# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001193125-26-002615
**Filing Date:** 2026-1
**Character Count:** 560875
**Document Hash:** bb44e26e0eeb59cad9c93867a16ce1ce
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-002615.hdr.sgml**: 20260105

**ACCESSION NUMBER**: 0001193125-26-002615

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260105

**DATE AS OF CHANGE**: 20260105

**EFFECTIVENESS DATE**: 20260105

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05349
- **FILM NUMBER:** 26507271

**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 Income Builder Fund (Series ID: S000009342)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025613 | Institutional   | GSBIX           |
| C000025615 | Class A         | GSBFX           |
| C000025617 | Class C         | GSBCX           |
| C000091959 | Investor Shares | GKIRX           |
| C000161511 | Class R6 Shares | GSBUX           |
| C000201720 | Class P Shares  | GGKPX           |

### Goldman Sachs Rising Dividend Growth Fund (Series ID: S000036119)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000110562 | Class A         | GSRAX           |
| C000110563 | Class C         | GSRCX           |
| C000110564 | Institutional   | GSRLX           |
| C000110565 | Investor Shares | GSRIX           |
| C000110566 | Class R         | GSRRX           |
| C000198933 | Class R6 Shares | GSRFX           |
| C000201721 | Class P Shares  | GMHPX           |

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

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

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

### Goldman Sachs Trust

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

#### 71 South Wacker Drive,

#### Chicago, Illinois 60606

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

#### Copies to:

---

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

---

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

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

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

#### Date of reporting period: October 31, 2025
ITEM 1. REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders for the Goldman Sachs Income Builder Fund and Goldman Sachs Rising Dividend Growth Fund is filed herewith.

![Image](g47647if36d00f127259e6b3508.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Income Builder Fund

# GSBFX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Income Builder Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $82 | 0.78% |

---

## How did the Fund perform and what affected its performance?
The U.S. equity and credit markets were volatile amid tariff and trade uncertainty, AI growth scrutiny and mixed economic data but produced positive returns overall on trade negotiations progress, sustained healthy corporate earnings, resilient consumer spending and a resumption of Federal Reserve interest rate cuts.

Top Contributors to Performance:

* The Fund benefited from asset allocation positioning, especially its allocations to U.S. equities and non-U.S. developed markets equities. Exposures to dividend-paying U.S. and non-U.S. developed markets equities, global real estate securities and global infrastructure securities contributed positively. The Fund was helped by its exposure to U.S. growth equities, U.S. information technology stocks and MLP energy infrastructure securities. In fixed income, most allocations added to returns, led by the Fund's exposure to high yield corporate bonds. High yield corporate bonds broadly outperformed investment grade corporate bonds during the Period. Exposures to U.S. Treasury securities and emerging markets debt were also advantageous. 

* Within the equity sleeve, stock selection added most to performance, especially in the financials, industrials and health care sectors. In terms of individual positions, the equity sleeve was aided by investments in Banco Bilbao Vizcaya Argentaria, a Spain-based financial group; Taiwan Semiconductor Manufacturing, a Taiwan-based semiconductor company; and GE Aerospace, a U.S.-based provider of aircraft engines and integrated systems.

* The fixed income sleeve benefited from its cross-sector strategy, with its positioning in high yield corporate bonds contributing positively to performance. Individual credit selection among high yield industrial and utility bonds and among investment grade banking and technology bonds added to results. The duration positioning strategy further increased the Fund's returns.

Top Detractors from Performance:

* Performance of the equity sleeve was hampered by sector positioning overall. Specifically, an allocation to communication services and stock selection within the consumer discretionary and real estate sectors detracted from returns. In terms of individual stock positions, the Fund's investments in health care company Merck, paper producer International Paper and investment company KKR & Co.—each a U.S.-based company—hurt performance.

* Within the fixed income sleeve, the Fund's exposure to investment grade corporate bonds and emerging markets corporate bonds detracted from returns. Exposure to cable industry investment grade credits, as well as selection among bank loans, also dampened results. A down-in-quality bias within high yield corporate credit further detracted from the Fund's returns.

# Goldman Sachs Income Builder Fund

# Class A

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g47647i3d9ab4d0ca7878ee3e5c.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **Russell 1000<sup>®</sup> Value Index** | **ICE BofAML BB to B U.S. High Yield Constrained Index** | **S&P 500<sup>®</sup> Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/1/15** | $9450 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **10/16** | $9737 | $10304 | $10637 | $10892 | $10451 | $10437 |
| **10/17** | $10634 | $11253 | $12528 | $11791 | $12921 | $10531 |
| **10/18** | $10525 | $11137 | $12909 | $11831 | $13870 | $10315 |
| **10/19** | $11929 | $12623 | $14356 | $12996 | $15858 | $11502 |
| **10/20** | $12203 | $12913 | $13270 | $13423 | $17398 | $12214 |
| **10/21** | $14509 | $15354 | $19077 | $14639 | $24863 | $12156 |
| **10/22** | $13009 | $13766 | $17742 | $13038 | $21230 | $10250 |
| **10/23** | $13308 | $14083 | $17766 | $13746 | $23383 | $10287 |
| **10/24** | $16095 | $17032 | $23269 | $15799 | $32274 | $11372 |
| **10/25** | $17648 | $18675 | $25863 | $17052 | $39196 | $12072 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 9.65% | 7.65% | 6.44% |
| Class A including sales charges | 3.61% | 6.44% | 5.84% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 14.27% | 9.96% |
| ICE BofAML BB to B U.S. High Yield Constrained Index | 7.93% | 4.90% | 5.48% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.63% | 14.62% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Income Builder Fund

# Class A

## Key Fund Statistics **(as of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2661785309 |
| # of Portfolio Holdings as of Period End | 869 |
| Portfolio Turnover Rate for the Period | 33% |
| Total Net Advisory Fees Paid for the Period | $10450152 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Financials | 7.6% |
| Industrials | 4.6% |
| Health Care | 4.4% |
| Exchange Traded Funds | 4.0% |
| Pipelines | 4.0% |
| Utilities | 4.0% |
| Consumer Staples | 3.9% |
| Information Technology | 3.8% |
| Banks | 3.8% |
| Other | 57.2% |

---

# Goldman Sachs Income Builder Fund

# Class A

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication. ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Income Builder Fund

# 38141W562-AR-1025

# Class A
![Image](g47647if36d00f127259e6b3508.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Income Builder Fund

# GSBCX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Income Builder Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $160 | 1.53% |

---

## How did the Fund perform and what affected its performance?
The U.S. equity and credit markets were volatile amid tariff and trade uncertainty, AI growth scrutiny and mixed economic data but produced positive returns overall on trade negotiations progress, sustained healthy corporate earnings, resilient consumer spending and a resumption of Federal Reserve interest rate cuts.

Top Contributors to Performance:

* The Fund benefited from asset allocation positioning, especially its allocations to U.S. equities and non-U.S. developed markets equities. Exposures to dividend-paying U.S. and non-U.S. developed markets equities, global real estate securities and global infrastructure securities contributed positively. The Fund was helped by its exposure to U.S. growth equities, U.S. information technology stocks and MLP energy infrastructure securities. In fixed income, most allocations added to returns, led by the Fund's exposure to high yield corporate bonds. High yield corporate bonds broadly outperformed investment grade corporate bonds during the Period. Exposures to U.S. Treasury securities and emerging markets debt were also advantageous. 

* Within the equity sleeve, stock selection added most to performance, especially in the financials, industrials and health care sectors. In terms of individual positions, the equity sleeve was aided by investments in Banco Bilbao Vizcaya Argentaria, a Spain-based financial group; Taiwan Semiconductor Manufacturing, a Taiwan-based semiconductor company; and GE Aerospace, a U.S.-based provider of aircraft engines and integrated systems.

* The fixed income sleeve benefited from its cross-sector strategy, with its positioning in high yield corporate bonds contributing positively to performance. Individual credit selection among high yield industrial and utility bonds and among investment grade banking and technology bonds added to results. The duration positioning strategy further increased the Fund's returns.

Top Detractors from Performance:

* Performance of the equity sleeve was hampered by sector positioning overall. Specifically, an allocation to communication services and stock selection within the consumer discretionary and real estate sectors detracted from returns. In terms of individual stock positions, the Fund's investments in health care company Merck, paper producer International Paper and investment company KKR & Co.—each a U.S.-based company—hurt performance.

* Within the fixed income sleeve, the Fund's exposure to investment grade corporate bonds and emerging markets corporate bonds detracted from returns. Exposure to cable industry investment grade credits, as well as selection among bank loans, also dampened results. A down-in-quality bias within high yield corporate credit further detracted from the Fund's returns.

# Goldman Sachs Income Builder Fund

# Class C

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g47647i64cb617b2f8cd3c00198.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **Russell 1000<sup>®</sup> Value Index** | **ICE BofAML BB to B U.S. High Yield Constrained Index** | **S&P 500<sup>®</sup> Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/1/15** | $9900 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **10/16** | $10123 | $10225 | $10637 | $10892 | $10451 | $10437 |
| **10/17** | $10974 | $11085 | $12528 | $11791 | $12921 | $10531 |
| **10/18** | $10783 | $10892 | $12909 | $11831 | $13870 | $10315 |
| **10/19** | $12125 | $12247 | $14356 | $12996 | $15858 | $11502 |
| **10/20** | $12315 | $12439 | $13270 | $13423 | $17398 | $12214 |
| **10/21** | $14533 | $14680 | $19077 | $14639 | $24863 | $12156 |
| **10/22** | $12936 | $13066 | $17742 | $13038 | $21230 | $10250 |
| **10/23** | $13132 | $13265 | $17766 | $13746 | $23383 | $10287 |
| **10/24** | $15759 | $15918 | $23269 | $15799 | $32274 | $11372 |
| **10/25** | $17150 | $17323 | $25863 | $17052 | $39196 | $12072 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 8.83% | 6.84% | 5.64% |
| Class C including sales charges | 7.79% | 6.84% | 5.64% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 14.27% | 9.96% |
| ICE BofAML BB to B U.S. High Yield Constrained Index | 7.93% | 4.90% | 5.48% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.63% | 14.62% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Income Builder Fund

# Class C

## Key Fund Statistics **(as of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2661785309 |
| # of Portfolio Holdings as of Period End | 869 |
| Portfolio Turnover Rate for the Period | 33% |
| Total Net Advisory Fees Paid for the Period | $10450152 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Financials | 7.6% |
| Industrials | 4.6% |
| Health Care | 4.4% |
| Exchange Traded Funds | 4.0% |
| Pipelines | 4.0% |
| Utilities | 4.0% |
| Consumer Staples | 3.9% |
| Information Technology | 3.8% |
| Banks | 3.8% |
| Other | 57.2% |

---

# Goldman Sachs Income Builder Fund

# Class C

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication. ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Income Builder Fund

# 38142B286-AR-1025

# Class C
![Image](g47647if36d00f127259e6b3508.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Income Builder Fund

# GGKPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Income Builder Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (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 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 | $46 | 0.44% |

---

## How did the Fund perform and what affected its performance?
The U.S. equity and credit markets were volatile amid tariff and trade uncertainty, AI growth scrutiny and mixed economic data but produced positive returns overall on trade negotiations progress, sustained healthy corporate earnings, resilient consumer spending and a resumption of Federal Reserve interest rate cuts.

Top Contributors to Performance:

* The Fund benefited from asset allocation positioning, especially its allocations to U.S. equities and non-U.S. developed markets equities. Exposures to dividend-paying U.S. and non-U.S. developed markets equities, global real estate securities and global infrastructure securities contributed positively. The Fund was helped by its exposure to U.S. growth equities, U.S. information technology stocks and MLP energy infrastructure securities. In fixed income, most allocations added to returns, led by the Fund's exposure to high yield corporate bonds. High yield corporate bonds broadly outperformed investment grade corporate bonds during the Period. Exposures to U.S. Treasury securities and emerging markets debt were also advantageous. 

* Within the equity sleeve, stock selection added most to performance, especially in the financials, industrials and health care sectors. In terms of individual positions, the equity sleeve was aided by investments in Banco Bilbao Vizcaya Argentaria, a Spain-based financial group; Taiwan Semiconductor Manufacturing, a Taiwan-based semiconductor company; and GE Aerospace, a U.S.-based provider of aircraft engines and integrated systems.

* The fixed income sleeve benefited from its cross-sector strategy, with its positioning in high yield corporate bonds contributing positively to performance. Individual credit selection among high yield industrial and utility bonds and among investment grade banking and technology bonds added to results. The duration positioning strategy further increased the Fund's returns.

Top Detractors from Performance:

* Performance of the equity sleeve was hampered by sector positioning overall. Specifically, an allocation to communication services and stock selection within the consumer discretionary and real estate sectors detracted from returns. In terms of individual stock positions, the Fund's investments in health care company Merck, paper producer International Paper and investment company KKR & Co.—each a U.S.-based company—hurt performance.

* Within the fixed income sleeve, the Fund's exposure to investment grade corporate bonds and emerging markets corporate bonds detracted from returns. Exposure to cable industry investment grade credits, as well as selection among bank loans, also dampened results. A down-in-quality bias within high yield corporate credit further detracted from the Fund's returns.

# Goldman Sachs Income Builder Fund

# Class P

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g47647i4726939fe60b4db2a681.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class P** | **Russell 1000<sup>®</sup> Value Index** | **ICE BofAML BB to B U.S. High Yield Constrained Index** | **S&P 500<sup>®</sup> Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/16/18** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **10/18** | $9882 | $9999 | $10098 | $10228 | $9927 |
| **10/19** | $11243 | $11120 | $11091 | $11693 | $11070 |
| **10/20** | $11546 | $10279 | $11457 | $12828 | $11755 |
| **10/21** | $13776 | $14777 | $12494 | $18334 | $11698 |
| **10/22** | $12391 | $13743 | $11128 | $15655 | $9864 |
| **10/23** | $12716 | $13761 | $11732 | $17243 | $9900 |
| **10/24** | $15436 | $18024 | $13484 | $23798 | $10944 |
| **10/25** | $16980 | $20033 | $14553 | $28903 | $11618 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 16, 2018) | 10.00% | 8.01% | 7.26% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 14.27% | 9.64% |
| ICE BofAML BB to B U.S. High Yield Constrained Index | 7.93% | 4.90% | 5.10% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.63% | 15.09% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 2.00% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Income Builder Fund

# Class P

## Key Fund Statistics **(as of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2661785309 |
| # of Portfolio Holdings as of Period End | 869 |
| Portfolio Turnover Rate for the Period | 33% |
| Total Net Advisory Fees Paid for the Period | $10450152 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Financials | 7.6% |
| Industrials | 4.6% |
| Health Care | 4.4% |
| Exchange Traded Funds | 4.0% |
| Pipelines | 4.0% |
| Utilities | 4.0% |
| Consumer Staples | 3.9% |
| Information Technology | 3.8% |
| Banks | 3.8% |
| Other | 57.2% |

---

# Goldman Sachs Income Builder 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.

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication. ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Income Builder Fund

# 38150B632-AR-1025

# Class P
![Image](g47647if36d00f127259e6b3508.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Income Builder Fund

# GSBUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Income Builder Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (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 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 | $46 | 0.44% |

---

## How did the Fund perform and what affected its performance?
The U.S. equity and credit markets were volatile amid tariff and trade uncertainty, AI growth scrutiny and mixed economic data but produced positive returns overall on trade negotiations progress, sustained healthy corporate earnings, resilient consumer spending and a resumption of Federal Reserve interest rate cuts.

Top Contributors to Performance:

* The Fund benefited from asset allocation positioning, especially its allocations to U.S. equities and non-U.S. developed markets equities. Exposures to dividend-paying U.S. and non-U.S. developed markets equities, global real estate securities and global infrastructure securities contributed positively. The Fund was helped by its exposure to U.S. growth equities, U.S. information technology stocks and MLP energy infrastructure securities. In fixed income, most allocations added to returns, led by the Fund's exposure to high yield corporate bonds. High yield corporate bonds broadly outperformed investment grade corporate bonds during the Period. Exposures to U.S. Treasury securities and emerging markets debt were also advantageous. 

* Within the equity sleeve, stock selection added most to performance, especially in the financials, industrials and health care sectors. In terms of individual positions, the equity sleeve was aided by investments in Banco Bilbao Vizcaya Argentaria, a Spain-based financial group; Taiwan Semiconductor Manufacturing, a Taiwan-based semiconductor company; and GE Aerospace, a U.S.-based provider of aircraft engines and integrated systems.

* The fixed income sleeve benefited from its cross-sector strategy, with its positioning in high yield corporate bonds contributing positively to performance. Individual credit selection among high yield industrial and utility bonds and among investment grade banking and technology bonds added to results. The duration positioning strategy further increased the Fund's returns.

Top Detractors from Performance:

* Performance of the equity sleeve was hampered by sector positioning overall. Specifically, an allocation to communication services and stock selection within the consumer discretionary and real estate sectors detracted from returns. In terms of individual stock positions, the Fund's investments in health care company Merck, paper producer International Paper and investment company KKR & Co.—each a U.S.-based company—hurt performance.

* Within the fixed income sleeve, the Fund's exposure to investment grade corporate bonds and emerging markets corporate bonds detracted from returns. Exposure to cable industry investment grade credits, as well as selection among bank loans, also dampened results. A down-in-quality bias within high yield corporate credit further detracted from the Fund's returns.

# Goldman Sachs Income Builder Fund

# Class R6

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g47647i0e334a5086ca833d87cb.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6** | **Russell 1000<sup>®</sup> Value Index** | **ICE BofAML BB to B U.S. High Yield Constrained Index** | **S&P 500<sup>®</sup> Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/1/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **10/16** | $10339 | $10637 | $10892 | $10451 | $10437 |
| **10/17** | $11341 | $12528 | $11791 | $12921 | $10531 |
| **10/18** | $11271 | $12909 | $11831 | $13870 | $10315 |
| **10/19** | $12817 | $14356 | $12996 | $15858 | $11502 |
| **10/20** | $13163 | $13270 | $13423 | $17398 | $12214 |
| **10/21** | $15710 | $19077 | $14639 | $24863 | $12156 |
| **10/22** | $14131 | $17742 | $13038 | $21230 | $10250 |
| **10/23** | $14501 | $17766 | $13746 | $23383 | $10287 |
| **10/24** | $17596 | $23269 | $15799 | $32274 | $11372 |
| **10/25** | $19355 | $25863 | $17052 | $39196 | $12072 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 10.00% | 8.01% | 6.82% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 14.27% | 9.96% |
| ICE BofAML BB to B U.S. High Yield Constrained Index | 7.93% | 4.90% | 5.48% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.63% | 14.62% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Income Builder Fund

# Class R6

## Key Fund Statistics **(as of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2661785309 |
| # of Portfolio Holdings as of Period End | 869 |
| Portfolio Turnover Rate for the Period | 33% |
| Total Net Advisory Fees Paid for the Period | $10450152 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Financials | 7.6% |
| Industrials | 4.6% |
| Health Care | 4.4% |
| Exchange Traded Funds | 4.0% |
| Pipelines | 4.0% |
| Utilities | 4.0% |
| Consumer Staples | 3.9% |
| Information Technology | 3.8% |
| Banks | 3.8% |
| Other | 57.2% |

---

# Goldman Sachs Income Builder 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.

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication. ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Income Builder Fund

# 38148U809-AR-1025

# Class R6
![Image](g47647if36d00f127259e6b3508.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Income Builder Fund

# GSBIX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Income Builder Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (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 were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $47 | 0.45% |

---

## How did the Fund perform and what affected its performance?
The U.S. equity and credit markets were volatile amid tariff and trade uncertainty, AI growth scrutiny and mixed economic data but produced positive returns overall on trade negotiations progress, sustained healthy corporate earnings, resilient consumer spending and a resumption of Federal Reserve interest rate cuts.

Top Contributors to Performance:

* The Fund benefited from asset allocation positioning, especially its allocations to U.S. equities and non-U.S. developed markets equities. Exposures to dividend-paying U.S. and non-U.S. developed markets equities, global real estate securities and global infrastructure securities contributed positively. The Fund was helped by its exposure to U.S. growth equities, U.S. information technology stocks and MLP energy infrastructure securities. In fixed income, most allocations added to returns, led by the Fund's exposure to high yield corporate bonds. High yield corporate bonds broadly outperformed investment grade corporate bonds during the Period. Exposures to U.S. Treasury securities and emerging markets debt were also advantageous. 

* Within the equity sleeve, stock selection added most to performance, especially in the financials, industrials and health care sectors. In terms of individual positions, the equity sleeve was aided by investments in Banco Bilbao Vizcaya Argentaria, a Spain-based financial group; Taiwan Semiconductor Manufacturing, a Taiwan-based semiconductor company; and GE Aerospace, a U.S.-based provider of aircraft engines and integrated systems.

* The fixed income sleeve benefited from its cross-sector strategy, with its positioning in high yield corporate bonds contributing positively to performance. Individual credit selection among high yield industrial and utility bonds and among investment grade banking and technology bonds added to results. The duration positioning strategy further increased the Fund's returns.

Top Detractors from Performance:

* Performance of the equity sleeve was hampered by sector positioning overall. Specifically, an allocation to communication services and stock selection within the consumer discretionary and real estate sectors detracted from returns. In terms of individual stock positions, the Fund's investments in health care company Merck, paper producer International Paper and investment company KKR & Co.—each a U.S.-based company—hurt performance.

* Within the fixed income sleeve, the Fund's exposure to investment grade corporate bonds and emerging markets corporate bonds detracted from returns. Exposure to cable industry investment grade credits, as well as selection among bank loans, also dampened results. A down-in-quality bias within high yield corporate credit further detracted from the Fund's returns.

# Goldman Sachs Income Builder Fund

# Institutional Class

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g47647ia4ddfb6d6f21b79e1b37.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Institutional Shares** | **S&P 500<sup>®</sup> Index** | **ICE BofAML BB to B U.S. High Yield Constrained Index** | **Russell 1000<sup>®</sup> Value Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/1/15** | $1000000 | $1000000 | $1000000 | $1000000 | $1000000 |
| **10/16** | $1034300 | $1045100 | $1089227 | $1063708 | $1043700 |
| **10/17** | $1134007 | $1292057 | $1179131 | $1252845 | $1053093 |
| **10/18** | $1126862 | $1387023 | $1183099 | $1290867 | $1031505 |
| **10/19** | $1281919 | $1585784 | $1299553 | $1435614 | $1150231 |
| **10/20** | $1316402 | $1739763 | $1342340 | $1327004 | $1221430 |
| **10/21** | $1570336 | $2486296 | $1463859 | $1907658 | $1215568 |
| **10/22** | $1412988 | $2123048 | $1303778 | $1774176 | $1024967 |
| **10/23** | $1449867 | $2338325 | $1374626 | $1776551 | $1028656 |
| **10/24** | $1758979 | $3227356 | $1579936 | $2326863 | $1137180 |
| **10/25** | $1934701 | $3919624 | $1705174 | $2586268 | $1207230 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 9.99% | 8.00% | 6.82% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 14.27% | 9.96% |
| ICE BofAML BB to B U.S. High Yield Constrained Index | 7.93% | 4.90% | 5.48% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.63% | 14.62% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Income Builder Fund

# Institutional Class

## Key Fund Statistics **(as of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2661785309 |
| # of Portfolio Holdings as of Period End | 869 |
| Portfolio Turnover Rate for the Period | 33% |
| Total Net Advisory Fees Paid for the Period | $10450152 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Financials | 7.6% |
| Industrials | 4.6% |
| Health Care | 4.4% |
| Exchange Traded Funds | 4.0% |
| Pipelines | 4.0% |
| Utilities | 4.0% |
| Consumer Staples | 3.9% |
| Information Technology | 3.8% |
| Banks | 3.8% |
| Other | 57.2% |

---

# Goldman Sachs Income Builder 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.

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication. ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Income Builder Fund

# 38142B161-AR-1025

# Institutional Class
![Image](g47647if36d00f127259e6b3508.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Income Builder Fund

# GKIRX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Income Builder Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $56 | 0.53% |

---

## How did the Fund perform and what affected its performance?
The U.S. equity and credit markets were volatile amid tariff and trade uncertainty, AI growth scrutiny and mixed economic data but produced positive returns overall on trade negotiations progress, sustained healthy corporate earnings, resilient consumer spending and a resumption of Federal Reserve interest rate cuts.

Top Contributors to Performance:

* The Fund benefited from asset allocation positioning, especially its allocations to U.S. equities and non-U.S. developed markets equities. Exposures to dividend-paying U.S. and non-U.S. developed markets equities, global real estate securities and global infrastructure securities contributed positively. The Fund was helped by its exposure to U.S. growth equities, U.S. information technology stocks and MLP energy infrastructure securities. In fixed income, most allocations added to returns, led by the Fund's exposure to high yield corporate bonds. High yield corporate bonds broadly outperformed investment grade corporate bonds during the Period. Exposures to U.S. Treasury securities and emerging markets debt were also advantageous. 

* Within the equity sleeve, stock selection added most to performance, especially in the financials, industrials and health care sectors. In terms of individual positions, the equity sleeve was aided by investments in Banco Bilbao Vizcaya Argentaria, a Spain-based financial group; Taiwan Semiconductor Manufacturing, a Taiwan-based semiconductor company; and GE Aerospace, a U.S.-based provider of aircraft engines and integrated systems.

* The fixed income sleeve benefited from its cross-sector strategy, with its positioning in high yield corporate bonds contributing positively to performance. Individual credit selection among high yield industrial and utility bonds and among investment grade banking and technology bonds added to results. The duration positioning strategy further increased the Fund's returns.

Top Detractors from Performance:

* Performance of the equity sleeve was hampered by sector positioning overall. Specifically, an allocation to communication services and stock selection within the consumer discretionary and real estate sectors detracted from returns. In terms of individual stock positions, the Fund's investments in health care company Merck, paper producer International Paper and investment company KKR & Co.—each a U.S.-based company—hurt performance.

* Within the fixed income sleeve, the Fund's exposure to investment grade corporate bonds and emerging markets corporate bonds detracted from returns. Exposure to cable industry investment grade credits, as well as selection among bank loans, also dampened results. A down-in-quality bias within high yield corporate credit further detracted from the Fund's returns.

# Goldman Sachs Income Builder Fund

# Investor Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g47647ib51a993bdaad896cc0ad.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Investor Shares** | **Russell 1000<sup>®</sup> Value Index** | **ICE BofAML BB to B U.S. High Yield Constrained Index** | **S&P 500<sup>®</sup> Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/1/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **10/16** | $10329 | $10637 | $10892 | $10451 | $10437 |
| **10/17** | $11311 | $12528 | $11791 | $12921 | $10531 |
| **10/18** | $11224 | $12909 | $11831 | $13870 | $10315 |
| **10/19** | $12750 | $14356 | $12996 | $15858 | $11502 |
| **10/20** | $13073 | $13270 | $13423 | $17398 | $12214 |
| **10/21** | $15586 | $19077 | $14639 | $24863 | $12156 |
| **10/22** | $14013 | $17742 | $13038 | $21230 | $10250 |
| **10/23** | $14362 | $17766 | $13746 | $23383 | $10287 |
| **10/24** | $17417 | $23269 | $15799 | $32274 | $11372 |
| **10/25** | $19142 | $25863 | $17052 | $39196 | $12072 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 9.90% | 7.92% | 6.70% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 14.27% | 9.96% |
| ICE BofAML BB to B U.S. High Yield Constrained Index | 7.93% | 4.90% | 5.48% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.63% | 14.62% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Income Builder Fund

# Investor Class

## Key Fund Statistics **(as of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2661785309 |
| # of Portfolio Holdings as of Period End | 869 |
| Portfolio Turnover Rate for the Period | 33% |
| Total Net Advisory Fees Paid for the Period | $10450152 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Financials | 7.6% |
| Industrials | 4.6% |
| Health Care | 4.4% |
| Exchange Traded Funds | 4.0% |
| Pipelines | 4.0% |
| Utilities | 4.0% |
| Consumer Staples | 3.9% |
| Information Technology | 3.8% |
| Banks | 3.8% |
| Other | 57.2% |

---

# Goldman Sachs Income Builder Fund

# Investor Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication. ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Income Builder Fund

# 38145C497-AR-1025

# Investor Class
![Image](g47647if36d00f127259e6b3508.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Rising Dividend Growth Fund

# GSRAX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Rising Dividend Growth Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $104 | 1.01% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, AI growth scrutiny and softer economic data, but was strong overall given trade negotiations progress, solid corporate earnings, resilient consumer spending and a resumption of Fed interest rate cuts. Energy-related equities performed well but lagged as higher OPEC+ production volumes and geopolitical uncertainty weighed on crude oil prices even as the buildout of AI infrastructure remained a catalyst for energy demand globally.

Top Contributors to Performance:

* Within the dividend-paying growers portion of the Fund, overweight positions in information technology companies Lam Research, Amphenol, KLA and Oracle and an out-of-benchmark position in information technology company InterDigital were the top individual contributors to the Fund's performance relative to the S&P 500 ex-Energy Index.

* Sub-industry positioning contributed positively, albeit modestly, to results within the Fund's MLP & Infrastructure Sleeve relative to the Alerian MLP Index ("MLP Index"). An out-of-MLP Index allocation to energy-upstream services, an underweight to utilities-marketing/retail, and security selection within natural gas pipeline transportation added value.

* Top individual contributors included an underweight to EnLink Midstream LLC, a midstream energy company; an out-of-MLP Index position in DT Midstream, Inc., an owner and operator of natural gas pipeline infrastructure; and an overweight to MPLX LP, which acquires, owns, operates and develops crude oil, refined products and other hydrocarbon-based product pipelines and other midstream assets. EnLink Midstream LLC was acquired by ONEOK, Inc., in which the Fund holds a position, in early 2025.

Top Detractors from Performance:

* Stock selection detracted most from results within the dividend-paying growers portion of the Fund relative to the S&P 500 ex-Energy Index, especially within the information technology, communication services and consumer discretionary sectors.

* An overweight position in communication services company Comcast and underweight positions in semiconductor companies Broadcom and NVIDIA, Google parent company Alphabet and electric vehicle maker Tesla detracted most from the Fund's results relative to the S&P 500 ex-Energy Index.

* Security selection detracted most from results within the Fund's MLP & Infrastructure Sleeve relative to the MLP Index. Out-of-MLP Index positions in Kinetik Holdings Inc., which focuses on providing, gathering, transportation, compression, processing and treatment services for companies that produce natural gas, natural gas liquids, crude oil and water, and Targa Resources Corp., which provides midstream natural gas and natural gas liquid services, detracted most from the Fund's results relative to the MLP Index. An underweight position in NGL Energy Partners, a midstream company that operates water handling and disposal assets in the Permian Basin, also hurt. 

* Among sub-industries of the MLP Index, the Fund's underweight to and security selection within petroleum pipeline transportation, an out-of-MLP Index allocation to power generation, and an overweight to and security selection within gathering & processing detracted from relative returns.

# Goldman Sachs Rising Dividend Growth Fund

# Class A

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g47647id7a0f31ebbbe1fcb357f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **S&P 500<sup>®</sup> Index** |
| **11/1/15** | $9450 | $10000 | $10000 |
| **10/16** | $9098 | $9628 | $10451 |
| **10/17** | $10790 | $11418 | $12921 |
| **10/18** | $11466 | $12134 | $13870 |
| **10/19** | $12660 | $13397 | $15858 |
| **10/20** | $12432 | $13156 | $17398 |
| **10/21** | $18260 | $19323 | $24863 |
| **10/22** | $17349 | $18359 | $21230 |
| **10/23** | $17993 | $19040 | $23383 |
| **10/24** | $23078 | $24421 | $32274 |
| **10/25** | $24529 | $25957 | $39196 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 6.29% | 14.55% | 10.00% |
| Class A including sales charges | 0.44% | 13.26% | 9.38% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.63% | 14.62% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Rising Dividend Growth Fund

# Class A

## Key Fund Statistics **(as of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $417036448 |
| # of Portfolio Holdings as of Period End | 114 |
| Portfolio Turnover Rate for the Period | 35% |
| Total Net Advisory Fees Paid for the Period | $2892042 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Information Technology | 32.2% |
| Energy | 14.9% |
| Financials | 11.7% |
| Consumer Discretionary | 9.4% |
| Health Care | 8.2% |
| Industrials | 7.1% |
| Communication Services | 4.7% |
| Consumer Staples | 4.2% |
| Utilities | 2.3% |
| Other | 5.1% |

---

# Goldman Sachs Rising Dividend Growth Fund

# Class A

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

The S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright© 2024 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Rising Dividend Growth Fund

# 38145C315-AR-1025

# Class A
![Image](g47647if36d00f127259e6b3508.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Rising Dividend Growth Fund

# GSRCX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Rising Dividend Growth Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $181 | 1.76% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, AI growth scrutiny and softer economic data, but was strong overall given trade negotiations progress, solid corporate earnings, resilient consumer spending and a resumption of Fed interest rate cuts. Energy-related equities performed well but lagged as higher OPEC+ production volumes and geopolitical uncertainty weighed on crude oil prices even as the buildout of AI infrastructure remained a catalyst for energy demand globally.

Top Contributors to Performance:

* Within the dividend-paying growers portion of the Fund, overweight positions in information technology companies Lam Research, Amphenol, KLA and Oracle and an out-of-benchmark position in information technology company InterDigital were the top individual contributors to the Fund's performance relative to the S&P 500 ex-Energy Index.

* Sub-industry positioning contributed positively, albeit modestly, to results within the Fund's MLP & Infrastructure Sleeve relative to the Alerian MLP Index ("MLP Index"). An out-of-MLP Index allocation to energy-upstream services, an underweight to utilities-marketing/retail, and security selection within natural gas pipeline transportation added value.

* Top individual contributors included an underweight to EnLink Midstream LLC, a midstream energy company; an out-of-MLP Index position in DT Midstream, Inc., an owner and operator of natural gas pipeline infrastructure; and an overweight to MPLX LP, which acquires, owns, operates and develops crude oil, refined products and other hydrocarbon-based product pipelines and other midstream assets. EnLink Midstream LLC was acquired by ONEOK, Inc., in which the Fund holds a position, in early 2025.

Top Detractors from Performance:

* Stock selection detracted most from results within the dividend-paying growers portion of the Fund relative to the S&P 500 ex-Energy Index, especially within the information technology, communication services and consumer discretionary sectors.

* An overweight position in communication services company Comcast and underweight positions in semiconductor companies Broadcom and NVIDIA, Google parent company Alphabet and electric vehicle maker Tesla detracted most from the Fund's results relative to the S&P 500 ex-Energy Index.

* Security selection detracted most from results within the Fund's MLP & Infrastructure Sleeve relative to the MLP Index. Out-of-MLP Index positions in Kinetik Holdings Inc., which focuses on providing, gathering, transportation, compression, processing and treatment services for companies that produce natural gas, natural gas liquids, crude oil and water, and Targa Resources Corp., which provides midstream natural gas and natural gas liquid services, detracted most from the Fund's results relative to the MLP Index. An underweight position in NGL Energy Partners, a midstream company that operates water handling and disposal assets in the Permian Basin, also hurt. 

* Among sub-industries of the MLP Index, the Fund's underweight to and security selection within petroleum pipeline transportation, an out-of-MLP Index allocation to power generation, and an overweight to and security selection within gathering & processing detracted from relative returns.

# Goldman Sachs Rising Dividend Growth Fund

# Class C

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g47647i97775a6094d7bde06a9a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **S&P 500<sup>®</sup> Index** |
| **11/1/15** | $9900 | $10000 | $10000 |
| **10/16** | $9459 | $9555 | $10451 |
| **10/17** | $11132 | $11244 | $12921 |
| **10/18** | $11743 | $11862 | $13870 |
| **10/19** | $12864 | $12994 | $15858 |
| **10/20** | $12542 | $12668 | $17398 |
| **10/21** | $18278 | $18463 | $24863 |
| **10/22** | $17245 | $17420 | $21230 |
| **10/23** | $17746 | $17925 | $23383 |
| **10/24** | $22592 | $22820 | $32274 |
| **10/25** | $23828 | $24068 | $39196 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 5.47% | 13.69% | 9.17% |
| Class C including sales charges | 4.42% | 13.69% | 9.17% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.63% | 14.62% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Rising Dividend Growth Fund

# Class C

## Key Fund Statistics **(as of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $417036448 |
| # of Portfolio Holdings as of Period End | 114 |
| Portfolio Turnover Rate for the Period | 35% |
| Total Net Advisory Fees Paid for the Period | $2892042 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Information Technology | 32.2% |
| Energy | 14.9% |
| Financials | 11.7% |
| Consumer Discretionary | 9.4% |
| Health Care | 8.2% |
| Industrials | 7.1% |
| Communication Services | 4.7% |
| Consumer Staples | 4.2% |
| Utilities | 2.3% |
| Other | 5.1% |

---

# Goldman Sachs Rising Dividend Growth Fund

# Class C

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

The S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright© 2024 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Rising Dividend Growth Fund

# 38145C299-AR-1025

# Class C
![Image](g47647if36d00f127259e6b3508.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Rising Dividend Growth Fund

# GMHPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Rising Dividend Growth Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (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 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 | $70 | 0.68% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, AI growth scrutiny and softer economic data, but was strong overall given trade negotiations progress, solid corporate earnings, resilient consumer spending and a resumption of Fed interest rate cuts. Energy-related equities performed well but lagged as higher OPEC+ production volumes and geopolitical uncertainty weighed on crude oil prices even as the buildout of AI infrastructure remained a catalyst for energy demand globally.

Top Contributors to Performance:

* Within the dividend-paying growers portion of the Fund, overweight positions in information technology companies Lam Research, Amphenol, KLA and Oracle and an out-of-benchmark position in information technology company InterDigital were the top individual contributors to the Fund's performance relative to the S&P 500 ex-Energy Index.

* Sub-industry positioning contributed positively, albeit modestly, to results within the Fund's MLP & Infrastructure Sleeve relative to the Alerian MLP Index ("MLP Index"). An out-of-MLP Index allocation to energy-upstream services, an underweight to utilities-marketing/retail, and security selection within natural gas pipeline transportation added value.

* Top individual contributors included an underweight to EnLink Midstream LLC, a midstream energy company; an out-of-MLP Index position in DT Midstream, Inc., an owner and operator of natural gas pipeline infrastructure; and an overweight to MPLX LP, which acquires, owns, operates and develops crude oil, refined products and other hydrocarbon-based product pipelines and other midstream assets. EnLink Midstream LLC was acquired by ONEOK, Inc., in which the Fund holds a position, in early 2025.

Top Detractors from Performance:

* Stock selection detracted most from results within the dividend-paying growers portion of the Fund relative to the S&P 500 ex-Energy Index, especially within the information technology, communication services and consumer discretionary sectors.

* An overweight position in communication services company Comcast and underweight positions in semiconductor companies Broadcom and NVIDIA, Google parent company Alphabet and electric vehicle maker Tesla detracted most from the Fund's results relative to the S&P 500 ex-Energy Index.

* Security selection detracted most from results within the Fund's MLP & Infrastructure Sleeve relative to the MLP Index. Out-of-MLP Index positions in Kinetik Holdings Inc., which focuses on providing, gathering, transportation, compression, processing and treatment services for companies that produce natural gas, natural gas liquids, crude oil and water, and Targa Resources Corp., which provides midstream natural gas and natural gas liquid services, detracted most from the Fund's results relative to the MLP Index. An underweight position in NGL Energy Partners, a midstream company that operates water handling and disposal assets in the Permian Basin, also hurt. 

* Among sub-industries of the MLP Index, the Fund's underweight to and security selection within petroleum pipeline transportation, an out-of-MLP Index allocation to power generation, and an overweight to and security selection within gathering & processing detracted from relative returns.

# Goldman Sachs Rising Dividend Growth Fund

# Class P

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g47647i97a17a0176a4725863c8.jpg)

---

| | | |
|:---|:---|:---|
| | **Class P** | **S&P 500<sup>®</sup> Index** |
| **4/16/18** | $10000 | $10000 |
| **10/18** | $10103 | $10228 |
| **10/19** | $11200 | $11694 |
| **10/20** | $11036 | $12829 |
| **10/21** | $16241 | $18334 |
| **10/22** | $15491 | $15655 |
| **10/23** | $16113 | $17243 |
| **10/24** | $20741 | $23799 |
| **10/25** | $22116 | $28904 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 16, 2018) | 6.63% | 14.91% | 11.09% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.63% | 15.09% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Rising Dividend Growth Fund

# Class P

## Key Fund Statistics **(as of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $417036448 |
| # of Portfolio Holdings as of Period End | 114 |
| Portfolio Turnover Rate for the Period | 35% |
| Total Net Advisory Fees Paid for the Period | $2892042 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Information Technology | 32.2% |
| Energy | 14.9% |
| Financials | 11.7% |
| Consumer Discretionary | 9.4% |
| Health Care | 8.2% |
| Industrials | 7.1% |
| Communication Services | 4.7% |
| Consumer Staples | 4.2% |
| Utilities | 2.3% |
| Other | 5.1% |

---

# Goldman Sachs Rising Dividend Growth Fund

# Class P

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

The S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright© 2024 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Rising Dividend Growth Fund

# 38150B426-AR-1025

# Class P
![Image](g47647if36d00f127259e6b3508.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Rising Dividend Growth Fund

# GSRRX: Class R

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Rising Dividend Growth Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $130 | 1.26% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, AI growth scrutiny and softer economic data, but was strong overall given trade negotiations progress, solid corporate earnings, resilient consumer spending and a resumption of Fed interest rate cuts. Energy-related equities performed well but lagged as higher OPEC+ production volumes and geopolitical uncertainty weighed on crude oil prices even as the buildout of AI infrastructure remained a catalyst for energy demand globally.

Top Contributors to Performance:

* Within the dividend-paying growers portion of the Fund, overweight positions in information technology companies Lam Research, Amphenol, KLA and Oracle and an out-of-benchmark position in information technology company InterDigital were the top individual contributors to the Fund's performance relative to the S&P 500 ex-Energy Index.

* Sub-industry positioning contributed positively, albeit modestly, to results within the Fund's MLP & Infrastructure Sleeve relative to the Alerian MLP Index ("MLP Index"). An out-of-MLP Index allocation to energy-upstream services, an underweight to utilities-marketing/retail, and security selection within natural gas pipeline transportation added value.

* Top individual contributors included an underweight to EnLink Midstream LLC, a midstream energy company; an out-of-MLP Index position in DT Midstream, Inc., an owner and operator of natural gas pipeline infrastructure; and an overweight to MPLX LP, which acquires, owns, operates and develops crude oil, refined products and other hydrocarbon-based product pipelines and other midstream assets. EnLink Midstream LLC was acquired by ONEOK, Inc., in which the Fund holds a position, in early 2025.

Top Detractors from Performance:

* Stock selection detracted most from results within the dividend-paying growers portion of the Fund relative to the S&P 500 ex-Energy Index, especially within the information technology, communication services and consumer discretionary sectors.

* An overweight position in communication services company Comcast and underweight positions in semiconductor companies Broadcom and NVIDIA, Google parent company Alphabet and electric vehicle maker Tesla detracted most from the Fund's results relative to the S&P 500 ex-Energy Index.

* Security selection detracted most from results within the Fund's MLP & Infrastructure Sleeve relative to the MLP Index. Out-of-MLP Index positions in Kinetik Holdings Inc., which focuses on providing, gathering, transportation, compression, processing and treatment services for companies that produce natural gas, natural gas liquids, crude oil and water, and Targa Resources Corp., which provides midstream natural gas and natural gas liquid services, detracted most from the Fund's results relative to the MLP Index. An underweight position in NGL Energy Partners, a midstream company that operates water handling and disposal assets in the Permian Basin, also hurt. 

* Among sub-industries of the MLP Index, the Fund's underweight to and security selection within petroleum pipeline transportation, an out-of-MLP Index allocation to power generation, and an overweight to and security selection within gathering & processing detracted from relative returns.

