<sup>(g)</sup> | Archer-Daniels-Midland Co.<sup>(g)</sup> | Archer-Daniels-Midland Co.<sup>(g)</sup> |
| 21973000 | 0.000 | 03/11/26 | 21945989 |
| Banco Santander SA<sup>(g)</sup> | Banco Santander SA<sup>(g)</sup> | Banco Santander SA<sup>(g)</sup> | Banco Santander SA<sup>(g)</sup> |
| 17300000 | 0.000 | 05/11/26 | 17168951 |
| Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal |
| 14654000 | 0.000 | 04/23/26 | 14571164 |
| Bank of New Zealand<sup>(g)</sup> | Bank of New Zealand<sup>(g)</sup> | Bank of New Zealand<sup>(g)</sup> | Bank of New Zealand<sup>(g)</sup> |
| 7794000 | 0.000 | 06/10/26 | 7712161 |

---

&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 consolidated financial statements.** | **31** |

---

------

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

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

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

Consolidated Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) |
| Commercial Paper<sup>(d)</sup> – (continued) | Commercial Paper<sup>(d)</sup> – (continued) | Commercial Paper<sup>(d)</sup> – (continued) |  |
| Barclays Bank PLC<sup>(g)</sup> | Barclays Bank PLC<sup>(g)</sup> | Barclays Bank PLC<sup>(g)</sup> | Barclays Bank PLC<sup>(g)</sup> |
| $5500000 | 0.000% | 03/23/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5486116 |
| 7178000 | 0.000 | 05/05/26 | 7127117 |
| 5701000 | 0.000 | 10/13/26 | 5566202 |
| BASF SE | BASF SE | BASF SE | BASF SE |
| 38137000 | 0.000 | 03/30/26 | 38015130 |
| Bayer Corp. | Bayer Corp. | Bayer Corp. | Bayer Corp. |
| 17945000 | 0.000 | 12/08/26 | 17412130 |
| Bedford Row Funding Corp.<sup>(g)</sup> | Bedford Row Funding Corp.<sup>(g)</sup> | Bedford Row Funding Corp.<sup>(g)</sup> | Bedford Row Funding Corp.<sup>(g)</sup> |
| 15589000 | 0.000 | 08/03/26 | 15339132 |
| Bell Telephone Co. of Canada or Bell Canada<sup>(g)</sup> | Bell Telephone Co. of Canada or Bell Canada<sup>(g)</sup> | Bell Telephone Co. of Canada or Bell Canada<sup>(g)</sup> | Bell Telephone Co. of Canada or Bell Canada<sup>(g)</sup> |
| 13234000 | 0.000 | 03/03/26 | 13228448 |
| 13000000 | 0.000 | 03/12/26 | 12982206 |
| 23750000 | 0.000 | 04/07/26 | 23652074 |
| Brighthouse Financial Short Term Funding LLC<sup>(g)</sup> | Brighthouse Financial Short Term Funding LLC<sup>(g)</sup> | Brighthouse Financial Short Term Funding LLC<sup>(g)</sup> | Brighthouse Financial Short Term Funding LLC<sup>(g)</sup> |
| 3210000 | 0.000 | 08/06/26 | 3155739 |
| Charles Schwab Corp.<sup>(g)</sup> | Charles Schwab Corp.<sup>(g)</sup> | Charles Schwab Corp.<sup>(g)</sup> | Charles Schwab Corp.<sup>(g)</sup> |
| 17396000 | 0.000 | 05/15/26 | 17258913 |
| 26502000 | 0.000 | 05/27/26 | 26260868 |
| 10508000 | 0.000 | 07/08/26 | 10367426 |
| 34600000 | 0.000 | 07/16/26 | 34109220 |
| Chevron Corp.<sup>(g)</sup> | Chevron Corp.<sup>(g)</sup> | Chevron Corp.<sup>(g)</sup> | Chevron Corp.<sup>(g)</sup> |
| 15000000 | 0.000 | 06/26/26 | 14821962 |
| Columbia Funding Co. LLC<sup>(g)</sup> | Columbia Funding Co. LLC<sup>(g)</sup> | Columbia Funding Co. LLC<sup>(g)</sup> | Columbia Funding Co. LLC<sup>(g)</sup> |
| 21500000 | 0.000 | 06/04/26 | 21285168 |
| Constellation Energy Generation LLC<sup>(g)</sup> | Constellation Energy Generation LLC<sup>(g)</sup> | Constellation Energy Generation LLC<sup>(g)</sup> | Constellation Energy Generation LLC<sup>(g)</sup> |
| 8965000 | 0.000 | 06/01/26 | 8862767 |
| Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
| 6000000 | 0.000 | 04/27/26 | 5963545 |
| 11000000 | 0.000 | 05/08/26 | 10920793 |
| 12000000 | 0.000 | 08/25/26 | 11778155 |
| Duke Energy Corp.<sup>(g)</sup> | Duke Energy Corp.<sup>(g)</sup> | Duke Energy Corp.<sup>(g)</sup> | Duke Energy Corp.<sup>(g)</sup> |
| 7500000 | 0.000 | 03/23/26 | 7481284 |
| E.ON SE<sup>(g)</sup> | E.ON SE<sup>(g)</sup> | E.ON SE<sup>(g)</sup> | E.ON SE<sup>(g)</sup> |
| 21690000 | 0.000 | 05/07/26 | 21530778 |
| Electricite de France SA<sup>(g)</sup> | Electricite de France SA<sup>(g)</sup> | Electricite de France SA<sup>(g)</sup> | Electricite de France SA<sup>(g)</sup> |
| 18760000 | 0.000 | 03/09/26 | 18740345 |
| Emerson Electric Co.<sup>(g)</sup> | Emerson Electric Co.<sup>(g)</sup> | Emerson Electric Co.<sup>(g)</sup> | Emerson Electric Co.<sup>(g)</sup> |
| 20000000 | 0.000 | 05/05/26 | 19864400 |
| 15000000 | 0.000 | 05/13/26 | 14886406 |
| Enel Finance America LLC<sup>(g)</sup> | Enel Finance America LLC<sup>(g)</sup> | Enel Finance America LLC<sup>(g)</sup> | Enel Finance America LLC<sup>(g)</sup> |
| 20000000 | 0.000 | 03/06/26 | 19985184 |
| 48025000 | 0.000 | 04/22/26 | 47750105 |
| 14629000 | 0.000 | 04/24/26 | 14542208 |
| Entergy Corp.<sup>(g)</sup> | Entergy Corp.<sup>(g)</sup> | Entergy Corp.<sup>(g)</sup> | Entergy Corp.<sup>(g)</sup> |
| 9527000 | 0.000 | 03/10/26 | 9515965 |
| Equitable Short Term Funding LLC<sup>(g)</sup> | Equitable Short Term Funding LLC<sup>(g)</sup> | Equitable Short Term Funding LLC<sup>(g)</sup> | Equitable Short Term Funding LLC<sup>(g)</sup> |
| 14000000 | 0.000 | 03/09/26 | 13985786 |
| EssilorLuxottica SA<sup>(g)</sup> | EssilorLuxottica SA<sup>(g)</sup> | EssilorLuxottica SA<sup>(g)</sup> | EssilorLuxottica SA<sup>(g)</sup> |
| 41900000 | 0.000 | 03/26/26 | 41786304 |
| First Abu Dhabi Bank PJSC<sup>(g)</sup> | First Abu Dhabi Bank PJSC<sup>(g)</sup> | First Abu Dhabi Bank PJSC<sup>(g)</sup> | First Abu Dhabi Bank PJSC<sup>(g)</sup> |
| 15574000 | 0.000 | 06/15/26 | 15399820 |
| General Motors Financial Co., Inc.<sup>(g)</sup> | General Motors Financial Co., Inc.<sup>(g)</sup> | General Motors Financial Co., Inc.<sup>(g)</sup> | General Motors Financial Co., Inc.<sup>(g)</sup> |
| 9481000 | 0.000 | 03/26/26 | 9453495 |
| 25000000 | 0.000 | 04/13/26 | 24878595 |
| 19533000 | 0.000 | 04/20/26 | 19423322 |
| 8201000 | 0.000 | 06/22/26 | 8096297 |
| 10652000 | 0.000 | 08/06/26 | 10463105 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) |
| Commercial Paper<sup>(d)</sup> – (continued) | Commercial Paper<sup>(d)</sup> – (continued) | Commercial Paper<sup>(d)</sup> – (continued) |  |
| $7093000 | 0.000% | 08/12/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6962501 |
| 3100000 | 0.000 | 09/09/26 | 3033449 |
| Glencore Funding LLC<sup>(g)</sup> | Glencore Funding LLC<sup>(g)</sup> | Glencore Funding LLC<sup>(g)</sup> |  |
| 13371000 | 0.000 | 03/12/26 | 13352203 |
| Hannover Funding Co. LLC | Hannover Funding Co. LLC | Hannover Funding Co. LLC |  |
| 9913000 | 0.000 <sup>(g)</sup> | 03/11/26 | 9900239 |
| Honeywell International, Inc.<sup>(g)</sup> | Honeywell International, Inc.<sup>(g)</sup> | Honeywell International, Inc.<sup>(g)</sup> |  |
| 9948000 | 0.000 | 03/04/26 | 9942823 |
| 30000000 | 0.000 | 03/18/26 | 29940708 |
| Iowa Health System | Iowa Health System | Iowa Health System |  |
| 22500000 | 0.000 | 06/03/26 | 22267199 |
| Jackson National Life Short Term Funding LLC<sup>(g)</sup> | Jackson National Life Short Term Funding LLC<sup>(g)</sup> | Jackson National Life Short Term Funding LLC<sup>(g)</sup> |  |
| 11216000 | 0.000 | 09/10/26 | 10992731 |
| 14522000 | 0.000 | 10/22/26 | 14171997 |
| 11598000 | 0.000 | 11/30/26 | 11273505 |
| 15022000 | 0.000 | 01/12/27 | 14536830 |
| Johnson & Johnson<sup>(g)</sup> | Johnson & Johnson<sup>(g)</sup> | Johnson & Johnson<sup>(g)</sup> |  |
| 30000000 | 0.000 | 06/17/26 | 29668473 |
| 11187000 | 0.000 | 06/30/26 | 11049209 |
| Kenvue, Inc.<sup>(g)</sup> | Kenvue, Inc.<sup>(g)</sup> | Kenvue, Inc.<sup>(g)</sup> |  |
| 5020000 | 0.000 | 03/09/26 | 5014898 |
| 29174000 | 0.000 | 06/24/26 | 28832475 |
| Koch Cos. LLC | Koch Cos. LLC | Koch Cos. LLC |  |
| 23077000 | 0.000 | 05/08/26 | 22914116 |
| Kreditanstalt fuer Wiederaufbau<sup>(g)</sup> | Kreditanstalt fuer Wiederaufbau<sup>(g)</sup> | Kreditanstalt fuer Wiederaufbau<sup>(g)</sup> |  |
| 58500000 | 0.000 | 07/27/26 | 57615187 |
| Liberty Street Funding LLC<sup>(g)</sup> | Liberty Street Funding LLC<sup>(g)</sup> | Liberty Street Funding LLC<sup>(g)</sup> |  |
| 13333000 | 0.000 | 05/26/26 | 13212106 |
| Lime Funding LLC<sup>(g)</sup> | Lime Funding LLC<sup>(g)</sup> | Lime Funding LLC<sup>(g)</sup> |  |
| 14350000 | 0.000 | 04/02/26 | 14299530 |
| Lloyds Bank Corporate Markets PLC | Lloyds Bank Corporate Markets PLC | Lloyds Bank Corporate Markets PLC |  |
| 4334000 | 0.001 | 05/26/26 | 4339318 |
| Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC |  |
| 1276000 | 0.000 | 04/20/26 | 1269233 |
| LMA-Americas LLC<sup>(g)</sup> | LMA-Americas LLC<sup>(g)</sup> | LMA-Americas LLC<sup>(g)</sup> |  |
| 2177000 | 0.000 | 03/13/26 | 2173857 |
| 2177000 | 0.000 | 03/16/26 | 2173179 |
| 2121000 | 0.000 | 03/17/26 | 2117057 |
| 2120000 | 0.000 | 03/18/26 | 2115839 |
| Lseg U.S. Fin Corp. | Lseg U.S. Fin Corp. | Lseg U.S. Fin Corp. |  |
| 12574000 | 0.000 | 04/16/26 | 12509923 |
| LVMH Moet Hennessy Louis Vuitton SE<sup>(g)</sup> | LVMH Moet Hennessy Louis Vuitton SE<sup>(g)</sup> | LVMH Moet Hennessy Louis Vuitton SE<sup>(g)</sup> |  |
| 11051000 | 0.000 | 03/12/26 | 11036405 |
| Macquarie Group Ltd. | Macquarie Group Ltd. | Macquarie Group Ltd. |  |
| 3774000 | 0.000 | 05/22/26 | 3740273 |
| Mitsubishi UFJ Trust & Banking Corp. | Mitsubishi UFJ Trust & Banking Corp. | Mitsubishi UFJ Trust & Banking Corp. |  |
| 12000000 | 0.000 | 05/05/26 | 11915641 |
| NatWest Markets PLC<sup>(g)</sup> | NatWest Markets PLC<sup>(g)</sup> | NatWest Markets PLC<sup>(g)</sup> |  |
| 2210000 | 0.000 | 06/23/26 | 2183723 |
| Nederlandse Waterschapsbank NV<sup>(g)</sup> | Nederlandse Waterschapsbank NV<sup>(g)</sup> | Nederlandse Waterschapsbank NV<sup>(g)</sup> |  |
| 54353000 | 0.000 | 03/12/26 | 54280960 |
| 15639000 | 0.000 | 03/13/26 | 15616666 |
| New York Life Short Term Funding LLC<sup>(g)</sup> | New York Life Short Term Funding LLC<sup>(g)</sup> | New York Life Short Term Funding LLC<sup>(g)</sup> |  |
| 25000000 | 0.000 | 05/20/26 | 24790292 |
| Nutrien Ltd.<sup>(g)</sup> | Nutrien Ltd.<sup>(g)</sup> | Nutrien Ltd.<sup>(g)</sup> |  |
| 7462000 | 0.000 | 03/11/26 | 7452402 |
| ONEOK, Inc.<sup>(g)</sup> | ONEOK, Inc.<sup>(g)</sup> | ONEOK, Inc.<sup>(g)</sup> |  |
| 25000000 | 0.000 | 03/20/26 | 24943200 |