# Goldman Sachs Rising Dividend Growth Fund

# Class R

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g47647i182bb196c901b79891fa.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R** | **S&P 500<sup>®</sup> Index** |
| **11/1/15** | $10000 | $10000 |
| **10/16** | $9603 | $10451 |
| **10/17** | $11357 | $12921 |
| **10/18** | $12047 | $13870 |
| **10/19** | $13261 | $15858 |
| **10/20** | $12995 | $17398 |
| **10/21** | $19022 | $24863 |
| **10/22** | $18051 | $21230 |
| **10/23** | $18667 | $23383 |
| **10/24** | $23883 | $32274 |
| **10/25** | $25313 | $39196 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R | 5.99% | 14.26% | 9.72% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.63% | 14.62% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Rising Dividend Growth Fund

# Class R

## Key Fund Statistics **(as of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $417036448 |
| # of Portfolio Holdings as of Period End | 114 |
| Portfolio Turnover Rate for the Period | 35% |
| Total Net Advisory Fees Paid for the Period | $2892042 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Information Technology | 32.2% |
| Energy | 14.9% |
| Financials | 11.7% |
| Consumer Discretionary | 9.4% |
| Health Care | 8.2% |
| Industrials | 7.1% |
| Communication Services | 4.7% |
| Consumer Staples | 4.2% |
| Utilities | 2.3% |
| Other | 5.1% |

---

# Goldman Sachs Rising Dividend Growth Fund

# Class R

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

The S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright© 2024 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Rising Dividend Growth Fund

# 38145C265-AR-1025

# Class R
![Image](g47647if36d00f127259e6b3508.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Rising Dividend Growth Fund

# GSRFX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Rising Dividend Growth Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (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 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 | $70 | 0.68% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, AI growth scrutiny and softer economic data, but was strong overall given trade negotiations progress, solid corporate earnings, resilient consumer spending and a resumption of Fed interest rate cuts. Energy-related equities performed well but lagged as higher OPEC+ production volumes and geopolitical uncertainty weighed on crude oil prices even as the buildout of AI infrastructure remained a catalyst for energy demand globally.

Top Contributors to Performance:

* Within the dividend-paying growers portion of the Fund, overweight positions in information technology companies Lam Research, Amphenol, KLA and Oracle and an out-of-benchmark position in information technology company InterDigital were the top individual contributors to the Fund's performance relative to the S&P 500 ex-Energy Index.

* Sub-industry positioning contributed positively, albeit modestly, to results within the Fund's MLP & Infrastructure Sleeve relative to the Alerian MLP Index ("MLP Index"). An out-of-MLP Index allocation to energy-upstream services, an underweight to utilities-marketing/retail, and security selection within natural gas pipeline transportation added value.

* Top individual contributors included an underweight to EnLink Midstream LLC, a midstream energy company; an out-of-MLP Index position in DT Midstream, Inc., an owner and operator of natural gas pipeline infrastructure; and an overweight to MPLX LP, which acquires, owns, operates and develops crude oil, refined products and other hydrocarbon-based product pipelines and other midstream assets. EnLink Midstream LLC was acquired by ONEOK, Inc., in which the Fund holds a position, in early 2025.

Top Detractors from Performance:

* Stock selection detracted most from results within the dividend-paying growers portion of the Fund relative to the S&P 500 ex-Energy Index, especially within the information technology, communication services and consumer discretionary sectors.

* An overweight position in communication services company Comcast and underweight positions in semiconductor companies Broadcom and NVIDIA, Google parent company Alphabet and electric vehicle maker Tesla detracted most from the Fund's results relative to the S&P 500 ex-Energy Index.

* Security selection detracted most from results within the Fund's MLP & Infrastructure Sleeve relative to the MLP Index. Out-of-MLP Index positions in Kinetik Holdings Inc., which focuses on providing, gathering, transportation, compression, processing and treatment services for companies that produce natural gas, natural gas liquids, crude oil and water, and Targa Resources Corp., which provides midstream natural gas and natural gas liquid services, detracted most from the Fund's results relative to the MLP Index. An underweight position in NGL Energy Partners, a midstream company that operates water handling and disposal assets in the Permian Basin, also hurt. 

* Among sub-industries of the MLP Index, the Fund's underweight to and security selection within petroleum pipeline transportation, an out-of-MLP Index allocation to power generation, and an overweight to and security selection within gathering & processing detracted from relative returns.

# Goldman Sachs Rising Dividend Growth Fund

# Class R6

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g47647i2985816c55762a2a5467.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **S&P 500<sup>®</sup> Index** |
| **2/28/18** | $10000 | $10000 |
| **10/18** | $10154 | $10116 |
| **10/19** | $11249 | $11566 |
| **10/20** | $11083 | $12689 |
| **10/21** | $16317 | $18133 |
| **10/22** | $15563 | $15484 |
| **10/23** | $16190 | $17054 |
| **10/24** | $20845 | $23538 |
| **10/25** | $22212 | $28587 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced February 28, 2018) | 6.56% | 14.91% | 10.95% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.63% | 14.66% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Rising Dividend Growth Fund

# Class R6

## Key Fund Statistics **(as of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $417036448 |
| # of Portfolio Holdings as of Period End | 114 |
| Portfolio Turnover Rate for the Period | 35% |
| Total Net Advisory Fees Paid for the Period | $2892042 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Information Technology | 32.2% |
| Energy | 14.9% |
| Financials | 11.7% |
| Consumer Discretionary | 9.4% |
| Health Care | 8.2% |
| Industrials | 7.1% |
| Communication Services | 4.7% |
| Consumer Staples | 4.2% |
| Utilities | 2.3% |
| Other | 5.1% |

---

# Goldman Sachs Rising Dividend Growth Fund

# Class R6

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

The S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright© 2024 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Rising Dividend Growth Fund

# 38148U114-AR-1025

# Class R6
![Image](g47647if36d00f127259e6b3508.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Rising Dividend Growth Fund

# GSRLX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Rising Dividend Growth Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (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 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 | $71 | 0.69% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, AI growth scrutiny and softer economic data, but was strong overall given trade negotiations progress, solid corporate earnings, resilient consumer spending and a resumption of Fed interest rate cuts. Energy-related equities performed well but lagged as higher OPEC+ production volumes and geopolitical uncertainty weighed on crude oil prices even as the buildout of AI infrastructure remained a catalyst for energy demand globally.

Top Contributors to Performance:

* Within the dividend-paying growers portion of the Fund, overweight positions in information technology companies Lam Research, Amphenol, KLA and Oracle and an out-of-benchmark position in information technology company InterDigital were the top individual contributors to the Fund's performance relative to the S&P 500 ex-Energy Index.

* Sub-industry positioning contributed positively, albeit modestly, to results within the Fund's MLP & Infrastructure Sleeve relative to the Alerian MLP Index ("MLP Index"). An out-of-MLP Index allocation to energy-upstream services, an underweight to utilities-marketing/retail, and security selection within natural gas pipeline transportation added value.

* Top individual contributors included an underweight to EnLink Midstream LLC, a midstream energy company; an out-of-MLP Index position in DT Midstream, Inc., an owner and operator of natural gas pipeline infrastructure; and an overweight to MPLX LP, which acquires, owns, operates and develops crude oil, refined products and other hydrocarbon-based product pipelines and other midstream assets. EnLink Midstream LLC was acquired by ONEOK, Inc., in which the Fund holds a position, in early 2025.

Top Detractors from Performance:

* Stock selection detracted most from results within the dividend-paying growers portion of the Fund relative to the S&P 500 ex-Energy Index, especially within the information technology, communication services and consumer discretionary sectors.

* An overweight position in communication services company Comcast and underweight positions in semiconductor companies Broadcom and NVIDIA, Google parent company Alphabet and electric vehicle maker Tesla detracted most from the Fund's results relative to the S&P 500 ex-Energy Index.

* Security selection detracted most from results within the Fund's MLP & Infrastructure Sleeve relative to the MLP Index. Out-of-MLP Index positions in Kinetik Holdings Inc., which focuses on providing, gathering, transportation, compression, processing and treatment services for companies that produce natural gas, natural gas liquids, crude oil and water, and Targa Resources Corp., which provides midstream natural gas and natural gas liquid services, detracted most from the Fund's results relative to the MLP Index. An underweight position in NGL Energy Partners, a midstream company that operates water handling and disposal assets in the Permian Basin, also hurt. 

* Among sub-industries of the MLP Index, the Fund's underweight to and security selection within petroleum pipeline transportation, an out-of-MLP Index allocation to power generation, and an overweight to and security selection within gathering & processing detracted from relative returns.

# Goldman Sachs Rising Dividend Growth Fund

# Institutional Class

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g47647i06a5d7776e65582e2bbd.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **S&P 500<sup>®</sup> Index** |
| **11/1/15** | $1000000 | $1000000 |
| **10/16** | $966400 | $1045100 |
| **10/17** | $1150113 | $1292057 |
| **10/18** | $1227745 | $1387023 |
| **10/19** | $1360956 | $1585784 |
| **10/20** | $1340950 | $1739763 |
| **10/21** | $1973341 | $2486296 |
| **10/22** | $1882173 | $2123048 |
| **10/23** | $1957836 | $2338325 |
| **10/24** | $2519931 | $3227356 |
| **10/25** | $2684483 | $3919624 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 6.53% | 14.88% | 10.37% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.63% | 14.62% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Rising Dividend Growth Fund

# Institutional Class

## Key Fund Statistics **(as of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $417036448 |
| # of Portfolio Holdings as of Period End | 114 |
| Portfolio Turnover Rate for the Period | 35% |
| Total Net Advisory Fees Paid for the Period | $2892042 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Information Technology | 32.2% |
| Energy | 14.9% |
| Financials | 11.7% |
| Consumer Discretionary | 9.4% |
| Health Care | 8.2% |
| Industrials | 7.1% |
| Communication Services | 4.7% |
| Consumer Staples | 4.2% |
| Utilities | 2.3% |
| Other | 5.1% |

---

# Goldman Sachs Rising Dividend Growth Fund

# Institutional Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

The S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright© 2024 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Rising Dividend Growth Fund

# 38145C281-AR-1025

# Institutional Class
![Image](g47647if36d00f127259e6b3508.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Rising Dividend Growth Fund

# GSRIX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Rising Dividend Growth Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $78 | 0.76% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, AI growth scrutiny and softer economic data, but was strong overall given trade negotiations progress, solid corporate earnings, resilient consumer spending and a resumption of Fed interest rate cuts. Energy-related equities performed well but lagged as higher OPEC+ production volumes and geopolitical uncertainty weighed on crude oil prices even as the buildout of AI infrastructure remained a catalyst for energy demand globally.

Top Contributors to Performance:

* Within the dividend-paying growers portion of the Fund, overweight positions in information technology companies Lam Research, Amphenol, KLA and Oracle and an out-of-benchmark position in information technology company InterDigital were the top individual contributors to the Fund's performance relative to the S&P 500 ex-Energy Index.

* Sub-industry positioning contributed positively, albeit modestly, to results within the Fund's MLP & Infrastructure Sleeve relative to the Alerian MLP Index ("MLP Index"). An out-of-MLP Index allocation to energy-upstream services, an underweight to utilities-marketing/retail, and security selection within natural gas pipeline transportation added value.

* Top individual contributors included an underweight to EnLink Midstream LLC, a midstream energy company; an out-of-MLP Index position in DT Midstream, Inc., an owner and operator of natural gas pipeline infrastructure; and an overweight to MPLX LP, which acquires, owns, operates and develops crude oil, refined products and other hydrocarbon-based product pipelines and other midstream assets. EnLink Midstream LLC was acquired by ONEOK, Inc., in which the Fund holds a position, in early 2025.

Top Detractors from Performance:

* Stock selection detracted most from results within the dividend-paying growers portion of the Fund relative to the S&P 500 ex-Energy Index, especially within the information technology, communication services and consumer discretionary sectors.

* An overweight position in communication services company Comcast and underweight positions in semiconductor companies Broadcom and NVIDIA, Google parent company Alphabet and electric vehicle maker Tesla detracted most from the Fund's results relative to the S&P 500 ex-Energy Index.

* Security selection detracted most from results within the Fund's MLP & Infrastructure Sleeve relative to the MLP Index. Out-of-MLP Index positions in Kinetik Holdings Inc., which focuses on providing, gathering, transportation, compression, processing and treatment services for companies that produce natural gas, natural gas liquids, crude oil and water, and Targa Resources Corp., which provides midstream natural gas and natural gas liquid services, detracted most from the Fund's results relative to the MLP Index. An underweight position in NGL Energy Partners, a midstream company that operates water handling and disposal assets in the Permian Basin, also hurt. 

* Among sub-industries of the MLP Index, the Fund's underweight to and security selection within petroleum pipeline transportation, an out-of-MLP Index allocation to power generation, and an overweight to and security selection within gathering & processing detracted from relative returns.

# Goldman Sachs Rising Dividend Growth Fund

# Investor Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g47647i3bb7b2cf14b855f3f1c2.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Shares** | **S&P 500<sup>®</sup> Index** |
| **11/1/15** | $10000 | $10000 |
| **10/16** | $9654 | $10451 |
| **10/17** | $11474 | $12921 |
| **10/18** | $12226 | $13870 |
| **10/19** | $13538 | $15858 |
| **10/20** | $13329 | $17398 |
| **10/21** | $19605 | $24863 |
| **10/22** | $18683 | $21230 |
| **10/23** | $19421 | $23383 |
| **10/24** | $24978 | $32274 |
| **10/25** | $26617 | $39196 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 6.56% | 14.83% | 10.28% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.63% | 14.62% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Rising Dividend Growth Fund

# Investor Class

## Key Fund Statistics **(as of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $417036448 |
| # of Portfolio Holdings as of Period End | 114 |
| Portfolio Turnover Rate for the Period | 35% |
| Total Net Advisory Fees Paid for the Period | $2892042 |

---

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

### Sector Allocation (%)

---

| | |
|:---|:---|
| Information Technology | 32.2% |
| Energy | 14.9% |
| Financials | 11.7% |
| Consumer Discretionary | 9.4% |
| Health Care | 8.2% |
| Industrials | 7.1% |
| Communication Services | 4.7% |
| Consumer Staples | 4.2% |
| Utilities | 2.3% |
| Other | 5.1% |

---

# Goldman Sachs Rising Dividend Growth Fund

# Investor Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

The S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright© 2024 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Rising Dividend Growth Fund

# 38145C273-AR-1025

# Investor 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.

**Table 1 — Items 4(a) - 4(d). The accountant fees below reflect the aggregate fees billed by all of the Funds of the Goldman Sachs Trust and includes the Goldman Sachs Funds to which this certified shareholder report relates.** 

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **Description of Services Rendered** |
|  Audit Fees: |  |  |  |
| • PricewaterhouseCoopers LLP<br>("PwC") | $3962977 | $3874810 | Financial Statement audits. |
|  Audit-Related Fees: |  |  |  |
| • PwC | $460728 | $466200 | Other attest services. |
|  Tax Fees: |  |  |  |
| • PwC | $0 | $0 |  |
|  All Other Fees: |  |  |  |
| • PwC | $0 | $0 |  |

---

**Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs Trust's service affiliates\* that were pre-approved by the Audit Committee of the Goldman Sachs Trust pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.** 

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **Description of Services Rendered** |
|  Audit-Related Fees: |  |  |  |
| • PwC | $2081340 | $2122312 | Internal control review performed in accordance with Statement on Standards for Attestation Engagements No. 16 and semi-annual updates related to withholding tax accrual for non-US jurisdictions. These fees are borne by the Funds' Adviser. |

---

\* These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as "service affiliates").

#### Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures
<u>Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs Trust.</u> The Audit and Non-Audit Services Pre-Approval Policy (the "Policy") adopted by the Audit Committee of Goldman Sachs Trust ("GST") sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GST may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission's rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.

<u>De Minimis Waiver.</u> The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GST at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.

<u>Pre-Approval of Non-Audit Services Provided to GST's Investment Advisers.</u> The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GST, the Audit Committee will pre-approve those non-audit services provided to GST's investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GST) where the engagement relates directly to the operations or financial reporting of GST.

**Item 4(e)(2) –** 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GST's Audit Committee pursuant to the "de minimis" exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GST's service affiliates listed in Table 2 were approved by GST's Audit Committee pursuant to the "de minimis" exception of Rule 2-01 (c)(7)(i)(C) of Regulation S-X.

**Item 4(f) –** Not applicable.

#### Item 4(g) Aggregate Non-Audit Fees Disclosure
The aggregate non-audit fees billed to GST by PwC for the twelve months ended October 31, 2025 and October 31, 2024 were approximately $460,728 and $466,200, respectively. The aggregate non-audit fees billed to GST's adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2024 and December 31, 2023 were approximately $20.7 million and $18.0 million, respectively. With regard to the aggregate non-audit fees billed to GST's adviser and service affiliates, the 2024 and 2023 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST's operations or financial reporting.

**Item 4(h) —** GST's Audit Committee has considered whether the provision of non-audit services to GST's investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditors' independence.

**Item 4(i) –** Not applicable.

**Item 4(j) –** Not applicable.

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](g47647dsp001.jpg)

Goldman Sachs Funds Annual Financial Statements October 31, 2025 Dividend Focus Funds Goldman Sachs Income Builder Fund Goldman Sachs Rising Dividend Growth Fund

------

## Dividend Focus Funds

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  **[Schedules of Investments](#df47647_1)** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Income Builder Fund](#df47647_2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Rising Dividend Growth Fund](#df47647_3) | 23 |
|  **[Financial Statements](#df47647_4)** | **26** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#df47647_5) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#df47647_6) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#df47647_7) | 28 |
|  **[Financial Highlights](#df47647_8)** | **29** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Income Builder Fund](#df47647_9) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Rising Dividend Growth Fund](#df47647_10) | 35 |
|  **[Notes to Financial Statements](#df47647_11)** | **42** |
|  **[Report of Independent Registered Public Accounting Firm](#df47647_12)** | **61** |
|  **[Statement Regarding Basis for Approval of Management Agreement](#df47647_13)** | **62** |
|  **[Other Information](#df47647_14)** | **67** |

---

------

GOLDMAN SACHS INCOME BUILDER FUND

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

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

Schedule of Investments *October 31, 2025*

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – 45.2% | Corporate Obligations – 45.2% | Corporate Obligations – 45.2% | Corporate Obligations – 45.2% |
| Advertising<sup>(a)(b)</sup> – 0.2% | Advertising<sup>(a)(b)</sup> – 0.2% | Advertising<sup>(a)(b)</sup> – 0.2% | Advertising<sup>(a)(b)</sup> – 0.2% |
| Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. |
| $3080000 | 7.875% | 04/01/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3229873 |
| 883000 | 7.125 | 02/15/31 | 910558 |
| 980000 | 7.500 | 03/15/33 | 1025639 |
|  |  |  | 5166070 |
| Aerospace & Defense<sup>(a)</sup> – 0.9% | Aerospace & Defense<sup>(a)</sup> – 0.9% | Aerospace & Defense<sup>(a)</sup> – 0.9% | Aerospace & Defense<sup>(a)</sup> – 0.9% |
| Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
| 3292000 | 5.150 | 05/01/30 | 3383123 |
| 1587000 | 5.805 | 05/01/50 | 1578764 |
| Bombardier, Inc. <sup>(b)</sup> | Bombardier, Inc. <sup>(b)</sup> | Bombardier, Inc. <sup>(b)</sup> | Bombardier, Inc. <sup>(b)</sup> |
| 4165000 | 7.000 | 06/01/32 | 4368918 |
| Czechoslovak Group AS <sup>(b)</sup> | Czechoslovak Group AS <sup>(b)</sup> | Czechoslovak Group AS <sup>(b)</sup> | Czechoslovak Group AS <sup>(b)</sup> |
| 100000 | 5.250 | 01/10/31 | 119876 |
| $200000 | 6.500 | 01/10/31 | 206938 |
| Spirit AeroSystems, Inc. <sup>(b)</sup> | Spirit AeroSystems, Inc. <sup>(b)</sup> | Spirit AeroSystems, Inc. <sup>(b)</sup> | Spirit AeroSystems, Inc. <sup>(b)</sup> |
| 2735000 | 9.750 | 11/15/30 | 3004862 |
| TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| 1965000 | 6.750 <sup>(b)</sup> | 08/15/28 | 2006520 |
| 6615000 | 4.625 | 01/15/29 | 6506977 |
| 2156000 | 4.875 | 05/01/29 | 2132801 |
| 95000 | 7.125 <sup>(b)</sup> | 12/01/31 | 99257 |
|  |  |  | 23408036 |
| Agriculture<sup>(a)</sup> – 0.2% | Agriculture<sup>(a)</sup> – 0.2% | Agriculture<sup>(a)</sup> – 0.2% | Agriculture<sup>(a)</sup> – 0.2% |
| BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
| 6715000 | 4.390 | 08/15/37 | 6148187 |
| Airlines – 0.6% | Airlines – 0.6% | Airlines – 0.6% | Airlines – 0.6% |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. <sup>(b)</sup> | American Airlines, Inc./AAdvantage Loyalty IP Ltd. <sup>(b)</sup> | American Airlines, Inc./AAdvantage Loyalty IP Ltd. <sup>(b)</sup> | American Airlines, Inc./AAdvantage Loyalty IP Ltd. <sup>(b)</sup> |
| 1647000 | 5.750 | 04/20/29 | 1658875 |
| Delta Air Lines, Inc. <sup>(a)</sup> | Delta Air Lines, Inc. <sup>(a)</sup> | Delta Air Lines, Inc. <sup>(a)</sup> | Delta Air Lines, Inc. <sup>(a)</sup> |
| 3455000 | 7.375 | 01/15/26 | 3465296 |
| Latam Airlines Group SA <sup>(a)(b)</sup> | Latam Airlines Group SA <sup>(a)(b)</sup> | Latam Airlines Group SA <sup>(a)(b)</sup> | Latam Airlines Group SA <sup>(a)(b)</sup> |
| 750000 | 7.875 | 04/15/30 | 774187 |
| OneSky Flight LLC <sup>(a)(b)</sup> | OneSky Flight LLC <sup>(a)(b)</sup> | OneSky Flight LLC <sup>(a)(b)</sup> | OneSky Flight LLC <sup>(a)(b)</sup> |
| 2400000 | 8.875 | 12/15/29 | 2543232 |
| United Airlines, Inc. <sup>(a)(b)</sup> | United Airlines, Inc. <sup>(a)(b)</sup> | United Airlines, Inc. <sup>(a)(b)</sup> | United Airlines, Inc. <sup>(a)(b)</sup> |
| 1995000 | 4.625 | 04/15/29 | 1975828 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc. <sup>(a)(b)</sup> | VistaJet Malta Finance PLC/Vista Management Holding, Inc. <sup>(a)(b)</sup> | VistaJet Malta Finance PLC/Vista Management Holding, Inc. <sup>(a)(b)</sup> | VistaJet Malta Finance PLC/Vista Management Holding, Inc. <sup>(a)(b)</sup> |
| 2294000 | 7.875 | 05/01/27 | 2329236 |
| 2392000 | 9.500 | 06/01/28 | 2482992 |
|  |  |  | 15229646 |
| Apparel<sup>(a)(b)</sup> – 0.2% | Apparel<sup>(a)(b)</sup> – 0.2% | Apparel<sup>(a)(b)</sup> – 0.2% | Apparel<sup>(a)(b)</sup> – 0.2% |
| Beach Acquisition Bidco LLC | Beach Acquisition Bidco LLC | Beach Acquisition Bidco LLC | Beach Acquisition Bidco LLC |
| 676000 | 5.250 | 07/15/32 | 800464 |
| (PIK 10.750%, Cash 10.000%) | (PIK 10.750%, Cash 10.000%) | (PIK 10.750%, Cash 10.000%) | (PIK 10.750%, Cash 10.000%) |
| $1860000 | 10.000 <sup>(c)</sup> | 07/15/33 | 2000653 |
| Champ Acquisition Corp. | Champ Acquisition Corp. | Champ Acquisition Corp. | Champ Acquisition Corp. |
| 3710000 | 8.375 | 12/01/31 | 3951632 |
|  |  |  | 6752749 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Automotive<sup>(a)</sup> – 1.1% | Automotive<sup>(a)</sup> – 1.1% | Automotive<sup>(a)</sup> – 1.1% | Automotive<sup>(a)</sup> – 1.1% |
| Adient Global Holdings Ltd. <sup>(b)</sup>  | Adient Global Holdings Ltd. <sup>(b)</sup>  | Adient Global Holdings Ltd. <sup>(b)</sup>  | Adient Global Holdings Ltd. <sup>(b)</sup>  |
| $1920000 | 7.000% | 04/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1965658 |
| American Axle & Manufacturing, Inc. <sup>(b)</sup>  | American Axle & Manufacturing, Inc. <sup>(b)</sup>  | American Axle & Manufacturing, Inc. <sup>(b)</sup>  | American Axle & Manufacturing, Inc. <sup>(b)</sup>  |
| 890000 | 6.375 | 10/15/32 | 893337 |
| Clarios Global LP/Clarios U.S. Finance Co. <sup>(b)</sup>  | Clarios Global LP/Clarios U.S. Finance Co. <sup>(b)</sup>  | Clarios Global LP/Clarios U.S. Finance Co. <sup>(b)</sup>  | Clarios Global LP/Clarios U.S. Finance Co. <sup>(b)</sup>  |
| 2525000 | 6.750 | 02/15/30 | 2620975 |
| 1355000 | 6.750 | 09/15/32 | 1392262 |
| Dana, Inc. | Dana, Inc. | Dana, Inc. | Dana, Inc. |
| 1990000 | 4.250 | 09/01/30 | 1962598 |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| 210000 | 3.375 | 11/13/25 | 209912 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 1895000 | 5.650 | 01/17/29 | 1962083 |
| 3935000 | 3.100 | 01/12/32 | 3565307 |
| Hyundai Capital America <sup>(b)</sup>  | Hyundai Capital America <sup>(b)</sup>  | Hyundai Capital America <sup>(b)</sup>  | Hyundai Capital America <sup>(b)</sup>  |
| 3885000 | 5.700 | 06/26/30 | 4057144 |
| Nissan Motor Acceptance Co. LLC <sup>(b)</sup>  | Nissan Motor Acceptance Co. LLC <sup>(b)</sup>  | Nissan Motor Acceptance Co. LLC <sup>(b)</sup>  | Nissan Motor Acceptance Co. LLC <sup>(b)</sup>  |
| 3905000 | 6.125 | 09/30/30 | 3870519 |
| Phinia, Inc. <sup>(b)</sup>  | Phinia, Inc. <sup>(b)</sup>  | Phinia, Inc. <sup>(b)</sup>  | Phinia, Inc. <sup>(b)</sup>  |
| 4109000 | 6.750 | 04/15/29 | 4244926 |
| 895000 | 6.625 | 10/15/32 | 921564 |
| Qnity Electronics, Inc. <sup>(b)</sup>  | Qnity Electronics, Inc. <sup>(b)</sup>  | Qnity Electronics, Inc. <sup>(b)</sup>  | Qnity Electronics, Inc. <sup>(b)</sup>  |
| 1065000 | 5.750 | 08/15/32 | 1083297 |
| 525000 | 6.250 | 08/15/33 | 539411 |
|  |  |  | 29288993 |
| Banks – 4.2% | Banks – 4.2% | Banks – 4.2% | Banks – 4.2% |
| Absa Group Ltd. <sup>(a)(d)</sup> (5 yr. CMT + 5.411%) | Absa Group Ltd. <sup>(a)(d)</sup> (5 yr. CMT + 5.411%) | Absa Group Ltd. <sup>(a)(d)</sup> (5 yr. CMT + 5.411%) | Absa Group Ltd. <sup>(a)(d)</sup> (5 yr. CMT + 5.411%) |
| 200000 | 6.375 | 05/27/26 | 200000 |
| Access Bank PLC <sup>(b)</sup>  | Access Bank PLC <sup>(b)</sup>  | Access Bank PLC <sup>(b)</sup>  | Access Bank PLC <sup>(b)</sup>  |
| 900000 | 6.125 | 09/21/26 | 890190 |
| Akbank TAS <sup>(a)(d)</sup> (5 yr. CMT + 5.270%) | Akbank TAS <sup>(a)(d)</sup> (5 yr. CMT + 5.270%) | Akbank TAS <sup>(a)(d)</sup> (5 yr. CMT + 5.270%) | Akbank TAS <sup>(a)(d)</sup> (5 yr. CMT + 5.270%) |
| 490000 | 9.369 | 03/14/29 | 510090 |
| Alfa Bank AO Via Alfa Bond Issuance PLC <sup>(a)(d)(e)</sup> (5 yr. CMT + 4.546%) | Alfa Bank AO Via Alfa Bond Issuance PLC <sup>(a)(d)(e)</sup> (5 yr. CMT + 4.546%) | Alfa Bank AO Via Alfa Bond Issuance PLC <sup>(a)(d)(e)</sup> (5 yr. CMT + 4.546%) | Alfa Bank AO Via Alfa Bond Issuance PLC <sup>(a)(d)(e)</sup> (5 yr. CMT + 4.546%) |
| 360000 | 5.950 | 04/15/30 |  |
| Banca Transilvania SA <sup>(a)(d)</sup> (1 yr. EURIBOR ICE Swap + 5.580%) | Banca Transilvania SA <sup>(a)(d)</sup> (1 yr. EURIBOR ICE Swap + 5.580%) | Banca Transilvania SA <sup>(a)(d)</sup> (1 yr. EURIBOR ICE Swap + 5.580%) | Banca Transilvania SA <sup>(a)(d)</sup> (1 yr. EURIBOR ICE Swap + 5.580%) |
| 200000 | 8.875 | 04/27/27 | 235947 |
| Banco Continental SAECA <sup>(a)</sup>  | Banco Continental SAECA <sup>(a)</sup>  | Banco Continental SAECA <sup>(a)</sup>  | Banco Continental SAECA <sup>(a)</sup>  |
| $600000 | 2.750 | 12/10/25 | 597468 |
| Banco Davivienda SA <sup>(a)(b)(d)</sup> (10 yr. CMT + 5.097%) | Banco Davivienda SA <sup>(a)(b)(d)</sup> (10 yr. CMT + 5.097%) | Banco Davivienda SA <sup>(a)(b)(d)</sup> (10 yr. CMT + 5.097%) | Banco Davivienda SA <sup>(a)(b)(d)</sup> (10 yr. CMT + 5.097%) |
| 200000 | 6.650 | 04/22/31 | 181850 |
| Banco GNB Sudameris SA <sup>(a)(d)</sup> (5 yr. CMT + 6.660%) | Banco GNB Sudameris SA <sup>(a)(d)</sup> (5 yr. CMT + 6.660%) | Banco GNB Sudameris SA <sup>(a)(d)</sup> (5 yr. CMT + 6.660%) | Banco GNB Sudameris SA <sup>(a)(d)</sup> (5 yr. CMT + 6.660%) |
| 200000 | 7.500 | 04/16/31 | 199108 |
| Banco Industrial SA <sup>(a)(b)(d)</sup> (5 yr. CMT + 4.442%) | Banco Industrial SA <sup>(a)(b)(d)</sup> (5 yr. CMT + 4.442%) | Banco Industrial SA <sup>(a)(b)(d)</sup> (5 yr. CMT + 4.442%) | Banco Industrial SA <sup>(a)(b)(d)</sup> (5 yr. CMT + 4.442%) |
| 930000 | 4.875 | 01/29/31 | 923657 |
| Banco Mercantil del Norte SA <sup>(a)(d)</sup> (5 yr.CMT + 4.643%) | Banco Mercantil del Norte SA <sup>(a)(d)</sup> (5 yr.CMT + 4.643%) | Banco Mercantil del Norte SA <sup>(a)(d)</sup> (5 yr.CMT + 4.643%) | Banco Mercantil del Norte SA <sup>(a)(d)</sup> (5 yr.CMT + 4.643%) |
| 460000 | 5.875 | 01/24/27 | 456159 |
| Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
| 2000000 | 3.490 | 05/28/30 | 1921640 |
| (1 yr. CMT + 1.600%) | (1 yr. CMT + 1.600%) | (1 yr. CMT + 1.600%) | (1 yr. CMT + 1.600%) |
| 3400000 | 3.225 <sup>(a)(d)</sup> | 11/22/32 | 3098216 |
| Bancolombia SA <sup>(a)(d)</sup> (5 yr. CMT + 4.320%) | Bancolombia SA <sup>(a)(d)</sup> (5 yr. CMT + 4.320%) | Bancolombia SA <sup>(a)(d)</sup> (5 yr. CMT + 4.320%) | Bancolombia SA <sup>(a)(d)</sup> (5 yr. CMT + 4.320%) |
| 260000 | 8.625 | 12/24/34 | 278226 |

---

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

**The accompanying notes are an integral part of these financial statements.**<sub>1</sub>

------

GOLDMAN SACHS INCOME BUILDER FUND

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

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

Schedule of Investments (continued) *October 31, 2025*

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| Bank of America Corp. <sup>(a)(d)</sup>  | Bank of America Corp. <sup>(a)(d)</sup>  | Bank of America Corp. <sup>(a)(d)</sup>  | Bank of America Corp. <sup>(a)(d)</sup>  |
| (5 yr. CMT + 2.351%) | (5 yr. CMT + 2.351%) | (5 yr. CMT + 2.351%) | (5 yr. CMT + 2.351%) |
| $2000000 | 6.250% | 12/31/99 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033480 |
| (5 yr. CMT + 2.684%) | (5 yr. CMT + 2.684%) | (5 yr. CMT + 2.684%) | (5 yr. CMT + 2.684%) |
| 6000000 | 6.625 | 05/01/30 | 6229800 |
| Bank of New York Mellon Corp. <sup>(a)(d)</sup>  | Bank of New York Mellon Corp. <sup>(a)(d)</sup>  | Bank of New York Mellon Corp. <sup>(a)(d)</sup>  | Bank of New York Mellon Corp. <sup>(a)(d)</sup>  |
| (5 yr. CMT + 2.297%) | (5 yr. CMT + 2.297%) | (5 yr. CMT + 2.297%) | (5 yr. CMT + 2.297%) |
| 1720000 | 6.300 | 03/20/30 | 1773853 |
| (5 yr. CMT + 3.352%) | (5 yr. CMT + 3.352%) | (5 yr. CMT + 3.352%) | (5 yr. CMT + 3.352%) |
| 960000 | 3.700 | 03/20/26 | 952733 |
| Barclays PLC <sup>(a)(d)</sup>  | Barclays PLC <sup>(a)(d)</sup>  | Barclays PLC <sup>(a)(d)</sup>  | Barclays PLC <sup>(a)(d)</sup>  |
| (1 yr. CMT + 3.000%) | (1 yr. CMT + 3.000%) | (1 yr. CMT + 3.000%) | (1 yr. CMT + 3.000%) |
| 4610000 | 5.746 | 08/09/33 | 4847277 |
| (5 yr. CMT + 5.431%) | (5 yr. CMT + 5.431%) | (5 yr. CMT + 5.431%) | (5 yr. CMT + 5.431%) |
| 3573000 | 8.000 | 03/15/29 | 3790953 |
| BNP Paribas SA <sup>(a)(b)(d)</sup> (5 yr. CMT + 4.354%) | BNP Paribas SA <sup>(a)(b)(d)</sup> (5 yr. CMT + 4.354%) | BNP Paribas SA <sup>(a)(b)(d)</sup> (5 yr. CMT + 4.354%) | BNP Paribas SA <sup>(a)(b)(d)</sup> (5 yr. CMT + 4.354%) |
| 2800000 | 8.500 | 12/31/99 | 2964444 |
| BPCE SA <sup>(a)(b)(d)</sup> (Secured Overnight Financing Rate + 1.730%) | BPCE SA <sup>(a)(b)(d)</sup> (Secured Overnight Financing Rate + 1.730%) | BPCE SA <sup>(a)(b)(d)</sup> (Secured Overnight Financing Rate + 1.730%) | BPCE SA <sup>(a)(b)(d)</sup> (Secured Overnight Financing Rate + 1.730%) |
| 2100000 | 3.116 | 10/19/32 | 1865871 |
| Citigroup, Inc. <sup>(a)(d)</sup>  | Citigroup, Inc. <sup>(a)(d)</sup>  | Citigroup, Inc. <sup>(a)(d)</sup>  | Citigroup, Inc. <sup>(a)(d)</sup>  |
| (10 yr. CMT + 2.757%) | (10 yr. CMT + 2.757%) | (10 yr. CMT + 2.757%) | (10 yr. CMT + 2.757%) |
| 2110000 | 7.000 | 08/15/34 | 2251539 |
| (3 mo. USD Term SOFR + 4.779%) | (3 mo. USD Term SOFR + 4.779%) | (3 mo. USD Term SOFR + 4.779%) | (3 mo. USD Term SOFR + 4.779%) |
| 1815000 | 6.250 | 08/15/26 | 1827015 |
| (5 yr. CMT + 2.890%) | (5 yr. CMT + 2.890%) | (5 yr. CMT + 2.890%) | (5 yr. CMT + 2.890%) |
| 2000000 | 6.875 | 08/15/30 | 2057080 |
| (5 yr. CMT + 3.209%) | (5 yr. CMT + 3.209%) | (5 yr. CMT + 3.209%) | (5 yr. CMT + 3.209%) |
| 2880000 | 7.375 | 05/15/28 | 2984170 |
| (5 yr. CMT + 3.211%) | (5 yr. CMT + 3.211%) | (5 yr. CMT + 3.211%) | (5 yr. CMT + 3.211%) |
| 2062000 | 7.625 | 11/15/28 | 2158481 |
| (5 yr. CMT + 3.597%) | (5 yr. CMT + 3.597%) | (5 yr. CMT + 3.597%) | (5 yr. CMT + 3.597%) |
| 960000 | 4.000 | 12/10/25 | 957926 |
| (Secured Overnight Financing Rate + 1.351%) | (Secured Overnight Financing Rate + 1.351%) | (Secured Overnight Financing Rate + 1.351%) | (Secured Overnight Financing Rate + 1.351%) |
| 3190000 | 3.057 | 01/25/33 | 2912215 |
| (Secured Overnight Financing Rate + 3.914%) | (Secured Overnight Financing Rate + 3.914%) | (Secured Overnight Financing Rate + 3.914%) | (Secured Overnight Financing Rate + 3.914%) |
| 865000 | 4.412 | 03/31/31 | 863858 |
| Citizens Financial Group, Inc. <sup>(a)(d)</sup> (5 yr. CMT + 3.215%) | Citizens Financial Group, Inc. <sup>(a)(d)</sup> (5 yr. CMT + 3.215%) | Citizens Financial Group, Inc. <sup>(a)(d)</sup> (5 yr. CMT + 3.215%) | Citizens Financial Group, Inc. <sup>(a)(d)</sup> (5 yr. CMT + 3.215%) |
| 2000000 | 4.000 | 10/06/26 | 1966600 |
| Commerzbank AG <sup>(a)(d)</sup> (5 yr. USD SOFR ICE Swap + 4.322%) | Commerzbank AG <sup>(a)(d)</sup> (5 yr. USD SOFR ICE Swap + 4.322%) | Commerzbank AG <sup>(a)(d)</sup> (5 yr. USD SOFR ICE Swap + 4.322%) | Commerzbank AG <sup>(a)(d)</sup> (5 yr. USD SOFR ICE Swap + 4.322%) |
| 2400000 | 7.500 | 10/09/30 | 2517816 |
| Credit Bank of Moscow Via CBOM Finance PLC <sup>(e)</sup>  | Credit Bank of Moscow Via CBOM Finance PLC <sup>(e)</sup>  | Credit Bank of Moscow Via CBOM Finance PLC <sup>(e)</sup>  | Credit Bank of Moscow Via CBOM Finance PLC <sup>(e)</sup>  |
| 260000 | 4.700 <sup>(b)</sup> | 01/29/25 |  |
| (5 yr. USD Swap + 5.416%) | (5 yr. USD Swap + 5.416%) | (5 yr. USD Swap + 5.416%) | (5 yr. USD Swap + 5.416%) |
| 280000 | 7.500 <sup>(a)(d)</sup> | 10/05/27 |  |
| Freedom Mortgage Corp. <sup>(a)(b)</sup>  | Freedom Mortgage Corp. <sup>(a)(b)</sup>  | Freedom Mortgage Corp. <sup>(a)(b)</sup>  | Freedom Mortgage Corp. <sup>(a)(b)</sup>  |
| 2505000 | 6.625 | 01/15/27 | 2510361 |
| Grupo Aval Ltd. <sup>(a)</sup>  | Grupo Aval Ltd. <sup>(a)</sup>  | Grupo Aval Ltd. <sup>(a)</sup>  | Grupo Aval Ltd. <sup>(a)</sup>  |
| 200000 | 4.375 | 02/04/30 | 188060 |
| Huntington Bancshares, Inc. <sup>(a)(d)</sup>  | Huntington Bancshares, Inc. <sup>(a)(d)</sup>  | Huntington Bancshares, Inc. <sup>(a)(d)</sup>  | Huntington Bancshares, Inc. <sup>(a)(d)</sup>  |
| (5 yr. CMT + 2.653%) | (5 yr. CMT + 2.653%) | (5 yr. CMT + 2.653%) | (5 yr. CMT + 2.653%) |
| 3300000 | 6.250 | 10/15/30 | 3274260 |
| (7 yr. CMT + 4.045%) | (7 yr. CMT + 4.045%) | (7 yr. CMT + 4.045%) | (7 yr. CMT + 4.045%) |
| 960000 | 4.450 | 10/15/27 | 940992 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| JPMorgan Chase & Co. <sup>(a)(d)</sup>  | JPMorgan Chase & Co. <sup>(a)(d)</sup>  | JPMorgan Chase & Co. <sup>(a)(d)</sup>  | JPMorgan Chase & Co. <sup>(a)(d)</sup>  |
| (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) |
| $2556000 | 2.956% | 05/13/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2401618 |
| (5 yr. CMT + 2.152%) | (5 yr. CMT + 2.152%) | (5 yr. CMT + 2.152%) | (5 yr. CMT + 2.152%) |
| 2435000 | 6.500 | 12/31/99 | 2530574 |
| (5 yr. CMT + 2.737%) | (5 yr. CMT + 2.737%) | (5 yr. CMT + 2.737%) | (5 yr. CMT + 2.737%) |
| 3592000 | 6.875 | 12/31/99 | 3789093 |
| Morgan Stanley <sup>(a)(d)</sup> (Secured Overnight Financing Rate +1.290%) | Morgan Stanley <sup>(a)(d)</sup> (Secured Overnight Financing Rate +1.290%) | Morgan Stanley <sup>(a)(d)</sup> (Secured Overnight Financing Rate +1.290%) | Morgan Stanley <sup>(a)(d)</sup> (Secured Overnight Financing Rate +1.290%) |
| 1870000 | 2.943 | 01/21/33 | 1702317 |
| NatWest Group PLC <sup>(a)(d)</sup> (5 yr. CMT + 3.752%) | NatWest Group PLC <sup>(a)(d)</sup> (5 yr. CMT + 3.752%) | NatWest Group PLC <sup>(a)(d)</sup> (5 yr. CMT + 3.752%) | NatWest Group PLC <sup>(a)(d)</sup> (5 yr. CMT + 3.752%) |
| 2000000 | 8.125 | 11/10/33 | 2250980 |
| NBK Tier 1 Ltd. <sup>(a)(b)(d)</sup> (6 yr. CMT + 2.403%) | NBK Tier 1 Ltd. <sup>(a)(b)(d)</sup> (6 yr. CMT + 2.403%) | NBK Tier 1 Ltd. <sup>(a)(b)(d)</sup> (6 yr. CMT + 2.403%) | NBK Tier 1 Ltd. <sup>(a)(b)(d)</sup> (6 yr. CMT + 2.403%) |
| 520000 | 6.375 | 01/10/31 | 534690 |
| PNC Financial Services Group, Inc. <sup>(a)(d)</sup>  | PNC Financial Services Group, Inc. <sup>(a)(d)</sup>  | PNC Financial Services Group, Inc. <sup>(a)(d)</sup>  | PNC Financial Services Group, Inc. <sup>(a)(d)</sup>  |
| (5 yr. CMT + 3.000%) | (5 yr. CMT + 3.000%) | (5 yr. CMT + 3.000%) | (5 yr. CMT + 3.000%) |
| 1920000 | 6.000 | 05/15/27 | 1931501 |
| (5 yr. CMT + 3.238%) | (5 yr. CMT + 3.238%) | (5 yr. CMT + 3.238%) | (5 yr. CMT + 3.238%) |
| 2880000 | 6.200 | 09/15/27 | 2927491 |
| (7 yr. CMT + 2.808%) | (7 yr. CMT + 2.808%) | (7 yr. CMT + 2.808%) | (7 yr. CMT + 2.808%) |
| 1920000 | 6.250 | 03/15/30 | 1973414 |
| Royal Bank of Canada <sup>(a)(d)</sup> (5 yr. CMT + 2.887%) | Royal Bank of Canada <sup>(a)(d)</sup> (5 yr. CMT + 2.887%) | Royal Bank of Canada <sup>(a)(d)</sup> (5 yr. CMT + 2.887%) | Royal Bank of Canada <sup>(a)(d)</sup> (5 yr. CMT + 2.887%) |
| 3115000 | 7.500 | 05/02/84 | 3303707 |
| Standard Chartered PLC <sup>(a)(b)(d)</sup> (5 yr. CMT + 3.805%) | Standard Chartered PLC <sup>(a)(b)(d)</sup> (5 yr. CMT + 3.805%) | Standard Chartered PLC <sup>(a)(b)(d)</sup> (5 yr. CMT + 3.805%) | Standard Chartered PLC <sup>(a)(b)(d)</sup> (5 yr. CMT + 3.805%) |
| 4055000 | 4.750 | 12/31/99 | 3806793 |
| State Street Corp. <sup>(a)(d)</sup>  | State Street Corp. <sup>(a)(d)</sup>  | State Street Corp. <sup>(a)(d)</sup>  | State Street Corp. <sup>(a)(d)</sup>  |
| (5 yr. CMT + 2.135%) | (5 yr. CMT + 2.135%) | (5 yr. CMT + 2.135%) | (5 yr. CMT + 2.135%) |
| 1950000 | 6.450 | 12/31/99 | 2024353 |
| (5 yr. CMT + 2.628%) | (5 yr. CMT + 2.628%) | (5 yr. CMT + 2.628%) | (5 yr. CMT + 2.628%) |
| 1920000 | 6.700 | 09/15/29 | 2016346 |
| Toronto-Dominion Bank <sup>(a)(d)</sup> (5 yr. CMT + 4.075%) | Toronto-Dominion Bank <sup>(a)(d)</sup> (5 yr. CMT + 4.075%) | Toronto-Dominion Bank <sup>(a)(d)</sup> (5 yr. CMT + 4.075%) | Toronto-Dominion Bank <sup>(a)(d)</sup> (5 yr. CMT + 4.075%) |
| 2000000 | 8.125 | 10/31/82 | 2108800 |
| Truist Financial Corp. <sup>(a)(d)</sup>  | Truist Financial Corp. <sup>(a)(d)</sup>  | Truist Financial Corp. <sup>(a)(d)</sup>  | Truist Financial Corp. <sup>(a)(d)</sup>  |
| (10 yr. CMT + 4.349%) | (10 yr. CMT + 4.349%) | (10 yr. CMT + 4.349%) | (10 yr. CMT + 4.349%) |
| 2147000 | 5.100 | 03/01/30 | 2154600 |
| (5 yr. CMT + 4.605%) | (5 yr. CMT + 4.605%) | (5 yr. CMT + 4.605%) | (5 yr. CMT + 4.605%) |
| 960000 | 4.950 | 11/13/25 | 958858 |
| Turkiye Garanti Bankasi AS <sup>(a)(b)(d)</sup> (5 yr. CMT + 4.090%) | Turkiye Garanti Bankasi AS <sup>(a)(b)(d)</sup> (5 yr. CMT + 4.090%) | Turkiye Garanti Bankasi AS <sup>(a)(b)(d)</sup> (5 yr. CMT + 4.090%) | Turkiye Garanti Bankasi AS <sup>(a)(b)(d)</sup> (5 yr. CMT + 4.090%) |
| 200000 | 8.375 | 02/28/34 | 207688 |
| U.S. Bancorp <sup>(a)(d)</sup>  | U.S. Bancorp <sup>(a)(d)</sup>  | U.S. Bancorp <sup>(a)(d)</sup>  | U.S. Bancorp <sup>(a)(d)</sup>  |
| (3 mo. USD Term SOFR + 3.176%) | (3 mo. USD Term SOFR + 3.176%) | (3 mo. USD Term SOFR + 3.176%) | (3 mo. USD Term SOFR + 3.176%) |
| 1000000 | 5.300 | 04/15/27 | 1000280 |
| (5 yr. CMT + 2.541%) | (5 yr. CMT + 2.541%) | (5 yr. CMT + 2.541%) | (5 yr. CMT + 2.541%) |
| 960000 | 3.700 | 01/15/27 | 932890 |
| UBS Group AG <sup>(a)(b)(d)</sup> (5 yr. USD SOFR ICE Swap + 3.179%) | UBS Group AG <sup>(a)(b)(d)</sup> (5 yr. USD SOFR ICE Swap + 3.179%) | UBS Group AG <sup>(a)(b)(d)</sup> (5 yr. USD SOFR ICE Swap + 3.179%) | UBS Group AG <sup>(a)(b)(d)</sup> (5 yr. USD SOFR ICE Swap + 3.179%) |
| 3105000 | 7.125 | 08/10/34 | 3159244 |
| UniCredit SpA <sup>(a)(b)(d)</sup> (5 yr. CMT + 4.750%) | UniCredit SpA <sup>(a)(b)(d)</sup> (5 yr. CMT + 4.750%) | UniCredit SpA <sup>(a)(b)(d)</sup> (5 yr. CMT + 4.750%) | UniCredit SpA <sup>(a)(b)(d)</sup> (5 yr. CMT + 4.750%) |
| 1525000 | 5.459 | 06/30/35 | 1542568 |
| Uzbek Industrial & Construction Bank ATB <sup>(b)</sup>  | Uzbek Industrial & Construction Bank ATB <sup>(b)</sup>  | Uzbek Industrial & Construction Bank ATB <sup>(b)</sup>  | Uzbek Industrial & Construction Bank ATB <sup>(b)</sup>  |
| 970000 | 8.950 | 07/24/29 | 1045524 |
| Walker & Dunlop, Inc. <sup>(a)(b)</sup>  | Walker & Dunlop, Inc. <sup>(a)(b)</sup>  | Walker & Dunlop, Inc. <sup>(a)(b)</sup>  | Walker & Dunlop, Inc. <sup>(a)(b)</sup>  |
| 1075000 | 6.625 | 04/01/33 | 1099918 |
| Wells Fargo & Co. <sup>(a)(d)</sup>  | Wells Fargo & Co. <sup>(a)(d)</sup>  | Wells Fargo & Co. <sup>(a)(d)</sup>  | Wells Fargo & Co. <sup>(a)(d)</sup>  |
| (5 yr. CMT + 2.767%) | (5 yr. CMT + 2.767%) | (5 yr. CMT + 2.767%) | (5 yr. CMT + 2.767%) |
| 2185000 | 6.850 | 12/31/99 | 2298773 |

---

&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 financial statements.** |

---

------

GOLDMAN SACHS INCOME BUILDER 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** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| (5 yr. CMT + 3.453%) | (5 yr. CMT + 3.453%) | (5 yr. CMT + 3.453%) | (5 yr. CMT + 3.453%) |
| $960000 | 3.900% | 03/15/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953645 |
| (5 yr. CMT + 3.606%) | (5 yr. CMT + 3.606%) | (5 yr. CMT + 3.606%) | (5 yr. CMT + 3.606%) |
| 960000 | 7.625 | 09/15/28 | 1025664 |
| Yapi ve Kredi Bankasi AS <sup>(a)(b)(d)</sup>  | Yapi ve Kredi Bankasi AS <sup>(a)(b)(d)</sup>  | Yapi ve Kredi Bankasi AS <sup>(a)(b)(d)</sup>  | Yapi ve Kredi Bankasi AS <sup>(a)(b)(d)</sup>  |
| (5 yr. CMT + 5.278%) | (5 yr. CMT + 5.278%) | (5 yr. CMT + 5.278%) | (5 yr. CMT + 5.278%) |
| 450000 | 9.250 | 01/17/34 | 478314 |
| (5 yr. CMT + 5.499%) | (5 yr. CMT + 5.499%) | (5 yr. CMT + 5.499%) | (5 yr. CMT + 5.499%) |
| 470000 | 9.743 | 04/04/29 | 494384 |
|  |  |  | 112015362 |
| Beverages<sup>(a)</sup> – 0.3% | Beverages<sup>(a)</sup> – 0.3% | Beverages<sup>(a)</sup> – 0.3% | Beverages<sup>(a)</sup> – 0.3% |
| Anadolu Efes Biracilik Ve Malt Sanayii AS <sup>(b)</sup>  | Anadolu Efes Biracilik Ve Malt Sanayii AS <sup>(b)</sup>  | Anadolu Efes Biracilik Ve Malt Sanayii AS <sup>(b)</sup>  | Anadolu Efes Biracilik Ve Malt Sanayii AS <sup>(b)</sup>  |
| 220000 | 3.375 | 06/29/28 | 203843 |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |
| 4549000 | 4.700 | 02/01/36 | 4503601 |
| Becle SAB de CV | Becle SAB de CV | Becle SAB de CV | Becle SAB de CV |
| 200000 | 2.500 | 10/14/31 | 172642 |
| Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL <sup>(b)</sup>  | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL <sup>(b)</sup>  | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL <sup>(b)</sup>  | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL <sup>(b)</sup>  |
| 200000 | 5.250 | 04/27/29 | 195800 |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 3815000 | 2.250 | 08/01/31 | 3372804 |
| Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
| 298000 | 3.800 | 05/01/50 | 219587 |
|  |  |  | 8668277 |
| Building Materials<sup>(a)</sup> – 0.8% | Building Materials<sup>(a)</sup> – 0.8% | Building Materials<sup>(a)</sup> – 0.8% | Building Materials<sup>(a)</sup> – 0.8% |
| Builders FirstSource, Inc. <sup>(b)</sup>  | Builders FirstSource, Inc. <sup>(b)</sup>  | Builders FirstSource, Inc. <sup>(b)</sup>  | Builders FirstSource, Inc. <sup>(b)</sup>  |
| 1725000 | 5.000 | 03/01/30 | 1708009 |
| Cemex SAB de CV <sup>(b)(d)</sup> (5 yr. CMT + 3.520%) | Cemex SAB de CV <sup>(b)(d)</sup> (5 yr. CMT + 3.520%) | Cemex SAB de CV <sup>(b)(d)</sup> (5 yr. CMT + 3.520%) | Cemex SAB de CV <sup>(b)(d)</sup> (5 yr. CMT + 3.520%) |
| 200000 | 7.200 | 06/10/30 | 208040 |
| JH North America Holdings, Inc. <sup>(b)</sup>  | JH North America Holdings, Inc. <sup>(b)</sup>  | JH North America Holdings, Inc. <sup>(b)</sup>  | JH North America Holdings, Inc. <sup>(b)</sup>  |
| 890000 | 5.875 | 01/31/31 | 906536 |
| 890000 | 6.125 | 07/31/32 | 913416 |
| Limak Cimento Sanayi ve Ticaret AS | Limak Cimento Sanayi ve Ticaret AS | Limak Cimento Sanayi ve Ticaret AS | Limak Cimento Sanayi ve Ticaret AS |
| 990000 | 9.750 | 07/25/29 | 1015374 |
| Quikrete Holdings, Inc. <sup>(b)</sup>  | Quikrete Holdings, Inc. <sup>(b)</sup>  | Quikrete Holdings, Inc. <sup>(b)</sup>  | Quikrete Holdings, Inc. <sup>(b)</sup>  |
| 1605000 | 6.375 | 03/01/32 | 1666102 |
| 1745000 | 6.750 | 03/01/33 | 1814678 |
| Smyrna Ready Mix Concrete LLC <sup>(b)</sup>  | Smyrna Ready Mix Concrete LLC <sup>(b)</sup>  | Smyrna Ready Mix Concrete LLC <sup>(b)</sup>  | Smyrna Ready Mix Concrete LLC <sup>(b)</sup>  |
| 4253000 | 8.875 | 11/15/31 | 4484278 |
| Standard Building Solutions, Inc. <sup>(b)</sup>  | Standard Building Solutions, Inc. <sup>(b)</sup>  | Standard Building Solutions, Inc. <sup>(b)</sup>  | Standard Building Solutions, Inc. <sup>(b)</sup>  |
| 2615000 | 6.500 | 08/15/32 | 2689606 |
| Standard Industries, Inc. <sup>(b)</sup>  | Standard Industries, Inc. <sup>(b)</sup>  | Standard Industries, Inc. <sup>(b)</sup>  | Standard Industries, Inc. <sup>(b)</sup>  |
| 1805000 | 4.375 | 07/15/30 | 1741392 |
| 3889000 | 3.375 | 01/15/31 | 3544084 |
|  |  |  | 20691515 |
| Chemicals<sup>(a)</sup> – 1.4% | Chemicals<sup>(a)</sup> – 1.4% | Chemicals<sup>(a)</sup> – 1.4% | Chemicals<sup>(a)</sup> – 1.4% |
| Ashland, Inc. <sup>(b)</sup>  | Ashland, Inc. <sup>(b)</sup>  | Ashland, Inc. <sup>(b)</sup>  | Ashland, Inc. <sup>(b)</sup>  |
| 3095000 | 3.375 | 09/01/31 | 2760121 |
| Avient Corp. <sup>(b)</sup>  | Avient Corp. <sup>(b)</sup>  | Avient Corp. <sup>(b)</sup>  | Avient Corp. <sup>(b)</sup>  |
| 1655000 | 7.125 | 08/01/30 | 1703127 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Chemicals<sup>(a)</sup> – (continued) | Chemicals<sup>(a)</sup> – (continued) | Chemicals<sup>(a)</sup> – (continued) | Chemicals<sup>(a)</sup> – (continued) |
| Axalta Coating Systems LLC <sup>(b)</sup>  | Axalta Coating Systems LLC <sup>(b)</sup>  | Axalta Coating Systems LLC <sup>(b)</sup>  | Axalta Coating Systems LLC <sup>(b)</sup>  |
| 2950000 | 3.375% | 02/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805863 |
| Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC |
| 1580000 | 6.500 | 04/15/30 | 1566586 |
| 2250000 | 6.750 | 04/15/33 | 2217195 |
| Chemours Co. <sup>(b)</sup>  | Chemours Co. <sup>(b)</sup>  | Chemours Co. <sup>(b)</sup>  | Chemours Co. <sup>(b)</sup>  |
| 4375000 | 4.625 | 11/15/29 | 3857875 |
| 530000 | 8.000 | 01/15/33 | 511243 |
| Huntsman International LLC | Huntsman International LLC | Huntsman International LLC | Huntsman International LLC |
| 2019000 | 4.500 | 05/01/29 | 1866444 |
| Ingevity Corp. <sup>(b)</sup>  | Ingevity Corp. <sup>(b)</sup>  | Ingevity Corp. <sup>(b)</sup>  | Ingevity Corp. <sup>(b)</sup>  |
| 1250000 | 3.875 | 11/01/28 | 1204537 |
| Inversion Escrow Issuer LLC <sup>(b)</sup>  | Inversion Escrow Issuer LLC <sup>(b)</sup>  | Inversion Escrow Issuer LLC <sup>(b)</sup>  | Inversion Escrow Issuer LLC <sup>(b)</sup>  |
| 2391000 | 6.750 | 08/01/32 | 2333425 |
| Methanex U.S. Operations, Inc. <sup>(b)</sup>  | Methanex U.S. Operations, Inc. <sup>(b)</sup>  | Methanex U.S. Operations, Inc. <sup>(b)</sup>  | Methanex U.S. Operations, Inc. <sup>(b)</sup>  |
| 1200000 | 6.250 | 03/15/32 | 1218360 |
| Minerals Technologies, Inc. <sup>(b)</sup>  | Minerals Technologies, Inc. <sup>(b)</sup>  | Minerals Technologies, Inc. <sup>(b)</sup>  | Minerals Technologies, Inc. <sup>(b)</sup>  |
| 1625000 | 5.000 | 07/01/28 | 1602331 |
| OCP SA | OCP SA | OCP SA | OCP SA |
| 470000 | 5.125 | 06/23/51 | 395435 |
| Olympus Water U.S. Holding Corp. <sup>(b)</sup>  | Olympus Water U.S. Holding Corp. <sup>(b)</sup>  | Olympus Water U.S. Holding Corp. <sup>(b)</sup>  | Olympus Water U.S. Holding Corp. <sup>(b)</sup>  |
| 1925000 | 7.250 | 06/15/31 | 1926752 |
| 5555000 | 7.250 | 02/15/33 | 5531391 |
| Orbia Advance Corp. SAB de CV <sup>(b)</sup>  | Orbia Advance Corp. SAB de CV <sup>(b)</sup>  | Orbia Advance Corp. SAB de CV <sup>(b)</sup>  | Orbia Advance Corp. SAB de CV <sup>(b)</sup>  |
| 240000 | 6.800 | 05/13/30 | 240372 |
| Sasol Financing USA LLC | Sasol Financing USA LLC | Sasol Financing USA LLC | Sasol Financing USA LLC |
| 890000 | 5.500 | 03/18/31 | 754053 |
| SNF Group SACA <sup>(b)</sup>  | SNF Group SACA <sup>(b)</sup>  | SNF Group SACA <sup>(b)</sup>  | SNF Group SACA <sup>(b)</sup>  |
| 740000 | 3.125 | 03/15/27 | 722366 |
| 925000 | 3.375 | 03/15/30 | 855597 |
| Solstice Advanced Materials, Inc. <sup>(b)</sup>  | Solstice Advanced Materials, Inc. <sup>(b)</sup>  | Solstice Advanced Materials, Inc. <sup>(b)</sup>  | Solstice Advanced Materials, Inc. <sup>(b)</sup>  |
| 330000 | 5.625 | 09/30/33 | 329673 |
| Valvoline, Inc. <sup>(b)</sup>  | Valvoline, Inc. <sup>(b)</sup>  | Valvoline, Inc. <sup>(b)</sup>  | Valvoline, Inc. <sup>(b)</sup>  |
| 850000 | 3.625 | 06/15/31 | 774172 |
| WR Grace Holdings LLC <sup>(b)</sup>  | WR Grace Holdings LLC <sup>(b)</sup>  | WR Grace Holdings LLC <sup>(b)</sup>  | WR Grace Holdings LLC <sup>(b)</sup>  |
| 1780000 | 5.625 | 08/15/29 | 1628825 |
|  |  |  | 36805743 |
| Coal<sup>(a)(b)</sup> – 0.0% | Coal<sup>(a)(b)</sup> – 0.0% | Coal<sup>(a)(b)</sup> – 0.0% | Coal<sup>(a)(b)</sup> – 0.0% |
| Mongolian Mining Corp. | Mongolian Mining Corp. | Mongolian Mining Corp. | Mongolian Mining Corp. |
| 330000 | 8.440 | 04/03/30 | 335983 |
| Commercial Services<sup>(a)</sup> – 1.3% | Commercial Services<sup>(a)</sup> – 1.3% | Commercial Services<sup>(a)</sup> – 1.3% | Commercial Services<sup>(a)</sup> – 1.3% |
| ADT Security Corp. <sup>(b)</sup>  | ADT Security Corp. <sup>(b)</sup>  | ADT Security Corp. <sup>(b)</sup>  | ADT Security Corp. <sup>(b)</sup>  |
| 4207000 | 4.125 | 08/01/29 | 4075405 |
| APi Group DE, Inc. <sup>(b)</sup>  | APi Group DE, Inc. <sup>(b)</sup>  | APi Group DE, Inc. <sup>(b)</sup>  | APi Group DE, Inc. <sup>(b)</sup>  |
| 3865000 | 4.125 | 07/15/29 | 3729648 |
| 550000 | 4.750 | 10/15/29 | 539501 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc. <sup>(b)</sup>  | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. <sup>(b)</sup>  | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. <sup>(b)</sup>  | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. <sup>(b)</sup>  |
| 910000 | 8.375 | 06/15/32 | 933105 |
| Belron U.K. Finance PLC <sup>(b)</sup>  | Belron U.K. Finance PLC <sup>(b)</sup>  | Belron U.K. Finance PLC <sup>(b)</sup>  | Belron U.K. Finance PLC <sup>(b)</sup>  |
| 1321000 | 5.750 | 10/15/29 | 1338900 |
| Bidvest Group U.K. PLC <sup>(b)</sup>  | Bidvest Group U.K. PLC <sup>(b)</sup>  | Bidvest Group U.K. PLC <sup>(b)</sup>  | Bidvest Group U.K. PLC <sup>(b)</sup>  |
| 250000 | 6.200 | 09/17/32 | 253438 |

---

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

**The accompanying notes are an integral part of these financial statements.**<sub>3</sub>

------

GOLDMAN SACHS INCOME BUILDER FUND

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

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

Schedule of Investments (continued) *October 31, 2025*

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Commercial Services<sup>(a)</sup> – (continued) | Commercial Services<sup>(a)</sup> – (continued) | Commercial Services<sup>(a)</sup> – (continued) | Commercial Services<sup>(a)</sup> – (continued) |
| Garda World Security Corp. <sup>(b)</sup>  | Garda World Security Corp. <sup>(b)</sup>  | Garda World Security Corp. <sup>(b)</sup>  | Garda World Security Corp. <sup>(b)</sup>  |
| 1732000 | 7.750% | 02/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772494 |
| 1000000 | 8.250 | 08/01/32 | 1017900 |
| 715000 | 8.375 | 11/15/32 | 727176 |
| HealthEquity, Inc. <sup>(b)</sup>  | HealthEquity, Inc. <sup>(b)</sup>  | HealthEquity, Inc. <sup>(b)</sup>  | HealthEquity, Inc. <sup>(b)</sup>  |
| 1013000 | 4.500 | 10/01/29 | 986267 |
| Herc Holdings, Inc. <sup>(b)</sup>  | Herc Holdings, Inc. <sup>(b)</sup>  | Herc Holdings, Inc. <sup>(b)</sup>  | Herc Holdings, Inc. <sup>(b)</sup>  |
| 1570000 | 7.000 | 06/15/30 | 1643868 |
| Hertz Corp. <sup>(b)</sup>  | Hertz Corp. <sup>(b)</sup>  | Hertz Corp. <sup>(b)</sup>  | Hertz Corp. <sup>(b)</sup>  |
| 1325000 | 12.625 | 07/15/29 | 1312797 |
| Limak Iskenderun Uluslararasi Liman Isletmeciligi AS | Limak Iskenderun Uluslararasi Liman Isletmeciligi AS | Limak Iskenderun Uluslararasi Liman Isletmeciligi AS | Limak Iskenderun Uluslararasi Liman Isletmeciligi AS |
| 870305 | 9.500 <sup>(b)</sup> | 07/10/36 | 881184 |
| 193401 | 9.500 | 07/10/36 | 195819 |
| Mavis Tire Express Services Topco Corp. <sup>(b)</sup>  | Mavis Tire Express Services Topco Corp. <sup>(b)</sup>  | Mavis Tire Express Services Topco Corp. <sup>(b)</sup>  | Mavis Tire Express Services Topco Corp. <sup>(b)</sup>  |
| 2516000 | 6.500 | 05/15/29 | 2490563 |
| Mersin Uluslararasi Liman Isletmeciligi AS <sup>(b)</sup>  | Mersin Uluslararasi Liman Isletmeciligi AS <sup>(b)</sup>  | Mersin Uluslararasi Liman Isletmeciligi AS <sup>(b)</sup>  | Mersin Uluslararasi Liman Isletmeciligi AS <sup>(b)</sup>  |
| 200000 | 8.250 | 11/15/28 | 208562 |
| Verisure Holding AB <sup>(b)</sup>  | Verisure Holding AB <sup>(b)</sup>  | Verisure Holding AB <sup>(b)</sup>  | Verisure Holding AB <sup>(b)</sup>  |
| 2033000 | 5.500 | 05/15/30 | 2432150 |
| Verisure Midholding AB | Verisure Midholding AB | Verisure Midholding AB | Verisure Midholding AB |
| 800000 | 5.250 <sup>(b)</sup> | 02/15/29 | 927404 |
| 1350000 | 5.250 | 02/15/29 | 1564994 |
| VT Topco, Inc. <sup>(b)</sup>  | VT Topco, Inc. <sup>(b)</sup>  | VT Topco, Inc. <sup>(b)</sup>  | VT Topco, Inc. <sup>(b)</sup>  |
| 2583000 | 8.500 | 08/15/30 | 2686423 |
| Wand NewCo 3, Inc. <sup>(b)</sup>  | Wand NewCo 3, Inc. <sup>(b)</sup>  | Wand NewCo 3, Inc. <sup>(b)</sup>  | Wand NewCo 3, Inc. <sup>(b)</sup>  |
| 2824000 | 7.625 | 01/30/32 | 2958902 |
| Williams Scotsman, Inc. <sup>(b)</sup>  | Williams Scotsman, Inc. <sup>(b)</sup>  | Williams Scotsman, Inc. <sup>(b)</sup>  | Williams Scotsman, Inc. <sup>(b)</sup>  |
| 1878000 | 6.625 | 06/15/29 | 1932781 |
|  |  |  | 34609281 |
| Computers<sup>(a)</sup> – 0.8% | Computers<sup>(a)</sup> – 0.8% | Computers<sup>(a)</sup> – 0.8% | Computers<sup>(a)</sup> – 0.8% |
| Ahead DB Holdings LLC <sup>(b)</sup>  | Ahead DB Holdings LLC <sup>(b)</sup>  | Ahead DB Holdings LLC <sup>(b)</sup>  | Ahead DB Holdings LLC <sup>(b)</sup>  |
| 3095000 | 6.625 | 05/01/28 | 3120627 |
| Booz Allen Hamilton, Inc. <sup>(b)</sup>  | Booz Allen Hamilton, Inc. <sup>(b)</sup>  | Booz Allen Hamilton, Inc. <sup>(b)</sup>  | Booz Allen Hamilton, Inc. <sup>(b)</sup>  |
| 2413000 | 3.875 | 09/01/28 | 2367901 |
| CACI International, Inc. <sup>(b)</sup>  | CACI International, Inc. <sup>(b)</sup>  | CACI International, Inc. <sup>(b)</sup>  | CACI International, Inc. <sup>(b)</sup>  |
| 955000 | 6.375 | 06/15/33 | 992894 |
| Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
| 2589000 | 8.100 | 07/15/36 | 3149182 |
| Diebold Nixdorf, Inc. <sup>(b)</sup>  | Diebold Nixdorf, Inc. <sup>(b)</sup>  | Diebold Nixdorf, Inc. <sup>(b)</sup>  | Diebold Nixdorf, Inc. <sup>(b)</sup>  |
| 2300000 | 7.750 | 03/31/30 | 2444670 |
| Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
| 2620000 | 6.200 | 10/15/35 | 2826273 |
| KBR, Inc. <sup>(b)</sup>  | KBR, Inc. <sup>(b)</sup>  | KBR, Inc. <sup>(b)</sup>  | KBR, Inc. <sup>(b)</sup>  |
| 1116000 | 4.750 | 09/30/28 | 1097552 |
| McAfee Corp. <sup>(b)</sup>  | McAfee Corp. <sup>(b)</sup>  | McAfee Corp. <sup>(b)</sup>  | McAfee Corp. <sup>(b)</sup>  |
| 3295000 | 7.375 | 02/15/30 | 3031433 |
| Virtusa Corp. <sup>(b)</sup>  | Virtusa Corp. <sup>(b)</sup>  | Virtusa Corp. <sup>(b)</sup>  | Virtusa Corp. <sup>(b)</sup>  |
| 2186000 | 7.125 | 12/15/28 | 2097052 |
|  |  |  | 21127584 |
| Cosmetics & Personal Care<sup>(a)</sup> – 0.0% | Cosmetics & Personal Care<sup>(a)</sup> – 0.0% | Cosmetics & Personal Care<sup>(a)</sup> – 0.0% | Cosmetics & Personal Care<sup>(a)</sup> – 0.0% |
| Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
| 825000 | 6.125 | 09/30/32 | 833646 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Distribution & Wholesale<sup>(a)(b)</sup> – 0.1% | Distribution & Wholesale<sup>(a)(b)</sup> – 0.1% | Distribution & Wholesale<sup>(a)(b)</sup> – 0.1% | Distribution & Wholesale<sup>(a)(b)</sup> – 0.1% |
| American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. |
| $2650000 | 3.875% | 11/15/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2528285 |
| Telecommunications Co. Telekom Srbija AD Belgrade | Telecommunications Co. Telekom Srbija AD Belgrade | Telecommunications Co. Telekom Srbija AD Belgrade | Telecommunications Co. Telekom Srbija AD Belgrade |
| 200000 | 7.000 | 10/28/29 | 200962 |
|  |  |  | 2729247 |
| Diversified Financial Services – 2.7% | Diversified Financial Services – 2.7% | Diversified Financial Services – 2.7% | Diversified Financial Services – 2.7% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(a)(d)</sup> (5 yr. CMT + 2.720%) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(a)(d)</sup> (5 yr. CMT + 2.720%) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(a)(d)</sup> (5 yr. CMT + 2.720%) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(a)(d)</sup> (5 yr. CMT + 2.720%) |
| 1850000 | 6.950 | 03/10/55 | 1947347 |
| Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
| 3840000 | 8.000 | 11/01/31 | 4366349 |
| (7 yr. CMT + 3.481%) | (7 yr. CMT + 3.481%) | (7 yr. CMT + 3.481%) | (7 yr. CMT + 3.481%) |
| 4275000 | 4.700 <sup>(a)(d)</sup> | 05/15/28 | 3978571 |
| American Express Co. <sup>(a)(d)</sup> (5 yr. CMT + 2.854%) | American Express Co. <sup>(a)(d)</sup> (5 yr. CMT + 2.854%) | American Express Co. <sup>(a)(d)</sup> (5 yr. CMT + 2.854%) | American Express Co. <sup>(a)(d)</sup> (5 yr. CMT + 2.854%) |
| 960000 | 3.550 | 09/15/26 | 943037 |
| Avolon Holdings Funding Ltd. <sup>(a)(b)</sup>  | Avolon Holdings Funding Ltd. <sup>(a)(b)</sup>  | Avolon Holdings Funding Ltd. <sup>(a)(b)</sup>  | Avolon Holdings Funding Ltd. <sup>(a)(b)</sup>  |
| 1245000 | 3.250 | 02/15/27 | 1226176 |
| Capital One Financial Corp. <sup>(a)(d)</sup>  | Capital One Financial Corp. <sup>(a)(d)</sup>  | Capital One Financial Corp. <sup>(a)(d)</sup>  | Capital One Financial Corp. <sup>(a)(d)</sup>  |
| (3 mo. USD Term SOFR + 3.338%) | (3 mo. USD Term SOFR + 3.338%) | (3 mo. USD Term SOFR + 3.338%) | (3 mo. USD Term SOFR + 3.338%) |
| 1000000 | 5.500 | 10/30/27 | 1001660 |
| (5 yr. CMT + 3.157%) | (5 yr. CMT + 3.157%) | (5 yr. CMT + 3.157%) | (5 yr. CMT + 3.157%) |
| 2000000 | 3.950 | 12/31/99 | 1966000 |
| Charles Schwab Corp. <sup>(a)(d)</sup> (5 yr. CMT + 3.168%) | Charles Schwab Corp. <sup>(a)(d)</sup> (5 yr. CMT + 3.168%) | Charles Schwab Corp. <sup>(a)(d)</sup> (5 yr. CMT + 3.168%) | Charles Schwab Corp. <sup>(a)(d)</sup> (5 yr. CMT + 3.168%) |
| 2760000 | 4.000 | 06/01/26 | 2731655 |
| Credit Acceptance Corp. <sup>(a)(b)</sup>  | Credit Acceptance Corp. <sup>(a)(b)</sup>  | Credit Acceptance Corp. <sup>(a)(b)</sup>  | Credit Acceptance Corp. <sup>(a)(b)</sup>  |
| 1635000 | 6.625 | 03/15/30 | 1632400 |
| Focus Financial Partners LLC <sup>(a)(b)</sup>  | Focus Financial Partners LLC <sup>(a)(b)</sup>  | Focus Financial Partners LLC <sup>(a)(b)</sup>  | Focus Financial Partners LLC <sup>(a)(b)</sup>  |
| 2135000 | 6.750 | 09/15/31 | 2202381 |
| Freedom Mortgage Holdings LLC <sup>(a)(b)</sup>  | Freedom Mortgage Holdings LLC <sup>(a)(b)</sup>  | Freedom Mortgage Holdings LLC <sup>(a)(b)</sup>  | Freedom Mortgage Holdings LLC <sup>(a)(b)</sup>  |
| 4870000 | 9.250 | 02/01/29 | 5114523 |
| goeasy Ltd. <sup>(a)(b)</sup>  | goeasy Ltd. <sup>(a)(b)</sup>  | goeasy Ltd. <sup>(a)(b)</sup>  | goeasy Ltd. <sup>(a)(b)</sup>  |
| 1925000 | 6.875 | 02/15/31 | 1881360 |
| Jane Street Group/JSG Finance, Inc. <sup>(a)(b)</sup>  | Jane Street Group/JSG Finance, Inc. <sup>(a)(b)</sup>  | Jane Street Group/JSG Finance, Inc. <sup>(a)(b)</sup>  | Jane Street Group/JSG Finance, Inc. <sup>(a)(b)</sup>  |
| 2535000 | 6.125 | 11/01/32 | 2579717 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp. <sup>(a)(b)</sup>  | Jefferies Finance LLC/JFIN Co-Issuer Corp. <sup>(a)(b)</sup>  | Jefferies Finance LLC/JFIN Co-Issuer Corp. <sup>(a)(b)</sup>  | Jefferies Finance LLC/JFIN Co-Issuer Corp. <sup>(a)(b)</sup>  |
| 2759000 | 5.000 | 08/15/28 | 2612911 |
| Macquarie Airfinance Holdings Ltd. <sup>(a)(b)</sup>  | Macquarie Airfinance Holdings Ltd. <sup>(a)(b)</sup>  | Macquarie Airfinance Holdings Ltd. <sup>(a)(b)</sup>  | Macquarie Airfinance Holdings Ltd. <sup>(a)(b)</sup>  |
| 340000 | 6.400 | 03/26/29 | 357340 |
| Midcap Financial Issuer Trust <sup>(a)(b)</sup>  | Midcap Financial Issuer Trust <sup>(a)(b)</sup>  | Midcap Financial Issuer Trust <sup>(a)(b)</sup>  | Midcap Financial Issuer Trust <sup>(a)(b)</sup>  |
| 2367000 | 6.500 | 05/01/28 | 2324678 |
| 810000 | 5.625 | 01/15/30 | 765693 |
| Navient Corp. <sup>(a)</sup>  | Navient Corp. <sup>(a)</sup>  | Navient Corp. <sup>(a)</sup>  | Navient Corp. <sup>(a)</sup>  |
| 2293000 | 5.500 | 03/15/29 | 2249891 |
| 1645000 | 9.375 | 07/25/30 | 1808118 |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
| 536000 | 7.125 | 03/15/26 | 539693 |
| 1740000 | 6.625 <sup>(a)</sup> | 05/15/29 | 1790878 |
| 1578000 | 4.000 <sup>(a)</sup> | 09/15/30 | 1467287 |
| 4525000 | 7.125 <sup>(a)</sup> | 09/15/32 | 4670026 |
| Osaic Holdings, Inc. <sup>(a)(b)</sup>  | Osaic Holdings, Inc. <sup>(a)(b)</sup>  | Osaic Holdings, Inc. <sup>(a)(b)</sup>  | Osaic Holdings, Inc. <sup>(a)(b)</sup>  |
| 57000 | 6.750 | 08/01/32 | 58864 |
| 57000 | 8.000 | 08/01/33 | 58501 |
| Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. <sup>(a)(b)</sup> | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. <sup>(a)(b)</sup> | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. <sup>(a)(b)</sup> | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. <sup>(a)(b)</sup> |
| 1310000 | 6.375 | 02/01/27 | 1301079 |

---

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

---

| | |
|:---|:---|
| **4** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INCOME BUILDER 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** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) |
| PennyMac Financial Services, Inc. <sup>(a)(b)</sup>  | PennyMac Financial Services, Inc. <sup>(a)(b)</sup>  | PennyMac Financial Services, Inc. <sup>(a)(b)</sup>  | PennyMac Financial Services, Inc. <sup>(a)(b)</sup>  |
| 1760000 | 6.875% | 05/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1837123 |
| 225000 | 6.750 | 02/15/34 | 230517 |
| Rocket Cos., Inc. <sup>(a)(b)</sup>  | Rocket Cos., Inc. <sup>(a)(b)</sup>  | Rocket Cos., Inc. <sup>(a)(b)</sup>  | Rocket Cos., Inc. <sup>(a)(b)</sup>  |
| 1840000 | 6.125 | 08/01/30 | 1899156 |
| 1580000 | 6.375 | 08/01/33 | 1647498 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <sup>(a)(b)</sup>  | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <sup>(a)(b)</sup>  | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <sup>(a)(b)</sup>  | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <sup>(a)(b)</sup>  |
| 5292000 | 4.000 | 10/15/33 | 4864089 |
| SLM Corp. <sup>(a)</sup>  | SLM Corp. <sup>(a)</sup>  | SLM Corp. <sup>(a)</sup>  | SLM Corp. <sup>(a)</sup>  |
| 970000 | 6.500 | 01/31/30 | 1006006 |
| Stonex Escrow Issuer LLC <sup>(a)(b)</sup>  | Stonex Escrow Issuer LLC <sup>(a)(b)</sup>  | Stonex Escrow Issuer LLC <sup>(a)(b)</sup>  | Stonex Escrow Issuer LLC <sup>(a)(b)</sup>  |
| 945000 | 6.875 | 07/15/32 | 976157 |
| StoneX Group, Inc. <sup>(a)(b)</sup>  | StoneX Group, Inc. <sup>(a)(b)</sup>  | StoneX Group, Inc. <sup>(a)(b)</sup>  | StoneX Group, Inc. <sup>(a)(b)</sup>  |
| 1715000 | 7.875 | 03/01/31 | 1818226 |
| United Wholesale Mortgage LLC <sup>(a)(b)</sup>  | United Wholesale Mortgage LLC <sup>(a)(b)</sup>  | United Wholesale Mortgage LLC <sup>(a)(b)</sup>  | United Wholesale Mortgage LLC <sup>(a)(b)</sup>  |
| 3065000 | 5.500 | 04/15/29 | 3017830 |
| UWM Holdings LLC <sup>(a)(b)</sup>  | UWM Holdings LLC <sup>(a)(b)</sup>  | UWM Holdings LLC <sup>(a)(b)</sup>  | UWM Holdings LLC <sup>(a)(b)</sup>  |
| 2392000 | 6.250 | 03/15/31 | 2388747 |
| VFH Parent LLC/Valor Co-Issuer, Inc. <sup>(a)(b)</sup>  | VFH Parent LLC/Valor Co-Issuer, Inc. <sup>(a)(b)</sup>  | VFH Parent LLC/Valor Co-Issuer, Inc. <sup>(a)(b)</sup>  | VFH Parent LLC/Valor Co-Issuer, Inc. <sup>(a)(b)</sup>  |
| 1505000 | 7.500 | 06/15/31 | 1575043 |
|  |  |  | 72836527 |
| Electrical – 1.2% | Electrical – 1.2% | Electrical – 1.2% | Electrical – 1.2% |
| Adani Electricity Mumbai Ltd. | Adani Electricity Mumbai Ltd. | Adani Electricity Mumbai Ltd. | Adani Electricity Mumbai Ltd. |
| 410000 | 3.949 | 02/12/30 | 384941 |
| AES Panama Generation Holdings SRL <sup>(a)</sup>  | AES Panama Generation Holdings SRL <sup>(a)</sup>  | AES Panama Generation Holdings SRL <sup>(a)</sup>  | AES Panama Generation Holdings SRL <sup>(a)</sup>  |
| 225801 | 4.375 | 05/31/30 | 210052 |
| Alpha Generation LLC <sup>(a)(b)</sup>  | Alpha Generation LLC <sup>(a)(b)</sup>  | Alpha Generation LLC <sup>(a)(b)</sup>  | Alpha Generation LLC <sup>(a)(b)</sup>  |
| 2325000 | 6.250 | 01/15/34 | 2351877 |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC <sup>(a)(b)</sup> | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC <sup>(a)(b)</sup> | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC <sup>(a)(b)</sup> | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC <sup>(a)(b)</sup> |
| 2630000 | 6.375 | 02/15/32 | 2657089 |
| Calpine Corp. <sup>(a)(b)</sup>  | Calpine Corp. <sup>(a)(b)</sup>  | Calpine Corp. <sup>(a)(b)</sup>  | Calpine Corp. <sup>(a)(b)</sup>  |
| 4045000 | 3.750 | 03/01/31 | 3882229 |
| Energuate Trust 2 0 <sup>(a)(b)</sup>  | Energuate Trust 2 0 <sup>(a)(b)</sup>  | Energuate Trust 2 0 <sup>(a)(b)</sup>  | Energuate Trust 2 0 <sup>(a)(b)</sup>  |
| 200000 | 6.350 | 09/15/35 | 199800 |
| EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA <sup>(a)</sup>  | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA <sup>(a)</sup>  | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA <sup>(a)</sup>  | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA <sup>(a)</sup>  |
| 400000 | 5.375 | 12/30/30 | 370852 |
| Eskom Holdings | Eskom Holdings | Eskom Holdings | Eskom Holdings |
| 458000 | 8.450 | 08/10/28 | 489380 |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple <sup>(a)(b)</sup>  | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple <sup>(a)(b)</sup>  | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple <sup>(a)(b)</sup>  | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple <sup>(a)(b)</sup>  |
| 495254 | 7.250 | 01/31/41 | 523577 |
| Lightning Power LLC <sup>(a)(b)</sup>  | Lightning Power LLC <sup>(a)(b)</sup>  | Lightning Power LLC <sup>(a)(b)</sup>  | Lightning Power LLC <sup>(a)(b)</sup>  |
| 4213000 | 7.250 | 08/15/32 | 4465359 |
| Mong Duong Finance Holdings BV <sup>(a)</sup>  | Mong Duong Finance Holdings BV <sup>(a)</sup>  | Mong Duong Finance Holdings BV <sup>(a)</sup>  | Mong Duong Finance Holdings BV <sup>(a)</sup>  |
| 589512 | 5.125 | 05/07/29 | 582379 |
| NextEra Energy Capital Holdings, Inc. <sup>(a)(d)</sup>  | NextEra Energy Capital Holdings, Inc. <sup>(a)(d)</sup>  | NextEra Energy Capital Holdings, Inc. <sup>(a)(d)</sup>  | NextEra Energy Capital Holdings, Inc. <sup>(a)(d)</sup>  |
| (5 yr. CMT + 1.979%) | (5 yr. CMT + 1.979%) | (5 yr. CMT + 1.979%) | (5 yr. CMT + 1.979%) |
| 1645000 | 6.500 | 08/15/55 | 1760364 |
| (5 yr. CMT + 2.053%) | (5 yr. CMT + 2.053%) | (5 yr. CMT + 2.053%) | (5 yr. CMT + 2.053%) |
| 1125000 | 6.375 | 08/15/55 | 1173724 |
| NRG Energy, Inc. <sup>(a)</sup>  | NRG Energy, Inc. <sup>(a)</sup>  | NRG Energy, Inc. <sup>(a)</sup>  | NRG Energy, Inc. <sup>(a)</sup>  |
| 110000 | 5.750 | 01/15/28 | 110419 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electrical – (continued) | Electrical – (continued) | Electrical – (continued) | Electrical – (continued) |
| 428000 | 3.375 %<sup>(b)</sup> | 02/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407199 |
| 4943000 | 5.750 <sup>(b)</sup> | 07/15/29 | 4964700 |
| 1780000 | 6.000 <sup>(b)</sup> | 01/15/36 | 1810011 |
| Pacific Gas & Electric Co. <sup>(a)</sup> | Pacific Gas & Electric Co. <sup>(a)</sup> | Pacific Gas & Electric Co. <sup>(a)</sup> | Pacific Gas & Electric Co. <sup>(a)</sup> |
| 1410000 | 3.500 | 08/01/50 | 965963 |
| Pike Corp. <sup>(a)(b)</sup> | Pike Corp. <sup>(a)(b)</sup> | Pike Corp. <sup>(a)(b)</sup> | Pike Corp. <sup>(a)(b)</sup> |
| 2320000 | 5.500 | 09/01/28 | 2311091 |
| 785000 | 8.625 | 01/31/31 | 839031 |
| San Miguel Global Power Holdings Corp. <sup>(a)(d)</sup> (5 yr. CMT + 7.732%) | San Miguel Global Power Holdings Corp. <sup>(a)(d)</sup> (5 yr. CMT + 7.732%) | San Miguel Global Power Holdings Corp. <sup>(a)(d)</sup> (5 yr. CMT + 7.732%) | San Miguel Global Power Holdings Corp. <sup>(a)(d)</sup> (5 yr. CMT + 7.732%) |
| 340000 | 8.750 | 06/12/29 | 352220 |
| Talen Energy Supply LLC <sup>(a)(b)</sup> | Talen Energy Supply LLC <sup>(a)(b)</sup> | Talen Energy Supply LLC <sup>(a)(b)</sup> | Talen Energy Supply LLC <sup>(a)(b)</sup> |
| 1050000 | 6.250 | 02/01/34 | 1076386 |
| 1050000 | 6.500 | 02/01/36 | 1087086 |
|  |  |  | 32975729 |
| Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1% | Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1% | Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1% | Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1% |
| WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. |
| 960000 | 6.375 | 03/15/29 | 990394 |
| 730000 | 6.625 | 03/15/32 | 762923 |
|  |  |  | 1753317 |
| Electronics<sup>(a)(b)</sup> – 0.2% | Electronics<sup>(a)(b)</sup> – 0.2% | Electronics<sup>(a)(b)</sup> – 0.2% | Electronics<sup>(a)(b)</sup> – 0.2% |
| Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
| 4318000 | 4.750 | 05/15/29 | 4263248 |
| TTM Technologies, Inc. | TTM Technologies, Inc. | TTM Technologies, Inc. | TTM Technologies, Inc. |
| 769000 | 4.000 | 03/01/29 | 742892 |
|  |  |  | 5006140 |
| Engineering & Construction<sup>(a)</sup> – 0.7% | Engineering & Construction<sup>(a)</sup> – 0.7% | Engineering & Construction<sup>(a)</sup> – 0.7% | Engineering & Construction<sup>(a)</sup> – 0.7% |
| AECOM <sup>(b)</sup> | AECOM <sup>(b)</sup> | AECOM <sup>(b)</sup> | AECOM <sup>(b)</sup> |
| 3369000 | 6.000 | 08/01/33 | 3460064 |
| Aeropuerto Internacional de Tocumen SA | Aeropuerto Internacional de Tocumen SA | Aeropuerto Internacional de Tocumen SA | Aeropuerto Internacional de Tocumen SA |
| 1040000 | 5.125 | 08/11/61 | 833924 |
| Aeropuertos Dominicanos Siglo XXI SA <sup>(b)</sup> | Aeropuertos Dominicanos Siglo XXI SA <sup>(b)</sup> | Aeropuertos Dominicanos Siglo XXI SA <sup>(b)</sup> | Aeropuertos Dominicanos Siglo XXI SA <sup>(b)</sup> |
| 690000 | 7.000 | 06/30/34 | 723465 |
| Arcosa, Inc. <sup>(b)</sup> | Arcosa, Inc. <sup>(b)</sup> | Arcosa, Inc. <sup>(b)</sup> | Arcosa, Inc. <sup>(b)</sup> |
| 1171000 | 4.375 | 04/15/29 | 1137966 |
| 590000 | 6.875 | 08/15/32 | 616279 |
| ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C <sup>(b)</sup> | ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C <sup>(b)</sup> | ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C <sup>(b)</sup> | ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C <sup>(b)</sup> |
| 420000 | 7.875 | 02/03/30 | 428862 |
| Dycom Industries, Inc. <sup>(b)</sup> | Dycom Industries, Inc. <sup>(b)</sup> | Dycom Industries, Inc. <sup>(b)</sup> | Dycom Industries, Inc. <sup>(b)</sup> |
| 2654000 | 4.500 | 04/15/29 | 2599062 |
| Global Infrastructure Solutions, Inc. <sup>(b)</sup> | Global Infrastructure Solutions, Inc. <sup>(b)</sup> | Global Infrastructure Solutions, Inc. <sup>(b)</sup> | Global Infrastructure Solutions, Inc. <sup>(b)</sup> |
| 4255000 | 5.625 | 06/01/29 | 4255511 |
| 1335000 | 7.500 | 04/15/32 | 1398012 |
| IHS Holding Ltd. | IHS Holding Ltd. | IHS Holding Ltd. | IHS Holding Ltd. |
| 293000 | 5.625 <sup>(b)</sup> | 11/29/26 | 289338 |
| 200000 | 6.250 <sup>(b)</sup> | 11/29/28 | 199720 |
| 270000 | 8.250 | 11/29/31 | 280665 |
| International Airport Finance SA | International Airport Finance SA | International Airport Finance SA | International Airport Finance SA |
| 594884 | 12.000 | 03/15/33 | 633677 |
| Kingston Airport Revenue Finance Ltd. <sup>(b)</sup> | Kingston Airport Revenue Finance Ltd. <sup>(b)</sup> | Kingston Airport Revenue Finance Ltd. <sup>(b)</sup> | Kingston Airport Revenue Finance Ltd. <sup>(b)</sup> |
| 739000 | 6.750 | 12/15/36 | 750085 |