---

&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 consolidated financial statements.** |

---

------

GOLDMAN SACHS TACTICAL TILT OVERLAY 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;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) |
| Commercial Paper<sup>(d)</sup> – (continued) | Commercial Paper<sup>(d)</sup> – (continued) | Commercial Paper<sup>(d)</sup> – (continued) |  |
| Oracle Corp.<sup>(g)</sup> | Oracle Corp.<sup>(g)</sup> | Oracle Corp.<sup>(g)</sup> | Oracle Corp.<sup>(g)</sup> |
| $39511000 | 0.000% | 04/16/26 | $&nbsp;&nbsp;&nbsp;&nbsp;39300169 |
| Paradelle Funding LLC | Paradelle Funding LLC |  |  |
| 4583000 | 0.000 | 04/21/26 | 4558155 |
| 25991000 | 0.000 | 06/09/26 | 25719459 |
| Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP |
| 7385000 | 0.000 | 05/06/26 | 7329025 |
| 31521000 | 0.000 | 07/17/26 | 31026997 |
| Podium Funding Trust | Podium Funding Trust | Podium Funding Trust | Podium Funding Trust |
| 15000000 | 0.000 | 04/01/26 | 14949070 |
| 7195000 | 0.000 | 05/07/26 | 7143700 |
| 3140000 | 0.000 | 06/04/26 | 3108645 |
| Province of Alberta<sup>(g)</sup> | Province of Alberta<sup>(g)</sup> | Province of Alberta<sup>(g)</sup> | Province of Alberta<sup>(g)</sup> |
| 45000000 | 0.000 | 04/20/26 | 44763574 |
| Pure Grove Funding<sup>(g)</sup> | Pure Grove Funding<sup>(g)</sup> | Pure Grove Funding<sup>(g)</sup> | Pure Grove Funding<sup>(g)</sup> |
| 21192000 | 0.000 | 05/07/26 | 21041064 |
| 10422000 | 0.000 | 05/27/26 | 10325912 |
| 30000000 | 0.000 | 11/06/26 | 29230140 |
| 31866000 | 0.000 | 02/01/27 | 30769921 |
| Royal Bank of Canada<sup>(g)</sup> | Royal Bank of Canada<sup>(g)</sup> | Royal Bank of Canada<sup>(g)</sup> | Royal Bank of Canada<sup>(g)</sup> |
| 2835000 | 0.000 | 09/22/26 | 2776038 |
| RWE AG<sup>(g)</sup> | RWE AG<sup>(g)</sup> | RWE AG<sup>(g)</sup> | RWE AG<sup>(g)</sup> |
| 25000000 | 0.000 | 03/20/26 | 24943352 |
| Salisbury Receivables Co. LLC<sup>(g)</sup> | Salisbury Receivables Co. LLC<sup>(g)</sup> | Salisbury Receivables Co. LLC<sup>(g)</sup> | Salisbury Receivables Co. LLC<sup>(g)</sup> |
| 40000000 | 0.000 | 08/04/26 | 39352668 |
| 21064000 | 0.000 | 08/11/26 | 20708237 |
| 10003000 | 0.000 | 08/12/26 | 9833045 |
| Schlumberger Investment SA<sup>(g)</sup> | Schlumberger Investment SA<sup>(g)</sup> | Schlumberger Investment SA<sup>(g)</sup> | Schlumberger Investment SA<sup>(g)</sup> |
| 22841000 | 0.000 | 03/24/26 | 22782591 |
| Societe Generale SA<sup>(g)</sup> | Societe Generale SA<sup>(g)</sup> | Societe Generale SA<sup>(g)</sup> | Societe Generale SA<sup>(g)</sup> |
| 3000000 | 0.000 | 06/01/26 | 2970930 |
| Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. |
| 13000000 | 0.000 | 06/04/26 | 12869264 |
| 9000000 | 0.000 | 07/13/26 | 8873563 |
| Suncor Energy, Inc.<sup>(g)</sup> | Suncor Energy, Inc.<sup>(g)</sup> | Suncor Energy, Inc.<sup>(g)</sup> | Suncor Energy, Inc.<sup>(g)</sup> |
| 25211000 | 0.000 | 03/19/26 | 25157343 |
| TotalEnergies Capital SA<sup>(g)</sup> | TotalEnergies Capital SA<sup>(g)</sup> | TotalEnergies Capital SA<sup>(g)</sup> | TotalEnergies Capital SA<sup>(g)</sup> |
| 3500000 | 0.000 | 03/30/26 | 3488877 |
| 45000000 | 0.000 | 04/29/26 | 44717899 |
| TotalEnergies Capital USA LLC<sup>(g)</sup> | TotalEnergies Capital USA LLC<sup>(g)</sup> | TotalEnergies Capital USA LLC<sup>(g)</sup> | TotalEnergies Capital USA LLC<sup>(g)</sup> |
| 11497000 | 0.000 | 07/15/26 | 11339664 |
| Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
| 25000000 | 0.000 | 07/27/26 | 24618750 |
| Unilever Finance Netherlands BV<sup>(g)</sup> | Unilever Finance Netherlands BV<sup>(g)</sup> | Unilever Finance Netherlands BV<sup>(g)</sup> | Unilever Finance Netherlands BV<sup>(g)</sup> |
| 19274000 | 0.000 | 04/13/26 | 19186182 |
| Victory Receivables Corp.<sup>(g)</sup> | Victory Receivables Corp.<sup>(g)</sup> | Victory Receivables Corp.<sup>(g)</sup> | Victory Receivables Corp.<sup>(g)</sup> |
| 12500000 | 0.000 | 04/23/26 | 12429054 |
| VW Credit, Inc.<sup>(g)</sup> | VW Credit, Inc.<sup>(g)</sup> | VW Credit, Inc.<sup>(g)</sup> | VW Credit, Inc.<sup>(g)</sup> |
| 6602000 | 0.000 | 03/16/26 | 6589948 |
| 1233000 | 0.000 | 03/24/26 | 1229718 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) |
| Commercial Paper<sup>(d)</sup> – (continued) | Commercial Paper<sup>(d)</sup> – (continued) | Commercial Paper<sup>(d)</sup> – (continued) | Commercial Paper<sup>(d)</sup> – (continued) | Commercial Paper<sup>(d)</sup> – (continued) |
| $| 16818000 | 0.000% | 04/07/26 | $&nbsp;&nbsp;&nbsp;&nbsp;16748165 |
|  | 9275000 | 0.000 | 07/01/26 | 9152572 |
|  | 25118000 | 0.000 | 09/24/26 | 24560436 |
|  Walt Disney Co.<sup>(g)</sup> | Walt Disney Co.<sup>(g)</sup> | Walt Disney Co.<sup>(g)</sup> | Walt Disney Co.<sup>(g)</sup> | Walt Disney Co.<sup>(g)</sup> |
|  | 24000000 | 0.000 | 05/22/26 | 23797841 |
|  |  |  |  | 2061728019 |
| TOTAL SHORT-TERM INVESTMENTS<br> **(Cost $2,876,808,277)** | TOTAL SHORT-TERM INVESTMENTS<br> **(Cost $2,876,808,277)** | TOTAL SHORT-TERM INVESTMENTS<br> **(Cost $2,876,808,277)** | TOTAL SHORT-TERM INVESTMENTS<br> **(Cost $2,876,808,277)** | $2877256732 |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT – 96.6% | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT – 96.6% | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT – 96.6% | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT – 96.6% |  |
| (Cost $4,898,897,508) | (Cost $4,898,897,508) | (Cost $4,898,897,508) | (Cost $4,898,897,508) | $4956077457 |
| **Shares** | **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| Securities Lending Reinvestment Vehicle<sup>(e)</sup> – 0.1% | Securities Lending Reinvestment Vehicle<sup>(e)</sup> – 0.1% | Securities Lending Reinvestment Vehicle<sup>(e)</sup> – 0.1% | Securities Lending Reinvestment Vehicle<sup>(e)</sup> – 0.1% | Securities Lending Reinvestment Vehicle<sup>(e)</sup> – 0.1% |
|  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 |
|  | 3209450 |  | 3.589% | $3209450 |
| (Cost $3,209,450) | (Cost $3,209,450) | (Cost $3,209,450) | (Cost $3,209,450) |  |
| TOTAL INVESTMENTS – 98.1%<br> **(Cost $4,971,941,958)** | TOTAL INVESTMENTS – 98.1%<br> **(Cost $4,971,941,958)** | TOTAL INVESTMENTS – 98.1%<br> **(Cost $4,971,941,958)** | TOTAL INVESTMENTS – 98.1%<br> **(Cost $4,971,941,958)** | $5029117635 |
|  **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 1.9%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 1.9%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 1.9%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 1.9%** | 95225963 |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $5124343598 |

---

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| | |
|:---|:---|
| 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) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (b) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2026. |
| (c) | All or a portion of security is segregated as collateral for initial margin requirement on futures transactions. |
| (d) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (e) | Represents an affiliated issuer. |
| (f) | All or a portion of security is on loan. |
| (g) | Exempt from registration under Rule 144A of the Securities Act of 1933. |

---

&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 consolidated financial statements.** | **33** |

---

------

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

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

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

Consolidated Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 28, 2026, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized**<br> **Loss** |
|  MS & Co. Int. PLC | USD | 51738969 | MXN | 955500000 | 03/18/26 | $(3640645) |

---

FUTURES CONTRACTS — At February 28, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | 6563 | 06/18/26 | $746951437 | $5867129 |
|  2 Year U.S. Treasury Notes | 4548 | 06/30/26 | 951775596 | 1804137 |
|  5 Year U.S. Treasury Notes | 5043 | 06/30/26 | 555439172 | 2985480 |
|  E-Mini Russell 2000 Index | &nbsp;&nbsp;&nbsp;&nbsp;83 | 03/20/26 | 10934005 | 77407 |
|  FTSE/JSE Top 40 Index | &nbsp;&nbsp;&nbsp;&nbsp;920 | 03/19/26 | 69398578 | 5855857 |
|  IFSC NIFTY 50 Index | 1804 | 03/30/26 | 91228280 | (1594958) |
|  MEX Bolsa Index | &nbsp;&nbsp;&nbsp;&nbsp;252 | 03/20/26 | 10508145 | 877655 |
|  Mini-MDAX Index | 1178 | 03/20/26 | 44033546 | 1712095 |
|  S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp;70 | 03/20/26 | 24111500 | 18864 |
|  Stoxx Europe 600 Index | &nbsp;&nbsp;&nbsp;&nbsp;398 | 03/20/26 | 14912479 | 464777 |
|  TOPIX Futures | &nbsp;&nbsp;&nbsp;&nbsp;62 | 03/12/26 | 15699997 | 2302697 |
| TOTAL FUTURES CONTRACTS |  |  |  | $20371140 |

---

SWAP CONTRACTS — At February 28, 2026, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund<sup>(a)</sup>** | **Payments<br>Received<br>by Fund** | **Termination <br>Date** | **Notional<br>Amount**<br> (000s) | **Notional<br>Amount**<br> (000s) | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
|  1M BID Average | 13.403% | 01/02/30 | BRL | 553127 | $996288 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made annually.