---

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

**The accompanying notes are an integral part of these financial statements.**<sub>5</sub>

------

GOLDMAN SACHS INCOME BUILDER FUND

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

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

Schedule of Investments (continued) *October 31, 2025*

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Engineering & Construction<sup>(a)</sup> – (continued) | Engineering & Construction<sup>(a)</sup> – (continued) | Engineering & Construction<sup>(a)</sup> – (continued) | Engineering & Construction<sup>(a)</sup> – (continued) |
| Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |
| $240000 | 3.875% | 04/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234470 |
| 320000 | 5.500 | 10/31/46 | 281459 |
| 300000 | 5.500 | 07/31/47 | 263376 |
|  |  |  | 18385935 |
| Entertainment<sup>(a)</sup> – 1.5% | Entertainment<sup>(a)</sup> – 1.5% | Entertainment<sup>(a)</sup> – 1.5% | Entertainment<sup>(a)</sup> – 1.5% |
| AMC Entertainment Holdings, Inc. <sup>(b)</sup>  | AMC Entertainment Holdings, Inc. <sup>(b)</sup>  | AMC Entertainment Holdings, Inc. <sup>(b)</sup>  | AMC Entertainment Holdings, Inc. <sup>(b)</sup>  |
| 818000 | 7.500 | 02/15/29 | 695464 |
| Boyne USA, Inc. <sup>(b)</sup>  | Boyne USA, Inc. <sup>(b)</sup>  | Boyne USA, Inc. <sup>(b)</sup>  | Boyne USA, Inc. <sup>(b)</sup>  |
| 2596000 | 4.750 | 05/15/29 | 2542626 |
| Caesars Entertainment, Inc. <sup>(b)</sup>  | Caesars Entertainment, Inc. <sup>(b)</sup>  | Caesars Entertainment, Inc. <sup>(b)</sup>  | Caesars Entertainment, Inc. <sup>(b)</sup>  |
| 4323000 | 4.625 | 10/15/29 | 4068505 |
| 1325000 | 6.000 | 10/15/32 | 1264116 |
| Cinemark USA, Inc. <sup>(b)</sup>  | Cinemark USA, Inc. <sup>(b)</sup>  | Cinemark USA, Inc. <sup>(b)</sup>  | Cinemark USA, Inc. <sup>(b)</sup>  |
| 3687000 | 5.250 | 07/15/28 | 3670666 |
| 1065000 | 7.000 | 08/01/32 | 1105342 |
| Cirsa Finance International SARL <sup>(b)</sup>  | Cirsa Finance International SARL <sup>(b)</sup>  | Cirsa Finance International SARL <sup>(b)</sup>  | Cirsa Finance International SARL <sup>(b)</sup>  |
| 511000 | 6.500 | 03/15/29 | 614190 |
| Light & Wonder International, Inc. <sup>(b)</sup>  | Light & Wonder International, Inc. <sup>(b)</sup>  | Light & Wonder International, Inc. <sup>(b)</sup>  | Light & Wonder International, Inc. <sup>(b)</sup>  |
| $1611000 | 6.250 | 10/01/33 | 1605426 |
| Penn Entertainment, Inc. <sup>(b)</sup>  | Penn Entertainment, Inc. <sup>(b)</sup>  | Penn Entertainment, Inc. <sup>(b)</sup>  | Penn Entertainment, Inc. <sup>(b)</sup>  |
| 2942000 | 4.125 | 07/01/29 | 2740826 |
| Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. <sup>(b)</sup> | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. <sup>(b)</sup> | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. <sup>(b)</sup> | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. <sup>(b)</sup> |
| 2340000 | 6.625 | 02/01/33 | 2365319 |
| Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp. <sup>(b)</sup>  | Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp. <sup>(b)</sup>  | Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp. <sup>(b)</sup>  | Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp. <sup>(b)</sup>  |
| 1110000 | 6.250 | 10/15/30 | 1118580 |
| SeaWorld Parks & Entertainment, Inc. <sup>(b)</sup>  | SeaWorld Parks & Entertainment, Inc. <sup>(b)</sup>  | SeaWorld Parks & Entertainment, Inc. <sup>(b)</sup>  | SeaWorld Parks & Entertainment, Inc. <sup>(b)</sup>  |
| 4680000 | 5.250 | 08/15/29 | 4593280 |
| Six Flags Entertainment Corp. <sup>(b)</sup>  | Six Flags Entertainment Corp. <sup>(b)</sup>  | Six Flags Entertainment Corp. <sup>(b)</sup>  | Six Flags Entertainment Corp. <sup>(b)</sup>  |
| 1779000 | 5.500 | 04/15/27 | 1771404 |
| Starz Capital Holdings LLC <sup>(b)</sup>  | Starz Capital Holdings LLC <sup>(b)</sup>  | Starz Capital Holdings LLC <sup>(b)</sup>  | Starz Capital Holdings LLC <sup>(b)</sup>  |
| 2435000 | 5.500 | 04/15/29 | 1943520 |
| Vail Resorts, Inc. <sup>(b)</sup>  | Vail Resorts, Inc. <sup>(b)</sup>  | Vail Resorts, Inc. <sup>(b)</sup>  | Vail Resorts, Inc. <sup>(b)</sup>  |
| 1420000 | 5.625 | 07/15/30 | 1436969 |
| Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
| 2205000 | 4.054 | 03/15/29 | 2141937 |
| 2660000 | 4.279 | 03/15/32 | 2438715 |
| 1725000 | 5.050 | 03/15/42 | 1384140 |
| 1815000 | 5.141 | 03/15/52 | 1383937 |
|  |  |  | 38884962 |
| Environmental<sup>(a)(b)</sup> – 0.9% | Environmental<sup>(a)(b)</sup> – 0.9% | Environmental<sup>(a)(b)</sup> – 0.9% | Environmental<sup>(a)(b)</sup> – 0.9% |
| GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
| 6695000 | 4.000 | 08/01/28 | 6549986 |
| Luna 1.5 SARL <sup>(c)</sup>  | Luna 1.5 SARL <sup>(c)</sup>  | Luna 1.5 SARL <sup>(c)</sup>  | Luna 1.5 SARL <sup>(c)</sup>  |
| 6275000 | 12.000 | 07/01/32 | 6526941 |
| Luna 2 5SARL | Luna 2 5SARL | Luna 2 5SARL | Luna 2 5SARL |
| 932000 | 5.500 | 07/01/32 | 1089234 |
| Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC |
| $4119000 | 4.125 | 06/30/28 | 4033325 |
| 1594000 | 5.875 | 06/30/29 | 1562216 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Environmental<sup>(a)(b)</sup> – (continued) | Environmental<sup>(a)(b)</sup> – (continued) | Environmental<sup>(a)(b)</sup> – (continued) | Environmental<sup>(a)(b)</sup> – (continued) |
| Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |
| 4305000 | 7.000% | 02/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4483184 |
|  |  |  | 24244886 |
| Food & Drug Retailing – 1.1% | Food & Drug Retailing – 1.1% | Food & Drug Retailing – 1.1% | Food & Drug Retailing – 1.1% |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC <sup>(a)(b)</sup>  | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC <sup>(a)(b)</sup>  | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC <sup>(a)(b)</sup>  | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC <sup>(a)(b)</sup>  |
| 2490000 | 4.625 | 01/15/27 | 2484074 |
| 1915000 | 5.875 | 02/15/28 | 1917011 |
| 482000 | 4.875 | 02/15/30 | 475965 |
| Aragvi Finance International DAC <sup>(a)(b)</sup>  | Aragvi Finance International DAC <sup>(a)(b)</sup>  | Aragvi Finance International DAC <sup>(a)(b)</sup>  | Aragvi Finance International DAC <sup>(a)(b)</sup>  |
| 440000 | 11.125 | 11/20/29 | 438212 |
| Arcor SAIC <sup>(a)(b)</sup>  | Arcor SAIC <sup>(a)(b)</sup>  | Arcor SAIC <sup>(a)(b)</sup>  | Arcor SAIC <sup>(a)(b)</sup>  |
| 190000 | 7.600 | 07/31/33 | 192398 |
| BRF GmbH | BRF GmbH | BRF GmbH | BRF GmbH |
| 317000 | 4.350 | 09/29/26 | 314147 |
| BRF SA <sup>(a)</sup>  | BRF SA <sup>(a)</sup>  | BRF SA <sup>(a)</sup>  | BRF SA <sup>(a)</sup>  |
| 206000 | 5.750 | 09/21/50 | 174843 |
| Chobani Holdco II LLC <sup>(a)(b)(c)</sup> (PIK 9.500%, Cash 8.750%) | Chobani Holdco II LLC <sup>(a)(b)(c)</sup> (PIK 9.500%, Cash 8.750%) | Chobani Holdco II LLC <sup>(a)(b)(c)</sup> (PIK 9.500%, Cash 8.750%) | Chobani Holdco II LLC <sup>(a)(b)(c)</sup> (PIK 9.500%, Cash 8.750%) |
| 249287 | 8.750 | 10/01/29 | 264085 |
| Fiesta Purchaser, Inc. <sup>(a)(b)</sup>  | Fiesta Purchaser, Inc. <sup>(a)(b)</sup>  | Fiesta Purchaser, Inc. <sup>(a)(b)</sup>  | Fiesta Purchaser, Inc. <sup>(a)(b)</sup>  |
| 1193000 | 9.625 | 09/15/32 | 1284038 |
| Grupo Nutresa SA <sup>(a)(b)</sup>  | Grupo Nutresa SA <sup>(a)(b)</sup>  | Grupo Nutresa SA <sup>(a)(b)</sup>  | Grupo Nutresa SA <sup>(a)(b)</sup>  |
| 300000 | 8.000 | 05/12/30 | 321517 |
| 300000 | 9.000 | 05/12/35 | 340575 |
| Kraft Heinz Foods Co. <sup>(a)</sup>  | Kraft Heinz Foods Co. <sup>(a)</sup>  | Kraft Heinz Foods Co. <sup>(a)</sup>  | Kraft Heinz Foods Co. <sup>(a)</sup>  |
| 2208000 | 5.000 | 07/15/35 | 2196452 |
| 2487000 | 4.375 | 06/01/46 | 2074680 |
| Performance Food Group, Inc. <sup>(a)(b)</sup>  | Performance Food Group, Inc. <sup>(a)(b)</sup>  | Performance Food Group, Inc. <sup>(a)(b)</sup>  | Performance Food Group, Inc. <sup>(a)(b)</sup>  |
| 1105000 | 5.500 | 10/15/27 | 1104978 |
| Post Holdings, Inc. <sup>(a)(b)</sup>  | Post Holdings, Inc. <sup>(a)(b)</sup>  | Post Holdings, Inc. <sup>(a)(b)</sup>  | Post Holdings, Inc. <sup>(a)(b)</sup>  |
| 5739000 | 4.625 | 04/15/30 | 5564592 |
| 3611000 | 6.375 | 03/01/33 | 3666790 |
| U.S. Foods, Inc. <sup>(a)(b)</sup>  | U.S. Foods, Inc. <sup>(a)(b)</sup>  | U.S. Foods, Inc. <sup>(a)(b)</sup>  | U.S. Foods, Inc. <sup>(a)(b)</sup>  |
| 2580000 | 4.750 | 02/15/29 | 2553194 |
| 980000 | 4.625 | 06/01/30 | 961713 |
| United Natural Foods, Inc. <sup>(a)(b)</sup>  | United Natural Foods, Inc. <sup>(a)(b)</sup>  | United Natural Foods, Inc. <sup>(a)(b)</sup>  | United Natural Foods, Inc. <sup>(a)(b)</sup>  |
| 1970000 | 6.750 | 10/15/28 | 1969901 |
|  |  |  | 28299165 |
| Hand/Machine Tools<sup>(a)</sup> – 0.1% | Hand/Machine Tools<sup>(a)</sup> – 0.1% | Hand/Machine Tools<sup>(a)</sup> – 0.1% | Hand/Machine Tools<sup>(a)</sup> – 0.1% |
| Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. |
| 1940000 | 6.300 | 02/15/30 | 2052889 |
| Healthcare Providers & Services<sup>(a)</sup> – 1.1% | Healthcare Providers & Services<sup>(a)</sup> – 1.1% | Healthcare Providers & Services<sup>(a)</sup> – 1.1% | Healthcare Providers & Services<sup>(a)</sup> – 1.1% |
| DaVita, Inc. <sup>(b)</sup>  | DaVita, Inc. <sup>(b)</sup>  | DaVita, Inc. <sup>(b)</sup>  | DaVita, Inc. <sup>(b)</sup>  |
| 6785000 | 3.750 | 02/15/31 | 6234194 |
| 1915000 | 6.750 | 07/15/33 | 1986142 |
| Encompass Health Corp. | Encompass Health Corp. | Encompass Health Corp. | Encompass Health Corp. |
| 1150000 | 4.500 | 02/01/28 | 1141352 |
| Global Medical Response, Inc. <sup>(b)</sup>  | Global Medical Response, Inc. <sup>(b)</sup>  | Global Medical Response, Inc. <sup>(b)</sup>  | Global Medical Response, Inc. <sup>(b)</sup>  |
| 1098000 | 7.375 | 10/01/32 | 1149156 |
| LifePoint Health, Inc. <sup>(b)</sup>  | LifePoint Health, Inc. <sup>(b)</sup>  | LifePoint Health, Inc. <sup>(b)</sup>  | LifePoint Health, Inc. <sup>(b)</sup>  |
| 3465000 | 5.375 | 01/15/29 | 3356095 |

---

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

---

| | |
|:---|:---|
| **6** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INCOME BUILDER 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** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Healthcare Providers & Services<sup>(a)</sup> – (continued) | Healthcare Providers & Services<sup>(a)</sup> – (continued) | Healthcare Providers & Services<sup>(a)</sup> – (continued) | Healthcare Providers & Services<sup>(a)</sup> – (continued) |
| Medline Borrower LP <sup>(b)</sup>  | Medline Borrower LP <sup>(b)</sup>  | Medline Borrower LP <sup>(b)</sup>  | Medline Borrower LP <sup>(b)</sup>  |
| 3135000 | 3.875% | 04/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3045590 |
| 4389000 | 5.250 | 10/01/29 | 4370654 |
| Molina Healthcare, Inc. <sup>(b)</sup>  | Molina Healthcare, Inc. <sup>(b)</sup>  | Molina Healthcare, Inc. <sup>(b)</sup>  | Molina Healthcare, Inc. <sup>(b)</sup>  |
| 1818000 | 3.875 | 05/15/32 | 1640636 |
| 2275000 | 6.250 | 01/15/33 | 2287922 |
| Prime Healthcare Services, Inc. <sup>(b)</sup>  | Prime Healthcare Services, Inc. <sup>(b)</sup>  | Prime Healthcare Services, Inc. <sup>(b)</sup>  | Prime Healthcare Services, Inc. <sup>(b)</sup>  |
| 1535000 | 9.375 | 09/01/29 | 1615250 |
| Team Health Holdings, Inc. <sup>(b)</sup>  | Team Health Holdings, Inc. <sup>(b)</sup>  | Team Health Holdings, Inc. <sup>(b)</sup>  | Team Health Holdings, Inc. <sup>(b)</sup>  |
| 654000 | 8.375 | 06/30/28 | 661344 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| 3154000 | 6.125 | 06/15/30 | 3211781 |
|  |  |  | 30700116 |
| Home Builders – 0.5% | Home Builders – 0.5% | Home Builders – 0.5% | Home Builders – 0.5% |
| Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC <sup>(a)(b)</sup>  | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC <sup>(a)(b)</sup>  | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC <sup>(a)(b)</sup>  | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC <sup>(a)(b)</sup>  |
| 1577000 | 4.875 | 02/15/30 | 1462226 |
| Installed Building Products, Inc. <sup>(a)(b)</sup>  | Installed Building Products, Inc. <sup>(a)(b)</sup>  | Installed Building Products, Inc. <sup>(a)(b)</sup>  | Installed Building Products, Inc. <sup>(a)(b)</sup>  |
| 770000 | 5.750 | 02/01/28 | 769654 |
| K Hovnanian Enterprises, Inc. <sup>(a)(b)</sup>  | K Hovnanian Enterprises, Inc. <sup>(a)(b)</sup>  | K Hovnanian Enterprises, Inc. <sup>(a)(b)</sup>  | K Hovnanian Enterprises, Inc. <sup>(a)(b)</sup>  |
| 444000 | 8.000 | 04/01/31 | 453395 |
| 399000 | 8.375 | 10/01/33 | 408392 |
| KB Home <sup>(a)</sup>  | KB Home <sup>(a)</sup>  | KB Home <sup>(a)</sup>  | KB Home <sup>(a)</sup>  |
| 1730000 | 7.250 | 07/15/30 | 1782142 |
| New Home Co., Inc. <sup>(a)(b)</sup>  | New Home Co., Inc. <sup>(a)(b)</sup>  | New Home Co., Inc. <sup>(a)(b)</sup>  | New Home Co., Inc. <sup>(a)(b)</sup>  |
| 3250000 | 8.500 | 11/01/30 | 3374378 |
| PulteGroup, Inc. | PulteGroup, Inc. | PulteGroup, Inc. | PulteGroup, Inc. |
| 2880000 | 7.875 | 06/15/32 | 3359462 |
| Taylor Morrison Communities, Inc. <sup>(a)(b)</sup>  | Taylor Morrison Communities, Inc. <sup>(a)(b)</sup>  | Taylor Morrison Communities, Inc. <sup>(a)(b)</sup>  | Taylor Morrison Communities, Inc. <sup>(a)(b)</sup>  |
| 1246000 | 5.125 | 08/01/30 | 1243159 |
|  |  |  | 12852808 |
| Home Furnishings<sup>(a)(b)</sup> – 0.0% | Home Furnishings<sup>(a)(b)</sup> – 0.0% | Home Furnishings<sup>(a)(b)</sup> – 0.0% | Home Furnishings<sup>(a)(b)</sup> – 0.0% |
| Somnigroup International, Inc. | Somnigroup International, Inc. | Somnigroup International, Inc. | Somnigroup International, Inc. |
| 1455000 | 3.875 | 10/15/31 | 1344289 |
| Household Products<sup>(a)</sup> – 0.1% | Household Products<sup>(a)</sup> – 0.1% | Household Products<sup>(a)</sup> – 0.1% | Household Products<sup>(a)</sup> – 0.1% |
| Central Garden & Pet Co. | Central Garden & Pet Co. | Central Garden & Pet Co. | Central Garden & Pet Co. |
| 1325000 | 4.125 | 10/15/30 | 1252788 |
| Spectrum Brands, Inc. <sup>(b)</sup>  | Spectrum Brands, Inc. <sup>(b)</sup>  | Spectrum Brands, Inc. <sup>(b)</sup>  | Spectrum Brands, Inc. <sup>(b)</sup>  |
| 442000 | 3.875 | 03/15/31 | 357896 |
|  |  |  | 1610684 |
| Housewares<sup>(a)</sup> – 0.2% | Housewares<sup>(a)</sup> – 0.2% | Housewares<sup>(a)</sup> – 0.2% | Housewares<sup>(a)</sup> – 0.2% |
| Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
| 860000 | 8.500 <sup>(b)</sup> | 06/01/28 | 885000 |
| 475000 | 6.375 | 05/15/30 | 451250 |
| 730000 | 6.625 | 05/15/32 | 687864 |
| 1325000 | 7.500 | 04/01/46 | 1099313 |
| Scotts Miracle-Gro Co. | Scotts Miracle-Gro Co. | Scotts Miracle-Gro Co. | Scotts Miracle-Gro Co. |
| 3552000 | 4.000 | 04/01/31 | 3292598 |
|  |  |  | 6416025 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Insurance – 1.7% | Insurance – 1.7% | Insurance – 1.7% | Insurance – 1.7% |
| Acrisure LLC/Acrisure Finance, Inc. <sup>(a)(b)</sup> | Acrisure LLC/Acrisure Finance, Inc. <sup>(a)(b)</sup> | Acrisure LLC/Acrisure Finance, Inc. <sup>(a)(b)</sup> | Acrisure LLC/Acrisure Finance, Inc. <sup>(a)(b)</sup> |
| $895000 | 8.250% | 02/01/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932778 |
| 4490000 | 6.000 | 08/01/29 | 4444965 |
| 1065000 | 6.750 | 07/01/32 | 1092882 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer <sup>(a)(b)</sup> | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer <sup>(a)(b)</sup> | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer <sup>(a)(b)</sup> | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer <sup>(a)(b)</sup> |
| 1596000 | 6.750 | 10/15/27 | 1601379 |
| 5275000 | 6.750 | 04/15/28 | 5368789 |
| 1660000 | 7.375 | 10/01/32 | 1715693 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC <sup>(a)(b)</sup>  | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC <sup>(a)(b)</sup>  | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC <sup>(a)(b)</sup>  | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC <sup>(a)(b)</sup>  |
| 3140000 | 7.875 | 11/01/29 | 3234985 |
| Ardonagh Finco Ltd. <sup>(a)</sup> | Ardonagh Finco Ltd. <sup>(a)</sup> | Ardonagh Finco Ltd. <sup>(a)</sup> | Ardonagh Finco Ltd. <sup>(a)</sup> |
| 415000 | 6.875 | 02/15/31 | 495996 |
| Ardonagh Group Finance Ltd. <sup>(a)(b)</sup> | Ardonagh Group Finance Ltd. <sup>(a)(b)</sup> | Ardonagh Group Finance Ltd. <sup>(a)(b)</sup> | Ardonagh Group Finance Ltd. <sup>(a)(b)</sup> |
| $5581000 | 8.875 | 02/15/32 | 5820704 |
| Broadstreet Partners Group LLC <sup>(a)(b)</sup> | Broadstreet Partners Group LLC <sup>(a)(b)</sup> | Broadstreet Partners Group LLC <sup>(a)(b)</sup> | Broadstreet Partners Group LLC <sup>(a)(b)</sup> |
| 4409000 | 5.875 | 04/15/29 | 4390570 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC <sup>(a)(b)</sup>  | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC <sup>(a)(b)</sup>  | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC <sup>(a)(b)</sup>  | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC <sup>(a)(b)</sup>  |
| 2975000 | 8.125 | 02/15/32 | 3069694 |
| HUB International Ltd. <sup>(a)(b)</sup> | HUB International Ltd. <sup>(a)(b)</sup> | HUB International Ltd. <sup>(a)(b)</sup> | HUB International Ltd. <sup>(a)(b)</sup> |
| 1470000 | 7.375 | 01/31/32 | 1524140 |
| MetLife, Inc. <sup>(a)(d)</sup> (5 yr. CMT + 2.078%) | MetLife, Inc. <sup>(a)(d)</sup> (5 yr. CMT + 2.078%) | MetLife, Inc. <sup>(a)(d)</sup> (5 yr. CMT + 2.078%) | MetLife, Inc. <sup>(a)(d)</sup> (5 yr. CMT + 2.078%) |
| 3045000 | 6.350 | 03/15/55 | 3233881 |
| Nassau Cos., of New York <sup>(a)(b)</sup> | Nassau Cos., of New York <sup>(a)(b)</sup> | Nassau Cos., of New York <sup>(a)(b)</sup> | Nassau Cos., of New York <sup>(a)(b)</sup> |
| 2253000 | 7.875 | 07/15/30 | 2299164 |
| Prudential Financial, Inc. <sup>(a)(d)</sup> (5 yr. CMT + 3.234%) | Prudential Financial, Inc. <sup>(a)(d)</sup> (5 yr. CMT + 3.234%) | Prudential Financial, Inc. <sup>(a)(d)</sup> (5 yr. CMT + 3.234%) | Prudential Financial, Inc. <sup>(a)(d)</sup> (5 yr. CMT + 3.234%) |
| 2400000 | 6.000 | 09/01/52 | 2497560 |
| Ryan Specialty LLC <sup>(a)(b)</sup> | Ryan Specialty LLC <sup>(a)(b)</sup> | Ryan Specialty LLC <sup>(a)(b)</sup> | Ryan Specialty LLC <sup>(a)(b)</sup> |
| 1260000 | 5.875 | 08/01/32 | 1281307 |
| Transatlantic Holdings, Inc. | Transatlantic Holdings, Inc. | Transatlantic Holdings, Inc. | Transatlantic Holdings, Inc. |
| 70000 | 8.000 | 11/30/39 | 88268 |
| USI, Inc. <sup>(a)(b)</sup> | USI, Inc. <sup>(a)(b)</sup> | USI, Inc. <sup>(a)(b)</sup> | USI, Inc. <sup>(a)(b)</sup> |
| 1125000 | 7.500 | 01/15/32 | 1165658 |
|  |  |  | 44258413 |
| Internet<sup>(a)</sup> – 0.8% | Internet<sup>(a)</sup> – 0.8% | Internet<sup>(a)</sup> – 0.8% | Internet<sup>(a)</sup> – 0.8% |
| ANGI Group LLC <sup>(b)</sup> | ANGI Group LLC <sup>(b)</sup> | ANGI Group LLC <sup>(b)</sup> | ANGI Group LLC <sup>(b)</sup> |
| 2499000 | 3.875 | 08/15/28 | 2307352 |
| Arches Buyer, Inc. <sup>(b)</sup> | Arches Buyer, Inc. <sup>(b)</sup> | Arches Buyer, Inc. <sup>(b)</sup> | Arches Buyer, Inc. <sup>(b)</sup> |
| 3231000 | 6.125 | 12/01/28 | 3155362 |
| Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
| 3285000 | 3.250 | 02/15/30 | 3135270 |
| Gen Digital, Inc. <sup>(b)</sup> | Gen Digital, Inc. <sup>(b)</sup> | Gen Digital, Inc. <sup>(b)</sup> | Gen Digital, Inc. <sup>(b)</sup> |
| 1170000 | 6.250 | 04/01/33 | 1203649 |
| GrubHub Holdings, Inc. <sup>(b)(c)</sup> (PIK 7.000%, Cash 6.000%) | GrubHub Holdings, Inc. <sup>(b)(c)</sup> (PIK 7.000%, Cash 6.000%) | GrubHub Holdings, Inc. <sup>(b)(c)</sup> (PIK 7.000%, Cash 6.000%) | GrubHub Holdings, Inc. <sup>(b)(c)</sup> (PIK 7.000%, Cash 6.000%) |
| 876942 | 13.000 | 07/31/30 | 738868 |
| Match Group Holdings II LLC <sup>(b)</sup> | Match Group Holdings II LLC <sup>(b)</sup> | Match Group Holdings II LLC <sup>(b)</sup> | Match Group Holdings II LLC <sup>(b)</sup> |
| 1155000 | 5.625 | 02/15/29 | 1151766 |
| 883000 | 3.625 | 10/01/31 | 800501 |
| Rakuten Group, Inc. <sup>(b)(d)</sup> (5 yr. CMT + 4.250%) | Rakuten Group, Inc. <sup>(b)(d)</sup> (5 yr. CMT + 4.250%) | Rakuten Group, Inc. <sup>(b)(d)</sup> (5 yr. CMT + 4.250%) | Rakuten Group, Inc. <sup>(b)(d)</sup> (5 yr. CMT + 4.250%) |
| 1125000 | 8.125 | 12/31/99 | 1173150 |
| Snap, Inc. <sup>(b)</sup> | Snap, Inc. <sup>(b)</sup> | Snap, Inc. <sup>(b)</sup> | Snap, Inc. <sup>(b)</sup> |
| 740000 | 6.875 | 03/01/33 | 757508 |

---

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

**The accompanying notes are an integral part of these financial statements.**<sub>7</sub>

------

GOLDMAN SACHS INCOME BUILDER FUND

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

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

Schedule of Investments (continued) *October 31, 2025*

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Internet<sup>(a)</sup> – (continued) | Internet<sup>(a)</sup> – (continued) | Internet<sup>(a)</sup> – (continued) | Internet<sup>(a)</sup> – (continued) |
| $3347000 | 6.875% | 03/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3403364 |
| United Group BV | United Group BV | United Group BV | United Group BV |
| 1125000 | 4.625 <sup>(b)</sup> | 08/15/28 | 1292491 |
| (3 mo. EUR EURIBOR + 4.250%) | (3 mo. EUR EURIBOR + 4.250%) | (3 mo. EUR EURIBOR + 4.250%) | (3 mo. EUR EURIBOR + 4.250%) |
| 1125000 | 6.286 <sup>(d)</sup> | 02/15/31 | 1298352 |
|  |  |  | 20417633 |
| Investment Companies<sup>(a)(b)</sup> – 0.2% | Investment Companies<sup>(a)(b)</sup> – 0.2% | Investment Companies<sup>(a)(b)</sup> – 0.2% | Investment Companies<sup>(a)(b)</sup> – 0.2% |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
| $4590000 | 10.000 | 11/15/29 | 4607488 |
| Iron/Steel<sup>(a)</sup> – 0.3% | Iron/Steel<sup>(a)</sup> – 0.3% | Iron/Steel<sup>(a)</sup> – 0.3% | Iron/Steel<sup>(a)</sup> – 0.3% |
| Cleveland-Cliffs, Inc. <sup>(b)</sup> | Cleveland-Cliffs, Inc. <sup>(b)</sup> | Cleveland-Cliffs, Inc. <sup>(b)</sup> | Cleveland-Cliffs, Inc. <sup>(b)</sup> |
| 1230000 | 6.875 | 11/01/29 | 1263862 |
| 1555000 | 4.875 | 03/01/31 | 1467656 |
| 810000 | 7.500 | 09/15/31 | 848669 |
| 965000 | 7.625 | 01/15/34 | 1002934 |
| CSN Inova Ventures | CSN Inova Ventures | CSN Inova Ventures | CSN Inova Ventures |
| 520000 | 6.750 | 01/28/28 | 481260 |
| Metinvest BV | Metinvest BV | Metinvest BV | Metinvest BV |
| 200000 | 8.500 | 04/23/26 | 177000 |
| Mineral Resources Ltd. <sup>(b)</sup> | Mineral Resources Ltd. <sup>(b)</sup> | Mineral Resources Ltd. <sup>(b)</sup> | Mineral Resources Ltd. <sup>(b)</sup> |
| 1085000 | 7.000 | 04/01/31 | 1123496 |
| Samarco Mineracao SA <sup>(c)</sup> (PIK 9.049%, Cash 9.000%) | Samarco Mineracao SA <sup>(c)</sup> (PIK 9.049%, Cash 9.000%) | Samarco Mineracao SA <sup>(c)</sup> (PIK 9.049%, Cash 9.000%) | Samarco Mineracao SA <sup>(c)</sup> (PIK 9.049%, Cash 9.000%) |
| 834177 | 9.500 | 06/30/31 | 831321 |
|  |  |  | 7196198 |
| Leisure Time<sup>(a)(b)</sup> – 1.0% | Leisure Time<sup>(a)(b)</sup> – 1.0% | Leisure Time<sup>(a)(b)</sup> – 1.0% | Leisure Time<sup>(a)(b)</sup> – 1.0% |
| Acushnet Co. | Acushnet Co. | Acushnet Co. | Acushnet Co. |
| 310000 | 7.375 | 10/15/28 | 321445 |
| Carnival Corp. | Carnival Corp. | Carnival Corp. | Carnival Corp. |
| 2305000 | 5.750 | 03/15/30 | 2374427 |
| 1795000 | 6.125 | 02/15/33 | 1851022 |
| Carnival PLC | Carnival PLC | Carnival PLC | Carnival PLC |
| 2443000 | 4.125 | 07/15/31 | 2883337 |
| MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC |
| $3765000 | 6.375 | 06/01/29 | 2965277 |
| NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
| 1500000 | 5.875 | 01/15/31 | 1499970 |
| 1875000 | 6.750 | 02/01/32 | 1927256 |
| 750000 | 6.250 | 09/15/33 | 757860 |
| Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
| 2425000 | 5.625 | 09/30/31 | 2469062 |
| 4121000 | 6.250 | 03/15/32 | 4251347 |
| Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |
| 4145000 | 5.875 | 10/15/33 | 4208543 |
|  |  |  | 25509546 |
| Lodging – 0.5% | Lodging – 0.5% | Lodging – 0.5% | Lodging – 0.5% |
| Genting New York LLC/GENNY Capital, Inc. <sup>(a)(b)</sup> | Genting New York LLC/GENNY Capital, Inc. <sup>(a)(b)</sup> | Genting New York LLC/GENNY Capital, Inc. <sup>(a)(b)</sup> | Genting New York LLC/GENNY Capital, Inc. <sup>(a)(b)</sup> |
| 4225000 | 7.250 | 10/01/29 | 4374607 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations |
| Borrower, Inc. <sup>(a)(b)</sup> | Borrower, Inc. <sup>(a)(b)</sup> | Borrower, Inc. <sup>(a)(b)</sup> | Borrower, Inc. <sup>(a)(b)</sup> |
| 3640000 | 5.000 | 06/01/29 | 3491088 |
| Las Vegas Sands Corp. <sup>(a)</sup> | Las Vegas Sands Corp. <sup>(a)</sup> | Las Vegas Sands Corp. <sup>(a)</sup> | Las Vegas Sands Corp. <sup>(a)</sup> |
| 170000 | 6.000 | 06/14/30 | 177478 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Lodging – (continued) | Lodging – (continued) | Lodging – (continued) | Lodging – (continued) |
| Melco Resorts Finance Ltd. <sup>(a)</sup> | Melco Resorts Finance Ltd. <sup>(a)</sup> | Melco Resorts Finance Ltd. <sup>(a)</sup> | Melco Resorts Finance Ltd. <sup>(a)</sup> |
| 430000 | 5.625% | 07/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428817 |
| 1360000 | 7.625 <sup>(b)</sup> | 04/17/32 | 1432080 |
| MGM Resorts International <sup>(a)</sup> | MGM Resorts International <sup>(a)</sup> | MGM Resorts International <sup>(a)</sup> | MGM Resorts International <sup>(a)</sup> |
| 1757000 | 4.750 | 10/15/28 | 1746194 |
| Travel & Leisure Co. <sup>(a)(b)</sup> | Travel & Leisure Co. <sup>(a)(b)</sup> | Travel & Leisure Co. <sup>(a)(b)</sup> | Travel & Leisure Co. <sup>(a)(b)</sup> |
| 573000 | 6.625 | 07/31/26 | 577189 |
| Wynn Macau Ltd. <sup>(b)(f)</sup> | Wynn Macau Ltd. <sup>(b)(f)</sup> | Wynn Macau Ltd. <sup>(b)(f)</sup> | Wynn Macau Ltd. <sup>(b)(f)</sup> |
| 310000 | 4.500 | 03/07/29 | 325190 |
|  |  |  | 12552643 |
| Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.2% | Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.2% | Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.2% | Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.2% |
| BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. |
| 983000 | 4.125 | 06/30/28 | 960764 |
| Terex Corp. | Terex Corp. | Terex Corp. | Terex Corp. |
| 1015000 | 6.250 | 10/15/32 | 1030651 |
| Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. |
| 2836000 | 4.125 | 11/15/28 | 2794056 |
|  |  |  | 4785471 |
| Machinery-Diversified<sup>(a)(b)</sup> – 0.2% | Machinery-Diversified<sup>(a)(b)</sup> – 0.2% | Machinery-Diversified<sup>(a)(b)</sup> – 0.2% | Machinery-Diversified<sup>(a)(b)</sup> – 0.2% |
| Chart Industries, Inc. | Chart Industries, Inc. | Chart Industries, Inc. | Chart Industries, Inc. |
| 1665000 | 7.500 | 01/01/30 | 1735879 |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC |
| 2935000 | 9.000 | 02/15/29 | 3032647 |
|  |  |  | 4768526 |
| Media<sup>(a)</sup> – 2.1% | Media<sup>(a)</sup> – 2.1% | Media<sup>(a)</sup> – 2.1% | Media<sup>(a)</sup> – 2.1% |
| AMC Networks, Inc. <sup>(b)</sup> | AMC Networks, Inc. <sup>(b)</sup> | AMC Networks, Inc. <sup>(b)</sup> | AMC Networks, Inc. <sup>(b)</sup> |
| 980000 | 10.250 | 01/15/29 | 1029196 |
| CCO Holdings LLC/CCO Holdings Capital Corp. <sup>(b)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp. <sup>(b)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp. <sup>(b)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp. <sup>(b)</sup> |
| 4780000 | 4.750 | 03/01/30 | 4537319 |
| 5885000 | 4.250 | 02/01/31 | 5332045 |
| 4605000 | 4.750 | 02/01/32 | 4168722 |
| Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
| 11515000 | 6.384 | 10/23/35 | 11920558 |
| Cumulus Media New Holdings, Inc. <sup>(b)</sup> | Cumulus Media New Holdings, Inc. <sup>(b)</sup> | Cumulus Media New Holdings, Inc. <sup>(b)</sup> | Cumulus Media New Holdings, Inc. <sup>(b)</sup> |
| 2205000 | 8.000 | 07/01/29 | 619010 |
| Directv Financing LLC <sup>(b)</sup> | Directv Financing LLC <sup>(b)</sup> | Directv Financing LLC <sup>(b)</sup> | Directv Financing LLC <sup>(b)</sup> |
| 1110000 | 8.875 | 02/01/30 | 1104161 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. <sup>(b)</sup> | Directv Financing LLC/Directv Financing Co-Obligor, Inc. <sup>(b)</sup> | Directv Financing LLC/Directv Financing Co-Obligor, Inc. <sup>(b)</sup> | Directv Financing LLC/Directv Financing Co-Obligor, Inc. <sup>(b)</sup> |
| 2351000 | 5.875 | 08/15/27 | 2349495 |
| DISH DBS Corp. <sup>(b)</sup> | DISH DBS Corp. <sup>(b)</sup> | DISH DBS Corp. <sup>(b)</sup> | DISH DBS Corp. <sup>(b)</sup> |
| 1650000 | 5.250 | 12/01/26 | 1623485 |
| DISH Network Corp. <sup>(b)</sup> | DISH Network Corp. <sup>(b)</sup> | DISH Network Corp. <sup>(b)</sup> | DISH Network Corp. <sup>(b)</sup> |
| 1740000 | 11.750 | 11/15/27 | 1830932 |
| Gray Media, Inc. <sup>(b)</sup> | Gray Media, Inc. <sup>(b)</sup> | Gray Media, Inc. <sup>(b)</sup> | Gray Media, Inc. <sup>(b)</sup> |
| 758000 | 7.250 | 08/15/33 | 743014 |
| iHeartCommunications, Inc. <sup>(b)</sup> | iHeartCommunications, Inc. <sup>(b)</sup> | iHeartCommunications, Inc. <sup>(b)</sup> | iHeartCommunications, Inc. <sup>(b)</sup> |
| 2174000 | 10.875 | 05/01/30 | 1566237 |
| 420000 | 7.000 | 01/15/31 | 334089 |
| News Corp. <sup>(b)</sup> | News Corp. <sup>(b)</sup> | News Corp. <sup>(b)</sup> | News Corp. <sup>(b)</sup> |
| 2370000 | 3.875 | 05/15/29 | 2285889 |

---

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

---

| | |
|:---|:---|
| **8** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INCOME BUILDER 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** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Media<sup>(a)</sup> – (continued) | Media<sup>(a)</sup> – (continued) | Media<sup>(a)</sup> – (continued) | Media<sup>(a)</sup> – (continued) |
| Nexstar Media, Inc. <sup>(b)</sup> | Nexstar Media, Inc. <sup>(b)</sup> | Nexstar Media, Inc. <sup>(b)</sup> | Nexstar Media, Inc. <sup>(b)</sup> |
| 1440000 | 5.625% | 07/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438877 |
| Sinclair Television Group, Inc. <sup>(b)</sup> | Sinclair Television Group, Inc. <sup>(b)</sup> | Sinclair Television Group, Inc. <sup>(b)</sup> | Sinclair Television Group, Inc. <sup>(b)</sup> |
| 4010000 | 8.125 | 02/15/33 | 4091283 |
| Sirius XM Radio LLC <sup>(b)</sup> | Sirius XM Radio LLC <sup>(b)</sup> | Sirius XM Radio LLC <sup>(b)</sup> | Sirius XM Radio LLC <sup>(b)</sup> |
| 785000 | 3.125 | 09/01/26 | 778634 |
| 4815000 | 4.000 | 07/15/28 | 4680806 |
| 2170000 | 3.875 | 09/01/31 | 1969188 |
| TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. |
| 2205000 | 4.625 | 03/15/28 | 2182289 |
| Telecomunicaciones Digitales SA | Telecomunicaciones Digitales SA | Telecomunicaciones Digitales SA | Telecomunicaciones Digitales SA |
| 560000 | 4.500 | 01/30/30 | 534800 |
| Univision Communications, Inc. <sup>(b)</sup> | Univision Communications, Inc. <sup>(b)</sup> | Univision Communications, Inc. <sup>(b)</sup> | Univision Communications, Inc. <sup>(b)</sup> |
| 1600000 | 9.375 | 08/01/32 | 1688704 |
|  |  |  | 56808733 |
| Mining – 0.5% | Mining – 0.5% | Mining – 0.5% | Mining – 0.5% |
| Constellium SE <sup>(a)(b)</sup> | Constellium SE <sup>(a)(b)</sup> | Constellium SE <sup>(a)(b)</sup> | Constellium SE <sup>(a)(b)</sup> |
| 2585000 | 3.750 | 04/15/29 | 2468287 |
| Endeavour Mining PLC <sup>(a)(b)</sup> | Endeavour Mining PLC <sup>(a)(b)</sup> | Endeavour Mining PLC <sup>(a)(b)</sup> | Endeavour Mining PLC <sup>(a)(b)</sup> |
| 200000 | 7.000 | 05/28/30 | 206188 |
| First Quantum Minerals Ltd. <sup>(a)(b)</sup> | First Quantum Minerals Ltd. <sup>(a)(b)</sup> | First Quantum Minerals Ltd. <sup>(a)(b)</sup> | First Quantum Minerals Ltd. <sup>(a)(b)</sup> |
| 250000 | 8.625 | 06/01/31 | 261563 |
| 235000 | 8.000 | 03/01/33 | 249100 |
| Freeport-McMoRan, Inc. <sup>(a)</sup> | Freeport-McMoRan, Inc. <sup>(a)</sup> | Freeport-McMoRan, Inc. <sup>(a)</sup> | Freeport-McMoRan, Inc. <sup>(a)</sup> |
| 1920000 | 5.400 | 11/14/34 | 1980384 |
| Glencore Finance Canada Ltd. <sup>(b)</sup> | Glencore Finance Canada Ltd. <sup>(b)</sup> | Glencore Finance Canada Ltd. <sup>(b)</sup> | Glencore Finance Canada Ltd. <sup>(b)</sup> |
| 2880000 | 5.550 | 10/25/42 | 2831933 |
| Glencore Funding LLC <sup>(a)(b)</sup> | Glencore Funding LLC <sup>(a)(b)</sup> | Glencore Funding LLC <sup>(a)(b)</sup> | Glencore Funding LLC <sup>(a)(b)</sup> |
| 2855000 | 2.850 | 04/27/31 | 2623145 |
| Navoi Mining & Metallurgical Combinat <sup>(b)</sup> | Navoi Mining & Metallurgical Combinat <sup>(b)</sup> | Navoi Mining & Metallurgical Combinat <sup>(b)</sup> | Navoi Mining & Metallurgical Combinat <sup>(b)</sup> |
| 200000 | 6.700 | 10/17/28 | 207800 |
| 200000 | 6.950 | 10/17/31 | 213750 |
| Novelis Corp. <sup>(a)(b)</sup> | Novelis Corp. <sup>(a)(b)</sup> | Novelis Corp. <sup>(a)(b)</sup> | Novelis Corp. <sup>(a)(b)</sup> |
| 2305000 | 4.750 | 01/30/30 | 2225201 |
| 630000 | 6.875 | 01/30/30 | 653940 |
| Vedanta Resources Finance II PLC <sup>(a)(b)</sup> | Vedanta Resources Finance II PLC <sup>(a)(b)</sup> | Vedanta Resources Finance II PLC <sup>(a)(b)</sup> | Vedanta Resources Finance II PLC <sup>(a)(b)</sup> |
| 400000 | 11.250 | 12/03/31 | 424500 |
|  |  |  | 14345791 |
| Miscellaneous Manufacturing<sup>(a)</sup> – 0.2% | Miscellaneous Manufacturing<sup>(a)</sup> – 0.2% | Miscellaneous Manufacturing<sup>(a)</sup> – 0.2% | Miscellaneous Manufacturing<sup>(a)</sup> – 0.2% |
| Amsted Industries, Inc. <sup>(b)</sup> | Amsted Industries, Inc. <sup>(b)</sup> | Amsted Industries, Inc. <sup>(b)</sup> | Amsted Industries, Inc. <sup>(b)</sup> |
| 580000 | 6.375 | 03/15/33 | 599993 |
| Axon Enterprise, Inc. <sup>(b)</sup> | Axon Enterprise, Inc. <sup>(b)</sup> | Axon Enterprise, Inc. <sup>(b)</sup> | Axon Enterprise, Inc. <sup>(b)</sup> |
| 755000 | 6.125 | 03/15/30 | 778337 |
| 770000 | 6.250 | 03/15/33 | 798552 |
| Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. |
| 1090000 | 6.250 | 02/15/29 | 1119364 |
| 1294000 | 3.750 | 03/01/31 | 1297662 |
|  |  |  | 4593908 |
| Oil Field Services – 3.5% | Oil Field Services – 3.5% | Oil Field Services – 3.5% | Oil Field Services – 3.5% |
| Aethon United BR LP/Aethon United Finance Corp. <sup>(a)(b)</sup> | Aethon United BR LP/Aethon United Finance Corp. <sup>(a)(b)</sup> | Aethon United BR LP/Aethon United Finance Corp. <sup>(a)(b)</sup> | Aethon United BR LP/Aethon United Finance Corp. <sup>(a)(b)</sup> |
| 928000 | 7.500 | 10/01/29 | 962976 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) |
| Archrock Partners LP/Archrock Partners Finance Corp. <sup>(a)(b)</sup> | Archrock Partners LP/Archrock Partners Finance Corp. <sup>(a)(b)</sup> | Archrock Partners LP/Archrock Partners Finance Corp. <sup>(a)(b)</sup> | Archrock Partners LP/Archrock Partners Finance Corp. <sup>(a)(b)</sup> |
| $1680000 | 6.625% | 09/01/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727376 |
| Azule Energy Finance PLC <sup>(a)(b)</sup> | Azule Energy Finance PLC <sup>(a)(b)</sup> | Azule Energy Finance PLC <sup>(a)(b)</sup> | Azule Energy Finance PLC <sup>(a)(b)</sup> |
| 750000 | 8.125 | 01/23/30 | 753750 |
| BKV Upstream Midstream LLC <sup>(a)(b)</sup> | BKV Upstream Midstream LLC <sup>(a)(b)</sup> | BKV Upstream Midstream LLC <sup>(a)(b)</sup> | BKV Upstream Midstream LLC <sup>(a)(b)</sup> |
| 1215000 | 7.500 | 10/15/30 | 1216215 |
| California Resources Corp. <sup>(b)</sup> | California Resources Corp. <sup>(b)</sup> | California Resources Corp. <sup>(b)</sup> | California Resources Corp. <sup>(b)</sup> |
| 1040000 | 7.000 | 01/15/34 | 1035299 |
| Chesapeake Energy Corp. <sup>(g)</sup> | Chesapeake Energy Corp. <sup>(g)</sup> | Chesapeake Energy Corp. <sup>(g)</sup> | Chesapeake Energy Corp. <sup>(g)</sup> |
| 2000000 | 0.000 | 09/15/26 | 6400 |
| Chord Energy Corp. <sup>(a)(b)</sup> | Chord Energy Corp. <sup>(a)(b)</sup> | Chord Energy Corp. <sup>(a)(b)</sup> | Chord Energy Corp. <sup>(a)(b)</sup> |
| 1680000 | 6.000 | 10/01/30 | 1683898 |
| 1860000 | 6.750 | 03/15/33 | 1899432 |
| Civitas Resources, Inc. <sup>(a)(b)</sup> | Civitas Resources, Inc. <sup>(a)(b)</sup> | Civitas Resources, Inc. <sup>(a)(b)</sup> | Civitas Resources, Inc. <sup>(a)(b)</sup> |
| 1265000 | 8.375 | 07/01/28 | 1306454 |
| 925000 | 9.625 | 06/15/33 | 991452 |
| CNX Resources Corp. <sup>(a)(b)</sup> | CNX Resources Corp. <sup>(a)(b)</sup> | CNX Resources Corp. <sup>(a)(b)</sup> | CNX Resources Corp. <sup>(a)(b)</sup> |
| 1865000 | 7.250 | 03/01/32 | 1944542 |
| Continental Resources, Inc. <sup>(a)(b)</sup> | Continental Resources, Inc. <sup>(a)(b)</sup> | Continental Resources, Inc. <sup>(a)(b)</sup> | Continental Resources, Inc. <sup>(a)(b)</sup> |
| 1251000 | 5.750 | 01/15/31 | 1288580 |
| Crescent Energy Finance LLC <sup>(a)(b)</sup> | Crescent Energy Finance LLC <sup>(a)(b)</sup> | Crescent Energy Finance LLC <sup>(a)(b)</sup> | Crescent Energy Finance LLC <sup>(a)(b)</sup> |
| 455000 | 7.625 | 04/01/32 | 440859 |
| 5345000 | 7.375 | 01/15/33 | 5048673 |
| DNO ASA <sup>(a)</sup> | DNO ASA <sup>(a)</sup> | DNO ASA <sup>(a)</sup> | DNO ASA <sup>(a)</sup> |
| 330000 | 9.250 | 06/04/29 | 347985 |
| 890000 | 8.500 | 03/27/30 | 921684 |
| Ecopetrol SA <sup>(a)</sup> | Ecopetrol SA <sup>(a)</sup> | Ecopetrol SA <sup>(a)</sup> | Ecopetrol SA <sup>(a)</sup> |
| 110000 | 8.625 | 01/19/29 | 118663 |
| 60000 | 6.875 | 04/29/30 | 61281 |
| 270000 | 5.875 | 11/02/51 | 199098 |
| EQT Corp. <sup>(a)</sup> | EQT Corp. <sup>(a)</sup> | EQT Corp. <sup>(a)</sup> | EQT Corp. <sup>(a)</sup> |
| 2210000 | 7.500 | 06/01/27 | 2248697 |
| 1835000 | 3.625 <sup>(b)</sup> | 05/15/31 | 1716899 |
| Expand Energy Corp. <sup>(a)</sup> | Expand Energy Corp. <sup>(a)</sup> | Expand Energy Corp. <sup>(a)</sup> | Expand Energy Corp. <sup>(a)</sup> |
| 1385000 | 4.750 | 02/01/32 | 1362134 |
| Guara Norte SARL | Guara Norte SARL | Guara Norte SARL | Guara Norte SARL |
| 499388 | 5.198 | 06/15/34 | 488152 |
| Hunt Oil Co. of Peru LLC Sucursal Del Peru <sup>(a)(b)</sup> | Hunt Oil Co. of Peru LLC Sucursal Del Peru <sup>(a)(b)</sup> | Hunt Oil Co. of Peru LLC Sucursal Del Peru <sup>(a)(b)</sup> | Hunt Oil Co. of Peru LLC Sucursal Del Peru <sup>(a)(b)</sup> |
| 460000 | 7.750 | 11/05/38 | 506465 |
| Kodiak Gas Services LLC <sup>(a)(b)</sup> | Kodiak Gas Services LLC <sup>(a)(b)</sup> | Kodiak Gas Services LLC <sup>(a)(b)</sup> | Kodiak Gas Services LLC <sup>(a)(b)</sup> |
| 3670000 | 7.250 | 02/15/29 | 3808029 |
| 1390000 | 6.500 | 10/01/33 | 1424361 |
| 915000 | 6.750 | 10/01/35 | 942331 |
| Kosmos Energy Ltd. <sup>(a)</sup> | Kosmos Energy Ltd. <sup>(a)</sup> | Kosmos Energy Ltd. <sup>(a)</sup> | Kosmos Energy Ltd. <sup>(a)</sup> |
| 420000 | 7.500 | 03/01/28 | 332220 |
| 470000 | 8.750 <sup>(b)</sup> | 10/01/31 | 315459 |
| Lukoil Securities BV | Lukoil Securities BV | Lukoil Securities BV | Lukoil Securities BV |
| 250000 | 3.875 | 05/06/30 | 180000 |
| Matador Resources Co. <sup>(a)(b)</sup> | Matador Resources Co. <sup>(a)(b)</sup> | Matador Resources Co. <sup>(a)(b)</sup> | Matador Resources Co. <sup>(a)(b)</sup> |
| 2680000 | 6.875 | 04/15/28 | 2731161 |
| 1340000 | 6.500 | 04/15/32 | 1351913 |
| 1900000 | 6.250 | 04/15/33 | 1901102 |
| MC Brazil Downstream Trading SARL | MC Brazil Downstream Trading SARL | MC Brazil Downstream Trading SARL | MC Brazil Downstream Trading SARL |
| 483471 | 7.250 | 06/30/31 | 397655 |

---

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

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

------

GOLDMAN SACHS INCOME BUILDER FUND

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

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

Schedule of Investments (continued) *October 31, 2025*

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) |
| MEG Energy Corp. <sup>(a)(b)</sup> | MEG Energy Corp. <sup>(a)(b)</sup> | MEG Energy Corp. <sup>(a)(b)</sup> | MEG Energy Corp. <sup>(a)(b)</sup> |
| 1200000 | 5.875% | 02/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200696 |
| Murphy Oil Corp. <sup>(a)</sup> | Murphy Oil Corp. <sup>(a)</sup> | Murphy Oil Corp. <sup>(a)</sup> | Murphy Oil Corp. <sup>(a)</sup> |
| 1388000 | 6.000 | 10/01/32 | 1369012 |
| Noble Finance II LLC <sup>(a)(b)</sup> | Noble Finance II LLC <sup>(a)(b)</sup> | Noble Finance II LLC <sup>(a)(b)</sup> | Noble Finance II LLC <sup>(a)(b)</sup> |
| 3665000 | 8.000 | 04/15/30 | 3800568 |
| Northern Oil & Gas, Inc. <sup>(a)(b)</sup> | Northern Oil & Gas, Inc. <sup>(a)(b)</sup> | Northern Oil & Gas, Inc. <sup>(a)(b)</sup> | Northern Oil & Gas, Inc. <sup>(a)(b)</sup> |
| 3300000 | 8.750 | 06/15/31 | 3361545 |
| 325000 | 7.875 | 10/15/33 | 316300 |
| Occidental Petroleum Corp. <sup>(a)</sup> | Occidental Petroleum Corp. <sup>(a)</sup> | Occidental Petroleum Corp. <sup>(a)</sup> | Occidental Petroleum Corp. <sup>(a)</sup> |
| 2445000 | 6.625 | 09/01/30 | 2623167 |
| Permian Resources Operating LLC <sup>(a)(b)</sup> | Permian Resources Operating LLC <sup>(a)(b)</sup> | Permian Resources Operating LLC <sup>(a)(b)</sup> | Permian Resources Operating LLC <sup>(a)(b)</sup> |
| 1038000 | 5.875 | 07/01/29 | 1038093 |
| 980000 | 7.000 | 01/15/32 | 1016848 |
| 1180000 | 6.250 | 02/01/33 | 1201547 |
| Pluspetrol SA <sup>(a)(b)</sup> | Pluspetrol SA <sup>(a)(b)</sup> | Pluspetrol SA <sup>(a)(b)</sup> | Pluspetrol SA <sup>(a)(b)</sup> |
| 180000 | 8.500 | 05/30/32 | 183303 |
| Raizen Fuels Finance SA <sup>(a)(b)</sup> | Raizen Fuels Finance SA <sup>(a)(b)</sup> | Raizen Fuels Finance SA <sup>(a)(b)</sup> | Raizen Fuels Finance SA <sup>(a)(b)</sup> |
| 320000 | 6.700 | 02/25/37 | 268000 |
| SEPLAT Energy PLC <sup>(a)(b)</sup> | SEPLAT Energy PLC <sup>(a)(b)</sup> | SEPLAT Energy PLC <sup>(a)(b)</sup> | SEPLAT Energy PLC <sup>(a)(b)</sup> |
| 1110000 | 9.125 | 03/21/30 | 1126650 |
| SESI LLC <sup>(a)(b)</sup> | SESI LLC <sup>(a)(b)</sup> | SESI LLC <sup>(a)(b)</sup> | SESI LLC <sup>(a)(b)</sup> |
| 245000 | 7.875 | 09/30/30 | 240406 |
| ShaMaran Petroleum Corp. <sup>(a)</sup> | ShaMaran Petroleum Corp. <sup>(a)</sup> | ShaMaran Petroleum Corp. <sup>(a)</sup> | ShaMaran Petroleum Corp. <sup>(a)</sup> |
| 201813 | 12.000 | 07/30/29 | 209633 |
| SM Energy Co. <sup>(a)(b)</sup> | SM Energy Co. <sup>(a)(b)</sup> | SM Energy Co. <sup>(a)(b)</sup> | SM Energy Co. <sup>(a)(b)</sup> |
| 935000 | 6.750 | 08/01/29 | 932915 |
| 1495000 | 7.000 | 08/01/32 | 1462080 |
| Sunoco LP <sup>(a)(b)</sup> | Sunoco LP <sup>(a)(b)</sup> | Sunoco LP <sup>(a)(b)</sup> | Sunoco LP <sup>(a)(b)</sup> |
| 1280000 | 7.000 | 05/01/29 | 1329894 |
| 980000 | 7.250 | 05/01/32 | 1032979 |
| (5 yr. CMT + 4.230%) | (5 yr. CMT + 4.230%) | (5 yr. CMT + 4.230%) | (5 yr. CMT + 4.230%) |
| 3245000 | 7.875 <sup>(d)</sup> | 12/31/99 | 3299938 |
| Sunoco LP/Sunoco Finance Corp. <sup>(a)</sup> | Sunoco LP/Sunoco Finance Corp. <sup>(a)</sup> | Sunoco LP/Sunoco Finance Corp. <sup>(a)</sup> | Sunoco LP/Sunoco Finance Corp. <sup>(a)</sup> |
| 6685000 | 4.500 | 05/15/29 | 6552570 |
| Tecpetrol SA <sup>(a)(b)</sup> | Tecpetrol SA <sup>(a)(b)</sup> | Tecpetrol SA <sup>(a)(b)</sup> | Tecpetrol SA <sup>(a)(b)</sup> |
| 530000 | 7.625 | 11/03/30 | 530045 |
| Tidewater, Inc. <sup>(a)(b)</sup> | Tidewater, Inc. <sup>(a)(b)</sup> | Tidewater, Inc. <sup>(a)(b)</sup> | Tidewater, Inc. <sup>(a)(b)</sup> |
| 2600000 | 9.125 | 07/15/30 | 2774694 |
| Transocean International Ltd. <sup>(a)(b)</sup> | Transocean International Ltd. <sup>(a)(b)</sup> | Transocean International Ltd. <sup>(a)(b)</sup> | Transocean International Ltd. <sup>(a)(b)</sup> |
| 1250000 | 8.250 | 05/15/29 | 1256925 |
| 258750 | 8.750 | 02/15/30 | 271354 |
| 1260000 | 8.500 | 05/15/31 | 1249441 |
| 695000 | 7.875 | 10/15/32 | 715850 |
| Transocean Titan Financing Ltd. <sup>(a)(b)</sup> | Transocean Titan Financing Ltd. <sup>(a)(b)</sup> | Transocean Titan Financing Ltd. <sup>(a)(b)</sup> | Transocean Titan Financing Ltd. <sup>(a)(b)</sup> |
| 631429 | 8.375 | 02/01/28 | 649494 |
| USA Compression Partners LP/USA Compression Finance Corp. (a)(b) | USA Compression Partners LP/USA Compression Finance Corp. (a)(b) | USA Compression Partners LP/USA Compression Finance Corp. (a)(b) | USA Compression Partners LP/USA Compression Finance Corp. (a)(b) |
| 2210000 | 7.125 | 03/15/29 | 2282599 |
| 970000 | 6.250 | 10/01/33 | 973686 |
| WBI Operating LLC <sup>(a)(b)</sup> | WBI Operating LLC <sup>(a)(b)</sup> | WBI Operating LLC <sup>(a)(b)</sup> | WBI Operating LLC <sup>(a)(b)</sup> |
| 1855000 | 6.250 | 10/15/30 | 1849769 |
| 1620000 | 6.500 | 10/15/33 | 1619611 |
| Weatherford International Ltd. <sup>(a)(b)</sup> | Weatherford International Ltd. <sup>(a)(b)</sup> | Weatherford International Ltd. <sup>(a)(b)</sup> | Weatherford International Ltd. <sup>(a)(b)</sup> |
| 1315000 | 6.750 | 10/15/33 | 1343864 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) |
| Western Midstream Operating LP <sup>(a)(b)</sup> | Western Midstream Operating LP <sup>(a)(b)</sup> | Western Midstream Operating LP <sup>(a)(b)</sup> | Western Midstream Operating LP <sup>(a)(b)</sup> |
| $1485000 | 7.250% | 04/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1581911 |
| Wildfire Intermediate Holdings LLC <sup>(a)(b)</sup> | Wildfire Intermediate Holdings LLC <sup>(a)(b)</sup> | Wildfire Intermediate Holdings LLC <sup>(a)(b)</sup> | Wildfire Intermediate Holdings LLC <sup>(a)(b)</sup> |
| 925000 | 7.500 | 10/15/29 | 924260 |
| YPF SA <sup>(a)(b)</sup> | YPF SA <sup>(a)(b)</sup> | YPF SA <sup>(a)(b)</sup> | YPF SA <sup>(a)(b)</sup> |
| 180000 | 9.500 | 01/17/31 | 189045 |
| 190000 | 8.250 | 01/17/34 | 191425 |
|  |  |  | 92631312 |
| Packaging – 0.5% | Packaging – 0.5% | Packaging – 0.5% | Packaging – 0.5% |
| ARD Finance SA <sup>(a)(c)</sup> | ARD Finance SA <sup>(a)(c)</sup> | ARD Finance SA <sup>(a)(c)</sup> | ARD Finance SA <sup>(a)(c)</sup> |
| (PIK 5.750%, Cash 5.000%) | (PIK 5.750%, Cash 5.000%) | (PIK 5.750%, Cash 5.000%) | (PIK 5.750%, Cash 5.000%) |
| 2802736 | 5.000 | 06/30/27 | 38282 |
| (PIK 7.250%, Cash 6.500%) | (PIK 7.250%, Cash 6.500%) | (PIK 7.250%, Cash 6.500%) | (PIK 7.250%, Cash 6.500%) |
| $2179842 | 6.500 <sup>(b)</sup> | 06/30/27 | 22976 |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC <sup>(a)</sup>  | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC <sup>(a)</sup>  | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC <sup>(a)</sup>  | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC <sup>(a)</sup>  |
| 523000 | 6.000 <sup>(b)</sup> | 06/15/27 | 523968 |
| 2426000 | 3.000 | 09/01/29 | 2609394 |
| $1463000 | 4.000 <sup>(b)</sup> | 09/01/29 | 1365476 |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. <sup>(a)(b)</sup> | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. <sup>(a)(b)</sup> | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. <sup>(a)(b)</sup> | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. <sup>(a)(b)</sup> |
| 3095000 | 5.250 | 08/15/27 | 761896 |
| Ball Corp. <sup>(a)</sup> | Ball Corp. <sup>(a)</sup> | Ball Corp. <sup>(a)</sup> | Ball Corp. <sup>(a)</sup> |
| 3735000 | 6.000 | 06/15/29 | 3826358 |
| Efesto Bidco SpA Efesto U.S. LLC <sup>(a)(b)</sup> | Efesto Bidco SpA Efesto U.S. LLC <sup>(a)(b)</sup> | Efesto Bidco SpA Efesto U.S. LLC <sup>(a)(b)</sup> | Efesto Bidco SpA Efesto U.S. LLC <sup>(a)(b)</sup> |
| 2523000 | 7.500 | 02/15/32 | 2523328 |
| SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA (a)(b) | SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA (a)(b) | SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA (a)(b) | SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA (a)(b) |
| 290000 | 3.750 | 08/02/28 | 275935 |
| Sealed Air Corp. <sup>(b)</sup> | Sealed Air Corp. <sup>(b)</sup> | Sealed Air Corp. <sup>(b)</sup> | Sealed Air Corp. <sup>(b)</sup> |
| 1768000 | 6.875 | 07/15/33 | 1923549 |
|  |  |  | 13871162 |
| Pharmaceuticals<sup>(a)</sup> – 0.8% | Pharmaceuticals<sup>(a)</sup> – 0.8% | Pharmaceuticals<sup>(a)</sup> – 0.8% | Pharmaceuticals<sup>(a)</sup> – 0.8% |
| 1261229 BC Ltd. <sup>(b)</sup> | 1261229 BC Ltd. <sup>(b)</sup> | 1261229 BC Ltd. <sup>(b)</sup> | 1261229 BC Ltd. <sup>(b)</sup> |
| 2340000 | 10.000 | 04/15/32 | 2448365 |
| AdaptHealth LLC <sup>(b)</sup> | AdaptHealth LLC <sup>(b)</sup> | AdaptHealth LLC <sup>(b)</sup> | AdaptHealth LLC <sup>(b)</sup> |
| 1385000 | 6.125 | 08/01/28 | 1384571 |
| 645000 | 4.625 | 08/01/29 | 612234 |
| 980000 | 5.125 | 03/01/30 | 938242 |
| Amneal Pharmaceuticals LLC <sup>(b)</sup> | Amneal Pharmaceuticals LLC <sup>(b)</sup> | Amneal Pharmaceuticals LLC <sup>(b)</sup> | Amneal Pharmaceuticals LLC <sup>(b)</sup> |
| 533000 | 6.875 | 08/01/32 | 558579 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 6490000 | 3.750 | 04/01/30 | 6309838 |
| Opal Bidco SAS <sup>(b)</sup> | Opal Bidco SAS <sup>(b)</sup> | Opal Bidco SAS <sup>(b)</sup> | Opal Bidco SAS <sup>(b)</sup> |
| 3650000 | 6.500 | 03/31/32 | 3760084 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV <sup>(b)</sup> | Organon & Co./Organon Foreign Debt Co-Issuer BV <sup>(b)</sup> | Organon & Co./Organon Foreign Debt Co-Issuer BV <sup>(b)</sup> | Organon & Co./Organon Foreign Debt Co-Issuer BV <sup>(b)</sup> |
| 700000 | 4.125 | 04/30/28 | 665497 |
| 1950000 | 5.125 | 04/30/31 | 1497190 |
| Prestige Brands, Inc. <sup>(b)</sup> | Prestige Brands, Inc. <sup>(b)</sup> | Prestige Brands, Inc. <sup>(b)</sup> | Prestige Brands, Inc. <sup>(b)</sup> |
| 1780000 | 3.750 | 04/01/31 | 1652694 |
| Teva Pharmaceutical Finance Netherlands IV BV | Teva Pharmaceutical Finance Netherlands IV BV | Teva Pharmaceutical Finance Netherlands IV BV | Teva Pharmaceutical Finance Netherlands IV BV |
| 1200000 | 5.750 | 12/01/30 | 1239000 |
|  |  |  | 21066294 |

---

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

---

| | |
|:---|:---|
| **10** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INCOME BUILDER 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** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Pipelines – 4.0% | Pipelines – 4.0% | Pipelines – 4.0% | Pipelines – 4.0% |
| Acu Petroleo Luxembourg SARL <sup>(a)</sup> | Acu Petroleo Luxembourg SARL <sup>(a)</sup> | Acu Petroleo Luxembourg SARL <sup>(a)</sup> | Acu Petroleo Luxembourg SARL <sup>(a)</sup> |
| $716198 | 7.500% | 07/13/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726268 |
| Antero Midstream Partners LP/Antero Midstream Finance Corp. (a)(b) | Antero Midstream Partners LP/Antero Midstream Finance Corp. (a)(b) | Antero Midstream Partners LP/Antero Midstream Finance Corp. (a)(b) | Antero Midstream Partners LP/Antero Midstream Finance Corp. (a)(b) |
| 2340000 | 6.625 | 02/01/32 | 2422064 |
| 1180000 | 5.750 | 10/15/33 | 1178608 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp. <sup>(a)(b)</sup> | Blue Racer Midstream LLC/Blue Racer Finance Corp. <sup>(a)(b)</sup> | Blue Racer Midstream LLC/Blue Racer Finance Corp. <sup>(a)(b)</sup> | Blue Racer Midstream LLC/Blue Racer Finance Corp. <sup>(a)(b)</sup> |
| 675000 | 7.000 | 07/15/29 | 699550 |
| 680000 | 7.250 | 07/15/32 | 714469 |
| Buckeye Partners LP <sup>(a)</sup> | Buckeye Partners LP <sup>(a)</sup> | Buckeye Partners LP <sup>(a)</sup> | Buckeye Partners LP <sup>(a)</sup> |
| 889000 | 4.125 | 12/01/27 | 878288 |
| 1167000 | 4.500 <sup>(b)</sup> | 03/01/28 | 1155482 |
| 2245000 | 6.875 <sup>(b)</sup> | 07/01/29 | 2332061 |
| 780000 | 6.750 <sup>(b)</sup> | 02/01/30 | 815201 |
| CNX Midstream Partners LP <sup>(a)(b)</sup> | CNX Midstream Partners LP <sup>(a)(b)</sup> | CNX Midstream Partners LP <sup>(a)(b)</sup> | CNX Midstream Partners LP <sup>(a)(b)</sup> |
| 2292000 | 4.750 | 04/15/30 | 2195186 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC <sup>(a)(b)</sup> | CQP Holdco LP/BIP-V Chinook Holdco LLC <sup>(a)(b)</sup> | CQP Holdco LP/BIP-V Chinook Holdco LLC <sup>(a)(b)</sup> | CQP Holdco LP/BIP-V Chinook Holdco LLC <sup>(a)(b)</sup> |
| 3880000 | 5.500 | 06/15/31 | 3843179 |
| DCP Midstream Operating LP <sup>(b)</sup> | DCP Midstream Operating LP <sup>(b)</sup> | DCP Midstream Operating LP <sup>(b)</sup> | DCP Midstream Operating LP <sup>(b)</sup> |
| 3840000 | 6.750 | 09/15/37 | 4179917 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp. <sup>(a)(b)</sup> | Delek Logistics Partners LP/Delek Logistics Finance Corp. <sup>(a)(b)</sup> | Delek Logistics Partners LP/Delek Logistics Finance Corp. <sup>(a)(b)</sup> | Delek Logistics Partners LP/Delek Logistics Finance Corp. <sup>(a)(b)</sup> |
| 1405000 | 8.625 | 03/15/29 | 1465204 |
| 2435000 | 7.375 | 06/30/33 | 2470819 |
| DT Midstream, Inc. <sup>(a)(b)</sup> | DT Midstream, Inc. <sup>(a)(b)</sup> | DT Midstream, Inc. <sup>(a)(b)</sup> | DT Midstream, Inc. <sup>(a)(b)</sup> |
| 3960000 | 4.375 | 06/15/31 | 3844447 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 2865000 | 6.625 | 10/15/36 | 3118151 |
| Enterprise Products Operating LLC <sup>(a)(d)</sup> (3 mo. USD Term SOFR + 3.039%) | Enterprise Products Operating LLC <sup>(a)(d)</sup> (3 mo. USD Term SOFR + 3.039%) | Enterprise Products Operating LLC <sup>(a)(d)</sup> (3 mo. USD Term SOFR + 3.039%) | Enterprise Products Operating LLC <sup>(a)(d)</sup> (3 mo. USD Term SOFR + 3.039%) |
| 960000 | 7.210 | 06/01/67 | 953875 |
| Excelerate Energy LP <sup>(a)(b)</sup> | Excelerate Energy LP <sup>(a)(b)</sup> | Excelerate Energy LP <sup>(a)(b)</sup> | Excelerate Energy LP <sup>(a)(b)</sup> |
| 1934000 | 8.000 | 05/15/30 | 2037218 |
| Genesis Energy LP/Genesis Energy Finance Corp. <sup>(a)</sup> | Genesis Energy LP/Genesis Energy Finance Corp. <sup>(a)</sup> | Genesis Energy LP/Genesis Energy Finance Corp. <sup>(a)</sup> | Genesis Energy LP/Genesis Energy Finance Corp. <sup>(a)</sup> |
| 1930000 | 7.750 | 02/01/28 | 1942410 |
| 2700000 | 7.875 | 05/15/32 | 2781432 |
| Global Partners LP/GLP Finance Corp. <sup>(a)</sup> | Global Partners LP/GLP Finance Corp. <sup>(a)</sup> | Global Partners LP/GLP Finance Corp. <sup>(a)</sup> | Global Partners LP/GLP Finance Corp. <sup>(a)</sup> |
| 3762000 | 6.875 | 01/15/29 | 3805188 |
| Howard Midstream Energy Partners LLC <sup>(a)(b)</sup> | Howard Midstream Energy Partners LLC <sup>(a)(b)</sup> | Howard Midstream Energy Partners LLC <sup>(a)(b)</sup> | Howard Midstream Energy Partners LLC <sup>(a)(b)</sup> |
| 1395000 | 7.375 | 07/15/32 | 1462727 |
| 1745000 | 6.625 | 01/15/34 | 1798606 |
| Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP |
| 6715000 | 7.300 | 08/15/33 | 7696800 |
| Kinetik Holdings LP <sup>(a)(b)</sup> | Kinetik Holdings LP <sup>(a)(b)</sup> | Kinetik Holdings LP <sup>(a)(b)</sup> | Kinetik Holdings LP <sup>(a)(b)</sup> |
| 650000 | 6.625 | 12/15/28 | 666711 |
| 3350000 | 5.875 | 06/15/30 | 3375259 |
| MPLX LP <sup>(a)</sup> | MPLX LP <sup>(a)</sup> | MPLX LP <sup>(a)</sup> | MPLX LP <sup>(a)</sup> |
| 5685000 | 2.650 | 08/15/30 | 5233611 |
| NuStar Logistics LP <sup>(a)</sup> | NuStar Logistics LP <sup>(a)</sup> | NuStar Logistics LP <sup>(a)</sup> | NuStar Logistics LP <sup>(a)</sup> |
| 2464000 | 6.375 | 10/01/30 | 2566281 |
| Prairie Acquiror LP <sup>(a)(b)</sup> | Prairie Acquiror LP <sup>(a)(b)</sup> | Prairie Acquiror LP <sup>(a)(b)</sup> | Prairie Acquiror LP <sup>(a)(b)</sup> |
| 3335000 | 9.000 | 08/01/29 | 3433349 |
| Rockies Express Pipeline LLC <sup>(a)(b)</sup> | Rockies Express Pipeline LLC <sup>(a)(b)</sup> | Rockies Express Pipeline LLC <sup>(a)(b)</sup> | Rockies Express Pipeline LLC <sup>(a)(b)</sup> |
| 1435000 | 6.750 | 03/15/33 | 1503378 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Pipelines – (continued) | Pipelines – (continued) | Pipelines – (continued) | Pipelines – (continued) |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. <sup>(a)(b)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. <sup>(a)(b)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. <sup>(a)(b)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. <sup>(a)(b)</sup> |
| 1795000 | 7.375% | 02/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850088 |
| 505000 | 6.000 | 12/31/30 | 500899 |
| 4305000 | 6.000 | 09/01/31 | 4231169 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. <sup>(a)</sup> | Targa Resources Partners LP/Targa Resources Partners Finance Corp. <sup>(a)</sup> | Targa Resources Partners LP/Targa Resources Partners Finance Corp. <sup>(a)</sup> | Targa Resources Partners LP/Targa Resources Partners Finance Corp. <sup>(a)</sup> |
| 1835000 | 4.875 | 02/01/31 | 1840652 |
| TransMontaigne Partners LLC <sup>(a)(b)</sup> | TransMontaigne Partners LLC <sup>(a)(b)</sup> | TransMontaigne Partners LLC <sup>(a)(b)</sup> | TransMontaigne Partners LLC <sup>(a)(b)</sup> |
| 4115000 | 8.500 | 06/15/30 | 4309187 |
| Venture Global Calcasieu Pass LLC <sup>(a)(b)</sup> | Venture Global Calcasieu Pass LLC <sup>(a)(b)</sup> | Venture Global Calcasieu Pass LLC <sup>(a)(b)</sup> | Venture Global Calcasieu Pass LLC <sup>(a)(b)</sup> |
| 4768000 | 4.125 | 08/15/31 | 4410019 |
| 233000 | 3.875 | 11/01/33 | 205981 |
| Venture Global LNG, Inc. <sup>(a)(b)</sup> | Venture Global LNG, Inc. <sup>(a)(b)</sup> | Venture Global LNG, Inc. <sup>(a)(b)</sup> | Venture Global LNG, Inc. <sup>(a)(b)</sup> |
| 3845000 | 8.125 | 06/01/28 | 3960927 |
| 2380000 | 9.500 | 02/01/29 | 2562522 |
| 1325000 | 7.000 | 01/15/30 | 1340516 |
| Venture Global Plaquemines LNG LLC <sup>(a)(b)</sup> | Venture Global Plaquemines LNG LLC <sup>(a)(b)</sup> | Venture Global Plaquemines LNG LLC <sup>(a)(b)</sup> | Venture Global Plaquemines LNG LLC <sup>(a)(b)</sup> |
| 1380000 | 6.500 | 01/15/34 | 1445550 |
| 1380000 | 6.750 | 01/15/36 | 1462082 |
| Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
| 6715000 | 7.500 | 01/15/31 | 7596948 |
|  |  |  | 107012279 |
| Real Estate<sup>(a)</sup> – 0.1% | Real Estate<sup>(a)</sup> – 0.1% | Real Estate<sup>(a)</sup> – 0.1% | Real Estate<sup>(a)</sup> – 0.1% |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. <sup>(b)</sup> | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. <sup>(b)</sup> | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. <sup>(b)</sup> | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. <sup>(b)</sup> |
| 3565000 | 5.750 | 01/15/29 | 3411598 |
| Howard Hughes Corp. <sup>(b)</sup> | Howard Hughes Corp. <sup>(b)</sup> | Howard Hughes Corp. <sup>(b)</sup> | Howard Hughes Corp. <sup>(b)</sup> |
| 704000 | 4.125 | 02/01/29 | 676628 |
| Redsun Properties Group Ltd. <sup>(h)</sup> | Redsun Properties Group Ltd. <sup>(h)</sup> | Redsun Properties Group Ltd. <sup>(h)</sup> | Redsun Properties Group Ltd. <sup>(h)</sup> |
| 230000 | 7.300 | 01/13/25 | 3220 |
| Yuzhou Group Holdings Co. Ltd. <sup>(c)</sup> | Yuzhou Group Holdings Co. Ltd. <sup>(c)</sup> | Yuzhou Group Holdings Co. Ltd. <sup>(c)</sup> | Yuzhou Group Holdings Co. Ltd. <sup>(c)</sup> |
| 17256 | 4.000 | 06/30/28 | 517 |
| 30049 | 4.500 | 06/30/29 | 676 |
| 40109 | 5.000 | 06/30/30 | 803 |
| 56264 | 5.500 | 06/30/31 | 423 |
| 52315 | 1.000 | 06/30/34 | 63 |
|  |  |  | 4093928 |
| Real Estate Investment Trust<sup>(a)</sup> –1.0% | Real Estate Investment Trust<sup>(a)</sup> –1.0% | Real Estate Investment Trust<sup>(a)</sup> –1.0% | Real Estate Investment Trust<sup>(a)</sup> –1.0% |
| Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC <sup>(b)</sup> | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC <sup>(b)</sup> | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC <sup>(b)</sup> | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC <sup>(b)</sup> |
| 376000 | 5.750 | 05/15/26 | 374872 |
| Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| 290000 | 4.150 | 07/01/50 | 230132 |
| Fibra Soma Trust F/6185 <sup>(b)</sup> | Fibra Soma Trust F/6185 <sup>(b)</sup> | Fibra Soma Trust F/6185 <sup>(b)</sup> | Fibra Soma Trust F/6185 <sup>(b)</sup> |
| 1630000 | 4.375 | 07/22/31 | 1410667 |
| Iron Mountain Information Management Services, Inc. <sup>(b)</sup> | Iron Mountain Information Management Services, Inc. <sup>(b)</sup> | Iron Mountain Information Management Services, Inc. <sup>(b)</sup> | Iron Mountain Information Management Services, Inc. <sup>(b)</sup> |
| 9118000 | 5.000 | 07/15/32 | 8821939 |
| MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. |
| 2880000 | 5.000 | 10/15/27 | 2771050 |
| 2570000 | 3.500 | 03/15/31 | 1823261 |
| 105000 | 8.500 <sup>(b)</sup> | 02/15/32 | 110343 |
| RHP Hotel Properties LP/RHP Finance Corp. <sup>(b)</sup> | RHP Hotel Properties LP/RHP Finance Corp. <sup>(b)</sup> | RHP Hotel Properties LP/RHP Finance Corp. <sup>(b)</sup> | RHP Hotel Properties LP/RHP Finance Corp. <sup>(b)</sup> |
| 410000 | 6.500 | 06/15/33 | 423358 |