\* There are no upfront payments on the swap contracts. Therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

OVER-THE-COUNTER TOTAL RETURN SWAP CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Financing Rate**<br> **Paid/(Received)**<br> **by the Fund<sup>(a)</sup>** | **Counterparty** | **Termination<br>Date#** | **Notional<br>Amount<br>(000s)** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)\*** |
|  SXDR Index | ESTR+0.340% | JPMorgan Securities, Inc. | 08/04/26 | EUR45 | $2866829 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made quarterly.

# The Fund pays/receives annual coupon payments in accordance with the swap contract(s). 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). 

\* 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;

---

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

---

------

GOLDMAN SACHS TACTICAL TILT OVERLAY 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;

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At February 28, 2026, the Fund had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON EQUITIES

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  XLV Index | MS & Co. Int. PLC | $135.000 | 06/18/2026 | 634382 | $8564157000 | $17011352 | $6553610 | $10457742 |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  XLV Index | MS & Co. Int. PLC | 146.000 | 06/18/2026 | (1268764) | (18523954400) | (21737897) | (6489220) | (15248677) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  IGV Index | MS & Co. Int. PLC | &nbsp;&nbsp;&nbsp;&nbsp;75.880 | 04/17/2026 | (768588) | (5832045744) | (1533522) | (2129911) | 596389 |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | (2037352) | $(24356000144) | $(23271419) | $(8619131) | $(14652288) |
|  **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | (1402970) | $(15791843144) | $(6260067) | $(2065521) | $(4194546) |

---

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise**<br> **Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call EUR/Put GBP | Bank of America NA | EUR 0.882 | 06/11/2026 | $78530000 | EUR 78,530,000 | $875576 | $1183179 | $(307603) |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call EUR/Put GBP | Bank of America NA | EUR 0.908 | 06/11/2026 | (78530000) | EUR (78530000) | (246917) | (445133) | 198216 |
| TOTAL | TOTAL | TOTAL | TOTAL |  |  | $628659 | $738046 | $(109387) |

---

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| BRL | —Brazil Real |
| EUR | —Euro |
| MXN | —Mexican Peso |
| USD | —U.S. Dollar |
| Investment Abbreviations: | Investment Abbreviations: |
| ETF | —Exchange Traded Fund |
| LLC | —Limited Liability Company |
| LP | —Limited Partnership |
| MSCI | —Morgan Stanley Capital International |
| PLC | —Public Limited Company |
| SPDR | —Standard and Poor's Depository Receipt |

---

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

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these consolidated financial statements.** | **35** |

---

------

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

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

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

Consolidated Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| ESTR | —Euro short-term rate |
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC |

---

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

&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 consolidated financial statements.** |

---

------

GOLDMAN SACHS ALLOCATION FUNDS

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

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

Consolidated Statements of Assets and Liabilities<sup>(a)</sup> *February 28, 2026 (Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Global Managed<br>Beta Fund** | **Strategic Factor**<br> **Allocation Fund** |
| Assets: |  |  |
|  Investments in affiliated issuers, at value (cost $1,900,229,664 and $149,791,123, respectively) | $2780352567 | $149791123 |
|  Investments in unaffiliated issuers, at value (cost $1,290,814,643 and $2,043,248,980, respectively)<sup>(b)</sup> | 1898890563 | 2079725639 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 478425 |  |
|  Purchased options, at value (premium paid $85,443,166 and $46,096,429, respectively) | 74649263 | 27876752 |
|  Cash | 33533062 | 71946989 |
|  Foreign currencies, at value (cost $4,451,638 and $6,129, respectively) | 4589192 | 1137 |
|  Unrealized gain on swap contracts | 494702 |  |
|  Unrealized gain on forward foreign currency exchange contracts | 4128599 | 6440856 |
|  Variation margin on futures contracts | 2207880 | 10574282 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(c)</sup> | 44157015 | 47655476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 24058856 | 172000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 14712219 | 10334073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 1106687 | 1405712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 332795 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from broker | 158351 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 41595 | 814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 20131 |  |
|  Other assets | 15769 | 16898 |
|  **Total assets** | 4883927671 | 2405941751 |
| Liabilities: |  |  |
|  Unrealized loss on forward foreign currency exchange contracts | 12745896 | 12404511 |
|  Written option contracts, at value (premium received $1,813,585 and $3,759,318, respectively) | 1035149 | 2699001 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 46013715 | 2918928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 4636821 | 482550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to broker | 1671658 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 478425 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 393720 | 566076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agency fees | 31439 | 23811 |
|  Accrued expenses | 230440 | 462120 |
|  **Total liabilities** | 67237263 | 19556997 |
| Net Assets: |  |  |
|  Paid-in capital | 3346786774 | 2347430551 |
|  Total distributable earnings | 1469903634 | 38954203 |
|  **NET ASSETS** | $4816690408 | $2386384754 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | $4816690408 | $20631486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P |  | 2365753268 |
|  Total Net Assets | $4816690408 | $2386384754 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 266960346 | 1782072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P |  | 206998594 |
|  Net asset value, offering and redemption price per share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 18.04 | 11.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P |  | 11.43 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Statements of Assets and Liabilities for the Global Managed Beta Fund and Strategic Factor Allocation Fund are consolidated and include the balances of a wholly owned subsidiary, Cayman Commodity—GMB, LLC and Cayman Commodity—SFA, LLC, respectively. Accordingly, all interfund balances and transactions have been eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes loaned securities having market values of $468,388 and $0, for the Global Managed Beta and Strategic Factor Allocation Funds, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Segregated for initial margin and/or collateral as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Futures** | **Swaps** | **Forwards** |
|  Global Managed Beta Fund | $35277015 | $640000 | $8240000 |
|  Strategic Factor Allocation Fund | 36845476 |  | 10810000 |

---

&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 consolidated financial statements.** | **37** |

---

------

GOLDMAN SACHS ALLOCATION FUNDS

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

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

Consolidated Statements of Assets and Liabilities<sup>(a)</sup>(continued) *February 28, 2026 (Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Strategic Volatility**<br> **Premium Fund** | **Tactical Tilt**<br> **Overlay Fund** |
| Assets: |  |  |
|  Investments in unaffiliated issuers, at value (cost $347,411,967 and $3,431,951,173, respectively)<sup>(b)</sup> | $347459124 | $3488749546 |
|  Investments in affiliated issuers, at value (cost $157,842,517 and $1,536,781,335, respectively) | 157842517 | 1537158639 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost |  | 3209450 |
|  Purchased options, at value (premium paid $854,394 and $7,736,789, respectively) | 405438 | 17886928 |
|  Cash | 15803206 | 86195707 |
|  Foreign currencies, at value (cost $0 and $29,155,910, respectively) |  | 28583938 |
|  Unrealized gain on swap contracts |  | 2866829 |
|  Variation margin on futures contracts | 2083528 | 5670273 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(c)</sup> | 5429441 | 19281446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 2900000 | 7479755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 451445 | 10347007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 127635 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from broker | 54253 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 8450 | 1150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income |  | 15229 |
|  Other assets | 16098 | 62536 |
|  **Total assets** | 532581135 | 5207508433 |
| Liabilities: |  |  |
|  Unrealized loss on forward foreign currency exchange contracts |  | 3640645 |
|  Written option contracts, at value (premium received $478,207 and $9,064,264, respectively) | 300582 | 23518336 |
|  Variation margin on swaps contracts |  | 200003 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 504078 | 44383298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 247853 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 87205 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 51503 | 1108067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 21476 | 1913392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agency fees | 5200 | 50369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to broker |  | 4880261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned |  | 3209450 |
|  Accrued expenses | 25706 | 261014 |
|  **Total liabilities** | 1243603 | 83164835 |
| Net Assets: |  |  |
|  Paid-in capital | 538826681 | 5060587697 |
|  Total distributable earnings (loss) | (7489149) | 63755901 |
|  **NET ASSETS** | $531337532 | $5124343598 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | $287925 | $9540165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | 679829053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 531049607 | 4434974380 |
|  Total Net Assets | $531337532 | $5124343598 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 29015 | 873705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | 64621407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 53466566 | 421683639 |
|  Net asset value, offering and redemption price per share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 9.92 | 10.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | 10.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 9.93 | 10.52 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Statements of Assets and Liabilities for the Strategic Volatility Premium Fund and Tactical Tilt Overlay Fund are consolidated and include the balances of a wholly owned subsidiary, Cayman Commodity—SVP, LLC and Cayman Commodity—TTIF, LLC, respectively. Accordingly, all interfund balances and transactions have been eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes loaned securities having a market value of $0 and $3,137,674, for the Strategic Volatility Premium and Tactical Tilt Overlay Funds, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Segregated for initial margin and/or collateral as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Futures** | **Swaps** | **Forwards** |
|  Strategic Volatility Premium Fund | $5429441 | $— | $— |
|  Tactical Tilt Overlay Fund |  | 15651446 | 3630000 |

---

&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 consolidated financial statements.** |

---

------

GOLDMAN SACHS ALLOCATION FUNDS

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

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

Consolidated Statements of Operations<sup>(a)</sup> *For the Six Months Ended February 28, 2026 (Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Global Managed<br>Beta Fund** | **Strategic Factor<br>Allocation Fund** |
| Investment Income: |  |  |
|  Dividends — affiliated issuers | $22801547 | $8433193 |
|  Dividends — unaffiliated issuers (net of tax withholding of $133,182 and $641, respectively) | 21432372 | 3011722 |
|  Interest | 1893361 | 26435066 |
|  Securities lending income, net of rebates received or paid to borrowers — unaffiliated issuers | 183498 |  |
|  **Total investment income** | 46310778 | 37879981 |
| Expenses: |  |  |
|  Management fees | 6936501 | 8770834 |
|  Transfer Agency fees<sup>(b)</sup> | 460224 | 356858 |
|  Custody, accounting and administrative services | 144633 | 99929 |
|  Professional fees | 106572 | 116834 |
|  Printing and mailing costs | 22339 | 23297 |
|  Trustee fees | 17671 | 15619 |
|  Registration fees | 16399 | 24696 |
|  Prime broker fees | 4501 | 6892 |
|  Other | 27965 | 23534 |
|  **Total expenses** | 7736805 | 9438493 |
|  Less — expense reductions | (1747006) | (413897) |
|  **Net expenses** | 5989799 | 9024596 |
|  **NET INVESTMENT INCOME** | 40320979 | 28855385 |
| Realized and unrealized gain (loss): |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 23952030 | 1170327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | 4907041 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (21130259) | (11577194) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 109082501 | 73251420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 14168735 | 62293946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 619250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 13369792 | 2528619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (137610) | (351503) |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | 207149602 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 193053818 | 36241980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | 7529791 | (8437174) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (48031255) | (35408831) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 37031 | (275676) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 1797026 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (7759492) | (7361302) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | 153415 | (7089) |
|  **Net realized and unrealized gain** | 498761416 | 112067523 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $539082395 | $140922908 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Statements of Operations for the Global Managed Beta Fund and Strategic Factor Allocation Fund are consolidated and include the balances of a wholly owned subsidiary, Cayman Commodity—GMB, LLC and Cayman Commodity—SFA, LLC, respectively. Accordingly, all interfund balances and transactions have been eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Class specific Transfer Agency fees were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Institutional** | **Class P** |
|  Global Managed Beta Fund | $460224 | $— |
|  Strategic Factor Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;3985 | 352873 |