---

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

**The accompanying notes are an integral part of these financial statements.**<sub>11</sub>

------

GOLDMAN SACHS INCOME BUILDER FUND

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

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

Schedule of Investments (continued) *October 31, 2025*

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Real Estate Investment Trust<sup>(a)</sup> – (continued) | Real Estate Investment Trust<sup>(a)</sup> – (continued) | Real Estate Investment Trust<sup>(a)</sup> – (continued) | Real Estate Investment Trust<sup>(a)</sup> – (continued) |
| SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. |
| 2532000 | 3.875% | 02/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2503338 |
| Service Properties Trust <sup>(b)(g)</sup> | Service Properties Trust <sup>(b)(g)</sup> | Service Properties Trust <sup>(b)(g)</sup> | Service Properties Trust <sup>(b)(g)</sup> |
| 200000 | 0.000 | 09/30/28 | 176544 |
| Starwood Property Trust, Inc. <sup>(b)</sup> | Starwood Property Trust, Inc. <sup>(b)</sup> | Starwood Property Trust, Inc. <sup>(b)</sup> | Starwood Property Trust, Inc. <sup>(b)</sup> |
| 2040000 | 6.500 | 07/01/30 | 2123191 |
| 2330000 | 5.750 | 01/15/31 | 2363296 |
| Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno |
| 200000 | 4.869 | 01/15/30 | 195375 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC (b) | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC (b) | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC (b) | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC (b) |
| 2055000 | 4.750 | 04/15/28 | 2007961 |
| XHR LP <sup>(b)</sup> | XHR LP <sup>(b)</sup> | XHR LP <sup>(b)</sup> | XHR LP <sup>(b)</sup> |
| 2650000 | 4.875 | 06/01/29 | 2590348 |
|  |  |  | 27925675 |
| Retailing<sup>(a)</sup> – 1.1% | Retailing<sup>(a)</sup> – 1.1% | Retailing<sup>(a)</sup> – 1.1% | Retailing<sup>(a)</sup> – 1.1% |
| Arko Corp. <sup>(b)</sup> | Arko Corp. <sup>(b)</sup> | Arko Corp. <sup>(b)</sup> | Arko Corp. <sup>(b)</sup> |
| 1590000 | 5.125 | 11/15/29 | 1332372 |
| Asbury Automotive Group, Inc. <sup>(b)</sup> | Asbury Automotive Group, Inc. <sup>(b)</sup> | Asbury Automotive Group, Inc. <sup>(b)</sup> | Asbury Automotive Group, Inc. <sup>(b)</sup> |
| 1402000 | 4.625 | 11/15/29 | 1361636 |
| 774000 | 5.000 | 02/15/32 | 744766 |
| AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
| 921000 | 4.750 | 06/01/30 | 923413 |
| Cougar JV Subsidiary LLC <sup>(b)</sup> | Cougar JV Subsidiary LLC <sup>(b)</sup> | Cougar JV Subsidiary LLC <sup>(b)</sup> | Cougar JV Subsidiary LLC <sup>(b)</sup> |
| 3252000 | 8.000 | 05/15/32 | 3470730 |
| Group 1 Automotive, Inc. <sup>(b)</sup> | Group 1 Automotive, Inc. <sup>(b)</sup> | Group 1 Automotive, Inc. <sup>(b)</sup> | Group 1 Automotive, Inc. <sup>(b)</sup> |
| 480000 | 6.375 | 01/15/30 | 490296 |
| LCM Investments Holdings II LLC <sup>(b)</sup> | LCM Investments Holdings II LLC <sup>(b)</sup> | LCM Investments Holdings II LLC <sup>(b)</sup> | LCM Investments Holdings II LLC <sup>(b)</sup> |
| 2895000 | 4.875 | 05/01/29 | 2820193 |
| 1155000 | 8.250 | 08/01/31 | 1215072 |
| Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
| 1977000 | 3.750 | 04/01/32 | 1886691 |
| 4220000 | 5.000 | 04/15/33 | 4310097 |
| Michaels Cos., Inc. <sup>(b)</sup> | Michaels Cos., Inc. <sup>(b)</sup> | Michaels Cos., Inc. <sup>(b)</sup> | Michaels Cos., Inc. <sup>(b)</sup> |
| 935000 | 5.250 | 05/01/28 | 872916 |
| Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. |
| 2089000 | 3.750 | 06/15/29 | 1999549 |
| QXO Building Products, Inc. <sup>(b)</sup> | QXO Building Products, Inc. <sup>(b)</sup> | QXO Building Products, Inc. <sup>(b)</sup> | QXO Building Products, Inc. <sup>(b)</sup> |
| 1245000 | 6.750 | 04/30/32 | 1291401 |
| Staples, Inc. <sup>(b)</sup> | Staples, Inc. <sup>(b)</sup> | Staples, Inc. <sup>(b)</sup> | Staples, Inc. <sup>(b)</sup> |
| 650000 | 10.750 | 09/01/29 | 634153 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp. <sup>(b)</sup> | Suburban Propane Partners LP/Suburban Energy Finance Corp. <sup>(b)</sup> | Suburban Propane Partners LP/Suburban Energy Finance Corp. <sup>(b)</sup> | Suburban Propane Partners LP/Suburban Energy Finance Corp. <sup>(b)</sup> |
| 2155000 | 5.000 | 06/01/31 | 2049448 |
| Vivo Energy Investments BV | Vivo Energy Investments BV | Vivo Energy Investments BV | Vivo Energy Investments BV |
| 290000 | 5.125 | 09/24/27 | 288585 |
| Yum! Brands, Inc. <sup>(b)</sup> | Yum! Brands, Inc. <sup>(b)</sup> | Yum! Brands, Inc. <sup>(b)</sup> | Yum! Brands, Inc. <sup>(b)</sup> |
| 2939000 | 4.750 | 01/15/30 | 2929918 |
|  |  |  | 28621236 |
| Semiconductors<sup>(a)</sup> – 0.3% | Semiconductors<sup>(a)</sup> – 0.3% | Semiconductors<sup>(a)</sup> – 0.3% | Semiconductors<sup>(a)</sup> – 0.3% |
| Amkor Technology, Inc. <sup>(b)</sup> | Amkor Technology, Inc. <sup>(b)</sup> | Amkor Technology, Inc. <sup>(b)</sup> | Amkor Technology, Inc. <sup>(b)</sup> |
| 301000 | 5.875 | 10/01/33 | 306355 |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 1984000 | 3.469 | 04/15/34 | 1816510 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Semiconductors<sup>(a)</sup> – (continued) | Semiconductors<sup>(a)</sup> – (continued) | Semiconductors<sup>(a)</sup> – (continued) | Semiconductors<sup>(a)</sup> – (continued) |
| $1781000 | 3.137 %<sup>(b)</sup> | 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543094 |
| 3184000 | 3.187 <sup>(b)</sup> | 11/15/36 | 2717576 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
| 942000 | 3.400 | 05/01/30 | 903152 |
| Qorvo, Inc. | Qorvo, Inc. | Qorvo, Inc. | Qorvo, Inc. |
| 720000 | 4.375 | 10/15/29 | 708991 |
|  |  |  | 7995678 |
| Software<sup>(a)</sup> – 1.7% | Software<sup>(a)</sup> – 1.7% | Software<sup>(a)</sup> – 1.7% | Software<sup>(a)</sup> – 1.7% |
| AthenaHealth Group, Inc. <sup>(b)</sup> | AthenaHealth Group, Inc. <sup>(b)</sup> | AthenaHealth Group, Inc. <sup>(b)</sup> | AthenaHealth Group, Inc. <sup>(b)</sup> |
| 4570000 | 6.500 | 02/15/30 | 4476589 |
| Castle U.S. Holding Corp. <sup>(b)</sup> | Castle U.S. Holding Corp. <sup>(b)</sup> | Castle U.S. Holding Corp. <sup>(b)</sup> | Castle U.S. Holding Corp. <sup>(b)</sup> |
| 3735000 | 10.000 | 06/30/31 | 560250 |
| Clarivate Science Holdings Corp. <sup>(b)</sup> | Clarivate Science Holdings Corp. <sup>(b)</sup> | Clarivate Science Holdings Corp. <sup>(b)</sup> | Clarivate Science Holdings Corp. <sup>(b)</sup> |
| 3369000 | 3.875 | 07/01/28 | 3246941 |
| 2306000 | 4.875 | 07/01/29 | 2152720 |
| Cloud Software Group, Inc. <sup>(b)</sup> | Cloud Software Group, Inc. <sup>(b)</sup> | Cloud Software Group, Inc. <sup>(b)</sup> | Cloud Software Group, Inc. <sup>(b)</sup> |
| 2848000 | 9.000 | 09/30/29 | 2944775 |
| 1585000 | 8.250 | 06/30/32 | 1666120 |
| 420000 | 6.625 | 08/15/33 | 421126 |
| CoreWeave, Inc. <sup>(b)</sup> | CoreWeave, Inc. <sup>(b)</sup> | CoreWeave, Inc. <sup>(b)</sup> | CoreWeave, Inc. <sup>(b)</sup> |
| 3230000 | 9.250 | 06/01/30 | 3256809 |
| 4187000 | 9.000 | 02/01/31 | 4201026 |
| Elastic NV <sup>(b)</sup> | Elastic NV <sup>(b)</sup> | Elastic NV <sup>(b)</sup> | Elastic NV <sup>(b)</sup> |
| 1760000 | 4.125 | 07/15/29 | 1698312 |
| Open Text Corp. <sup>(b)</sup> | Open Text Corp. <sup>(b)</sup> | Open Text Corp. <sup>(b)</sup> | Open Text Corp. <sup>(b)</sup> |
| 6665000 | 3.875 | 12/01/29 | 6306890 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 1935000 | 4.900 | 02/06/33 | 1921919 |
| 1350000 | 3.600 | 04/01/50 | 914828 |
| ROBLOX Corp. <sup>(b)</sup> | ROBLOX Corp. <sup>(b)</sup> | ROBLOX Corp. <sup>(b)</sup> | ROBLOX Corp. <sup>(b)</sup> |
| 1895000 | 3.875 | 05/01/30 | 1813629 |
| SS&C Technologies, Inc. <sup>(b)</sup> | SS&C Technologies, Inc. <sup>(b)</sup> | SS&C Technologies, Inc. <sup>(b)</sup> | SS&C Technologies, Inc. <sup>(b)</sup> |
| 815000 | 5.500 | 09/30/27 | 815033 |
| 3530000 | 6.500 | 06/01/32 | 3657751 |
| TeamSystem SpA <sup>(b)</sup> | TeamSystem SpA <sup>(b)</sup> | TeamSystem SpA <sup>(b)</sup> | TeamSystem SpA <sup>(b)</sup> |
| 2975000 | 3.500 | 02/15/28 | 3408285 |
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp. <sup>(b)</sup> | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. <sup>(b)</sup> | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. <sup>(b)</sup> | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. <sup>(b)</sup> |
| $1390000 | 3.875 | 02/01/29 | 1310839 |
|  |  |  | 44773842 |
| Sovereign<sup>(a)</sup> – 0.2% | Sovereign<sup>(a)</sup> – 0.2% | Sovereign<sup>(a)</sup> – 0.2% | Sovereign<sup>(a)</sup> – 0.2% |
| CoBank ACB <sup>(d)</sup> (3 mo. USD Term SOFR + 4.660%) | CoBank ACB <sup>(d)</sup> (3 mo. USD Term SOFR + 4.660%) | CoBank ACB <sup>(d)</sup> (3 mo. USD Term SOFR + 4.660%) | CoBank ACB <sup>(d)</sup> (3 mo. USD Term SOFR + 4.660%) |
| 5135000 | 6.250 | 10/01/26 | 5137619 |
| Eagle Funding Luxco SARL <sup>(b)</sup> | Eagle Funding Luxco SARL <sup>(b)</sup> | Eagle Funding Luxco SARL <sup>(b)</sup> | Eagle Funding Luxco SARL <sup>(b)</sup> |
| 250000 | 5.500 | 08/17/30 | 253777 |
|  |  |  | 5391396 |
| Telecommunication Services – 1.3% | Telecommunication Services – 1.3% | Telecommunication Services – 1.3% | Telecommunication Services – 1.3% |
| Altice France SA <sup>(a)(b)</sup> | Altice France SA <sup>(a)(b)</sup> | Altice France SA <sup>(a)(b)</sup> | Altice France SA <sup>(a)(b)</sup> |
| 3615620 | 6.875 | 07/15/32 | 3472441 |
| AT&T, Inc. <sup>(a)</sup> | AT&T, Inc. <sup>(a)</sup> | AT&T, Inc. <sup>(a)</sup> | AT&T, Inc. <sup>(a)</sup> |
| 3335000 | 2.250 | 02/01/32 | 2915857 |
| Axian Telecom Holding & Management PLC <sup>(a)(b)</sup> | Axian Telecom Holding & Management PLC <sup>(a)(b)</sup> | Axian Telecom Holding & Management PLC <sup>(a)(b)</sup> | Axian Telecom Holding & Management PLC <sup>(a)(b)</sup> |
| 200000 | 7.250 | 07/11/30 | 201800 |

---

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

---

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

---

------

GOLDMAN SACHS INCOME BUILDER 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** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Telecommunication Services – (continued) | Telecommunication Services – (continued) | Telecommunication Services – (continued) | Telecommunication Services – (continued) |
| CommScope LLC <sup>(a)(b)</sup> | CommScope LLC <sup>(a)(b)</sup> | CommScope LLC <sup>(a)(b)</sup> | CommScope LLC <sup>(a)(b)</sup> |
| 549000 | 8.250% | 03/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553118 |
| 1195000 | 9.500 | 12/15/31 | 1217155 |
| Digicel International Finance Ltd./Difl U.S. LLC <sup>(a)(b)</sup> | Digicel International Finance Ltd./Difl U.S. LLC <sup>(a)(b)</sup> | Digicel International Finance Ltd./Difl U.S. LLC <sup>(a)(b)</sup> | Digicel International Finance Ltd./Difl U.S. LLC <sup>(a)(b)</sup> |
| 200000 | 8.625 | 08/01/32 | 199500 |
| EchoStar Corp. <sup>(a)</sup> | EchoStar Corp. <sup>(a)</sup> | EchoStar Corp. <sup>(a)</sup> | EchoStar Corp. <sup>(a)</sup> |
| 3085000 | 10.750 | 11/30/29 | 3396924 |
| (PIK 6.750%, Cash 6.750%) | (PIK 6.750%, Cash 6.750%) | (PIK 6.750%, Cash 6.750%) | (PIK 6.750%, Cash 6.750%) |
| 4681035 | 6.750 <sup>(c)</sup> | 11/30/30 | 4832326 |
| Fibercop SpA <sup>(a)(b)</sup> | Fibercop SpA <sup>(a)(b)</sup> | Fibercop SpA <sup>(a)(b)</sup> | Fibercop SpA <sup>(a)(b)</sup> |
| 1348000 | 7.200 | 07/18/36 | 1365740 |
| 674000 | 7.721 | 06/04/38 | 684319 |
| Iliad Holding SAS <sup>(a)(b)</sup> | Iliad Holding SAS <sup>(a)(b)</sup> | Iliad Holding SAS <sup>(a)(b)</sup> | Iliad Holding SAS <sup>(a)(b)</sup> |
| 1400000 | 7.000 | 04/15/32 | 1433166 |
| Level 3 Financing, Inc. <sup>(a)(b)</sup> | Level 3 Financing, Inc. <sup>(a)(b)</sup> | Level 3 Financing, Inc. <sup>(a)(b)</sup> | Level 3 Financing, Inc. <sup>(a)(b)</sup> |
| 2155000 | 6.875 | 06/30/33 | 2208832 |
| 2565000 | 7.000 | 03/31/34 | 2636153 |
| Nokia of America Corp. | Nokia of America Corp. | Nokia of America Corp. | Nokia of America Corp. |
| 2880000 | 6.450 | 03/15/29 | 2922710 |
| Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. |
| 1105000 | 8.750 | 03/15/32 | 1344343 |
| Telecom Italia Capital SA | Telecom Italia Capital SA | Telecom Italia Capital SA | Telecom Italia Capital SA |
| 432000 | 7.200 | 07/18/36 | 471264 |
| 311000 | 7.721 | 06/04/38 | 346709 |
| Telefonica Celular del Paraguay SA <sup>(a)</sup> | Telefonica Celular del Paraguay SA <sup>(a)</sup> | Telefonica Celular del Paraguay SA <sup>(a)</sup> | Telefonica Celular del Paraguay SA <sup>(a)</sup> |
| 200000 | 5.875 | 04/15/27 | 199700 |
| T-Mobile USA, Inc. <sup>(a)</sup> | T-Mobile USA, Inc. <sup>(a)</sup> | T-Mobile USA, Inc. <sup>(a)</sup> | T-Mobile USA, Inc. <sup>(a)</sup> |
| 1821000 | 4.500 | 04/15/50 | 1524723 |
| Total Play Telecomunicaciones SA de CV <sup>(a)</sup> | Total Play Telecomunicaciones SA de CV <sup>(a)</sup> | Total Play Telecomunicaciones SA de CV <sup>(a)</sup> | Total Play Telecomunicaciones SA de CV <sup>(a)</sup> |
| 250000 | 10.500 | 12/31/28 | 243125 |
| Windstream Services LLC <sup>(a)(b)</sup> | Windstream Services LLC <sup>(a)(b)</sup> | Windstream Services LLC <sup>(a)(b)</sup> | Windstream Services LLC <sup>(a)(b)</sup> |
| 1725000 | 7.500 | 10/15/33 | 1721378 |
| Windstream Services LLC/Windstream Escrow Finance Corp. <sup>(a)(b)</sup> | Windstream Services LLC/Windstream Escrow Finance Corp. <sup>(a)(b)</sup> | Windstream Services LLC/Windstream Escrow Finance Corp. <sup>(a)(b)</sup> | Windstream Services LLC/Windstream Escrow Finance Corp. <sup>(a)(b)</sup> |
| 865000 | 8.250 | 10/01/31 | 883546 |
| WULF Compute LLC <sup>(a)(b)</sup> | WULF Compute LLC <sup>(a)(b)</sup> | WULF Compute LLC <sup>(a)(b)</sup> | WULF Compute LLC <sup>(a)(b)</sup> |
| 675000 | 7.750 | 10/15/30 | 700394 |
|  |  |  | 35475223 |
| Toys/Games/Hobbies<sup>(a)(b)</sup> – 0.1% | Toys/Games/Hobbies<sup>(a)(b)</sup> – 0.1% | Toys/Games/Hobbies<sup>(a)(b)</sup> – 0.1% | Toys/Games/Hobbies<sup>(a)(b)</sup> – 0.1% |
| Mattel, Inc. | Mattel, Inc. | Mattel, Inc. | Mattel, Inc. |
| 2095000 | 3.375 | 04/01/26 | 2082283 |
| Transportation – 0.3% | Transportation – 0.3% | Transportation – 0.3% | Transportation – 0.3% |
| Beacon Mobility Corp. <sup>(a)(b)</sup> | Beacon Mobility Corp. <sup>(a)(b)</sup> | Beacon Mobility Corp. <sup>(a)(b)</sup> | Beacon Mobility Corp. <sup>(a)(b)</sup> |
| 1330000 | 7.250 | 08/01/30 | 1384956 |
| MV24 Capital BV | MV24 Capital BV | MV24 Capital BV | MV24 Capital BV |
| 417422 | 6.748 | 06/01/34 | 414705 |
| Rand Parent LLC <sup>(a)(b)</sup> | Rand Parent LLC <sup>(a)(b)</sup> | Rand Parent LLC <sup>(a)(b)</sup> | Rand Parent LLC <sup>(a)(b)</sup> |
| 2790000 | 8.500 | 02/15/30 | 2851631 |
| RXO, Inc. <sup>(a)(b)</sup> | RXO, Inc. <sup>(a)(b)</sup> | RXO, Inc. <sup>(a)(b)</sup> | RXO, Inc. <sup>(a)(b)</sup> |
| 1675000 | 7.500 | 11/15/27 | 1711398 |
| Transnet <sup>(b)</sup> | Transnet <sup>(b)</sup> | Transnet <sup>(b)</sup> | Transnet <sup>(b)</sup> |
| 400000 | 8.250 | 02/06/28 | 422376 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Transportation – (continued) | Transportation – (continued) | Transportation – (continued) | Transportation – (continued) | Transportation – (continued) |
| XPO, Inc. <sup>(a)(b)</sup> | XPO, Inc. <sup>(a)(b)</sup> | XPO, Inc. <sup>(a)(b)</sup> | XPO, Inc. <sup>(a)(b)</sup> | XPO, Inc. <sup>(a)(b)</sup> |
| $| 1315000 | 7.125% | 02/01/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384379 |
|  |  |  |  | 8169445 |
| Trucking & Leasing<sup>(a)(b)</sup> – 0.1% | Trucking & Leasing<sup>(a)(b)</sup> – 0.1% | Trucking & Leasing<sup>(a)(b)</sup> – 0.1% | Trucking & Leasing<sup>(a)(b)</sup> – 0.1% | Trucking & Leasing<sup>(a)(b)</sup> – 0.1% |
| FTAI Aviation Investors LLC | FTAI Aviation Investors LLC | FTAI Aviation Investors LLC | FTAI Aviation Investors LLC | FTAI Aviation Investors LLC |
|  | 2130000 | 5.500 | 05/01/28 | 2130639 |
| **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $1,203,797,609)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $1,203,797,609)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $1,203,797,609)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $1,203,797,609)** | $1202258533 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – 36.5% | Common Stocks – 36.5% | Common Stocks – 36.5% |
| Aerospace & Defense – 0.7% | Aerospace & Defense – 0.7% | Aerospace & Defense – 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38738 | General Electric Co. | $11968105 |
| 24030 | L3Harris Technologies, Inc. | 6947073 |
|  |  | 18915178 |
| Banks – 3.9% | Banks – 3.9% | Banks – 3.9% |
| 767911 | Banco Bilbao Vizcaya Argentaria SA ADR | 15458048 |
| 392305 | Bank of America Corp. | 20968702 |
| 194425 | Citizens Financial Group, Inc. | 9890400 |
| 128466 | JPMorgan Chase & Co. | 39968342 |
| 508312 | NatWest Group PLC ADR | 7863587 |
| 97158 | Southstate Bank Corp. | 8613057 |
|  |  | 102762136 |
| Beverages – 0.6% | Beverages – 0.6% | Beverages – 0.6% |
| 107530 | Coca-Cola Co. | 7408817 |
| 110005 | Coca-Cola Europacific Partners PLC | 9771744 |
|  |  | 17180561 |
| Biotechnology – 0.4% | Biotechnology – 0.4% | Biotechnology – 0.4% |
| 54849 | AbbVie, Inc. | 11959276 |
| Capital Markets – 1.1% | Capital Markets – 1.1% | Capital Markets – 1.1% |
| 71129 | Blackstone, Inc. | 10430357 |
| 82141 | KKR & Co., Inc. | 9719744 |
| 334948 | Singapore Exchange Ltd. ADR | 8686039 |
|  |  | 28836140 |
| Chemicals – 0.6% | Chemicals – 0.6% | Chemicals – 0.6% |
| 36850 | Linde PLC | 15414355 |
| 16191 | Solstice Advanced Materials, Inc.<sup>(h)</sup> | 729728 |
|  |  | 16144083 |
| Commercial Services & Supplies – 0.3% | Commercial Services & Supplies – 0.3% | Commercial Services & Supplies – 0.3% |
| 39007 | Republic Services, Inc. | 8122818 |
| Communications Equipment – 0.9% | Communications Equipment – 0.9% | Communications Equipment – 0.9% |
| 211366 | Cisco Systems, Inc. | 15452968 |
| 35685 | Intelsat SA<sup>(e)(h)</sup> | 0 |

---

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

**The accompanying notes are an integral part of these financial statements.**<sub>13</sub>

------

GOLDMAN SACHS INCOME BUILDER FUND

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

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

Schedule of Investments (continued) *October 31, 2025*

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

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Communications Equipment – (continued) | Communications Equipment – (continued) | Communications Equipment – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20446 | Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8315593 |
|  |  | 23768561 |
| Construction & Engineering – 0.2% | Construction & Engineering – 0.2% | Construction & Engineering – 0.2% |
| 145665 | Vinci SA ADR | 4863682 |
| Consumer Finance – 1.1% | Consumer Finance – 1.1% | Consumer Finance – 1.1% |
| 40619 | American Express Co. | 14652492 |
| 66307 | Capital One Financial Corp. | 14586877 |
|  |  | 29239369 |
| Consumer Staples Distribution & Retail – 1.5% | Consumer Staples Distribution & Retail – 1.5% | Consumer Staples Distribution & Retail – 1.5% |
| 9800 | Costco Wholesale Corp. | 8932210 |
| 237577 | Koninklijke Ahold Delhaize NV ADR | 9712148 |
| 198632 | Walmart, Inc. | 20097586 |
|  |  | 38741944 |
| Containers & Packaging – 0.2% | Containers & Packaging – 0.2% | Containers & Packaging – 0.2% |
| 157176 | International Paper Co. | 6073281 |
| Diversified Telecommunication Services – 0.4% | Diversified Telecommunication Services – 0.4% | Diversified Telecommunication Services – 0.4% |
| 388544 | AT&T, Inc. | 9616464 |
| Electric Utilities – 1.5% | Electric Utilities – 1.5% | Electric Utilities – 1.5% |
| 147278 | Iberdrola SA ADR | 11939813 |
| 157987 | NextEra Energy, Inc. | 12860142 |
| 173188 | Xcel Energy, Inc. | 14057670 |
|  |  | 38857625 |
| Electrical Equipment – 0.9% | Electrical Equipment – 0.9% | Electrical Equipment – 0.9% |
| 38713 | Eaton Corp. PLC | 14771332 |
| 173991 | Schneider Electric SE ADR | 9865290 |
|  |  | 24636622 |
| Energy Equipment & Services – 0.1% | Energy Equipment & Services – 0.1% | Energy Equipment & Services – 0.1% |
| 63962 | Noble Corp. PLC | 1877285 |
| Entertainment – 0.4% | Entertainment – 0.4% | Entertainment – 0.4% |
| 100462 | Walt Disney Co. | 11314030 |
| Financial Services – 0.2% | Financial Services – 0.2% | Financial Services – 0.2% |
| 19242 | Visa, Inc. Class A | 6556519 |
| Food Products – 0.3% | Food Products – 0.3% | Food Products – 0.3% |
| 79949 | Nestle SA ADR | 7636729 |
| Ground Transportation – 0.5% | Ground Transportation – 0.5% | Ground Transportation – 0.5% |
| 166554 | CSX Corp. | 5999275 |
| 35181 | Union Pacific Corp. | 7752837 |
|  |  | 13752112 |
| Health Care Equipment & Supplies – 0.8% | Health Care Equipment & Supplies – 0.8% | Health Care Equipment & Supplies – 0.8% |
| 100121 | Abbott Laboratories | 12376958 |
| 48286 | Hoya Corp. ADR<sup>(i)</sup> | 7848889 |
|  |  | 20225847 |
| Health Care Providers & Services – 0.7% | Health Care Providers & Services – 0.7% | Health Care Providers & Services – 0.7% |
| 40420 | Cardinal Health, Inc. | 7710924 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care Providers & Services – (continued) | Health Care Providers & Services – (continued) | Health Care Providers & Services – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32456 | UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11085671 |
|  |  | 18796595 |
| Health Care REITs – 0.2% | Health Care REITs – 0.2% | Health Care REITs – 0.2% |
| 270476 | Healthpeak Properties, Inc. | 4855044 |
| Hotels, Restaurants & Leisure – 0.4% | Hotels, Restaurants & Leisure – 0.4% | Hotels, Restaurants & Leisure – 0.4% |
| 120413 | Starbucks Corp. | 9737799 |
| Household Durables – 0.3% | Household Durables – 0.3% | Household Durables – 0.3% |
| 57753 | DR Horton, Inc. | 8609817 |
| Household Products – 0.6% | Household Products – 0.6% | Household Products – 0.6% |
| 108599 | Procter & Gamble Co. | 16330032 |
| Industrial Conglomerates – 0.9% | Industrial Conglomerates – 0.9% | Industrial Conglomerates – 0.9% |
| 61096 | 3M Co. | 10172484 |
| 64767 | Honeywell International, Inc. | 13039540 |
|  |  | 23212024 |
| Industrial REITs – 0.4% | Industrial REITs – 0.4% | Industrial REITs – 0.4% |
| 79145 | Prologis, Inc. | 9821103 |
| Insurance – 1.0% | Insurance – 1.0% | Insurance – 1.0% |
| 46656 | Allstate Corp. | 8935557 |
| 40314 | Marsh & McLennan Cos., Inc. | 7181939 |
| 299545 | Zurich Insurance Group AG ADR | 10472093 |
|  |  | 26589589 |
| Interactive Media & Services – 1.0% | Interactive Media & Services – 1.0% | Interactive Media & Services – 1.0% |
| 94201 | Alphabet, Inc. Class A | 26488379 |
| IT Services<sup>(h)</sup> –0.0% | IT Services<sup>(h)</sup> –0.0% | IT Services<sup>(h)</sup> –0.0% |
| 4535 | DSG TopCo, Inc. | 33164 |
| Life Sciences Tools & Services – 0.5% | Life Sciences Tools & Services – 0.5% | Life Sciences Tools & Services – 0.5% |
| 55665 | Danaher Corp. | 11989128 |
| Machinery – 0.7% | Machinery – 0.7% | Machinery – 0.7% |
| 32521 | Caterpillar, Inc. | 18773073 |
| Media – 0.3% | Media – 0.3% | Media – 0.3% |
| 4011 | Audacy Capital Corp. Class B<sup>(h)</sup> | 26072 |
| 36581 | Audacy Capital LLC Class A<sup>(h)</sup> | 242349 |
| 194739 | Bright Pattern Holdco<sup>(e)(h)</sup> | 195 |
| 635140 | iHeartMedia, Inc. Class A<sup>(h)</sup> | 1886366 |
| 104977 | New York Times Co. Class A | 5982639 |
| 35685 | SES SA<sup>(h)</sup> | 510759 |
|  |  | 8648380 |
| Metals & Mining – 0.9% | Metals & Mining – 0.9% | Metals & Mining – 0.9% |
| 225525 | Freeport-McMoRan, Inc. | 9404392 |
| 220662 | Rio Tinto PLC ADR | 15830292 |
|  |  | 25234684 |
| Multi-Utilities – 2.0% | Multi-Utilities – 2.0% | Multi-Utilities – 2.0% |
| 126864 | Ameren Corp. | 12942666 |
| 160691 | CMS Energy Corp. | 11818823 |
| 185109 | Dominion Energy, Inc. | 10864047 |

---

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

---

| | |
|:---|:---|
| **14** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INCOME BUILDER 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> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Multi-Utilities – (continued) | Multi-Utilities – (continued) | Multi-Utilities – (continued) |
| 142896 | National Grid PLC ADR<sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10752924 |
| 86496 | Sempra | 7952442 |
|  |  | 54330902 |
| Office REITs – 0.2% | Office REITs – 0.2% | Office REITs – 0.2% |
| 57527 | BXP, Inc. | 4095347 |
| Oil, Gas & Consumable Fuels – 2.2% | Oil, Gas & Consumable Fuels – 2.2% | Oil, Gas & Consumable Fuels – 2.2% |
| 123253 | Chevron Corp. | 19439463 |
| 107238 | ConocoPhillips | 9529169 |
| 2642 | Expand Energy Corp. | 272945 |
| 53194 | Phillips 66 | 7241831 |
| 229174 | Shell PLC ADR | 17169716 |
| 89599 | TotalEnergies SE ADR | 5576642 |
|  |  | 59229766 |
| Personal Products – 0.3% | Personal Products – 0.3% | Personal Products – 0.3% |
| 149463 | Unilever PLC ADR | 8996178 |
| Pharmaceuticals – 2.0% | Pharmaceuticals – 2.0% | Pharmaceuticals – 2.0% |
| 127247 | AstraZeneca PLC ADR | 10485153 |
| 6212 | Eli Lilly & Co. | 5360086 |
| 109663 | Johnson & Johnson | 20712051 |
| 112391 | Merck & Co., Inc. | 9663378 |
| 548183 | Takeda Pharmaceutical Co. Ltd. ADR<sup>(i)</sup> | 7367580 |
|  |  | 53588248 |
| Real Estate Investment Trusts<sup>(h)</sup> – 0.0% | Real Estate Investment Trusts<sup>(h)</sup> – 0.0% | Real Estate Investment Trusts<sup>(h)</sup> – 0.0% |
| 21257 | Luxco Co. Ltd. | 351945 |
| Real Estate Management & Development – 0.0% | Real Estate Management & Development – 0.0% | Real Estate Management & Development – 0.0% |
| 122732 | Sunac Services Holdings Ltd.<sup>(b)</sup> | 24467 |
| 89181 | Yuzhou Group Holdings Co. Ltd.<sup>(h)</sup> | 1813 |
|  |  | 26280 |
| Residential REITs – 0.2% | Residential REITs – 0.2% | Residential REITs – 0.2% |
| 33988 | AvalonBay Communities, Inc. | 5911193 |
| Retail REITs – 0.2% | Retail REITs – 0.2% | Retail REITs – 0.2% |
| 77716 | Regency Centers Corp. | 5358518 |
| Semiconductors & Semiconductor Equipment – 1.5% | Semiconductors & Semiconductor Equipment – 1.5% | Semiconductors & Semiconductor Equipment – 1.5% |
| 23064 | Broadcom, Inc. | 8525146 |
| 7241 | KLA Corp. | 8752486 |
| 57899 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 17394597 |
| 30724 | Texas Instruments, Inc. | 4960697 |
|  |  | 39632926 |
| Software – 1.1% | Software – 1.1% | Software – 1.1% |
| 21951 | Microsoft Corp. | 11366447 |
| 40457 | Oracle Corp. | 10624413 |
| 31198 | Salesforce, Inc. | 8124271 |
|  |  | 30115131 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Specialized REITs – 0.2% | Specialized REITs – 0.2% | Specialized REITs – 0.2% |
| 33784 | Digital Realty Trust, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5757131 |
| Specialty Retail – 0.9% | Specialty Retail – 0.9% | Specialty Retail – 0.9% |
| 32954 | Home Depot, Inc. | 12509009 |
| 74560 | TJX Cos., Inc. | 10448838 |
|  |  | 22957847 |
| Technology Hardware, Storage & Peripherals – 0.3% | Technology Hardware, Storage & Peripherals – 0.3% | Technology Hardware, Storage & Peripherals – 0.3% |
| 325163 | Hewlett Packard Enterprise Co. | 7940480 |
| Trading Companies & Distributors – 0.4% | Trading Companies & Distributors – 0.4% | Trading Companies & Distributors – 0.4% |
| 247175 | Fastenal Co. | 10171251 |
| Water Utilities – 0.2% | Water Utilities – 0.2% | Water Utilities – 0.2% |
| 39929 | American Water Works Co., Inc. | 5128082 |
| Wireless Telecommunication Services – 0.3% | Wireless Telecommunication Services – 0.3% | Wireless Telecommunication Services – 0.3% |
| 32609 | T-Mobile U.S., Inc. | 6849520 |
| **TOTAL COMMON STOCKS**<br> **(Cost $697,853,624)** | **TOTAL COMMON STOCKS**<br> **(Cost $697,853,624)** | $970639818 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(j)</sup> – 5.0% | Bank Loans<sup>(j)</sup> – 5.0% | Bank Loans<sup>(j)</sup> – 5.0% | Bank Loans<sup>(j)</sup> – 5.0% |
| Aerospace & Defense – 0.2% | Aerospace & Defense – 0.2% | Aerospace & Defense – 0.2% |  |
| Bleriot U.S. Bidco, Inc.<br> (3 mo. USD Term SOFR + 2.500%) | Bleriot U.S. Bidco, Inc.<br> (3 mo. USD Term SOFR + 2.500%) | Bleriot U.S. Bidco, Inc.<br> (3 mo. USD Term SOFR + 2.500%) | Bleriot U.S. Bidco, Inc.<br> (3 mo. USD Term SOFR + 2.500%) |
| $1259094 | 6.502% | 10/31/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261058 |
| Dynasty Acquisition Co., Inc. | Dynasty Acquisition Co., Inc. | Dynasty Acquisition Co., Inc. | Dynasty Acquisition Co., Inc. |
| (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) |
| 1935375 | 5.965 | 10/31/31 | 1937891 |
| Kaman Corp. | Kaman Corp. | Kaman Corp. | Kaman Corp. |
| (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) |
| 3281431 | 6.544–6.699 | 02/26/32 | 3289635 |
| (3 mo. USD Term SOFR + 1.000%) | (3 mo. USD Term SOFR + 1.000%) | (3 mo. USD Term SOFR + 1.000%) | (3 mo. USD Term SOFR + 1.000%) |
| 29719 | 6.427 | 02/26/32 | 28905 |
|  |  |  | 6517489 |
| Auto Parts & Equipment – 0.1% | Auto Parts & Equipment – 0.1% | Auto Parts & Equipment – 0.1% | Auto Parts & Equipment – 0.1% |
| First Brands Group LLC | First Brands Group LLC | First Brands Group LLC | First Brands Group LLC |
| 339136 | 0.000 <sup>(k)</sup> | 06/29/26 | 359098 |
| (3 mo. USD Term SOFR + 5.000%) | (3 mo. USD Term SOFR + 5.000%) | (3 mo. USD Term SOFR + 5.000%) | (3 mo. USD Term SOFR + 5.000%) |
| 3216557 | 9.427 | 03/30/27 | 1026081 |
| 682541 | 9.570 | 03/30/27 | 217731 |
| (3 mo. USD Term SOFR + 8.500%) | (3 mo. USD Term SOFR + 8.500%) | (3 mo. USD Term SOFR + 8.500%) | (3 mo. USD Term SOFR + 8.500%) |
| 2900000 | 13.070 | 03/30/28 | 37700 |
|  |  |  | 1640610 |
| Beverages – 0.1% | Beverages – 0.1% | Beverages – 0.1% | Beverages – 0.1% |
| Sazerac Co., Inc. | Sazerac Co., Inc. | Sazerac Co., Inc. | Sazerac Co., Inc. |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 2100000 | 6.580 | 07/09/32 | 2109513 |

---

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **15** |

---

------

GOLDMAN SACHS INCOME BUILDER FUND

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

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

Schedule of Investments (continued) *October 31, 2025*

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) |
| Building & Construction – 0.2% | Building & Construction – 0.2% | Building & Construction – 0.2% | Building & Construction – 0.2% |
| AAL Delaware Holdco, Inc. | AAL Delaware Holdco, Inc. | AAL Delaware Holdco, Inc. | AAL Delaware Holdco, Inc. |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| $4504585 | 6.715% | 07/30/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4506838 |
| Building Materials – 0.3% | Building Materials – 0.3% | Building Materials – 0.3% | Building Materials – 0.3% |
| Chamberlain Group, Inc. | Chamberlain Group, Inc. | Chamberlain Group, Inc. | Chamberlain Group, Inc. |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 4259450 | 6.965 | 09/08/32 | 4270099 |
| Icebox Holdco III, Inc. | Icebox Holdco III, Inc. | Icebox Holdco III, Inc. | Icebox Holdco III, Inc. |
| (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) |
| 2248730 | 7.252 | 12/22/31 | 2254352 |
| (3 mo. USD Term SOFR + 6.500%) | (3 mo. USD Term SOFR + 6.500%) | (3 mo. USD Term SOFR + 6.500%) | (3 mo. USD Term SOFR + 6.500%) |
| 625000 | 7.250 | 12/22/32 | 633006 |
|  |  |  | 7157457 |
| Chemicals – 0.3% | Chemicals – 0.3% | Chemicals – 0.3% | Chemicals – 0.3% |
| Illuminate Buyer LLC | Illuminate Buyer LLC | Illuminate Buyer LLC | Illuminate Buyer LLC |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 4504585 | 6.465 | 12/31/29 | 4493324 |
| Nouryon Finance BV | Nouryon Finance BV | Nouryon Finance BV | Nouryon Finance BV |
| (6 mo. USD Term SOFR + 3.250%) | (6 mo. USD Term SOFR + 3.250%) | (6 mo. USD Term SOFR + 3.250%) | (6 mo. USD Term SOFR + 3.250%) |
| 4427853 | 7.036 | 04/03/28 | 4416783 |
|  |  |  | 8910107 |
| Commercial Services – 0.5% | Commercial Services – 0.5% | Commercial Services – 0.5% | Commercial Services – 0.5% |
| Albion Financing 3 SARL | Albion Financing 3 SARL | Albion Financing 3 SARL | Albion Financing 3 SARL |
| (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) |
| 2925617 | 7.215 | 05/21/31 | 2938431 |
| Ankura Consulting Group LLC | Ankura Consulting Group LLC | Ankura Consulting Group LLC | Ankura Consulting Group LLC |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |
| 5173062 | 7.365 | 12/29/31 | 5068670 |
| Anticimex International AB | Anticimex International AB | Anticimex International AB | Anticimex International AB |
| (3 mo. USD Term SOFR + 3.400%) | (3 mo. USD Term SOFR + 3.400%) | (3 mo. USD Term SOFR + 3.400%) | (3 mo. USD Term SOFR + 3.400%) |
| 4805308 | 7.760 | 11/16/28 | 4821395 |
| TruGreen LP | TruGreen LP | TruGreen LP | TruGreen LP |
| (3 mo. USD Term SOFR + 8.500%) | (3 mo. USD Term SOFR + 8.500%) | (3 mo. USD Term SOFR + 8.500%) | (3 mo. USD Term SOFR + 8.500%) |
| 1750000 | 12.602 | 11/02/28 | 1576102 |
|  |  |  | 14404598 |
| Computers – 0.2% | Computers – 0.2% | Computers – 0.2% | Computers – 0.2% |
| McAfee LLC | McAfee LLC | McAfee LLC | McAfee LLC |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 3920375 | 6.965 | 03/01/29 | 3708008 |
| Virtusa Corp. | Virtusa Corp. | Virtusa Corp. | Virtusa Corp. |
| (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) |
| 1850833 | 7.215 | 02/15/29 | 1823996 |
|  |  |  | 5532004 |
| Diversified Financial Services – 0.1% | Diversified Financial Services – 0.1% | Diversified Financial Services – 0.1% | Diversified Financial Services – 0.1% |
| Fiserv Investment Solutions, Inc. | Fiserv Investment Solutions, Inc. | Fiserv Investment Solutions, Inc. | Fiserv Investment Solutions, Inc. |
| (3 mo. USD Term SOFR + 4.000%) | (3 mo. USD Term SOFR + 4.000%) | (3 mo. USD Term SOFR + 4.000%) | (3 mo. USD Term SOFR + 4.000%) |
| 615875 | 8.204 | 02/18/27 | 605867 |
| FNZ Group Services Ltd. | FNZ Group Services Ltd. | FNZ Group Services Ltd. | FNZ Group Services Ltd. |
| (3 mo. USD Term SOFR + 5.000%) | (3 mo. USD Term SOFR + 5.000%) | (3 mo. USD Term SOFR + 5.000%) | (3 mo. USD Term SOFR + 5.000%) |
| 1243750 | 9.321 | 11/05/31 | 985672 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) |
| Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) |
| GEN II Fund Services LLC | GEN II Fund Services LLC | GEN II Fund Services LLC | GEN II Fund Services LLC |
| (6 mo. USD Term SOFR + 2.750%) | (6 mo. USD Term SOFR + 2.750%) | (6 mo. USD Term SOFR + 2.750%) | (6 mo. USD Term SOFR + 2.750%) |
| $2288500 | 6.752% | 11/26/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2286600 |
|  |  |  | 3878139 |
| Electric – 0.2% | Electric – 0.2% | Electric – 0.2% | Electric – 0.2% |
| Kohler Energy Co. LLC | Kohler Energy Co. LLC | Kohler Energy Co. LLC | Kohler Energy Co. LLC |
| (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) |
| 4292792 | 7.752 | 05/01/31 | 4303524 |
| Electronics – 0.1% | Electronics – 0.1% | Electronics – 0.1% | Electronics – 0.1% |
| LSF12 Crown U.S. Commercial Bidco LLC | LSF12 Crown U.S. Commercial Bidco LLC | LSF12 Crown U.S. Commercial Bidco LLC | LSF12 Crown U.S. Commercial Bidco LLC |
| (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) |
| 2094750 | 7.663 | 12/02/31 | 2105873 |
| Engineering & Construction – 0.2% | Engineering & Construction – 0.2% | Engineering & Construction – 0.2% | Engineering & Construction – 0.2% |
| Brown Group Holding LLC | Brown Group Holding LLC | Brown Group Holding LLC | Brown Group Holding LLC |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 957726 | 6.465 | 07/01/31 | 960063 |
| (1 mo. USD Term SOFR + 2.750%)–(3 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%)–(3 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%)–(3 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%)–(3 mo. USD Term SOFR + 2.750%) |
| 1617956 | 6.590–6.949 | 07/01/31 | 1624023 |
| Construction Partners, Inc. | Construction Partners, Inc. | Construction Partners, Inc. | Construction Partners, Inc. |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 595500 | 6.465 | 11/03/31 | 596245 |
| TRC Cos. LLC | TRC Cos. LLC | TRC Cos. LLC | TRC Cos. LLC |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 3350749 | 6.965 | 12/08/28 | 3354937 |
|  |  |  | 6535268 |
| Entertainment – 0.1% | Entertainment – 0.1% | Entertainment – 0.1% | Entertainment – 0.1% |
| Crown Finance U.S., Inc. | Crown Finance U.S., Inc. | Crown Finance U.S., Inc. | Crown Finance U.S., Inc. |
| (1 mo. USD Term SOFR + 4.500%) | (1 mo. USD Term SOFR + 4.500%) | (1 mo. USD Term SOFR + 4.500%) | (1 mo. USD Term SOFR + 4.500%) |
| 2605345 | 8.629 | 12/02/31 | 2598363 |
| Health Care Services – 0.1% | Health Care Services – 0.1% | Health Care Services – 0.1% | Health Care Services – 0.1% |
| LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
| (1 mo. USD Term SOFR + 3.750%)–(3 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%)–(3 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%)–(3 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%)–(3 mo. USD Term SOFR + 3.750%) |
| 1273532 | 7.655–7.782 | 05/19/31 | 1273163 |
| Onex TSG Intermediate Corp. | Onex TSG Intermediate Corp. | Onex TSG Intermediate Corp. | Onex TSG Intermediate Corp. |
| (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) |
| 1325000 | 7.590 | 08/06/32 | 1329253 |
|  |  |  | 2602416 |
| Insurance – 0.3% | Insurance – 0.3% | Insurance – 0.3% | Insurance – 0.3% |
| Asurion LLC | Asurion LLC | Asurion LLC | Asurion LLC |
| (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) |
| 2447187 | 7.329 | 07/31/27 | 2447652 |
| Broadstreet Partners, Inc. | Broadstreet Partners, Inc. | Broadstreet Partners, Inc. | Broadstreet Partners, Inc. |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 648547 | 6.715 | 06/13/31 | 649954 |