---

&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 consolidated financial statements.** | **39** |

---

------

GOLDMAN SACHS ALLOCATION FUNDS

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

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

Consolidated Statements of Operations<sup>(a)</sup> (continued) *For the Six Months Ended February 28, 2026 (Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Strategic Volatility<br>Premium Fund** | **Tactical Tilt<br>Overlay Fund** |
| Investment Income: |  |  |
|  Interest | $6588884 | $65801111 |
|  Dividends — unaffiliated issuers |  | 3529811 |
|  Dividends — affiliated issuers | 2984546 | 23825046 |
|  Securities lending income, net of rebates received or paid to borrowers — unaffiliated issuers |  | 115525 |
|  **Total investment income** | 9573430 | 93271493 |
| Expenses: |  |  |
|  Management fees | 1285814 | 18548707 |
|  Custody, accounting and administrative services | 128242 | 101911 |
|  Professional fees | 113075 | 91967 |
|  Transfer Agency fees<sup>(b)</sup> | 76486 | 730322 |
|  Printing and mailing costs | 25830 | 26345 |
|  Registration fees | 19140 | 49657 |
|  Trustee fees | 13772 | 17976 |
|  Prime broker fees |  | 3169 |
|  Other | 7546 | 28247 |
|  **Total expenses** | 1669905 | 19598301 |
|  Less — expense reductions | (552948) | (2386095) |
|  **Net expenses** | 1116957 | 17212206 |
|  **NET INVESTMENT INCOME** | 8456473 | 76059287 |
| Realized and unrealized gain (loss): |  |  |
|  Capital gain distributions from Affiliated Underlying Funds |  | 1288609 |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (742) | 20790513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers |  | 15212272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (2384348) | (6886860) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (172322) | 22751435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 11892787 | 8398095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  | 37256793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts |  | (1582681) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (70370) | 669932 |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers |  | (13857266) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (38283) | 46740200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (183717) | 8500364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 668105 | 11429569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 16635 | (19753458) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  | (434288) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts |  | (2634450) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation |  | (55615) |
|  **Net realized and unrealized gain** | 9727745 | 127833164 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $18184218 | $203892451 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Statements of Operations for the Strategic Volatility Premium Fund and Tactical Tilt Overlay Fund are consolidated and include the balances of a wholly owned subsidiary, Cayman Commodity—SVP, LLC and Cayman Commodity—TTIF, LLC, respectively. Accordingly, all interfund balances and transactions have been eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Class specific Transfer Agency fees were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Institutional** | **Class R6** | **Class P** |
|  Strategic Volatility Premium Fund | $52 | $— | $76434 |
|  Tactical Tilt Overlay Fund | 2030 | 93954 | 634338 |

---

&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 consolidated financial statements.** |

---

------

GOLDMAN SACHS ALLOCATION FUNDS

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

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

Consolidated Statements of Changes in Net Assets<sup>(a)</sup>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global Managed Beta Fund** | **Global Managed Beta Fund** | **Strategic Factor Allocation Fund** | **Strategic Factor Allocation 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 | $40320979 | $77264916 | $28855385 | $81718379 |
|  Net realized gain | 144831480 | 60364972 | 127315615 | 57223073 |
|  Net change in unrealized gain (loss) | 353929936 | 419994642 | (15248092) | (16923678) |
|  **Net increase in net assets resulting from operations** | 539082395 | 557624530 | 140922908 | 122017774 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (247116077) | (390152143) | (1628383) | (1533379) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares |  |  | (190796257) | (243242744) |
|  **Total distributions to shareholders** | (247116077) | (390152143) | (192424640) | (244776123) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 668492487 | 1096687642 | 165106372 | 321827847 |
|  Reinvestment of distributions | 247116077 | 390152143 | 192424640 | 244776123 |
|  Cost of shares redeemed | (727455557) | (1597082068) | (268547374) | (494202401) |
|  **Net increase (decrease) in net assets resulting from share transactions** | 188153007 | (110242283) | 88983638 | 72401569 |
|  **TOTAL INCREASE (DECREASE)** | 480119325 | 57230104 | 37481906 | (50356780) |
| Net assets: |  |  |  |  |
|  Beginning of period | 4336571083 | 4279340979 | 2348902848 | 2399259628 |
|  End of period | $4816690408 | $4336571083 | $2386384754 | $2348902848 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Statements of Changes in Net Assets for the Global Managed Beta Fund and Strategic Factor Allocation Fund are consolidated and include the balances of a wholly owned subsidiary, Cayman Commodity—GMB, LLC and Cayman Commodity—SFA, LLC, respectively. Accordingly, all interfund balances and transactions have been eliminated.

&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 consolidated financial statements.** | **41** |

---

------

GOLDMAN SACHS ALLOCATION FUNDS

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

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

Consolidated Statements of Changes in Net Assets<sup>(a)</sup> (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Strategic Volatility Premium Fund** | **Strategic Volatility Premium Fund** | **Tactical Tilt Overlay Fund** | **Tactical Tilt Overlay 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 | $8456473 | $18627361 | $76059287 | $167768785 |
|  Net realized gain (loss) | 9265005 | (2470174) | 97898108 | (3448587) |
|  Net change in unrealized gain | 462740 | 1064911 | 29935056 | 27997 |
|  **Net increase in net assets resulting from operations** | 18184218 | 17222098 | 203892451 | 164348195 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (4830) | (20354) | (297525) | (731961) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares |  |  | (18863135) | (30347909) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (9270066) | (28664871) | (131853313) | (208905823) |
|  **Total distributions to shareholders** | (9274896) | (28685225) | (151013973) | (239985693) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 74113356 | 131016101 | 528351083 | 788818972 |
|  Reinvestment of distributions | 9274896 | 28685225 | 151013973 | 239985693 |
|  Cost of shares redeemed | (69582634) | (84228114) | (327788676) | (934694155) |
|  **Net increase in net assets resulting from share transactions** | 13805618 | 75473212 | 351576380 | 94110510 |
|  **TOTAL INCREASE** | 22714940 | 64010085 | 404454858 | 18473012 |
| Net assets: |  |  |  |  |
|  Beginning of period | 508622592 | 444612507 | 4719888740 | 4701415728 |
|  End of period | $531337532 | $508622592 | $5124343598 | $4719888740 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Statements of Changes in Net Assets for the Strategic Volatility Premium Fund and Tactical Tilt Overlay Fund are consolidated and include the balances of a wholly owned subsidiary, Cayman Commodity—SVP, LLC and Cayman Commodity—TTIF, LLC, respectively. Accordingly, all interfund balances and transactions have been eliminated.

&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 consolidated financial statements.** |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

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

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

Consolidated Financial Highlights *Selected Share Data for a Share Outstanding Throughout Each Period*

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Managed Beta Fund** | **Global Managed Beta Fund** | **Global Managed Beta Fund** | **Global Managed Beta Fund** | **Global Managed Beta Fund** | **Global Managed Beta 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 | $16.90 | $16.34 | $13.62 | $12.86 | $16.71 | $13.26 |
|  Net investment income<sup>(a)</sup> | 0.15 | 0.29 | 0.27 | 0.25 | 0.28 | 0.21 |
|  Net realized and unrealized gain (loss) | 1.92 | 1.82 | 2.70 | 1.23 | (2.69) | 3.89 |
|  Total from investment operations | 2.07 | 2.11 | 2.97 | 1.48 | (2.41) | 4.10 |
|  Distributions to shareholders from net investment income | (0.26) | (0.25) | (0.25) | (0.72) | (0.33) | (0.18) |
|  Distributions to shareholders from net realized gains | (0.67) | (1.30) |  |  | (1.11) | (0.47) |
|  Total distributions | (0.93) | (1.55) | (0.25) | (0.72) | (1.44) | (0.65) |
|  Net asset value, end of period | $18.04 | $16.90 | $16.34 | $13.62 | $12.86 | $16.71 |
|  **Total return<sup>(b)</sup>** | 12.48% | 13.84% | 22.05% | 12.24% | (15.81)% | 31.87% |
|  Net assets, end of period (in 000s) | $4816690 | $4336571 | $4279341 | $2538074 | $1662524 | $2262595 |
|  Ratio of net expenses to average net assets<sup>(c)</sup> | 0.26 %<sup>(d)</sup> | 0.27% | 0.27% | 0.30% | 0.30% | 0.20% |
|  Ratio of total expenses to average net assets<sup>(c)</sup> | 0.33 %<sup>(d)</sup> | 0.34% | 0.34% | 0.36% | 0.36% | 0.35% |
|  Ratio of net investment income to average net assets | 1.74 %<sup>(d)</sup> | 1.83% | 1.83% | 1.91% | 1.94% | 1.40% |
|  Portfolio turnover rate<sup>(e)</sup> | 14% | 31% | 56% | 23% | 26% | 29% |

---

&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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these consolidated financial statements.** | **43** |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

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

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

Consolidated Financial Highlights *Selected Share Data for a Share Outstanding Throughout Each Period*

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Strategic Factor Allocation Fund** | **Strategic Factor Allocation Fund** | **Strategic Factor Allocation Fund** | **Strategic Factor Allocation Fund** | **Strategic Factor Allocation Fund** | **Strategic Factor Allocation 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 | $11.83 | $12.46 | $11.00 | $10.50 | $12.76 | $11.98 |
|  Net investment income (loss)<sup>(a)</sup> | 0.14 | 0.40 | 0.49 | 0.31 | (0.01) | (0.08) |
|  Net realized and unrealized gain (loss) | 0.56 | 0.21 | 1.34 | 0.39 | (0.67) | 1.77 |
|  Total from investment operations | 0.70 | 0.61 | 1.83 | 0.70 | (0.68) | 1.69 |
|  Distributions to shareholders from net investment income | (0.35) | (0.42) | (0.37) | (0.18) |  |  |
|  Distributions to shareholders from net realized gains | (0.60) | (0.82) |  | (0.02) | (1.58) | (0.91) |
|  Total distributions | (0.95) | (1.24) | (0.37) | (0.20) | (1.58) | (0.91) |
|  Net asset value, end of period | $11.58 | $11.83 | $12.46 | $11.00 | $10.50 | $12.76 |
|  **Total return<sup>(b)</sup>** | 5.98% | 5.37% | 17.16% | 6.88% | (6.47)% | 15.01% |
|  Net assets, end of period (in 000s) | $20631 | $18435 | $14387 | $14710 | $12455 | $3960 |
|  Ratio of net expenses to average net assets | 0.77 %<sup>(c)</sup> | 0.76% | 0.71% | 0.70% | 0.69% | 0.69% |
|  Ratio of total expenses to average net assets | 0.80 %<sup>(c)</sup> | 0.82% | 0.81% | 0.81% | 0.81% | 0.82% |
|  Ratio of net investment income (loss) to average net assets | 2.40 %<sup>(c)</sup> | 3.49% | 4.26% | 2.94% | (0.10)% | (0.67)% |
|  Portfolio turnover rate<sup>(d)</sup> | 13% | — %<sup>(e)</sup> | — %<sup>(e)</sup> | — %<sup>(e)</sup> | — %<sup>(e)</sup> | — %<sup>(e)</sup> |

---

&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;(e) There were either no long-term purchases or no long term sales for the years ended August 31, 2025, August 31, 2024, August 31, 2023, August 31, 2022 and August 31, 2021, respectively.

&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 consolidated financial statements.** |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

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

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

Consolidated Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Period*

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Strategic Factor Allocation Fund** | **Strategic Factor Allocation Fund** | **Strategic Factor Allocation Fund** | **Strategic Factor Allocation Fund** | **Strategic Factor Allocation Fund** | **Strategic Factor Allocation 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 | $11.69 | $12.30 | $10.86 | $10.38 | $12.62 | $11.86 |
|  Net investment income (loss)<sup>(a)</sup> | 0.14 | 0.40 | 0.49 | 0.31 | (0.04) | (0.08) |
|  Net realized and unrealized gain (loss) | 0.56 | 0.23 | 1.32 | 0.37 | (0.62) | 1.75 |
|  Total from investment operations | 0.70 | 0.63 | 1.81 | 0.68 | (0.66) | 1.67 |
|  Distributions to shareholders from net investment income | (0.36) | (0.42) | (0.37) | (0.18) |  |  |
|  Distributions to shareholders from net realized gains | (0.60) | (0.82) |  | (0.02) | (1.58) | (0.91) |
|  Total distributions | (0.96) | (1.24) | (0.37) | (0.20) | (1.58) | (0.91) |
|  Net asset value, end of period | $11.43 | $11.69 | $12.30 | $10.86 | $10.38 | $12.62 |
|  **Total return<sup>(b)</sup>** | 6.06% | 5.63% | 17.10% | 6.97% | (6.47)% | 15.09% |
|  Net assets, end of period (in 000s) | $2365753 | $2330468 | $2384873 | $2229820 | $2095895 | $2347839 |
|  Ratio of net expenses to average net assets | 0.76 %<sup>(c)</sup> | 0.75% | 0.70% | 0.69% | 0.67% | 0.68% |
|  Ratio of total expenses to average net assets | 0.79 %<sup>(c)</sup> | 0.81% | 0.80% | 0.80% | 0.80% | 0.81% |
|  Ratio of net investment income (loss) to average net assets | 2.43 %<sup>(c)</sup> | 3.52% | 4.28% | 2.95% | (0.31)% | (0.66)% |
|  Portfolio turnover rate<sup>(d)</sup> | 13% | — %<sup>(e)</sup> | — %<sup>(e)</sup> | — %<sup>(e)</sup> | — %<sup>(e)</sup> | — %<sup>(e)</sup> |

---

&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;(e) There were either no long-term purchases or no long term sales for the years ended August 31, 2025, August 31, 2024, August 31, 2023, August 31, 2022 and August 31, 2021, 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 consolidated financial statements.** | **45** |

---

------

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

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

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

Consolidated Financial Highlights *Selected Share Data for a Share Outstanding Throughout Each Period*

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Strategic Volatility Premium Fund** | **Strategic Volatility Premium Fund** | **Strategic Volatility Premium Fund** | **Strategic Volatility Premium Fund** | **Strategic Volatility Premium Fund** | **Strategic Volatility Premium 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,**  | **Period Ended<br>August 31, 2021<sup>(a)</sup>** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **Period Ended<br>August 31, 2021<sup>(a)</sup>** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $9.76 | $10.02 | $9.70 | $9.66 | $10.10 | $10.00 |
|  Net investment income (loss)<sup>(b)</sup> | 0.16 | 0.38 | 0.44 | 0.31 | — <sup>(c)</sup> | (0.02) |
|  Net realized and unrealized gain (loss) | 0.18 | (0.05) | 0.29 | (0.20) | (0.40) | 0.12 |
|  Total from investment operations | 0.34 | 0.33 | 0.73 | 0.11 | (0.40) | 0.10 |
|  Distributions to shareholders from net investment income | (0.18) | (0.59) | (0.41) | (0.07) |  |  |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.04) |  |
|  Total distributions | (0.18) | (0.59) | (0.41) | (0.07) | (0.04) |  |
|  Net asset value, end of period | $9.92 | $9.76 | $10.02 | $9.70 | $9.66 | $10.10 |
|  **Total return<sup>(d)</sup>** | 3.41% | 3.70% | 7.53% | 1.38% | (4.09)% | 1.00% |
|  Net assets, end of period (in 000s) | $288 | $264 | $327 | $327 | $306 | $350 |
|  Ratio of net expenses to average net assets | 0.44 %<sup>(e)</sup> | 0.45% | 0.42% | 0.39% | 0.38% | 0.38 %<sup>(e)</sup> |
|  Ratio of total expenses to average net assets | 0.66 %<sup>(e)</sup> | 0.71% | 0.65% | 0.60% | 0.62% | 0.91 %<sup>(e)</sup> |
|  Ratio of net investment income (loss) to average net assets | 3.31 %<sup>(e)</sup> | 3.90% | 4.57% | 3.25% | (0.02)% | (0.36)%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | — %<sup>(g)</sup> | — %<sup>(g)</sup> | — %<sup>(g)</sup> | — %<sup>(g)</sup> | — %<sup>(g)</sup> | — %<sup>(g)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on March 29, 2021.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;(g) There were either no long-term purchases or no long term sales for the period ended February 28, 2026, and the years ended August 31, 2025, August 31, 2024, August 31, 2023, August 31, 2022 and period ended August 31, 2021, respectively.

&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 consolidated financial statements.** |

---

------

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

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

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

Consolidated Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Period*

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Strategic Volatility Premium Fund** | **Strategic Volatility Premium Fund** | **Strategic Volatility Premium Fund** | **Strategic Volatility Premium Fund** | **Strategic Volatility Premium Fund** | **Strategic Volatility Premium 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,**  | **Period Ended<br>August 31, 2021<sup>(a)</sup>** |
|  | **Six Months Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **Period Ended<br>August 31, 2021<sup>(a)</sup>** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $9.77 | $10.02 | $9.71 | $9.66 | $10.10 | $10.00 |
|  Net investment income (loss)<sup>(b)</sup> | 0.16 | 0.38 | 0.45 | 0.31 | — <sup>(c)</sup> | (0.01) |
|  Net realized and unrealized gain (loss) | 0.18 | (0.04) | 0.27 | (0.19) | (0.40) | 0.11 |
|  Total from investment operations | 0.34 | 0.34 | 0.72 | 0.12 | (0.40) | 0.10 |
|  Distributions to shareholders from net investment income | (0.18) | (0.59) | (0.41) | (0.07) |  |  |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.04) |  |
|  Total distributions | (0.18) | (0.59) | (0.41) | (0.07) | (0.04) |  |
|  Net asset value, end of period | $9.93 | $9.77 | $10.02 | $9.71 | $9.66 | $10.10 |
|  **Total return<sup>(d)</sup>** | 3.41% | 3.71% | 7.65% | 1.39% | (4.09)% | 1.00% |
|  Net assets, end of period (in 000s) | $531050 | $508359 | $444286 | $443639 | $511763 | $422570 |
|  Ratio of net expenses to average net assets | 0.43 %<sup>(e)</sup> | 0.44% | 0.41% | 0.38% | 0.37% | 0.37 %<sup>(e)</sup> |
|  Ratio of total expenses to average net assets | 0.65 %<sup>(e)</sup> | 0.71% | 0.64% | 0.59% | 0.60% | 0.79 %<sup>(e)</sup> |
|  Ratio of net investment income (loss) to average net assets | 3.32 %<sup>(e)</sup> | 3.88% | 4.58% | 3.23% | 0.05% | (0.35)%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | — %<sup>(g)</sup> | — %<sup>(g)</sup> | — %<sup>(g)</sup> | — %<sup>(g)</sup> | — %<sup>(g)</sup> | — %<sup>(g)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on March 29, 2021.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;(g) There were either no long-term purchases or no long term sales for the period ended February 28, 2026, and the years ended August 31, 2025, August 31, 2024, August 31, 2023, August 31, 2022 and period ended August 31, 2021, 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 consolidated financial statements.** | **47** |

---

------

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

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

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

Consolidated Financial Highlights *Selected Share Data for a Share Outstanding Throughout Each Period*

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Tactical Tilt Overlay Fund** | **Tactical Tilt Overlay Fund** | **Tactical Tilt Overlay Fund** | **Tactical Tilt Overlay Fund** | **Tactical Tilt Overlay Fund** | **Tactical Tilt Overlay 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 | $10.79 | $10.96 | $10.81 | $10.51 | $10.66 | $10.20 |
|  Net investment income (loss)<sup>(a)</sup> | 0.13 | 0.39 | 0.49 | 0.39 | 0.05 | (0.02) |
|  Net realized and unrealized gain (loss) | 0.32 | (0.02) | 0.23 | — <sup>(b)</sup> | 0.01 | 0.95 |
|  Total from investment operations | 0.45 | 0.37 | 0.72 | 0.39 | 0.06 | 0.93 |
|  Distributions to shareholders from net investment income | (0.32) | (0.54) | (0.57) | (0.09) | (0.21) | (0.47) |
|  Net asset value, end of period | $10.92 | $10.79 | $10.96 | $10.81 | $10.51 | $10.66 |
|  **Total return<sup>(c)</sup>** | 4.26% | 3.61% | 6.81% | 3.82% | 0.49% | 9.43% |
|  Net assets, end of period (in 000s) | $9540 | $10937 | $15795 | $26750 | $21588 | $6105 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.72 %<sup>(e)</sup> | 0.72% | 0.73% | 0.71% | 0.68% | 0.69% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.76 %<sup>(e)</sup> | 0.77% | 0.77% | 0.77% | 0.77% | 0.78% |
|  Ratio of net investment income (loss) to average net assets | 2.47 %<sup>(e)</sup> | 3.65% | 4.52% | 3.69% | 0.47% | (0.15)% |
|  Portfolio turnover rate<sup>(f)</sup> | 19% | 143% | 41% | 150% | 61% | 60% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| **48** | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

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

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

Consolidated Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Period*

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Tactical Tilt Overlay Fund** | **Tactical Tilt Overlay Fund** | **Tactical Tilt Overlay Fund** | **Tactical Tilt Overlay Fund** | **Tactical Tilt Overlay Fund** | **Tactical Tilt Overlay 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 | $10.41 | $10.59 | $10.46 | $10.17 | $10.33 | $9.91 |
|  Net investment income (loss)<sup>(a)</sup> | 0.16 | 0.38 | 0.47 | 0.38 | 0.02 | (0.01) |
|  Net realized and unrealized gain (loss) | 0.28 | (0.02) | 0.23 | — <sup>(b)</sup> | 0.03 | 0.92 |
|  Total from investment operations | 0.44 | 0.36 | 0.70 | 0.38 | 0.05 | 0.91 |
|  Distributions to shareholders from net investment income | (0.33) | (0.54) | (0.57) | (0.09) | (0.21) | (0.49) |
|  Net asset value, end of period | $10.52 | $10.41 | $10.59 | $10.46 | $10.17 | $10.33 |
|  **Total return<sup>(c)</sup>** | 4.24% | 3.67% | 6.86% | 3.74% | 0.49% | 9.48% |
|  Net assets, end of period (in 000s) | $679829 | $602186 | $620690 | $583578 | $573866 | $1054147 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.71 %<sup>(e)</sup> | 0.71% | 0.72% | 0.70% | 0.67% | 0.69% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.75 %<sup>(e)</sup> | 0.76% | 0.76% | 0.76% | 0.76% | 0.77% |
|  Ratio of net investment income (loss) to average net assets | 3.13 %<sup>(e)</sup> | 3.64% | 4.51% | 3.68% | 0.23% | (0.09)% |
|  Portfolio turnover rate<sup>(f)</sup> | 19% | 143% | 41% | 150% | 61% | 60% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these consolidated financial statements.** | **49** |

---

------

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

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

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

Consolidated Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Period*

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Tactical Tilt Overlay Fund** | **Tactical Tilt Overlay Fund** | **Tactical Tilt Overlay Fund** | **Tactical Tilt Overlay Fund** | **Tactical Tilt Overlay Fund** | **Tactical Tilt Overlay 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 | $10.41 | $10.59 | $10.46 | $10.17 | $10.33 | $9.91 |
|  Net investment income (loss)<sup>(a)</sup> | 0.16 | 0.37 | 0.47 | 0.38 | 0.04 | (0.01) |
|  Net realized and unrealized gain (loss) | 0.28 | (0.01) | 0.23 | — <sup>(b)</sup> | 0.01 | 0.92 |
|  Total from investment operations | 0.44 | 0.36 | 0.70 | 0.38 | 0.05 | 0.91 |
|  Distributions to shareholders from net investment income | (0.33) | (0.54) | (0.57) | (0.09) | (0.21) | (0.49) |
|  Net asset value, end of period | $10.52 | $10.41 | $10.59 | $10.46 | $10.17 | $10.33 |
|  **Total return<sup>(c)</sup>** | 4.24% | 3.67% | 6.86% | 3.75% | 0.49% | 9.47% |
|  Net assets, end of period (in 000s) | $4434974 | $4106766 | $4064931 | $4080082 | $3951830 | $3037227 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.71 %<sup>(e)</sup> | 0.71% | 0.72% | 0.70% | 0.67% | 0.69% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.75 %<sup>(e)</sup> | 0.76% | 0.76% | 0.76% | 0.76% | 0.77% |
|  Ratio of net investment income (loss) to average net assets | 3.13 %<sup>(e)</sup> | 3.64% | 4.51% | 3.67% | 0.37% | (0.08)% |
|  Portfolio turnover rate<sup>(f)</sup> | 19% | 143% | 41% | 150% | 61% | 60% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| **50** | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

GOLDMAN SACHS ALLOCATION FUNDS

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

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

Consolidated 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/**<br> **Non-diversified** |
| Goldman Sachs Global Managed Beta Fund | Institutional | Diversified |
| Goldman Sachs Strategic Factor Allocation Fund | Institutional and P | Diversified |
| Goldman Sachs Strategic Volatility Premium Fund | Institutional and P | Diversified |
| Goldman Sachs Tactical Tilt Overlay Fund | Institutional, R6 and P | Diversified |

---

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to each of the Global Managed Beta, Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay Funds pursuant to management agreements (each, an "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. Basis of Consolidation for the Funds — Cayman Commodity-GMB, LLC, Cayman Commodity-SFA, LLC, Cayman Commodity-SVP, LLC, and Cayman Commodity-TTIF, LLC, (each a "Subsidiary" and collectively, the "Subsidiaries"), Cayman Islands exempted companies, are currently wholly-owned subsidiaries of the Global Managed Beta, Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay Funds, respectively. The Subsidiaries act as investment vehicles for the Funds to enable the Funds to gain exposure to certain types of commodity-linked derivative instruments. The Funds are the sole shareholders of the Subsidiaries, and it is intended that each Fund will remain the sole shareholder and will continue to control its respective Subsidiary. All inter-fund balances and transactions have been eliminated in consolidation.