---

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

---

| | |
|:---|:---|
| **16** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS INCOME BUILDER 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** |
| Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) |
| Insurance – (continued) | Insurance – (continued) | Insurance – (continued) | Insurance – (continued) |
| Truist Insurance Holdings LLC | Truist Insurance Holdings LLC | Truist Insurance Holdings LLC | Truist Insurance Holdings LLC |
| (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) |
| $4650000 | 6.752% | 05/06/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4641677 |
|  |  |  | 7739283 |
| Internet – 0.1% | Internet – 0.1% | Internet – 0.1% | Internet – 0.1% |
| Diamond Sports Group LLC | Diamond Sports Group LLC | Diamond Sports Group LLC | Diamond Sports Group LLC |
| (3 mo. USD Term SOFR + 15.000%) | (3 mo. USD Term SOFR + 15.000%) | (3 mo. USD Term SOFR + 15.000%) | (3 mo. USD Term SOFR + 15.000%) |
| 91766 | 15.000 | 01/02/28 | 68274 |
| Plano HoldCo, Inc. | Plano HoldCo, Inc. | Plano HoldCo, Inc. | Plano HoldCo, Inc. |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |
| 3084500 | 7.502 | 10/02/31 | 2968831 |
|  |  |  | 3037105 |
| Leisure Time – 0.1% | Leisure Time – 0.1% | Leisure Time – 0.1% | Leisure Time – 0.1% |
| Arcis Golf LLC | Arcis Golf LLC | Arcis Golf LLC | Arcis Golf LLC |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 1965449 | 6.715 | 11/24/28 | 1967906 |
| Machinery-Diversified – 0.3% | Machinery-Diversified – 0.3% | Machinery-Diversified – 0.3% | Machinery-Diversified – 0.3% |
| Clark Equipment Co. | Clark Equipment Co. | Clark Equipment Co. | Clark Equipment Co. |
| (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) |
| 297187 | 6.002 | 04/20/29 | 297484 |
| Engineered Machinery Holdings, Inc. | Engineered Machinery Holdings, Inc. | Engineered Machinery Holdings, Inc. | Engineered Machinery Holdings, Inc. |
| (3 mo. EUR EURIBOR + 3.750%) | (3 mo. EUR EURIBOR + 3.750%) | (3 mo. EUR EURIBOR + 3.750%) | (3 mo. EUR EURIBOR + 3.750%) |
| 840000 | 5.750 | 05/21/28 | 975246 |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |
| $1800957 | 7.763 | 05/19/28 | 1809061 |
| TK Elevator Midco GmbH | TK Elevator Midco GmbH | TK Elevator Midco GmbH | TK Elevator Midco GmbH |
| (6 mo. USD Term SOFR + 3.000%) | (6 mo. USD Term SOFR + 3.000%) | (6 mo. USD Term SOFR + 3.000%) | (6 mo. USD Term SOFR + 3.000%) |
| 4538146 | 7.197 | 04/30/30 | 4563696 |
|  |  |  | 7645487 |
| Media – 0.0% | Media – 0.0% | Media – 0.0% | Media – 0.0% |
| Audacy Capital Corp. | Audacy Capital Corp. | Audacy Capital Corp. | Audacy Capital Corp. |
| (1 mo. USD Term SOFR + 6.000%) | (1 mo. USD Term SOFR + 6.000%) | (1 mo. USD Term SOFR + 6.000%) | (1 mo. USD Term SOFR + 6.000%) |
| 1066454 | 10.079 | 10/01/29 | 841165 |
| (1 mo. USD Term SOFR + 7.000%) | (1 mo. USD Term SOFR + 7.000%) | (1 mo. USD Term SOFR + 7.000%) | (1 mo. USD Term SOFR + 7.000%) |
| 119349 | 11.079 | 10/02/28 | 116962 |
| Cumulus Media New Holdings, Inc. | Cumulus Media New Holdings, Inc. | Cumulus Media New Holdings, Inc. | Cumulus Media New Holdings, Inc. |
| (3 mo. USD Term SOFR + 5.000%) | (3 mo. USD Term SOFR + 5.000%) | (3 mo. USD Term SOFR + 5.000%) | (3 mo. USD Term SOFR + 5.000%) |
| 572401 | 9.321 | 05/02/29 | 159316 |
| DirecTV Financing LLC | DirecTV Financing LLC | DirecTV Financing LLC | DirecTV Financing LLC |
| (3 mo. USD Term SOFR + 5.000%) | (3 mo. USD Term SOFR + 5.000%) | (3 mo. USD Term SOFR + 5.000%) | (3 mo. USD Term SOFR + 5.000%) |
| 101122 | 9.102 | 08/02/27 | 101110 |
|  |  |  | 1218553 |
| Metal Fabricate & Hardware – 0.1% | Metal Fabricate & Hardware – 0.1% | Metal Fabricate & Hardware – 0.1% | Metal Fabricate & Hardware – 0.1% |
| Grinding Media, Inc. | Grinding Media, Inc. | Grinding Media, Inc. | Grinding Media, Inc. |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |
| 2568802 | 7.698 | 10/12/28 | 2572013 |
| Office & Business Equipment – 0.1% | Office & Business Equipment – 0.1% | Office & Business Equipment – 0.1% | Office & Business Equipment – 0.1% |
| Pitney Bowes, Inc. | Pitney Bowes, Inc. | Pitney Bowes, Inc. | Pitney Bowes, Inc. |
| (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) |
| 3333250 | 7.715 | 03/19/32 | 3323884 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) |
| Oil & Gas Services – 0.1% | Oil & Gas Services – 0.1% | Oil & Gas Services – 0.1% | Oil & Gas Services – 0.1% |
| Deep Blue Operating I LLC | Deep Blue Operating I LLC | Deep Blue Operating I LLC | Deep Blue Operating I LLC |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| $3150000 | 6.884% | 10/01/32 | $3155922 |
| Pipelines – 0.4% | Pipelines – 0.4% | Pipelines – 0.4% | Pipelines – 0.4% |
| AL GCX Holdings LLC | AL GCX Holdings LLC | AL GCX Holdings LLC | AL GCX Holdings LLC |
| (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) |
| 5694329 | 6.102 | 05/17/29 | 5682143 |
| CQP Holdco LP | CQP Holdco LP | CQP Holdco LP | CQP Holdco LP |
| (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) |
| 2940371 | 6.002 | 12/31/30 | 2944341 |
| Prairie ECI Acquiror LP | Prairie ECI Acquiror LP | Prairie ECI Acquiror LP | Prairie ECI Acquiror LP |
| (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) |
| 3291813 | 7.715 | 08/01/29 | 3308271 |
|  |  |  | 11934755 |
| Retail – 0.1% | Retail – 0.1% | Retail – 0.1% | Retail – 0.1% |
| Harbor Freight Tools USA, Inc. | Harbor Freight Tools USA, Inc. | Harbor Freight Tools USA, Inc. | Harbor Freight Tools USA, Inc. |
| (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) |
| 1366511 | 6.215 | 06/11/31 | 1346136 |
| Software – 0.7% | Software – 0.7% | Software – 0.7% | Software – 0.7% |
| Athenahealth Group, Inc. | Athenahealth Group, Inc. | Athenahealth Group, Inc. | Athenahealth Group, Inc. |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 2335104 | 5.653 | 02/15/29 | 2323055 |
| ConnectWise LLC | ConnectWise LLC | ConnectWise LLC | ConnectWise LLC |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |
| 4577442 | 7.763 | 09/29/28 | 4581104 |
| Drake Software LLC | Drake Software LLC | Drake Software LLC | Drake Software LLC |
| (1 mo. USD Term SOFR + 4.250%) | (1 mo. USD Term SOFR + 4.250%) | (1 mo. USD Term SOFR + 4.250%) | (1 mo. USD Term SOFR + 4.250%) |
| 2103361 | 8.215 | 06/26/31 | 2079699 |
| iSolved, Inc. | iSolved, Inc. | iSolved, Inc. | iSolved, Inc. |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 1207889 | 6.715 | 10/15/30 | 1207515 |
| Kaseya, Inc. | Kaseya, Inc. | Kaseya, Inc. | Kaseya, Inc. |
| (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) |
| 3432750 | 7.215 | 03/20/32 | 3430965 |
| (1 mo. USD Term SOFR + 5.000%) | (1 mo. USD Term SOFR + 5.000%) | (1 mo. USD Term SOFR + 5.000%) | (1 mo. USD Term SOFR + 5.000%) |
| 2525000 | 8.965 | 03/18/33 | 2495028 |
| UKG, Inc. | UKG, Inc. | UKG, Inc. | UKG, Inc. |
| (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) |
| 1207649 | 6.338 | 02/10/31 | 1206803 |
|  |  |  | 17324169 |
| TOTAL BANK LOANS | TOTAL BANK LOANS | TOTAL BANK LOANS | TOTAL BANK LOANS |
| (Cost $141,821,870) | (Cost $141,821,870) | (Cost $141,821,870) | $&nbsp;&nbsp;&nbsp;&nbsp;134067412 |
| **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| Preferred Stocks – 0.3% | Preferred Stocks – 0.3% | Preferred Stocks – 0.3% | Preferred Stocks – 0.3% |
| Capital Markets – 0.2% | Capital Markets – 0.2% | Capital Markets – 0.2% | Capital Markets – 0.2% |
| Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| 183597 |  | 6.375% | $4617465 |

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **17** |

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------

GOLDMAN SACHS INCOME BUILDER FUND

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

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

Schedule of Investments (continued) *October 31, 2025*

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

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| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares** | **Dividend**<br> **Rate** | **Value** |
| Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) |
| Diversified Telecommunication Services – 0.0% | Diversified Telecommunication Services – 0.0% | Diversified Telecommunication Services – 0.0% |
| Qwest Corp. | Qwest Corp. | Qwest Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43276 | 6.500% | $854701 |
| Insurance<sup>(d)</sup> – 0.1% | Insurance<sup>(d)</sup> – 0.1% | Insurance<sup>(d)</sup> – 0.1% |
| Delphi Financial Group, Inc. | Delphi Financial Group, Inc. |  |
| 143849 | 7.663 | 3452376 |
| **TOTAL PREFERRED STOCKS**<br> **(Cost $8,780,987)** | **TOTAL PREFERRED STOCKS**<br> **(Cost $8,780,987)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8924542 |

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations – 0.2% | Sovereign Debt Obligations – 0.2% | Sovereign Debt Obligations – 0.2% | Sovereign Debt Obligations – 0.2% |
| United States Dollar – 0.2% | United States Dollar – 0.2% | United States Dollar – 0.2% | United States Dollar – 0.2% |
| Angola Government International Bonds | Angola Government International Bonds | Angola Government International Bonds | Angola Government International Bonds |
| $200000 | 9.125% | 11/26/49 | $168000 |
| Benin Government International Bonds | Benin Government International Bonds | Benin Government International Bonds | Benin Government International Bonds |
| 131000 | 4.875 | 01/19/32 | 144276 |
| 220000 | 7.960 | 02/13/38 | 228800 |
| Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
| 57283 | 0.000 <sup>(b)(g)</sup> | 07/31/30 | 44629 |
| 128344 | 6.900 <sup>(l)</sup> | 07/31/35 | 98159 |
| Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds |
| 200000 | 8.875 | 05/29/50 | 188812 |
| El Salvador Government International Bonds <sup>(a)</sup>  | El Salvador Government International Bonds <sup>(a)</sup>  | El Salvador Government International Bonds <sup>(a)</sup>  | El Salvador Government International Bonds <sup>(a)</sup>  |
| 720000 | 7.125 | 01/20/50 | 648846 |
| Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
| 730000 | 3.125 | 09/21/51 | 472310 |
| Ivory Coast Government International Bonds <sup>(b)</sup>  | Ivory Coast Government International Bonds <sup>(b)</sup>  | Ivory Coast Government International Bonds <sup>(b)</sup>  | Ivory Coast Government International Bonds <sup>(b)</sup>  |
| 212000 | 6.375 | 03/03/28 | 215272 |
| National Bank of Uzbekistan <sup>(a)</sup>  | National Bank of Uzbekistan <sup>(a)</sup>  | National Bank of Uzbekistan <sup>(a)</sup>  | National Bank of Uzbekistan <sup>(a)</sup>  |
| 786000 | 8.500 | 07/05/29 | 840037 |
| Nigeria Government International Bonds | Nigeria Government International Bonds | Nigeria Government International Bonds | Nigeria Government International Bonds |
| 400000 | 7.625 | 11/28/47 | 355000 |
| 320000 | 8.250 | 09/28/51 | 296000 |
| Pakistan Government International Bonds | Pakistan Government International Bonds | Pakistan Government International Bonds | Pakistan Government International Bonds |
| 540000 | 8.875 | 04/08/51 | 514361 |
| Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
| 930000 | 4.300 | 04/29/53 | 712380 |
| Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
| 710000 | 5.000 | 10/12/46 | 555060 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 150000 | 6.625 <sup>(b)</sup> | 05/16/36 | 154026 |
| 200000 | 4.000 | 02/14/51 | 138000 |
| Ukraine Government International Bonds <sup>(b)(l)</sup>  | Ukraine Government International Bonds <sup>(b)(l)</sup>  | Ukraine Government International Bonds <sup>(b)(l)</sup>  | Ukraine Government International Bonds <sup>(b)(l)</sup>  |
| 63457 | 4.500 | 02/01/29 | 43532 |
| 5777 | 0.000 | 02/01/30 | 3047 |
| 21588 | 0.000 | 02/01/34 | 8991 |
| 42304 | 4.500 | 02/01/34 | 23733 |
| 18243 | 0.000 | 02/01/35 | 9277 |
| 15203 | 0.000 | 02/01/36 | 7716 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $5,076,185)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $5,076,185)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $5,076,185)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5870264 |

---

---

| | | |
|:---|:---|:---|
| Units | **Expiration**<br> **Date** | Value |
| Rights<sup>(h)</sup> – 0.0% | Rights<sup>(h)</sup> – 0.0% | Rights<sup>(h)</sup> – 0.0% |
| Cineworld Group PLC | Cineworld Group PLC | Cineworld Group PLC |
| 27900 | 12/31/99 | $587407 |
| (Cost $708,939) | (Cost $708,939) |  |
| Warrants<sup>(h)</sup> – 0.0% | Warrants<sup>(h)</sup> – 0.0% | Warrants<sup>(h)</sup> – 0.0% |
| Aspect Software, Inc.<sup>(e)</sup> | Aspect Software, Inc.<sup>(e)</sup> | Aspect Software, Inc.<sup>(e)</sup> |
| 194739 | 12/31/99 | $194 |
| Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. |
| 287 | 02/09/26 | 24952 |
| Noble Corp. PLC | Noble Corp. PLC | Noble Corp. PLC |
| 5288 | 02/04/28 | 60627 |
| **TOTAL WARRANTS**<br> **(Cost $13,220)** | **TOTAL WARRANTS**<br> **(Cost $13,220)** | $85773 |
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Value** |
| Mortgage-Backed Obligations<sup>(a)(d)</sup> – 0.0% | Mortgage-Backed Obligations<sup>(a)(d)</sup> – 0.0% | Mortgage-Backed Obligations<sup>(a)(d)</sup> – 0.0% |
| Collateralized Mortgage Obligations – 0.0% | Collateralized Mortgage Obligations – 0.0% | Collateralized Mortgage Obligations – 0.0% |
| Sequential Floating Rate – 0.0% | Sequential Floating Rate – 0.0% | Sequential Floating Rate – 0.0% |
| Merrill Lynch Alternative Note Asset Trust Series 2007-OAR3, Class A1 (1 mo. USD Term SOFR + 0.494%) | Merrill Lynch Alternative Note Asset Trust Series 2007-OAR3, Class A1 (1 mo. USD Term SOFR + 0.494%) | Merrill Lynch Alternative Note Asset Trust Series 2007-OAR3, Class A1 (1 mo. USD Term SOFR + 0.494%) |
| $95715 | 4.486% | $85344 |
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | 85344 |
| TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $37,090) | TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $37,090) | $85344 |
| **Shares** | **Description** | **Value** |
| Exchange Traded Funds – 4.1% | Exchange Traded Funds – 4.1% | Exchange Traded Funds – 4.1% |
| 1820504 | Goldman Sachs Nasdaq-100 |  |
|  | Core Premium Income ETF<sup>(m)</sup> | $98562087 |
| 43398 | iShares U.S. Technology ETF | 9023312 |
| **TOTAL EXCHANGE TRADED FUNDS**<br> **(Cost $92,571,475)** | **TOTAL EXCHANGE TRADED FUNDS**<br> **(Cost $92,571,475)** | $&nbsp;&nbsp;&nbsp;&nbsp;107585399 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Companies<sup>(m)</sup> – 5.2% | Investment Companies<sup>(m)</sup> – 5.2% | Investment Companies<sup>(m)</sup> – 5.2% |
| Goldman Sachs Financial Square Government Fund — Class R6 | Goldman Sachs Financial Square Government Fund — Class R6 | Goldman Sachs Financial Square Government Fund — Class R6 |
| 43666885 | 3.956% | $43666885 |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 56965353 | 3.956 | 56965353 |

---

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

---

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

---

------

GOLDMAN SACHS INCOME BUILDER 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;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| Investment Companies<sup>(m)</sup> – (continued) | Investment Companies<sup>(m)</sup> – (continued) | Investment Companies<sup>(m)</sup> – (continued) | Investment Companies<sup>(m)</sup> – (continued) | Investment Companies<sup>(m)</sup> – (continued) |
| Goldman Sachs MLP Energy Infrastructure Fund — Class R6 | Goldman Sachs MLP Energy Infrastructure Fund — Class R6 | Goldman Sachs MLP Energy Infrastructure Fund — Class R6 | Goldman Sachs MLP Energy Infrastructure Fund — Class R6 | Goldman Sachs MLP Energy Infrastructure Fund — Class R6 |
|  | 1013429 | 5.102% | 5.102% | $37770487 |
| TOTAL INVESTMENT COMPANIES | TOTAL INVESTMENT COMPANIES | TOTAL INVESTMENT COMPANIES | TOTAL INVESTMENT COMPANIES | TOTAL INVESTMENT COMPANIES |
| (Cost $119,950,967) | (Cost $119,950,967) | (Cost $119,950,967) |  | $138402725 |
| TOTAL INVESTMENTS BEFORE SHORT-TERM<br>INVESTMENTS – 96.5% | TOTAL INVESTMENTS BEFORE SHORT-TERM<br>INVESTMENTS – 96.5% | TOTAL INVESTMENTS BEFORE SHORT-TERM<br>INVESTMENTS – 96.5% | TOTAL INVESTMENTS BEFORE SHORT-TERM<br>INVESTMENTS – 96.5% | TOTAL INVESTMENTS BEFORE SHORT-TERM<br>INVESTMENTS – 96.5% |
| (Cost $2,270,611,966) | (Cost $2,270,611,966) | (Cost $2,270,611,966) | (Cost $2,270,611,966) | $2568507217 |
| Securities Lending Reinvestment Vehicle<sup>(m)</sup> – 0.5% | Securities Lending Reinvestment Vehicle<sup>(m)</sup> – 0.5% | Securities Lending Reinvestment Vehicle<sup>(m)</sup> – 0.5% | Securities Lending Reinvestment Vehicle<sup>(m)</sup> – 0.5% | Securities Lending Reinvestment Vehicle<sup>(m)</sup> – 0.5% |
| 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 |
|  | 13388774 | 3.956% | 3.956% | $13388774 |
| (Cost $13,388,774) | (Cost $13,388,774) | (Cost $13,388,774) | (Cost $13,388,774) | (Cost $13,388,774) |
|  | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Short-term Investments<sup>(b)(g)</sup> – 0.3% | Short-term Investments<sup>(b)(g)</sup> – 0.3% | Short-term Investments<sup>(b)(g)</sup> – 0.3% | Short-term Investments<sup>(b)(g)</sup> – 0.3% | Short-term Investments<sup>(b)(g)</sup> – 0.3% |
| Commercial Paper – 0.3% | Commercial Paper – 0.3% | Commercial Paper – 0.3% | Commercial Paper – 0.3% | Commercial Paper – 0.3% |
| Enel Finance America LLC | Enel Finance America LLC | Enel Finance America LLC | Enel Finance America LLC | Enel Finance America LLC |
| $— | 3800000 | 4.604% | 11/07/25 | $3796956 |
|  | 2284000 | 4.614 | 11/07/25 | 2282170 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  | 2345000 | 4.326 | 01/15/26 | 2325044 |
| TOTAL SHORT- TERM INVESTMENTS | TOTAL SHORT- TERM INVESTMENTS | TOTAL SHORT- TERM INVESTMENTS | TOTAL SHORT- TERM INVESTMENTS | TOTAL SHORT- TERM INVESTMENTS |
| (Cost $8,403,865) | (Cost $8,403,865) | (Cost $8,403,865) |  | $8404170 |
| TOTAL INVESTMENTS – 97.3% | TOTAL INVESTMENTS – 97.3% | TOTAL INVESTMENTS – 97.3% | TOTAL INVESTMENTS – 97.3% | TOTAL INVESTMENTS – 97.3% |
| (Cost $2,292,404,605) | (Cost $2,292,404,605) | (Cost $2,292,404,605) |  | $2590300161 |
| **OTHER ASSETS IN EXCESS OF**<br> **LIABILITIES – 2.7%** | **OTHER ASSETS IN EXCESS OF**<br> **LIABILITIES – 2.7%** | **OTHER ASSETS IN EXCESS OF**<br> **LIABILITIES – 2.7%** | **OTHER ASSETS IN EXCESS OF**<br> **LIABILITIES – 2.7%** | 71485148 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $2661785309 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Pay-in-kind securities.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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 October 31, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Security with "Put" features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on October 31, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) Security is currently in default and/or non-income producing.

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

&nbsp;&nbsp;&nbsp;&nbsp;(j) Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on October 31, 2025. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the Secured Overnight Financing Rate ("SOFR"), and secondarily the prime rate offered by one or more major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders.

&nbsp;&nbsp;&nbsp;&nbsp;(k) This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on October 31, 2025.

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

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At October 31, 2025, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Principal**<br> **Amount** | **Current**<br> **Value** | **Unrealized<br>Gain (Loss)** |
|  Kaman Corp. due 02/26/32 | $280552 | $282141 | $704 |

---

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **19** |

---

------

GOLDMAN SACHS INCOME BUILDER FUND

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

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

Schedule of Investments (continued) *October 31, 2025*

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

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At October 31, 2025, 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 | USD | 13406286 | CHF | 10570000 | 12/17/25 | $196870 |
|  | USD | 21520642 | EUR | 18239826 | 12/08/25 | 450613 |
|  **TOTAL** |  |  |  |  |  | $647483 |

---

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 | EUR | 11290000 | USD | 13229585 | 12/17/25 | $(180574) |
|  | JPY | 1970000000 | USD | 13426029 | 12/17/25 | (580377) |
|  **TOTAL** |  |  |  |  |  | $(760951) |

---

FUTURES CONTRACTS — At October 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional**<br> **Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | &nbsp;&nbsp;&nbsp;&nbsp;10 | 12/19/25 | $1126719 | $7933 |
|  2 Year U.S. Treasury Notes | &nbsp;&nbsp;&nbsp;&nbsp;78 | 12/31/25 | 16242891 | (19636) |
|  20 Year U.S. Treasury Bonds | &nbsp;&nbsp;&nbsp;&nbsp;376 | 12/19/25 | 44109500 | 1110459 |
|  5 Year U.S. Treasury Notes | 1538 | 12/31/25 | 167966423 | (7081) |
|  Euro Stoxx 50 Index | &nbsp;&nbsp;&nbsp;&nbsp;102 | 12/19/25 | 6665061 | 265980 |
|  IFSC NIFTY 50 Index | &nbsp;&nbsp;&nbsp;&nbsp;260 | 11/25/25 | 13466440 | (194002) |
|  S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp;98 | 12/19/25 | 33682600 | 1103996 |
|  Ultra 10-Year U.S. Treasury Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | 12/19/25 | 461938 | 6597 |
|  Ultra Long U.S. Treasury Bonds | &nbsp;&nbsp;&nbsp;&nbsp;505 | 12/19/25 | 61247031 | 1883179 |
| Total |  |  |  | $4157425 |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | &nbsp;&nbsp;&nbsp;&nbsp;(155) | 12/19/25 | (17464141) | 9987 |
|  5 Year German Euro-Bobl | &nbsp;&nbsp;&nbsp;&nbsp;(35) | 12/08/25 | (4770934) | (12276) |
|  5 Year German Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp;(26) | 12/08/25 | (3877676) | (49630) |
|  5 Year U.S. Treasury Notes | (1250) | 12/31/25 | (136513673) | 5724 |
|  FTSE 100 Index | &nbsp;&nbsp;&nbsp;&nbsp;(53) | 12/19/25 | (6785758) | (198756) |
|  S&P Toronto Stock Exchange 60 Index | &nbsp;&nbsp;&nbsp;&nbsp;(27) | 12/18/25 | (6859392) | (66846) |
| Total |  |  |  | $(311797) |
| TOTAL FUTURES CONTRACTS |  |  |  | $3845628 |

---

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

---

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

---

------

GOLDMAN SACHS INCOME BUILDER 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)

SWAP CONTRACTS — At October 31, 2025, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Termination**<br> **Date** | **Notional**<br> **Amount**<br> (000s)<sup>(a)</sup> | **Market**<br> **Value** | **Upfront**<br> **Premium**<br> (Received)<br> **Paid** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  3.750%<sup>(b)</sup><br> 12M SOFR<sup>(b)</sup> | 12/17/26 | $1980 | $(4411) | $(8669) | $4258 |
|  12M SOFR<sup>(b)</sup><br> 3.500%<sup>(b)</sup> | 12/17/27 | 1180 | 3684 | 8856 | (5172) |
|  12M SOFR<sup>(b)</sup><br> 3.500<sup>(b)</sup> | 12/17/28 | 25930 | 134537 | 294025 | (159488) |
|  12M SOFR<sup>(b)</sup><br> 3.750<sup>(b)</sup> | 12/17/30 | 163730 | 2735715 | 4126960 | (1391245) |
| 2.250<sup>(b)</sup><br> 6M EURO<sup>(c)</sup> | 12/17/30 | 360 | 1886 | 3512 | (1626) |
| 3.750<sup>(b)</sup><br> 12M SOFR<sup>(b)</sup> | 12/17/32 | $3350 | (51593) | (54958) | 3365 |
| 2.250<sup>(b)</sup><br> 6M EURO<sup>(c)</sup> | 12/17/32 | 200 | 3382 | 4148 | (766) |
|  12M SOFR<sup>(b)</sup><br> 3.750<sup>(b)</sup> | 12/17/35 | $159150 | 1049276 | 1037507 | 11769 |
|  12M SOFR<sup>(b)</sup><br> 3.750<sup>(b)</sup> | 12/17/45 | 260 | (8281) | (8260) | (21) |
|  12M SOFR<sup>(b)</sup><br> 3.750<sup>(b)</sup> | 12/17/55 | 14290 | (488652) | (279250) | (209402) |
| TOTAL |  |  | $3375543 | $5123871 | $(1748328) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to October 31, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Payments made semi-annually.

WRITTEN OPTIONS CONTRACTS — At October 31, 2025, the Fund had the following 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)** |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
| STOX Index UBS AG (London) | STOX Index UBS AG (London) | $5803.591 | 11/28/2025 | (3437) | $(1994694227) | $(102463) | $(102061) | $(402) |

---

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| CHF | —Swiss Franc |
| EUR | —Euro |
| JPY | —Japanese Yen |
| USD | —U.S. Dollar |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ADR | —American Depositary Receipt |
| CMT | —Constant Maturity Treasury Indexes |
| ETF | —Exchange Traded Fund |
| EURIBOR | —Euro Interbank Offered Rate |
| ICE | —Inter-Continental Exchange |
| LLC | —Limited Liability Company |
| LP | —Limited Partnership |
| MLP | —Master Limited Partnership |
| PIK | —Payment in kind |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |
| SOFR | —Secured Overnight Financing Rate |

---

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

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **21** |

---

------

GOLDMAN SACHS INCOME BUILDER FUND

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

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

Schedule of Investments (continued) *October 31, 2025*

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| EURO | —Euro Offered Rate |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

------

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

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

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

Schedule of Investments *October 31, 2025*

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

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – 98.0% | Common Stocks – 98.0% | Common Stocks – 98.0% |
| Banks – 1.3% | Banks – 1.3% | Banks – 1.3% |
| 17455 | JPMorgan Chase & Co. | $&nbsp;&nbsp;&nbsp;&nbsp;5430600 |
| Beverages – 0.7% | Beverages – 0.7% | Beverages – 0.7% |
| 20760 | Constellation Brands, Inc. Class A | 2727449 |
| Biotechnology – 2.1% | Biotechnology – 2.1% | Biotechnology – 2.1% |
| 20270 | AbbVie, Inc. | 4419671 |
| 14755 | Amgen, Inc. | 4403334 |
|  |  | 8823005 |
| Broadline Retail – 0.6% | Broadline Retail – 0.6% | Broadline Retail – 0.6% |
| 3865 | Dillard's, Inc. Class A | 2319309 |
| Building Products – 2.2% | Building Products – 2.2% | Building Products – 2.2% |
| 32895 | A.O. Smith Corp. | 2170741 |
| 16830 | Griffon Corp. | 1245588 |
| 5705 | Lennox International, Inc. | 2881025 |
| 41835 | Masco Corp. | 2709235 |
|  |  | 9006589 |
| Capital Markets – 3.6% | Capital Markets – 3.6% | Capital Markets – 3.6% |
| 52752 | Charles Schwab Corp. | 4986119 |
| 8427 | Evercore, Inc. Class A | 2482257 |
| 10915 | MarketAxess Holdings, Inc. | 1747055 |
| 25570 | Moelis & Co. Class A | 1619348 |
| 9040 | Moody's Corp. | 4341912 |
|  |  | 15176691 |
| Chemicals – 1.0% | Chemicals – 1.0% | Chemicals – 1.0% |
| 11814 | Sherwin-Williams Co. | 4075121 |
| Commercial Services & Supplies – 0.8% | Commercial Services & Supplies – 0.8% | Commercial Services & Supplies – 0.8% |
| 61426 | Rollins, Inc. | 3538752 |
| Communications Equipment – 1.3% | Communications Equipment – 1.3% | Communications Equipment – 1.3% |
| 13598 | Motorola Solutions, Inc. | 5530442 |
| Consumer Finance – 1.4% | Consumer Finance – 1.4% | Consumer Finance – 1.4% |
| 15705 | American Express Co. | 5665265 |
| Consumer Staples Distribution & Retail – 2.5% | Consumer Staples Distribution & Retail – 2.5% | Consumer Staples Distribution & Retail – 2.5% |
| 4728 | Costco Wholesale Corp. | 4309336 |
| 28235 | Dollar General Corp. | 2785665 |
| 49457 | Kroger Co. | 3146949 |
|  |  | 10241950 |
| Diversified Telecommunication Services – 0.6% | Diversified Telecommunication Services – 0.6% | Diversified Telecommunication Services – 0.6% |
| 55510 | Cogent Communications Holdings, Inc. | 2289787 |
| Electric Utilities – 2.1% | Electric Utilities – 2.1% | Electric Utilities – 2.1% |
| 109031 | NextEra Energy, Inc. | 8875123 |
| Electronic Equipment, Instruments & Components – 5.8% | Electronic Equipment, Instruments & Components – 5.8% | Electronic Equipment, Instruments & Components – 5.8% |
| 55779 | Amphenol Corp. Class A | 7772246 |
| 13910 | Badger Meter, Inc. | 2510060 |
| 30420 | CDW Corp. | 4848035 |
| 64480 | Cognex Corp. | 2668827 |
| 10621 | Littelfuse, Inc. | 2584196 |
| 25570 | TD SYNNEX Corp. | 4001449 |
|  |  | 24384813 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Energy Equipment & Services – 0.9% | Energy Equipment & Services – 0.9% | Energy Equipment & Services – 0.9% |
| 46095 | Archrock, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;1164821 |
| 33274 | Kodiak Gas Services, Inc. | 1227145 |
| 53602 | USA Compression Partners LP | 1182996 |
|  |  | 3574962 |
| Financial Services – 2.5% | Financial Services – 2.5% | Financial Services – 2.5% |
| 9327 | Mastercard, Inc. Class A | 5148411 |
| 15238 | Visa, Inc. Class A | 5192196 |
|  |  | 10340607 |
| Food Products – 0.8% | Food Products – 0.8% | Food Products – 0.8% |
| 59985 | Mondelez International, Inc. Class A | 3446738 |
| Gas Utilities – 0.2% | Gas Utilities – 0.2% | Gas Utilities – 0.2% |
| 44435 | Suburban Propane Partners LP | 810050 |
| Ground Transportation – 0.4% | Ground Transportation – 0.4% | Ground Transportation – 0.4% |
| 11660 | Landstar System, Inc. | 1497494 |
| Health Care Providers & Services – 1.8% | Health Care Providers & Services – 1.8% | Health Care Providers & Services – 1.8% |
| 1 | CVS Health Corp. | 78 |
| 11654 | Humana, Inc. | 3242027 |
| 12554 | UnitedHealth Group, Inc. | 4287944 |
|  |  | 7530049 |
| Hotels, Restaurants & Leisure – 1.6% | Hotels, Restaurants & Leisure – 1.6% | Hotels, Restaurants & Leisure – 1.6% |
| 6985 | Domino's Pizza, Inc. | 2783243 |
| 25315 | Papa John's International, Inc. | 1286255 |
| 15180 | Texas Roadhouse, Inc. | 2483145 |
|  |  | 6552643 |
| Insurance – 3.0% | Insurance – 3.0% | Insurance – 3.0% |
| 20575 | Allstate Corp. | 3940524 |
| 18140 | American Financial Group, Inc. | 2388675 |
| 22140 | Marsh & McLennan Cos., Inc. | 3944241 |
| 7930 | Primerica, Inc. | 2060769 |
|  |  | 12334209 |
| IT Services – 2.5% | IT Services – 2.5% | IT Services – 2.5% |
| 28150 | Accenture PLC Class A | 7040315 |
| 39445 | Amdocs Ltd. | 3323636 |
|  |  | 10363951 |
| Life Sciences Tools & Services – 2.2% | Life Sciences Tools & Services – 2.2% | Life Sciences Tools & Services – 2.2% |
| 20959 | Danaher Corp. | 4514150 |
| 8493 | Thermo Fisher Scientific, Inc. | 4818843 |
|  |  | 9332993 |
| Machinery – 1.9% | Machinery – 1.9% | Machinery – 1.9% |
| 16410 | Illinois Tool Works, Inc. | 4002727 |
| 25396 | Toro Co. | 1897843 |
| 8150 | Watts Water Technologies, Inc. Class A | 2221690 |
|  |  | 8122260 |
| Media – 4.1% | Media – 4.1% | Media – 4.1% |
| 315984 | Comcast Corp. Class A | 8795415 |
| 82248 | New York Times Co. Class A | 4687314 |

---

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **23** |

---

------

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

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

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

Schedule of Investments (continued) *October 31, 2025*

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

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Media – (continued) | Media – (continued) | Media – (continued) |
| 18750 | Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3669937 |
|  |  | 17152666 |
| Metals & Mining – 0.6% | Metals & Mining – 0.6% | Metals & Mining – 0.6% |
| 9405 | Reliance, Inc. | 2656254 |
| Oil, Gas & Consumable Fuels – 14.0% | Oil, Gas & Consumable Fuels – 14.0% | Oil, Gas & Consumable Fuels – 14.0% |
| 32637 | BKV Corp.\* | 769907 |
| 33609 | Cheniere Energy Partners LP | 1753382 |
| 5382 | Cheniere Energy, Inc. | 1140984 |
| 14830 | Delek Logistics Partners LP | 660677 |
| 19451 | DT Midstream, Inc. | 2129690 |
| 10012 | Enbridge, Inc. | 466759 |
| 442040 | Energy Transfer LP | 7439533 |
| 190778 | Enterprise Products Partners LP | 5874055 |
| 2932 | Expand Energy Corp. | 302905 |
| 89717 | Genesis Energy LP | 1467770 |
| 17233 | Global Partners LP | 779104 |
| 150060 | Hess Midstream LP Class A | 5094537 |
| 48934 | Kinetik Holdings, Inc. | 1884448 |
| 169118 | MPLX LP | 8584430 |
| 26055 | NGL Energy Partners LP\* | 168315 |
| 12995 | ONEOK, Inc. | 870665 |
| 281974 | Plains All American Pipeline LP | 4638472 |
| 108283 | Sunoco LP | 5654538 |
| 11930 | Targa Resources Corp. | 1837697 |
| 9353 | TC Energy Corp. | 469147 |
| 126756 | Western Midstream Partners LP | 4749547 |
| 29913 | Williams Cos., Inc. | 1731065 |
|  |  | 58467627 |
| Personal Products – 0.2% | Personal Products – 0.2% | Personal Products – 0.2% |
| 10395 | Interparfums, Inc. | 926714 |
| Pharmaceuticals – 2.1% | Pharmaceuticals – 2.1% | Pharmaceuticals – 2.1% |
| 5561 | Eli Lilly & Co. | 4798365 |
| 26115 | Zoetis, Inc. | 3762910 |
|  |  | 8561275 |
| Professional Services – 0.2% | Professional Services – 0.2% | Professional Services – 0.2% |
| 37365 | Robert Half, Inc. | 978589 |
| Residential REITs – 0.6% | Residential REITs – 0.6% | Residential REITs – 0.6% |
| 42667 | Equity LifeStyle Properties, Inc. | 2604820 |
| Semiconductors & Semiconductor Equipment – 12.1% | Semiconductors & Semiconductor Equipment – 12.1% | Semiconductors & Semiconductor Equipment – 12.1% |
| 32999 | Applied Materials, Inc. | 7692067 |
| 6596 | KLA Corp. | 7972849 |
| 52012 | Lam Research Corp. | 8189809 |
| 5970 | Monolithic Power Systems, Inc. | 5999850 |
| 40939 | NVIDIA Corp. | 8289738 |
| 45472 | Power Integrations, Inc. | 1904822 |
| 49048 | Skyworks Solutions, Inc. | 3812011 |
| 40084 | Texas Instruments, Inc. | 6471963 |
|  |  | 50333109 |
| Software – 8.0% | Software – 8.0% | Software – 8.0% |
| 40040 | Dolby Laboratories, Inc. Class A | 2655453 |
| 9170 | InterDigital, Inc. | 3319173 |
| 11426 | Intuit, Inc. | 7627426 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Software – (continued) | Software – (continued) | Software – (continued) |
| 15028 | Microsoft Corp. | $&nbsp;&nbsp;&nbsp;&nbsp;7781649 |
| 26330 | Oracle Corp. | 6914521 |
| 11587 | Roper Technologies, Inc. | 5169540 |
|  |  | 33467762 |
| Specialized REITs – 1.0% | Specialized REITs – 1.0% | Specialized REITs – 1.0% |
| 23719 | American Tower Corp. | 4245227 |
| Specialty Retail – 6.3% | Specialty Retail – 6.3% | Specialty Retail – 6.3% |
| 40279 | Best Buy Co., Inc. | 3308517 |
| 13536 | Home Depot, Inc. | 5138130 |
| 20035 | Lowe's Cos., Inc. | 4770934 |
| 34730 | TJX Cos., Inc. | 4867062 |
| 66105 | Tractor Supply Co. | 3576942 |
| 18006 | Williams-Sonoma, Inc. | 3499286 |
| 2445 | Winmark Corp. | 985751 |
|  |  | 26146622 |
| Technology Hardware, Storage & Peripherals – 2.5% | Technology Hardware, Storage & Peripherals – 2.5% | Technology Hardware, Storage & Peripherals – 2.5% |
| 191558 | HP, Inc. | 5300410 |
| 42159 | NetApp, Inc. | 4965487 |
|  |  | 10265897 |
| Textiles, Apparel & Luxury Goods – 1.0% | Textiles, Apparel & Luxury Goods – 1.0% | Textiles, Apparel & Luxury Goods – 1.0% |
| 67185 | NIKE, Inc. Class B | 4339479 |
| Trading Companies & Distributors – 1.5% | Trading Companies & Distributors – 1.5% | Trading Companies & Distributors – 1.5% |
| 84676 | Fastenal Co. | 3484418 |
| 7727 | Watsco, Inc. | 2843613 |
|  |  | 6328031 |
| TOTAL COMMON STOCKS<br>(Cost $276,204,341) | TOTAL COMMON STOCKS<br>(Cost $276,204,341) | $408464924 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Companies<sup>(a)</sup> – 1.8% | Investment Companies<sup>(a)</sup> – 1.8% | Investment Companies<sup>(a)</sup> – 1.8% |
|  Goldman Sachs Financial Square Government Fund — Class R6 | Goldman Sachs Financial Square Government Fund — Class R6 | Goldman Sachs Financial Square Government Fund — Class R6 |
| 7413529 | 3.956% | $7413529 |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 262423 | 3.956 | 262423 |
| TOTAL INVESTMENT COMPANIES<br>(Cost $7,675,952) | TOTAL INVESTMENT COMPANIES<br>(Cost $7,675,952) | $7675952 |
| TOTAL INVESTMENTS – 99.8%<br>(Cost $283,880,293) | TOTAL INVESTMENTS – 99.8%<br>(Cost $283,880,293) | $416140876 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.2%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.2%** | 895572 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $417036448 |

---

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

---

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

---

------

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

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

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

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

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At October 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  S&P 500 E-Mini Index | 27 | 12/19/25 | $9279900 | $303541 |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| LP | —Limited Partnership |
| PLC | —Public Limited Company |

---

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

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **25** |

---

------

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

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

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

Statements of Assets and Liabilities *October 31, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Income Builder**<br> **Fund** | **Rising Dividend**<br> **Growth Fund** |
| Assets: |  |  |
|  Investments in unaffiliated issuers, at value (cost $2,072,975,228 and $276,204,341, respectively) | $2339946575 | $408464924 |
|  Investments in affiliated issuers, at value (cost $206,040,603 and $7,675,952, respectively) | 236964812 | 7675952 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost<sup>(a)</sup> | 13388774 |  |
|  Cash | 30513935 | 396638 |
|  Foreign currencies, at value (cost $2,131,412 and $0, respectively) | 2069752 |  |
|  Unrealized gain on forward foreign currency exchange contracts | 647483 |  |
|  Unrealized gain on unfunded loan commitment | 704 |  |
|  Variation margin on futures contracts |  | 25051 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(b)</sup> | 22544923 | 632419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 20266476 | 788916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 10000528 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 2591886 | 4649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 1169741 | 62144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 129668 | 61183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 23607 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from broker - upfront payment | 13491 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from broker | 709 |  |
|  Other assets | 89878 | 36335 |
|  **Total assets** | 2680362942 | 418148211 |
| Liabilities: |  |  |
|  Unrealized loss on forward foreign currency exchange contracts | 760951 |  |
|  Variation margin on swaps contracts | 381174 |  |
|  Variation margin on futures contracts | 362349 |  |
|  Written option contracts, at value (premium received $102,061 and $0, respectively) | 102463 |  |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 13388774 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 1686825 | 618859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased on an extended-settlement basis | 530000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 481103 | 119909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 272958 | 27545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 246027 | 54756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees |  | 105631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees |  | 84914 |
|  Accrued expenses | 365009 | 100149 |
|  **Total liabilities** | 18577633 | 1111763 |
| Net Assets: |  |  |
|  Paid-in capital | 2341172055 | 262817088 |
|  Total distributable earnings | 320613254 | 154219360 |
|  **NET ASSETS** | $2661785309 | $417036448 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $760656068 | $232238267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 146842972 | 14567793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 1116212945 | 93232734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 544790203 | 56663660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 66656857 | 7240160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 1160104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 26626264 | 11933730 |
|  Total Net Assets | $2661785309 | $417036448 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 28440820 | 19768042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 5615692 | 1197987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 40483740 | 7219857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 19839256 | 4400891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 2418349 | 561247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 99572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 965811 | 924014 |
|  Net asset value, offering and redemption price per share:<sup>(c)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 26.75 | 11.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 26.15 | 12.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 27.57 | 12.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 27.46 | 12.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 27.56 | 12.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 11.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 27.57 | 12.92 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes loaned securities having a market value of $13,099,956 and $0, respectively.