As of February 28, 2026, the Fund and Subsidiary net assets were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Fund Net Assets** | **Subsidiary Net Assets** | **% Represented by Subsidiary's Net Assets** |
| Goldman Sachs Global Managed Beta Fund | $4816690408 | $33290829 | 0.7% |
| Goldman Sachs Strategic Factor Allocation Fund | 2386384754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4492645 | 0.2 |
| Goldman Sachs Strategic Volatility Premium Fund | 531337532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5457079 | 1 |
| Goldman Sachs Tactical Tilt Overlay Fund | 5124343598 | &nbsp;&nbsp;&nbsp;&nbsp;640528968 | 12.5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Valuation — Each Fund's valuation policy is to value investments at fair value.

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

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

**51**

------

GOLDMAN SACHS ALLOCATION FUNDS

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

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

Consolidated 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;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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. For the Global Managed Beta and Tactical Tilt Overlay Funds, 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 Consolidated Statement 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 a Fund's 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 Fund as a reduction to the cost basis of the REIT.

A Fund records its pro-rata share of the income/loss and capital gains/losses, allocated from the underlying partnerships and adjusts the cost basis of the underlying partnerships accordingly. Income distributions are recognized as capital gains or income in the financial statements in accordance with the character that is distributed.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Consolidated 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 securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. For treasury inflation protected securities ("TIPS"), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

&nbsp;&nbsp;&nbsp;&nbsp;D. Class Allocations and Expenses for Tactical Tilt Overlay Fund, Strategic Factor Allocation Fund and Strategic Volatility Premium Fund — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Transfer Agency fees.

&nbsp;&nbsp;&nbsp;&nbsp;E. Expenses for Global Managed Beta Fund — Expenses incurred directly by the Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund and the other applicable funds of the Trust on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

&nbsp;&nbsp;&nbsp;&nbsp;F. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

---

| | | |
|:---|:---|:---|
|  | **Investment Income Dividends**<br>| **Capital Gains Distributions**<br>|
| **Fund** | **Declared/Paid** | **Declared/Paid** |
| Global Managed Beta Fund | Annually | Annually |
| Strategic Factor Allocation Fund | Annually | Annually |
| Strategic Volatility Premium Fund | Quarterly | Annually |
| Tactical Tilt Overlay Fund | Annually | Annually |

---

The Subsidiary is classified as a controlled foreign corporation under the Code. Therefore, the Tactical Tilt Overlay Fund is required to increase its taxable income by its share of the Subsidiary's income. Net losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

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

**52**

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GOLDMAN SACHS ALLOCATION 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;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 Fund's net assets on the Consolidated Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;G. 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 Consolidated 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;H. 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' prospectus. 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;

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

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

**53**

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GOLDMAN SACHS ALLOCATION FUNDS

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

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

Consolidated 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)

Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States ("U.S.") securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e., where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Underlying Funds (including Money Market Funds) — Underlying funds ("Underlying Funds") include exchange-traded funds ("ETFs") and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds' shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's financial statements at SEC.gov.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if

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

**54**

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GOLDMAN SACHS ALLOCATION FUNDS

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

any, is reported separately on the Consolidated Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Consolidated Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. 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 Fund 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 Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Options — When a Fund 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 a Fund, 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 Fund 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 Fund 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 Fund is required to satisfy an

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

**55**

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GOLDMAN SACHS ALLOCATION FUNDS

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

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

Consolidated 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)

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.

A *total return swap* is an agreement that gives a Fund 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, a Fund 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 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:

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| | | | |
|:---|:---|:---|:---|
| **GLOBAL MANAGED BETA FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $— | $1585297 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 3575606 | 37973901 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia and Oceania | 508026 | 4857439 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 3636086 | 79835023 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 354169798 | 9962042 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 565941 | 844733 |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 68662656 |  |  |
|  Securities Lending Reinvestment Vehicle | 478425 |  |  |
|  Exchange Traded Funds | 3815192173 |  |  |
|  Investment Company | 297873817 |  |  |
|  **Total** | $4544662528 | $135058435 | $592 |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(b)</sup> | $— | $4128599 | $— |
|  Futures Contracts<sup>(b)</sup> | 11019229 |  |  |
|  Total Return Swap Contracts<sup>(b)</sup> |  | 494702 |  |
|  Purchased Option Contracts | 72974593 | 1674670 |  |
|  **Total** | $83993822 | $6297971 | $— |

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

**56**

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GOLDMAN SACHS ALLOCATION FUNDS

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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| | | | |
|:---|:---|:---|:---|
| **GLOBAL MANAGED BETA FUND (continued)** |  |  |  |
| Derivative Type | **Level 1** | **Level 2** | **Level 3** |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(b)</sup> | $— | $(12745896) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Futures Contracts<sup>(b)</sup> | (5181590) |  |  |
|  Written Option Contracts | (1035149) |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6216739) | $(12745896) | $— |

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&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. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount shown represents unrealized gain (loss) at period end.

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| | | | |
|:---|:---|:---|:---|
| **STRATEGIC FACTOR ALLOCATION FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | $1135897758 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 2018754 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 941809127 |  |  |
|  Investment Company | 149791123 |  |  |
|  **Total** | $2229516762 | $— | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(b)</sup> | $— | $6440856 | $— |
|  Futures Contracts<sup>(b)</sup> | 6600202 |  |  |
|  Purchased Option Contracts | 27876752 |  |  |
|  **Total** | $34476954 | $6440856 | $— |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(b)</sup> | $— | $(12404511) | $— |
|  Futures Contracts<sup>(b)</sup> | (1344500) |  |  |
|  Written Option Contracts | (2699001) |  |  |
|  **Total** | $(4043501) | $(12404511) | $— |

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&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 net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount shown represents unrealized gain (loss) at period end.

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

**57**

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GOLDMAN SACHS ALLOCATION FUNDS

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

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

Consolidated 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)

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| | | | |
|:---|:---|:---|:---|
| **STRATEGIC VOLATILITY PREMIUM FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | $347459124 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Investment Companies | 157842517 |  |  |
|  **Total** | $505301641 | $— | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(a)</sup> | $1033894 | $— | $— |
|  Purchased Option Contracts | 405438 |  |  |
|  **Total** | $1439332 | $— | $— |
|  **Liabilities** |  |  |  |
|  Futures Contracts<sup>(a)</sup> | $(63) | $— | $— |
|  Written Option Contracts | (300582) |  |  |
|  **Total** | $(300645) | $— | $— |

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&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount shown represents unrealized gain (loss) at period end.

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| | | | |
|:---|:---|:---|:---|
| **TACTICAL TILT OVERLAY FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | $173490530 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Agency Debentures |  | 69830728 |  |
|  Securities Lending Reinvestment Vehicle | 3209450 |  |  |
|  Exchange Traded Funds | 509501852 |  |  |
|  Investment Company | 1395828343 |  |  |
|  Short-term Investments |  | 2877256732 |  |
|  **Total** | $2082030175 | $2947087460 | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(a)</sup> | $21966098 | $— | $— |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | 996288 |  |
|  Total Return Swap Contracts<sup>(a)</sup> |  | 2866829 |  |
|  Purchased Option Contracts |  | 17886928 |  |
|  **Total** | $21966098 | $21750045 | $— |

---

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

**58**

------

GOLDMAN SACHS ALLOCATION FUNDS

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **TACTICAL TILT OVERLAY FUND (continued)** |  |  |  |
| Derivative Type | **Level 1** | **Level 2** | **Level 3** |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $(3640645) | $— |
|  Futures Contracts<sup>(a)</sup> | (1594958) |  |  |
|  Written Option Contracts |  | (23518336) |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1594958) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27158981) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Consolidated 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 Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Managed Beta Fund** | **Global Managed Beta Fund** |  |  |  |
| **Risk** | **Consolidated Statements of Assets and Liabilities** | **Assets** | **Consolidated Statements of Assets and Liabilities** | **Liabilities** |
| Currency | Receivable for unrealized gain on forward foreign currency exchange contracts; Purchased options, at value | $5803269 | Payable for unrealized loss on forward foreign currency exchange contracts | $(12745896) |
| Equity | Variation margin on futures contracts; Receivable for unrealized gain on swap contracts | 11513931 <sup>(a)</sup> | Variation margin on futures contracts; Written options, at value | (6216739)<sup>(a)</sup> |
| Interest rate | Purchased options, at value | 72974593 |  |  |
|  **Total** |  | $90291793 |  | $(18962635) |
| **Strategic Factor Allocation Fund** | **Strategic Factor Allocation Fund** |  |  |  |
| **Risk** | **Consolidated Statements of Assets and Liabilities** | **Assets** | **Consolidated Statements of Assets and Liabilities** | **Liabilities** |
| Currency | Receivable for unrealized gain on forward foreign currency exchange contracts | $6440856 | Payable for unrealized loss on forward foreign currency exchange contracts | $(12404511) |
| Equity | Variation margin on futures contracts; Purchased options, at value | 1159114 <sup>(a)</sup> | Variation margin on futures contracts; Written options, at value | (3227916)<sup>(a)</sup> |
| Interest rate | Variation margin on futures contracts; Purchased options, at value | 33317840 <sup>(a)</sup> | Variation margin on futures contracts; Written options, at value | (815585)<sup>(a)</sup> |
|  **Total** |  | $40917810 |  | $(16448012) |

---

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

**59**

------

GOLDMAN SACHS ALLOCATION FUNDS

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

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

Consolidated 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. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic Volatility Premium Fund** | **Strategic Volatility Premium Fund** |  |  |  |
| **Risk** | **Consolidated Statements of Assets and Liabilities** | **Assets** | **Consolidated Statements of Assets and Liabilities** | **Liabilities** |
| Equity | Variation margin on futures contracts; Purchased options, at value | $234279 <sup>(a)</sup> | Written options, at value | $(264208) |
| Interest rate | Variation margin on futures contracts; Purchased options, at value | 1205053 <sup>(a)</sup> | Variation margin on futures contracts; Written options, at value | (36437)<sup>(a)</sup> |
|  **Total** |  | $1439332 |  | $(300645) |
| **Tactical Tilt Overlay Fund** | **Tactical Tilt Overlay Fund** |  |  |  |
| **Risk** | **Consolidated Statements of Assets and Liabilities** | **Assets** | **Consolidated Statements of Assets and Liabilities** | **Liabilities** |
| Currency | Purchased options, at value | $875576 | Payable for unrealized loss on forward foreign currency contracts; Written options, at value | $(3887562) |
| Equity | Variation margin on futures contracts; Receivable for unrealized gain on swap contracts; Purchased options, at value | 31187533 <sup>(a)</sup> | Variation margin on futures contracts; Written options, at value | (24866377)<sup>(a)</sup> |
| Interest rate | Variation margin on futures contracts; Variation margin on swap contracts | 11653034 <sup>(a)</sup> |  |  |
|  **Total** |  | $43716143 |  | $(28753939) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swaps described in the Additional Investment Information sections of the Consolidated Schedules of Investments. Only current day's variation margin is reported within the Consolidated Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the six months ended 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 Consolidated Statements of Operations:

---

| | | | |
|:---|:---|:---|:---|
| **Global Managed Beta Fund** | **Global Managed Beta Fund** |  |  |
| **Risk** | **Consolidated Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts and purchased options/Net change in unrealized gain (loss) on forward foreign currency exchange contracts, and purchased options | $10133802 | $(8396430) |
| 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 | 124139331 | (46193623) |
| Interest rate | Net realized gain (loss) from swap purchased options/Net change in unrealized gain (loss) on purchased options | (18163114) | 8163154 |
|  **Total** |  | $116110019 | $(46426899) |

---

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

**60**

------

GOLDMAN SACHS ALLOCATION FUNDS

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Strategic Factor Allocation Fund** | **Strategic Factor Allocation Fund** |  |  |
| **Risk** | **Consolidated Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | $2528619 | $(7361302) |
| Equity | Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, purchased options and written options | 111148522 | (40334692) |
| Interest rate | Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, purchased options and written options | 12819650 | (3786989) |
|  **Total** |  | $126496791 | $(51482983) |
| **Strategic Volatility Premium Fund** | **Strategic Volatility Premium Fund** |  |  |
| **Risk** | **Consolidated Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, purchased options and written options | $8172170 | $(196816) |
| Interest rate | Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, purchased options and written options | 1163947 | 697839 |
|  **Total** |  | $9336117 | $501023 |
| **Tactical Tilt Overlay Fund** | **Tactical Tilt Overlay Fund** |  |  |
| **Risk** | **Consolidated Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Currency | Net realized gain (loss) from forward foreign currency contracts; purchased options and written options/Net change in unrealized gain (loss) on forward foreign currency contracts; purchased options and written options | $9860101 | $(2512384) |
| 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 | 53165330 | (4341269) |
| Interest rate | 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 | (3088649) | 3961390 |
|  **Total** |  | $59936782 | $(2892263) |

---

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

**61**

------

GOLDMAN SACHS ALLOCATION FUNDS

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

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

Consolidated 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. INVESTMENTS IN DERIVATIVES (continued)

For the six months ended February 28, 2026, the relevant values for each derivative type were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Average Number of Contracts, Notional Amounts<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts<sup>(a)</sup>** |
| **Fund** | **Futures<br>Contracts** | **Forward<br>Contracts** | **Swap<br>Agreements** | **Purchased<br>Options** | **Purchased<br>Swaptions** | **Written<br>Options** | **Written<br>Swaptions** |
|  Global Managed Beta Fund | 4708 | $953791980 | $94013343 | 665329520 | $— | 76158 | $— |
|  Strategic Factor Allocation Fund | 14833 | 806374836 |  | 75912583 |  | 9126733 |  |
|  Strategic Volatility Premium Fund | 3277 |  |  | 1088950 |  | 2132183 |  |
|  Tactical Tilt Overlay Fund | 22482 | 220069708 | 610266800 | 201477779 | 1142600000 | 90863623 | 1142600000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, purchased and written swaptions, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that each Fund held such derivatives during the six months ended February 28, 2026.

&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 each Fund, 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**  | | |
| **Fund** | **First<br>$2 billion** | **Next<br>$3 billion** | **Next<br>$3 billion** | **Over<br>$8 billion** | **Effective Rate** | **Effective Net<br>Management<br>Rate\*^(a)** |
|  Global Managed Beta Fund | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% | 0.23% |
|  Strategic Factor Allocation Fund | 0.75 | 0.68 | 0.64 | 0.62 | 0.74 | 0.71 |
|  Strategic Volatility Premium Fund | 0.50 | 0.45 | 0.43 | 0.42 | 0.50 | 0.35 |
|  Tactical Tilt Overlay Fund | 0.75 | 0.68 | 0.64 | 0.62 | 0.71 | 0.68 |

---

\* GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to any management fee it earns as an investment adviser to any of the affiliated funds in which the Fund invests through at least December 29, 2026. Prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. 

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Reflects combined management fees paid to GSAM under the Agreement and the Subsidiary Agreements as defined below after waivers.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund ("Government Money Market Fund"). The Strategic Volatility Premium Fund invests in Institutional Shares of the Goldman Sachs Financial Square Treasury Instruments Fund. The Global Managed Beta Fund invests in each of the Goldman Sachs ActiveBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF, Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF, Goldman Sachs MarketBeta Russell 1000 Value Equity ETF and the Goldman Sachs MarketBeta US Equity ETF, and the Tactical Tilt Overlay Fund invests in Goldman Sachs Access Treasury 0-1 Year ETF, Goldman Sachs Energy Infrastructure Fund and Goldman Sachs MLP Energy Infrastructure Fund, which are affiliated Underlying Funds. 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

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

**62**

------

GOLDMAN SACHS ALLOCATION FUNDS

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

affiliated Underlying Funds in which the Funds invest, except those management fees it earns from the Funds' investments of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the six months ended February 28, 2026, GSAM waived $1,683,328, $346,828, $142,489 and $1,054,441 of the Global Managed Beta, Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay Funds' management fees, respectively.

GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.40% as an annual percentage rate of the Strategic Volatility Premium Fund's average daily net assets. This arrangement will remain in effect at least through December 29, 2026. For the six months ended February 28, 2026, GSAM waived $254,912, of the Strategic Volatility Premium Fund's management fee. GSAM also provides management services to the Global Managed Beta, Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay Funds' Subsidiaries pursuant to Subsidiary Management Agreements (each, a "Subsidiary Agreement") and is entitled to a management fee accrued daily and paid monthly, equal to an annual percentage rate of 0.42% of the Subsidiary's average daily net assets. In consideration of each Subsidiary's management fee, and for as long as each Subsidiary Agreement remains in effect, GSAM has contractually agreed to waive irrevocably a portion of the Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay Funds' management fee in an amount equal to the management fee accrued and paid to GSAM by each Subsidiary under each Subsidiary Agreement. For the six months ended February 28, 2026, GSAM waived $33,137, $10,397, $11,192 and $1,314,881 of the Global Managed Beta, Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay Fund's management fees, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;B. 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 of 0.04% of the average daily net assets of Institutional Shares for the Tactical Tilt Overlay Fund, Strategic Factor Allocation Fund and Strategic Volatility Premium Fund, 0.02% of the average daily net assets of Institutional Shares for the Global Managed Beta Fund, 0.03% of the average daily net assets of Class R6 Shares for the Tactical Tilt Overlay Fund and 0.03% of the average daily net assets of Class P Shares for the Strategic Factor Allocation Fund, Strategic Volatility Premium Fund and Tactical Tilt Overlay Fund.

&nbsp;&nbsp;&nbsp;&nbsp;C. 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 the Funds. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Global Managed Beta, Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay Funds are 0.204%, 0.164%, 0.064% and 0.164%, 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** | **Other Expense<br>Reimbursements** | **Total<br>Expense<br>Reductions** |
|  Global Managed Beta Fund | $1716465 | $30541 | $1747006 |
|  Strategic Factor Allocation Fund | 357225 | 56672 | 413897 |
|  Strategic Volatility Premium Fund | 408593 | 144355 | 552948 |
|  Tactical Tilt Overlay Fund | 2369322 | 16773 | 2386095 |

---

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

**63**

------

GOLDMAN SACHS ALLOCATION FUNDS

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

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

Consolidated 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;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;D. 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;E. Other Transactions with Affiliates — For the six months ended February 28, 2026, Goldman Sachs earned $132,131 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Tactical Tilt Overlay Fund.

The tables below show the transactions in and earnings from investments in the Underlying Funds for the six months ended February 28, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Goldman Sachs Global Managed Beta Fund** | **Goldman Sachs Global Managed Beta Fund** | **Goldman Sachs Global Managed Beta Fund** | **Goldman Sachs Global Managed Beta Fund** | **Goldman Sachs Global Managed Beta Fund** |  |  |  |  |
| **Underlying Fund** | **Market**<br> **Value as of<br>August 31, 2025** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Net<br>Realized<br>Gain/(Loss)** | **Change In<br>Unrealized<br>Gain/(Loss)** | **Market**<br> **Value as of<br>February 28, 2026** | **Shares as of<br>February 28, 2026** | **Dividend<br>Income** |
|  Goldman Sachs ActiveBeta Emerging Markets Equity ETF | $51771030 | $— | $— | $— | $12256603 | $64027633 | 1345401 | $1289163 |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | 255818382 | 618965791 | (576910356) |  |  | 297873817 | 297873817 | 5169260 |
|  Goldman Sachs MarketBeta International Equity ETF | 554505446 | 85870865 | (82953891) | 1574547 | 87669062 | 646666029 | 8484204 | 6289329 |
|  Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF | 204069182 | 28532075 | (4590409) | (159638) | 3168084 | 231019294 | 3769282 | 426274 |
|  Goldman Sachs MarketBeta Russell 1000 Value Equity ETF | 341144446 | 35949742 | (27792836) | 578421 | 40911151 | 390790924 | 6750041 | 3222864 |
|  Goldman Sachs MarketBeta U.S. Equity ETF | 1138358313 | 177214062 | (231655918) | 2913711 | 63144702 | 1149974870 | 12162611 | 6404657 |
|  **Total** | $2545666799 | $946532535 | $(923903410) | $4907041 | $207149602 | $2780352567 |  | $22801547 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Goldman Sachs Strategic Factor Allocation Fund** | **Goldman Sachs Strategic Factor Allocation Fund** | **Goldman Sachs Strategic Factor Allocation Fund** | **Goldman Sachs Strategic Factor Allocation Fund** |  |  |  |
| **Underlying Fund** | **Market**<br> **Value as of<br>August 31, 2025** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Market**<br> **Value as of<br>February 28, 2026** | **Shares as of<br>February 28, 2026** | **Dividend<br>Income** |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | $756575800 | $1136129206 | $(1742913883) | $149791123 | 149791123 | $8433193 |

---

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

**64**

------

GOLDMAN SACHS ALLOCATION FUNDS

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Goldman Sachs Strategic Volatility Premium Fund** | **Goldman Sachs Strategic Volatility Premium Fund** | **Goldman Sachs Strategic Volatility Premium Fund** | **Goldman Sachs Strategic Volatility Premium Fund** |  |  |  |
| **Underlying Fund** | **Market**<br> **Value as of<br>August 31, 2025** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Market**<br> **Value as of<br>February 28, 2026** | **Shares as of<br>February 28, 2026** | **Dividend<br>Income** |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | $5423143 | $299112 | $(166977) | $5555278 | 5555278 | $104063 |
|  Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares | 156862941 | 341773958 | (346349660) | 152287239 | 152287239 | 2880483 |
| Total | $162286084 | $342073070 | $(346516637) | $157842517 |  | $2984546 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Goldman Sachs Tactical Tilt Overlay Fund** | **Goldman Sachs Tactical Tilt Overlay Fund** | **Goldman Sachs Tactical Tilt Overlay Fund** | **Goldman Sachs Tactical Tilt Overlay Fund** | **Goldman Sachs Tactical Tilt Overlay Fund** |  |  |  |  |  |
| **Underlying<br>Fund** | **Market**<br> **Value as of<br>August 31, 2025** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Net Realized<br>Gain/(Loss)** | **Change In<br>Unrealized<br>Gain/(Loss)** | **Market**<br> **Value as of<br>February 28, 2026** | **Shares as of<br>February 28, 2026** | **Dividend<br>Income** | **Capital Gain<br>Distributions** |
|  Goldman Sachs Access Treasury 0-1 Year ETF | $141344401 | $— | $— | $— | $(14105) | $141330296 | 1410482 | $2690198 | $— |
|  Goldman Sachs Energy Infrastructure Fund — Class R6 | 21856509 | 752752 | (23720010) | 14123934 | (13013185) |  |  | 399555 | 1288609 |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | 868489518 | 1919617052 | (1392278227) |  |  | 1395828343 | 1395828343 | 20651646 |  |
|  Goldman Sachs MLP Energy Infrastructure Fund — Class R6 | 4808538 | 83647 | (5150547) | 1088338 | (829976) |  |  | 83647 |  |
| Total | $1036498966 | $1920453451 | $(1421148784) | $15212272 | $(13857266) | $1537158639 |  | $23825046 | $1288609 |

---

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

**65**

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

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

Consolidated 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. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2026, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases of<br>U.S. Government and<br>Agency Obligations** | **Purchases** | **Sales and<br>Maturities of<br>U.S. Government and<br>Agency Obligations** | **Sales and<br>Maturities** |
|  Global Managed Beta Fund | $— | $644905135 | $— | $602156895 |
|  Strategic Factor Allocation Fund |  | 979154544 |  | 72867631 |
|  Tactical Tilt Overlay Fund | 95486949 | 41124947 | 156541767 | 284603626 |

---

For the six months ended February 28, 2026, there were no purchases and proceeds from sales and maturities of long-term securities for the Strategic Volatility Premium Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING

The Global Managed Beta Fund and Tactical Tilt Overlay Fund 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 Consolidated 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 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 Consolidated Statements of Assets and Liabilities, where applicable.

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

**66**

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GOLDMAN SACHS ALLOCATION FUNDS

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING (continued)

Both 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 Consolidated Statements of Operations.

The following table provides information about the Funds' investment in the Government Money Market Fund for the six months ended February 28, 2026.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Beginning**<br> **Value as of<br>August 31, 2025** | **Purchases**<br> **at cost** | **Proceeds from<br>Sales** | **Ending**<br> **Value as of<br>February 28, 2026** | **Shares as of<br>February 28, 2026** |
|  Global Managed Beta Fund | $1744170 | $513103755 | $(514369500) | $478425 | 478425 |
|  Tactical Tilt Overlay Fund | 23679814 | 317783553 | (338253917) | 3209450 | 3209450 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION

As of the Funds' most recent fiscal year end, August 31, 2025, the Funds' capital loss carryforwards and certain timing differences on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global Managed<br>Beta Fund** | **Strategic Factor<br>Allocation Fund** | **Strategic Volatility<br>Premium Fund** | **Tactical Tilt<br>Overlay Fund** |
|  Capital loss carryforwards: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | $— | $— | $(7969599) | $(105434777) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term |  |  | (11962910) |  |
|  Total capital loss carryforwards |  |  | (19932509) | (105434777) |
|  Timing differences (Late Year Ordinary Loss Deferral and Straddle Loss Deferral) | $(76365016) | $(2547295) | $— | $(22809243) |

---

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global Managed<br>Beta Fund** | **Strategic Factor<br>Allocation Fund** | **Strategic Volatility<br>Premium Fund** | **Tactical Tilt<br>Overlay Fund** |
|  Tax Cost | $3327993227 | $2272850261 | $506370354 | $5005352325 |
|  Gross unrealized gain | 1493327022 | 72397210 | 225800 | 69162482 |
|  Gross unrealized loss | (141598694) | (115730709) | (1294513) | (45397172) |
|  Net unrealized gain (loss) | $1351728328 | $(43333499) | $(1068713) | $23765310 |

---

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 partnership investments, passive foreign investment company investments and swap transactions.

GSAM has reviewed each Fund's 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 each Fund's financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

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

**67**

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

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

Consolidated 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;9. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

Asset Allocation Risk — The Fund's allocations to the various asset classes may cause the Funds to underperform other funds with a similar investment objective.

Commodity Sector Risk — Exposure to the commodities markets may subject a Fund to greater volatility than investments in more traditional securities. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, business, political and regulatory developments. The prices of energy, industrial metals, precious metals, agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The commodity-linked investments in which the Subsidiaries enter into may involve counterparties in the financial services sector, and events affecting the financial services sector may cause the Subsidiaries', and therefore a Funds', share values to fluctuate.

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 a Fund enters into uncleared OTC transactions, a Fund will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that a Fund will sustain losses.

Derivatives Risk — The Funds' 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 a Fund. 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 Funds 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 Funds 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.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of a Fund's investments, which would make it harder for the Fund to sell its investments at an advantageous time.

Investments in ETFs Risk — The Fund may invest directly in ETFs, including affiliated ETFs. The Fund's investments in ETFs will be subject to the restrictions applicable to investments by an investment company in other investment companies, unless relief is otherwise provided under the terms of an SEC exemptive order or SEC exemptive rule.

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

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

**68**

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GOLDMAN SACHS ALLOCATION FUNDS

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

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 a 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.

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 a Fund more volatile. When a Fund uses leverage, the sum of that Fund's investment exposure may significantly exceed the amount of assets invested in the Fund, 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 a Fund to liquidate portfolio positions to satisfy its obligations when it may not be advantageous to do so. The use of leverage by a Fund can substantially increase the adverse impact to which the Fund's investment portfolio may be subject.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect a Fund's NAV and dilute remaining investors' interests. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

Management Risk — A strategy used by the Investment Adviser may fail to produce the intended results.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious 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 a Fund has unsettled or open transactions defaults.

Option Writing Risk — Writing (selling) options may limit the opportunity to profit from an increase or decrease in the market value of a reference security in exchange for up-front cash (the premium) at the time of selling the option. In a sharp rising or falling market, the Fund could significantly underperform the market or other portfolios without an option writing strategy. The Fund could also experience a sudden, significant permanent loss due to dramatic movements in the market value of reference security, which may far exceed the premiums received for writing the option. Such significant losses could cause significant deteriorations in the Fund's NAV. Furthermore, the premium received from the Fund's option writing strategies may not fully protect it against market movements because the Fund will continue to bear the risk of movements in the value of its portfolio investments.

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.

Subsidiary Risk — The Subsidiary is not registered under the Act, as amended and is not subject to all the investor protections of the Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as described in the Prospectus and the Statement of Additional Information and could adversely affect the Fund.

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

**69**

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GOLDMAN SACHS ALLOCATION FUNDS

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

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

Consolidated 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;9. OTHER RISKS (continued)

Tax Risk — The Funds will seek to gain exposure to the commodity markets primarily through investments in the Subsidiaries and/or commodity index-linked structured notes, as applicable. Historically, the Internal Revenue Service ("IRS") issued private letter rulings ("PLRs") in which the IRS specifically concluded that income and gains from investments in commodity index-linked structured notes (the "Notes Rulings") or a wholly-owned foreign subsidiary that invests in commodity-linked instruments are "qualifying income" for purposes of compliance with Subchapter M of the Code. However, the Tactical Tilt Overlay Fund has not received a PLR, and is not able to rely on PLRs issued to other taxpayers. Treasury regulations generally treat the Tactical Tilt Overlay Fund's income inclusion with respect to a subsidiary as qualifying income either if (A) there is a current distribution out of the earnings and profits of the subsidiary that are attributable to such income inclusion or (B) such inclusion is derived with respect to the Tactical Tilt Overlay Fund's business of investing in stock, securities, or currencies.

The IRS also issued a revenue procedure, which states that the IRS will not in the future issue PLRs that would require a determination of whether an asset (such as a commodity index-linked note) is a "security" under the Act. In connection with issuing such revenue procedure, the IRS has revoked the Notes Ruling on a prospective basis. In light of the revocation of the Notes Rulings, the Tactical Tilt Overlay Fund has limited its investments in commodity index-linked structured notes. The Tactical Tilt Overlay Fund has obtained an opinion of counsel that the Fund's income from investments in the Subsidiary should constitute "qualifying income." However, no assurances can be provided that the IRS would not be able to successfully assert that the Tactical Tilt Overlay Fund's income from such investments was not "qualifying income," in which case the Tactical Tilt Overlay Fund would fail to qualify as a regulated investment company ("RIC") under Subchapter M of the Code if over 10% of its gross income were derived from these investments. If the Tactical Tilt Overlay Fund failed to qualify as a RIC, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates with no deduction for any distributions paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial losses for, Tactical Tilt Overlay Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. OTHER MATTERS

The Funds adopted 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;12. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

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

**70**

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global Managed Beta Fund**  | **Global Managed Beta Fund**  | **Global Managed Beta Fund**  | **Global Managed Beta 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 | 37682939 | $668492487 | 69684183 | $1096687642 |
|  Reinvestment of distributions | 14157199 | 247116077 | 24998210 | 390152143 |
|  Shares redeemed | (41457543) | (727455557) | (100046828) | (1597082068) |
|  **NET INCREASE** | 10382595 | 188153007 | (5364435) | (110242283) |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Strategic Factor Allocation Fund**  | **Strategic Factor Allocation Fund**  | **Strategic Factor Allocation Fund**  | **Strategic Factor Allocation 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 | 135222 | $1639820 | 679222 | $8028983 |
|  Reinvestment of distributions | 140001 | 1628383 | 132257 | 1533379 |
|  Shares redeemed | (51800) | (596876) | (407305) | (4928844) |
|  | 223423 | 2671327 | 404174 | 4633518 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 14052997 | 163466552 | 27493661 | 313798864 |
|  Reinvestment of distributions | 16617158 | 190796257 | 21253616 | 243242744 |
|  Shares redeemed | (23064190) | (267950498) | (43218698) | (489273557) |
|  | 7605965 | 86312311 | 5528579 | 67768051 |
|  **NET INCREASE** | 7829388 | $88983638 | 5932753 | $72401569 |

---

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

**71**

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GOLDMAN SACHS ALLOCATION FUNDS

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

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

Consolidated 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;13. SUMMARY OF SHARE TRANSACTIONS (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Strategic Volatility Premium Fund**  | **Strategic Volatility Premium Fund**  | **Strategic Volatility Premium Fund**  | **Strategic Volatility Premium 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 | 6928 | $67943 | 11158 | $109142 |
|  Reinvestment of distributions | 496 | 4830 | 2126 | 20354 |
|  Shares redeemed | (5456) | (53494) | (18874) | (182241) |
|  | 1968 | 19279 | (5590) | (52745) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 7537762 | 74045413 | 13343210 | 130906959 |
|  Reinvestment of distributions | 950984 | 9270066 | 2990633 | 28664871 |
|  Shares redeemed | (7077075) | (69529140) | (8626585) | (84045873) |
|  | 1411671 | 13786339 | 7707258 | 75525957 |
|  **NET INCREASE** | 1413639 | $13805618 | 7701668 | $75473212 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tactical Tilt Overlay Fund**  | **Tactical Tilt Overlay Fund**  | **Tactical Tilt Overlay Fund**  | **Tactical Tilt Overlay 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 | 100130 | $1091806 | 147208 | $1578824 |
|  Reinvestment of distributions | 27754 | 297525 | 70789 | 731961 |
|  Shares redeemed | (267631) | (2911740) | (646083) | (6857834) |
|  | (139747) | (1522409) | (428086) | (4547049) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 6737764 | 70202622 | 8428258 | 86115400 |
|  Reinvestment of distributions | 1826054 | 18863135 | 3043923 | 30347909 |
|  Shares redeemed | (1787591) | (18913000) | (12240236) | (125806000) |
|  | 6776227 | 70152757 | (768055) | (9342691) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 43493367 | 457056655 | 68142753 | 701124748 |
|  Reinvestment of distributions | 12764115 | 131853313 | 20953443 | 208905823 |
|  Shares redeemed | (29162483) | (305963936) | (78458934) | (802030321) |
|  | 27094999 | 282946032 | 10637262 | 108000250 |
|  **NET INCREASE** | 33731479 | $351576380 | 9441121 | $94110510 |

---

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

**72**

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![LOGO](g106429dsp075.jpg)

TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener 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 OFFICERS James A. McNamara, President and Principal Executive Officer Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary© 2026 Goldman Sachs. All rights reserved. ALLOCATESAR-26

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ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The aggregate remuneration paid to the Funds' trustees, officers and others, if any, is included in Item 7 of this report.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Not applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.  |

---

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

------

ITEM 16. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a) Not applicable.

(b) Not applicable.

ITEM 19. EXHIBITS.

---

| | |
|:---|:---|
| (a)(1) | [Goldman Sachs Trust's Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant's Form N-CSR filed on August 26, 2022.](http://www.sec.gov/Archives/edgar/data/822977/000119312522230661/d320037dex99code.htm) |
| (a)(2) | Not Applicable. |
| (a)(3) | [Exhibit 99.CERT. Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.](d106429dex99cert.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.](d106429dex99906cert.htm) |
| (101) | Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |

---

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | Goldman Sachs Trust |
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs Trust |
| Date: | 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.