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Futures** | **Swaps** | **Forwards** |
|  Income Builder Fund | $9404259 | $12330664 | $810000 |
|  Rising Dividend Growth Fund | 632419 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) Maximum public offering price per share for Class A Shares of the Income Builder and the Rising Dividend Growth Funds is $28.31 and $12.43, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.

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

---

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

---

------

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

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

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

Statements of Operations *For the Fiscal Year Ended October 31, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Income Builder**<br> **Fund** | **Rising Dividend**<br> **Growth Fund** |
| Investment Income: |  |  |
|  Interest (net of foreign withholding taxes of $267 and $0, respectively) | $86235868 | $32358 |
|  Dividends — unaffiliated issuers (net of tax withholding of $425,932 and $3,705, respectively) | 18240662 | 7339716 |
|  Dividends — affiliated issuers | 16252601 | 417789 |
|  Securities lending income, net of rebates received or paid to borrowers — unaffiliated issuers | 93641 | 1062 |
|  **Total investment income** | 120822772 | 7790925 |
| Expenses: |  |  |
|  Management fees | 12854218 | 3355044 |
|  Distribution and Service (12b-1) fees<sup>(a)</sup> | 2898449 | 738971 |
|  Transfer Agency fees<sup>(a)</sup> | 2114179 | 529509 |
|  Custody, accounting and administrative services | 382866 | 200131 |
|  Service fees — Class C | 382320 | 42050 |
|  Registration fees | 199965 | 101283 |
|  Printing and mailing costs | 183270 | 74780 |
|  Professional fees | 150271 | 157197 |
|  Trustee fees | 32559 | 28196 |
|  Prime broker fees | 1165 |  |
|  Other | 69492 | 46642 |
|  **Total expenses** | 19268754 | 5273803 |
|  Less — expense reductions | (3320040) | (1180005) |
|  **Net expenses** | 15948714 | 4093798 |
|  **NET INVESTMENT INCOME** | 104874058 | 3697127 |
| Realized and unrealized gain (loss): |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 43862439 | 41732449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | (571800) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | 2357891 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (13273470) | 1755540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | (300791) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (5345153) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (1331245) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 593307 | (85) |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | 12998879 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 80167783 | (20741097) |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitment | 704 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 9042545 | 305110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 2682 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 7355571 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (424735) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | (16668) |  |
|  **Net realized and unrealized gain** | 135117939 | 23051917 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $239991997 | $26749044 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Class R** | **Class A** | **Class C** | **Institutional** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income Builder Fund | $1751490 | $1146959 | $— | $840715 | $183514 | $439366 | $626115 | $16348 | $— | $8121 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rising Dividend Growth Fund | 606727 | 126150 | 6094 | 364037 | 25230 | 43361 | 89489 | 2111 | 1828 | 3453 |

---

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **27** |

---

------

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

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

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

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Income Builder Fund** | **Income Builder Fund** | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** |
|  | **For the Fiscal**<br> **Year Ended**<br> **October 31, 2025** | **For the Fiscal<br>Year Ended<br>October 31, 2024** | **For the Fiscal<br>Year Ended<br>October 31, 2025** | **For the Fiscal<br>Year Ended<br>October 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $104874058 | $98609615 | $3697127 | $4200392 |
|  Net realized gain | 25991178 | 53585432 | 43487904 | 47635857 |
|  Net change in unrealized gain (loss) | 109126761 | 281115638 | (20435987) | 67269814 |
|  **Net increase in net assets resulting from operations** | 239991997 | 433310685 | 26749044 | 119106063 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (32658061) | (25956929) | (31092553) | (18281697) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (6139779) | (6065716) | (2152857) | (1575200) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (53351844) | (44972270) | (13448290) | (7821861) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (24918320) | (19009759) | (7271587) | (4849423) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (2660679) | (1849294) | (848875) | (443860) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares |  |  | (145803) | (94863) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (1313026) | (1214857) | (1393898) | (902309) |
|  **Total distributions to shareholders** | (121041709) | (99068825) | (56353863) | (33969213) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 559443142 | 586166745 | 33205762 | 43422301 |
|  Reinvestment of distributions | 109418019 | 89726625 | 53491407 | 32254188 |
|  Cost of shares redeemed | (610848045) | (634710819) | (119352587) | (124196446) |
|  **Net increase (decrease) in net assets resulting from share transactions** | 58013116 | 41182551 | (32655418) | (48519957) |
|  **TOTAL INCREASE (DECREASE)** | 176963404 | 375424411 | (62260237) | 36616893 |
| Net assets: |  |  |  |  |
|  Beginning of year | 2484821905 | 2109397494 | 479296685 | 442679792 |
|  End of year | $2661785309 | $2484821905 | $417036448 | $479296685 |

---

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

---

| | |
|:---|:---|
| **28** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INCOME BUILDER FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $25.56 | $22.04 | $22.54 | $26.97 | $23.40 |
|  Net investment income<sup>(a)</sup> | 1.02 | 1.00 | 0.97 | 0.83 | 0.81 |
|  Net realized and unrealized gain (loss) | 1.37 | 3.55 | (0.43) | (3.47) | 3.58 |
|  Total from investment operations | 2.39 | 4.55 | 0.54 | (2.64) | 4.39 |
|  Distributions to shareholders from net investment income | (1.08) | (1.03) | (1.04) | (0.86) | (0.82) |
|  Distributions to shareholders from net realized gains | (0.12) |  |  | (0.93) |  |
|  Distributions to shareholders from return of capital |  |  | — <sup>(b)</sup> |  |  |
|  Total distributions | (1.20) | (1.03) | (1.04) | (1.79) | (0.82) |
|  Net asset value, end of year | $26.75 | $25.56 | $22.04 | $22.54 | $26.97 |
|  **Total return<sup>(c)</sup>** | 9.65% | 20.94% | 2.30% | (10.34)% | 18.90% |
|  Net assets, end of year (in 000s) | $760656 | $671054 | $541496 | $524002 | $505134 |
|  Ratio of net expenses to average net assets | 0.78% | 0.79% | 0.80% | 0.79% | 0.79% |
|  Ratio of total expenses to average net assets | 0.91% | 0.93% | 0.93% | 0.92% | 0.92% |
|  Ratio of net investment income to average net assets | 3.94% | 4.07% | 4.18% | 3.42% | 3.07% |
|  Portfolio turnover rate<sup>(d)</sup> | 33% | 30% | 29% | 25% | 47% |

---

&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 year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **29** |

---

------

GOLDMAN SACHS INCOME BUILDER FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $25.01 | $21.58 | $22.09 | $26.47 | $22.98 |
|  Net investment income<sup>(a)</sup> | 0.81 | 0.80 | 0.78 | 0.64 | 0.60 |
|  Net realized and unrealized gain (loss) | 1.34 | 3.48 | (0.42) | (3.41) | 3.51 |
|  Total from investment operations | 2.15 | 4.28 | 0.36 | (2.77) | 4.11 |
|  Distributions to shareholders from net investment income | (0.89) | (0.85) | (0.87) | (0.68) | (0.62) |
|  Distributions to shareholders from net realized gains | (0.12) |  |  | (0.93) |  |
|  Distributions to shareholders from return of capital |  |  | — <sup>(b)</sup> |  |  |
|  Total distributions | (1.01) | (0.85) | (0.87) | (1.61) | (0.62) |
|  Net asset value, end of year | $26.15 | $25.01 | $21.58 | $22.09 | $26.47 |
|  **Total return<sup>(c)</sup>** | 8.83% | 20.00% | 1.52% | (10.99)% | 18.01% |
|  Net assets, end of year (in 000s) | $146843 | $162659 | $182505 | $243523 | $368881 |
|  Ratio of net expenses to average net assets | 1.53% | 1.54% | 1.55% | 1.54% | 1.54% |
|  Ratio of total expenses to average net assets | 1.66% | 1.68% | 1.68% | 1.67% | 1.67% |
|  Ratio of net investment income to average net assets | 3.20% | 3.34% | 3.43% | 2.64% | 2.32% |
|  Portfolio turnover rate<sup>(d)</sup> | 33% | 30% | 29% | 25% | 47% |

---

&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 year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

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

---

| | |
|:---|:---|
| **30** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INCOME BUILDER FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $26.31 | $22.65 | $23.14 | $27.64 | $23.96 |
|  Net investment income<sup>(a)</sup> | 1.14 | 1.12 | 1.07 | 0.94 | 0.91 |
|  Net realized and unrealized gain (loss) | 1.41 | 3.65 | (0.44) | (3.57) | 3.67 |
|  Total from investment operations | 2.55 | 4.77 | 0.63 | (2.63) | 4.58 |
|  Distributions to shareholders from net investment income | (1.17) | (1.11) | (1.12) | (0.94) | (0.90) |
|  Distributions to shareholders from net realized gains | (0.12) |  |  | (0.93) |  |
|  Distributions to shareholders from return of capital |  |  | — <sup>(b)</sup> |  |  |
|  Total distributions | (1.29) | (1.11) | (1.12) | (1.87) | (0.90) |
|  Net asset value, end of year | $27.57 | $26.31 | $22.65 | $23.14 | $27.64 |
|  **Total return<sup>(c)</sup>** | 9.99% | 21.32% | 2.61% | (10.02)% | 19.29% |
|  Net assets, end of year (in 000s) | $1116213 | $1098589 | $921860 | $993214 | $1061582 |
|  Ratio of net expenses to average net assets | 0.45% | 0.46% | 0.47% | 0.46% | 0.46% |
|  Ratio of total expenses to average net assets | 0.58% | 0.60% | 0.60% | 0.59% | 0.59% |
|  Ratio of net investment income to average net assets | 4.28% | 4.41% | 4.51% | 3.75% | 3.40% |
|  Portfolio turnover rate<sup>(d)</sup> | 33% | 30% | 29% | 25% | 47% |

---

&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 year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **31** |

---

------

GOLDMAN SACHS INCOME BUILDER FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $26.21 | $22.57 | $23.06 | $27.55 | $23.89 |
|  Net investment income<sup>(a)</sup> | 1.11 | 1.09 | 1.05 | 0.91 | 0.89 |
|  Net realized and unrealized gain (loss) | 1.41 | 3.64 | (0.44) | (3.55) | 3.65 |
|  Total from investment operations | 2.52 | 4.73 | 0.61 | (2.64) | 4.54 |
|  Distributions to shareholders from net investment income | (1.15) | (1.09) | (1.10) | (0.92) | (0.88) |
|  Distributions to shareholders from net realized gains | (0.12) |  |  | (0.93) |  |
|  Distributions to shareholders from return of capital |  |  | — <sup>(b)</sup> |  |  |
|  Total distributions | (1.27) | (1.09) | (1.10) | (1.85) | (0.88) |
|  Net asset value, end of year | $27.46 | $26.21 | $22.57 | $23.06 | $27.55 |
|  **Total return<sup>(c)</sup>** | 9.90% | 21.27% | 2.49% | (10.09)% | 19.22% |
|  Net assets, end of year (in 000s) | $544790 | $482624 | $392480 | $421142 | $355534 |
|  Ratio of net expenses to average net assets | 0.53% | 0.54% | 0.55% | 0.54% | 0.54% |
|  Ratio of total expenses to average net assets | 0.66% | 0.68% | 0.68% | 0.67% | 0.67% |
|  Ratio of net investment income to average net assets | 4.20% | 4.33% | 4.43% | 3.68% | 3.32% |
|  Portfolio turnover rate<sup>(d)</sup> | 33% | 30% | 29% | 25% | 47% |

---

&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 year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

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

---

| | |
|:---|:---|
| **32** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INCOME BUILDER FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $26.30 | $22.65 | $23.13 | $27.64 | $23.95 |
|  Net investment income<sup>(a)</sup> | 1.14 | 1.12 | 1.07 | 0.94 | 0.92 |
|  Net realized and unrealized gain (loss) | 1.41 | 3.64 | (0.43) | (3.58) | 3.67 |
|  Total from investment operations | 2.55 | 4.76 | 0.64 | (2.64) | 4.59 |
|  Distributions to shareholders from net investment income | (1.17) | (1.11) | (1.12) | (0.94) | (0.90) |
|  Distributions to shareholders from net realized gains | (0.12) |  |  | (0.93) |  |
|  Distributions to shareholders from return of capital |  |  | — <sup>(b)</sup> |  |  |
|  Total distributions | (1.29) | (1.11) | (1.12) | (1.87) | (0.90) |
|  Net asset value, end of year | $27.56 | $26.30 | $22.65 | $23.13 | $27.64 |
|  **Total return<sup>(c)</sup>** | 10.00% | 21.34% | 2.62% | (10.05)% | 19.35% |
|  Net assets, end of year (in 000s) | $66657 | $43102 | $40051 | $39187 | $25215 |
|  Ratio of net expenses to average net assets | 0.44% | 0.45% | 0.46% | 0.45% | 0.46% |
|  Ratio of total expenses to average net assets | 0.57% | 0.59% | 0.59% | 0.58% | 0.58% |
|  Ratio of net investment income to average net assets | 4.27% | 4.42% | 4.52% | 3.76% | 3.44% |
|  Portfolio turnover rate<sup>(d)</sup> | 33% | 30% | 29% | 25% | 47% |

---

&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 year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **33** |

---

------

GOLDMAN SACHS INCOME BUILDER FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $26.31 | $22.65 | $23.14 | $27.64 | $23.96 |
|  Net investment income<sup>(a)</sup> | 1.14 | 1.12 | 1.08 | 0.94 | 0.91 |
|  Net realized and unrealized gain (loss) | 1.41 | 3.65 | (0.45) | (3.57) | 3.68 |
|  Total from investment operations | 2.55 | 4.77 | 0.63 | (2.63) | 4.59 |
|  Distributions to shareholders from net investment income | (1.17) | (1.11) | (1.12) | (0.94) | (0.91) |
|  Distributions to shareholders from net realized gains | (0.12) |  |  | (0.93) |  |
|  Distributions to shareholders from return of capital |  |  | — <sup>(b)</sup> |  |  |
|  Total distributions | (1.29) | (1.11) | (1.12) | (1.87) | (0.91) |
|  Net asset value, end of year | $27.57 | $26.31 | $22.65 | $23.14 | $27.64 |
|  **Total return<sup>(c)</sup>** | 10.00% | 21.39% | 2.62% | (10.05)% | 19.31% |
|  Net assets, end of year (in 000s) | $26626 | $26795 | $31006 | $43595 | $52764 |
|  Ratio of net expenses to average net assets | 0.44% | 0.45% | 0.46% | 0.45% | 0.45% |
|  Ratio of total expenses to average net assets | 0.57% | 0.59% | 0.59% | 0.58% | 0.58% |
|  Ratio of net investment income to average net assets | 4.29% | 4.42% | 4.52% | 3.75% | 3.38% |
|  Portfolio turnover rate<sup>(d)</sup> | 33% | 30% | 29% | 25% | 47% |

---

&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 year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

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

---

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

---

------

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

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

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

Financial Highlights *Selected Share Data for a Share Outstanding Throughout Each Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $12.53 | $10.52 | $11.87 | $13.87 | $9.81 |
|  Net investment income<sup>(a)</sup> | 0.08 | 0.09 | 0.10 | 0.07 | 0.05 |
|  Net realized and unrealized gain (loss) | 0.67 | 2.78 | 0.37 | (0.71) | 4.44 |
|  Total from investment operations | 0.75 | 2.87 | 0.47 | (0.64) | 4.49 |
|  Distributions to shareholders from net investment income | (0.18) | (0.18) | (0.48) | (0.19) | (0.39) |
|  Distributions to shareholders from net realized gains | (1.35) | (0.68) | (1.34) | (1.17) | (0.04) |
|  Total distributions | (1.53) | (0.86) | (1.82) | (1.36) | (0.43) |
|  Net asset value, end of year | $11.75 | $12.53 | $10.52 | $11.87 | $13.87 |
|  **Total return<sup>(b)</sup>** | 6.29% | 28.26% | 3.71% | (4.99)% | 46.88% |
|  Net assets, end of year (in 000s) | $232238 | $257941 | $228422 | $240085 | $255730 |
|  Ratio of net expenses to average net assets | 1.01% | 1.01% | 1.02% | 1.03% | 1.03% |
|  Ratio of total expenses to average net assets | 1.29% | 1.27% | 1.28% | 1.28% | 1.27% |
|  Ratio of net investment income to average net assets | 0.73% | 0.77% | 0.89% | 0.55% | 0.42% |
|  Portfolio turnover rate<sup>(c)</sup> | 35% | 42% | 45% | 50% | 38% |

---

&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 year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

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

---

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

---

------

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $12.91 | $10.81 | $12.14 | $14.13 | $9.99 |
|  Net investment income (loss)<sup>(a)</sup> | (0.00)<sup>(b)</sup> | 0.01 | 0.02 | (0.02) | (0.03) |
|  Net realized and unrealized gain (loss) | 0.68 | 2.85 | 0.37 | (0.72) | 4.52 |
|  Total from investment operations | 0.68 | 2.86 | 0.39 | (0.74) | 4.49 |
|  Distributions to shareholders from net investment income | (0.08) | (0.08) | (0.38) | (0.08) | (0.31) |
|  Distributions to shareholders from net realized gains | (1.35) | (0.68) | (1.34) | (1.17) | (0.04) |
|  Total distributions | (1.43) | (0.76) | (1.72) | (1.25) | (0.35) |
|  Net asset value, end of year | $12.16 | $12.91 | $10.81 | $12.14 | $14.13 |
|  **Total return<sup>(c)</sup>** | 5.47% | 27.31% | 2.90% | (5.65)% | 45.74% |
|  Net assets, end of year (in 000s) | $14568 | $19891 | $23425 | $41110 | $75965 |
|  Ratio of net expenses to average net assets | 1.76% | 1.76% | 1.77% | 1.78% | 1.78% |
|  Ratio of total expenses to average net assets | 2.04% | 2.02% | 2.03% | 2.02% | 2.03% |
|  Ratio of net investment income (loss) to average net assets | — %<sup>(d)</sup> | 0.05% | 0.16% | (0.15)% | (0.23)% |
|  Portfolio turnover rate<sup>(e)</sup> | 35% | 42% | 45% | 50% | 38% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rounds to less than $0.01 per share.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount is less than 0.005% per share.

&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;

---

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

---

------

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $13.63 | $11.37 | $12.69 | $14.72 | $10.38 |
|  Net investment income<sup>(a)</sup> | 0.13 | 0.14 | 0.15 | 0.11 | 0.10 |
|  Net realized and unrealized gain (loss) | 0.72 | 3.02 | 0.38 | (0.74) | 4.70 |
|  Total from investment operations | 0.85 | 3.16 | 0.53 | (0.63) | 4.80 |
|  Distributions to shareholders from net investment income | (0.22) | (0.22) | (0.51) | (0.23) | (0.42) |
|  Distributions to shareholders from net realized gains | (1.35) | (0.68) | (1.34) | (1.17) | (0.04) |
|  Total distributions | (1.57) | (0.90) | (1.85) | (1.40) | (0.46) |
|  Net asset value, end of year | $12.91 | $13.63 | $11.37 | $12.69 | $14.72 |
|  **Total return<sup>(b)</sup>** | 6.53% | 28.71% | 4.02% | (4.62)% | 47.16% |
|  Net assets, end of year (in 000s) | $93233 | $118921 | $105744 | $108367 | $130706 |
|  Ratio of net expenses to average net assets | 0.69% | 0.69% | 0.70% | 0.72% | 0.72% |
|  Ratio of total expenses to average net assets | 0.93% | 0.91% | 0.92% | 0.90% | 0.90% |
|  Ratio of net investment income to average net assets | 1.05% | 1.09% | 1.21% | 0.87% | 0.75% |
|  Portfolio turnover rate<sup>(c)</sup> | 35% | 42% | 45% | 50% | 38% |

---

&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 year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **37** |

---

------

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $13.59 | $11.34 | $12.66 | $14.69 | $10.36 |
|  Net investment income<sup>(a)</sup> | 0.12 | 0.13 | 0.14 | 0.11 | 0.09 |
|  Net realized and unrealized gain (loss) | 0.73 | 3.01 | 0.38 | (0.75) | 4.69 |
|  Total from investment operations | 0.85 | 3.14 | 0.52 | (0.64) | 4.78 |
|  Distributions to shareholders from net investment income | (0.21) | (0.21) | (0.50) | (0.22) | (0.41) |
|  Distributions to shareholders from net realized gains | (1.35) | (0.68) | (1.34) | (1.17) | (0.04) |
|  Total distributions | (1.56) | (0.89) | (1.84) | (1.39) | (0.45) |
|  Net asset value, end of year | $12.88 | $13.59 | $11.34 | $12.66 | $14.69 |
|  **Total return<sup>(b)</sup>** | 6.56% | 28.61% | 3.95% | (4.70)% | 47.09% |
|  Net assets, end of year (in 000s) | $56664 | $62963 | $65745 | $64950 | $71231 |
|  Ratio of net expenses to average net assets | 0.76% | 0.76% | 0.77% | 0.78% | 0.78% |
|  Ratio of total expenses to average net assets | 1.04% | 1.02% | 1.03% | 1.02% | 1.02% |
|  Ratio of net investment income to average net assets | 0.98% | 1.03% | 1.15% | 0.81% | 0.71% |
|  Portfolio turnover rate<sup>(c)</sup> | 35% | 42% | 45% | 50% | 38% |

---

&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 year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

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

---

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

---

------

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $13.62 | $11.36 | $12.68 | $14.71 | $10.37 |
|  Net investment income<sup>(a)</sup> | 0.13 | 0.14 | 0.14 | 0.11 | 0.10 |
|  Net realized and unrealized gain (loss) | 0.72 | 3.02 | 0.39 | (0.74) | 4.70 |
|  Total from investment operations | 0.85 | 3.16 | 0.53 | (0.63) | 4.80 |
|  Distributions to shareholders from net investment income | (0.22) | (0.22) | (0.51) | (0.23) | (0.42) |
|  Distributions to shareholders from net realized gains | (1.35) | (0.68) | (1.34) | (1.17) | (0.04) |
|  Total distributions | (1.57) | (0.90) | (1.85) | (1.40) | (0.46) |
|  Net asset value, end of year | $12.90 | $13.62 | $11.36 | $12.68 | $14.71 |
|  **Total return<sup>(b)</sup>** | 6.56% | 28.75% | 4.03% | (4.62)% | 47.22% |
|  Net assets, end of year (in 000s) | $7240 | $6347 | $5831 | $2738 | $3063 |
|  Ratio of net expenses to average net assets | 0.68% | 0.68% | 0.69% | 0.71% | 0.71% |
|  Ratio of total expenses to average net assets | 0.92% | 0.90% | 0.91% | 0.89% | 0.89% |
|  Ratio of net investment income to average net assets | 1.04% | 1.10% | 1.19% | 0.87% | 0.75% |
|  Portfolio turnover rate<sup>(c)</sup> | 35% | 42% | 45% | 50% | 38% |

---

&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 year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **39** |

---

------

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $12.44 | $10.45 | $11.81 | $13.79 | $9.76 |
|  Net investment income<sup>(a)</sup> | 0.05 | 0.06 | 0.07 | 0.04 | 0.02 |
|  Net realized and unrealized gain (loss) | 0.66 | 2.76 | 0.36 | (0.69) | 4.42 |
|  Total from investment operations | 0.71 | 2.82 | 0.43 | (0.65) | 4.44 |
|  Distributions to shareholders from net investment income | (0.15) | (0.15) | (0.45) | (0.16) | (0.37) |
|  Distributions to shareholders from net realized gains | (1.35) | (0.68) | (1.34) | (1.17) | (0.04) |
|  Total distributions | (1.50) | (0.83) | (1.79) | (1.33) | (0.41) |
|  Net asset value, end of year | $11.65 | $12.44 | $10.45 | $11.81 | $13.79 |
|  **Total return<sup>(b)</sup>** | 5.99% | 27.94% | 3.41% | (5.10)% | 46.38% |
|  Net assets, end of year (in 000s) | $1160 | $1185 | $1198 | $1346 | $1357 |
|  Ratio of net expenses to average net assets | 1.26% | 1.26% | 1.27% | 1.28% | 1.28% |
|  Ratio of total expenses to average net assets | 1.54% | 1.52% | 1.53% | 1.52% | 1.52% |
|  Ratio of net investment income to average net assets | 0.48% | 0.54% | 0.63% | 0.31% | 0.19% |
|  Portfolio turnover rate<sup>(c)</sup> | 35% | 42% | 45% | 50% | 38% |

---

&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 year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

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

---

| | |
|:---|:---|
| **40** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $13.63 | $11.37 | $12.69 | $14.72 | $10.38 |
|  Net investment income<sup>(a)</sup> | 0.13 | 0.14 | 0.15 | 0.11 | 0.09 |
|  Net realized and unrealized gain (loss) | 0.73 | 3.02 | 0.38 | (0.74) | 4.71 |
|  Total from investment operations | 0.86 | 3.16 | 0.53 | (0.63) | 4.80 |
|  Distributions to shareholders from net investment income | (0.22) | (0.22) | (0.51) | (0.23) | (0.42) |
|  Distributions to shareholders from net realized gains | (1.35) | (0.68) | (1.34) | (1.17) | (0.04) |
|  Total distributions | (1.57) | (0.90) | (1.85) | (1.40) | (0.46) |
|  Net asset value, end of year | $12.92 | $13.63 | $11.37 | $12.69 | $14.72 |
|  **Total return<sup>(b)</sup>** | 6.63% | 28.72% | 4.02% | (4.62)% | 47.17% |
|  Net assets, end of year (in 000s) | $11934 | $12049 | $12316 | $15404 | $14747 |
|  Ratio of net expenses to average net assets | 0.68% | 0.68% | 0.69% | 0.71% | 0.71% |
|  Ratio of total expenses to average net assets | 0.92% | 0.90% | 0.91% | 0.90% | 0.89% |
|  Ratio of net investment income to average net assets | 1.06% | 1.12% | 1.22% | 0.87% | 0.70% |
|  Portfolio turnover rate<sup>(c)</sup> | 35% | 42% | 45% | 50% | 38% |

---

&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 year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

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

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| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **41** |

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

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

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

Notes to Financial Statements *October 31, 2025*

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

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

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

&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:

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| | | |
|:---|:---|:---|
| **Fund** | **Share Classes Offered** | **Diversified/**<br> **Non-diversified** |
| Goldman Sachs Income Builder Fund | A, C, Institutional, Investor, R6 and P | Diversified |
| Goldman Sachs Rising Dividend Growth Fund | A, C, Institutional, Investor, R6, R and P | Diversified |

---

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge ("CDSC") of 1.00% which is imposed on redemptions made within 12 months of purchase. Institutional, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to a management agreement (the "Agreement") with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds' investments in U.S. real estate investment trusts ("REITs") may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT. Distributions from master limited partnerships ("MLPs") are generally recorded based on the characterization reported on the MLP's tax return. 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.

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 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.

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

**42**

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GOLDMAN SACHS DIVIDEND FOCUS 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Income Distributions Declared/Paid** | **Capital Gains Distributions Declared/Paid** |
| Income Builder Fund | Monthly | Annually |
| Rising Dividend Growth Fund | Quarterly | Annually |

---

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;F. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. 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

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that

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

**43**

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

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

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

Notes to Financial Statements (continued) *October 31, 2025*

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

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

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

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

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

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 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.

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

**44**

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GOLDMAN SACHS DIVIDEND FOCUS 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)

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. Bank Loans — Bank loans ("Loans") are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions ("Lenders"). A Fund's investments in Loans are in the form of either participations in Loans ("Participations") or assignments of all or a portion of Loans from third parties ("Assignments"). With respect to Participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. A Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations. Conversely, assignments result in a Fund having a direct contractual relationship with the borrower, and the Fund may be permitted to enforce compliance by the borrower with the terms of the loan agreement.

The Income Builder Fund may also enter into certain credit arrangements, all or a portion of which may be unfunded. Unfunded loan commitments represent the remaining obligation of the Fund to the borrower. The Fund is obligated to fund these commitments at the borrower's discretion. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit of a loan. All loans and unfunded loan commitments involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower. Loans, including unfunded loan commitments, are marked to market daily using pricing vendor quotations and the change in value, if any, is recorded as an unrealized gain or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market's perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and

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

**45**

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

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

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

Notes to Financial Statements (continued) *October 31, 2025*

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

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, the 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 initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

An *interest rate swap* is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

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

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**46**

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

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

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

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

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 October 31, 2025:

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| | | | |
|:---|:---|:---|:---|
| **INCOME BUILDER FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $1202258533 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 134067412 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 5870264 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations |  | 85344 |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 41298918 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 173685679 | 862704 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 754466270 | 326052 | 195 |
|  Securities Lending Reinvestment Vehicle | 13388774 |  |  |
|  Preferred Stocks |  | 8924542 |  |
|  Rights |  | 587407 |  |
|  Warrants |  | 85579 | 194 |
|  Exchange Traded Funds | 107585399 |  |  |
|  Investment Companies | 138402725 |  |  |
|  Short-term Investments |  | 8404170 |  |
|  **Total** | $1228827765 | $1361472007 | $389 |
| Liabilities |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded Loan Committment<sup>(b)</sup> | $— | $704 | $— |
| Derivative Type |  |  |  |
|  **Assets<sup>(b)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $647483 | $— |
|  Futures Contracts | 4393855 |  |  |
|  Interest Rate Swap Contracts |  | 19392 |  |
|  **Total** | $4393855 | $666875 | $— |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(b)</sup> | $— | $(760951) | $— |
|  Futures Contracts<sup>(b)</sup> | (548227) |  |  |
|  Interest Rate Swap Contracts<sup>(b)</sup> |  | (1767720) |  |
|  Written Option Contracts |  | (102463) |  |
|  **Total** | $(548227) | $(2631134) | $— |

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**47**

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

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

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

Notes to Financial Statements (continued) *October 31, 2025*

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

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| | | | |
|:---|:---|:---|:---|
| **RISING DIVIDEND GROWTH FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $769907 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 7040315 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 400654702 |  |  |
|  Investment Companies | 7675952 |  |  |
|  **Total** | $416140876 | $— | $— |
| Derivative Type |  |  |  |
|  **Assets<sup>(b)</sup>** |  |  |  |
|  Futures Contracts | $303541 | $— | $— |

---

&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 fiscal year end.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of October 31, 2025. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income Builder Fund** | **Income Builder Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Currency | Receivable for unrealized gain on forward foreign currency exchange contracts | $647483 | Payable for unrealized loss on forward foreign currency exchange contracts | $(760951) |
| Equity | Variation margin on futures contracts | 1369976 <sup>(a)</sup> | Variation margin on futures contracts; Written option contracts, at value | (562067)<sup>(a)</sup> |
| Interest rate | Variation margin on swap contracts; Variation margin on futures contracts | 3043271 <sup>(a)</sup> | Variation margin on swap contracts; Variation margin on futures contracts | (1856343)<sup>(a)</sup> |
|  **Total** |  | $5060730 |  | $(3179361) |
| **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
|  **Equity** | Variation margin on futures contracts | $303541 <sup>(a)</sup> |  | $— |

---

&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 Schedules of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities.

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

**48**

------

GOLDMAN SACHS DIVIDEND FOCUS 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;4. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended October 31, 2025. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income Builder Fund** | **Income Builder Fund** |  |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **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 |  | $(1331245) | $(424735) |
| Equity | Net realized gain (loss) from futures contracts, purchased and written options/Net change in unrealized gain (loss) on futures contracts and written options |  | 2833563 | 51651 |
| Interest rate | Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts |  | (19395086) | 16349147 |
|  **Total** |  |  | $(17892768) | $15976063 |
| **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** | **Rising Dividend Growth Fund** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts |  | $1755540 | $305110 |

---

For the fiscal year ended October 31, 2025, the relevant values for each derivative type were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** |
| **Fund** | **Futures<br>Contracts** | **Forward<br>Contracts** | **Swap<br>Agreements** | **Purchased<br>Options** | **Written<br>Options** |
|  Income Builder Fund | 3988 | $41899049 | $375367296 | 4353 | 7249 |
|  Rising Dividend Growth Fund | 41 |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, 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 fiscal year ended October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

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

**49**

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

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

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

Notes to Financial Statements (continued) *October 31, 2025*

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

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

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

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

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

For the fiscal year ended October 31, 2025, contractual and effective net management fees with GSAM were at the following rates:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | | |  |
| **Fund** | **First<br>$1 billion** | **Next<br>$1 billion** | **Next<br>$3 billion** | **Next<br>$3 billion** | **Over<br>$8 billion** | **Effective Rate** | **Effective Net<br>Management<br>Rate<sup>^</sup>** |  |
|  Income Builder Fund | 0.54% | 0.49% | 0.46% | 0.45% | 0.44% | 0.51% | 0.42 | \*% |
|  Rising Dividend Growth Fund | 0.75 | 0.68 | 0.64 | 0.63 | 0.62 | 0.75 | 0.65 | \*\* |

---

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

\* The Investment Adviser agreed to waive a portion of the Management Fee so that the net management fee will not exceed 0.44% as an annual percentage rate of the Fund's average net assets. This management fee waiver arrangement will remain in effect through at least February 28, 2026, and prior to such date, GSAM may not terminate the arrangement without the approval of the Board of Trustees. 

\*\* The Investment Adviser agreed to waive a portion of the Management Fee so that the net management fee will not exceed 0.65% as an annual percentage rate of the Fund's average net assets. This management fee waiver arrangement will remain in effect through at least February 28, 2026, and prior to such date, GSAM may not terminate the arrangement without the approval of the Board of Trustees. 

Both the Funds invest in Institutional Shares and Class R6 Shares of the Goldman Sachs Financial Square Government Fund and Income Builder Fund invests in Class R6 Shares of the Goldman Sachs MLP Energy Infrastructure and Goldman Sachs NASDAQ-100 Core Premium Income ETF Funds, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by each applicable Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which each Fund invests. For the fiscal year ended October 31, 2025, the management fee waived by GSAM for each Fund was as follows:

---

| | |
|:---|:---|
| **Fund** | **Management<br>Fee Waived** |
|  Income Builder Fund | $793013 |
|  Rising Dividend Growth Fund | 15663 |

---

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Distribution and/or Service Plan Rates**  | **Distribution and/or Service Plan Rates**  | **Distribution and/or Service Plan Rates**  |
| **Fund** | **Class A\*** | **Class C** | **Class R\*** |
|  Income Builder Fund | 0.25% | 0.75% | —% |
|  Rising Dividend Growth Fund | 0.25 | 0.75 | 0.50 |

---

\* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on "service fees" imposed by the Financial Industry Regulatory Authority. 

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

**50**

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

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

&nbsp;&nbsp;&nbsp;&nbsp;C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares' front end sales charge and Class C Shares' CDSC. During the fiscal year ended October 31, 2025, Goldman Sachs retained the following amounts:

---

| | |
|:---|:---|
|  | **Front End<br>Sales Charge**  |
| **Fund** | <br> **Class A** |
|  Income Builder Fund | $68047 |
|  Rising Dividend Growth Fund | 7165 |

---

During the fiscal year ended October 31, 2025, Goldman Sachs did not retain any portion of Class C Shares' CDSC.

&nbsp;&nbsp;&nbsp;&nbsp;D. Service Plan — The Trust, on behalf of each applicable Fund, has adopted a Service Plan to allow Class C Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C Shares of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.12% of the average daily net assets of Class A, Class C and Investor Shares of the Income Builder Fund; 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares of the Rising Dividend Growth Fund; 0.03% of the average daily net assets of Class R6 and P Shares of each Fund; and 0.04% of the average daily net assets of Institutional Shares of each Fund.

Goldman Sachs has agreed to waive a portion of its transfer agency fee (a component of "Other Expenses") equal to 0.04% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares, as applicable, of the Rising Dividend Growth Fund through at least February 28, 2026, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Income Builder and Rising Dividend Growth Funds are 0.004% and 0.004%, respectively. These Other Expense limitations will remain in place through at least February 28, 2026, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above.

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

**51**

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

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

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

Notes to Financial Statements (continued) *October 31, 2025*

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

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

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

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

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

For the fiscal year ended October 31, 2025, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Management<br>Fee Waiver** | **Transfer Agency<br>Waivers/Credits** | **Other**<br> **Expense<br>Reimbursements** | **Total<br>Expense<br>Reductions** |
|  Income Builder Fund | $2404066 | $— | $915974 | $3320040 |
|  Rising Dividend Growth Fund | 463002 | 126668 | 590335 | 1180005 |

---

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of October 31, 2025, the Funds participated in a $1,300,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended October 31, 2025, the Funds did not have any borrowings under the facility. Prior to April 14, 2025, the facility was $1,150,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — For the fiscal year ended October 31, 2025, Goldman Sachs earned $53,918 and $845 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Income Builder and Rising Dividend Growth Funds, respectively.

The tables below show the transactions in and earnings from investments in the Underlying Funds for the fiscal year ended October 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Underlying Fund** | **Beginning Value as of<br>October 31,**<br> **2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Realized<br>Gain (Loss)** | **Change In<br>Unrealized<br>Gain (Loss)** | **Ending Value as of<br>October 31,**<br> **2025** | **Shares as of<br>October 31,<br>2025** | **Dividend<br>Income** |
|  Income Builder <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Goldman Sachs Financial Square Government Fund — Class R6 | $19765967 | $386263785 | $(362362867) | $– $|  | $43666885 | 43666885 | $1931051 |
|  | Goldman Sachs Financial Square Government Fund — Institutional Shares | 121015964 | 386947812 | (450998423) | – |  | 56965353 | 56965353 | 2554186 |
|  | Goldman Sachs MLP Energy Infrastructure Fund — Class R6 | 35195778 | 2476844 |  | – | 97865 | 37770487 | 1013429 | 2476844 |

---

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

**52**

------

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

&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;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Underlying Fund** | **Beginning Value as of<br>October 31,**<br> **2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Realized<br>Gain (Loss)** | **Change In<br>Unrealized<br>Gain (Loss)** | **Ending Value as of<br>October 31,**<br> **2025** | **Shares as of<br>October 31,<br>2025** | **Dividend<br>Income** |
|  | Goldman Sachs Nasdaq-100 Core Premium Income ETF | $85452895 | $6943949 | $(6163971) | $(571800) | $12901014 | $98562087 | 1820504 | $9290520 |
|  Rising Dividend Growth Fund | Goldman Sachs Financial Square Government Fund — Class R6 | 12041915 | 113241822 | (117870208) |  |  | 7413529 | 7413529 | 387219 |
|  | Goldman Sachs Financial Square Government Fund — Institutional Shares | 270356 | 7792616 | (7800549) |  |  | 262423 | 262423 | 30570 |

---

&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 fiscal year ended October 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases (Excluding<br>U.S. Government and<br>Agency Obligations)** | **Sales and<br>Maturities of (Excluding<br>U.S. Government and<br>Agency Obligations)** |
|  Income Builder Fund | $846030359 | $794151319 |
|  Rising Dividend Growth Fund | 150786815 | 224982951 |

---

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

The Income Builder Fund may lend its securities through a securities lending agent, the Bank of New York Mellon ("BNYM"), to certain qualified borrowers. Pursuant to exemptive relief granted by the SEC and the terms and conditions contained therein, the Rising Dividend Growth Fund may lend its securities through a securities lending agent, Goldman Sachs Agency Lending ("GSAL"), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds' securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual

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

**53**

------

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

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

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

Notes to Financial Statements (continued) *October 31, 2025*

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

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

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

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

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

maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund ("Government Money Market Fund"), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will and BNYM 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 GSAL or BNYM are unable to purchase replacement securities, GSAL and/or BNYM 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 October 31, 2025, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

The Income Builder Fund and BNYM received compensation relating to the lending of the Fund's securities. The amounts earned, if any, by the Funds for the fiscal year ended October 31, 2025, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Fund's investment in the Government Money Market Fund for the fiscal year ended October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Beginning<br>Value as of<br>October 31, 2024** | **Purchases<br>at cost** | **Proceeds<br>from Sales** | **Ending<br>Value as of<br>October 31, 2025** |
|  Income Builder Fund | $— | $135730224 | $122341450 | $13388774 |

---

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

The tax character of distributions paid during the fiscal year ended October 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Income Builder<br>Fund** | **Rising Dividend<br>Growth Fund** |
|  Distributions paid from: |  |  |
|  Ordinary income | $109197660 | $22017968 |
|  Net long-term capital gains | 11844049 | 34335895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $121041709 | $56353863 |

---

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

**54**

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION (continued)

The tax character of distributions paid during the fiscal year ended October 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Income Builder<br>Fund** | **Rising Dividend<br>Growth Fund** |
|  Distributions paid from: |  |  |
|  Ordinary income | $98455815 | $7259738 |
|  Net long-term capital gains | 613010 | 26709475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $99068825 | $33969213 |

---

As of October 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **Income<br>Builder Fund** | **Rising<br>Dividend<br>Growth Fund** |
|  Undistributed ordinary income — net | $810599 | $3489316 |
|  Undistributed long-term capital gains | 30003624 | 35263234 |
|  Total Undistributed Earnings | $30814223 | $38752550 |
|  Capital loss carryforwards: |  |  |
|  Timing differences (Open MBS Amortization - Pre-Election/Defaulted Bonds/Straddle Loss Deferral) | $(26297) | $— |
|  Unrealized gains (loss) — net | 289825328 | 115466810 |
|  Total accumulated earnings (loss) net | $320613254 | $154219360 |

---

As of October 31, 2025, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
|  | **Income Builder<br>Fund** | **Rising<br>Dividend<br>Growth Fund** |
|  Tax Cost | $2302394185 | $300977607 |
|  Gross unrealized gain | 360570949 | 131464984 |
|  Gross unrealized loss | (70745621) | (15998174) |
|  Net unrealized gain | $289825328 | $115466810 |

---

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 foreign currency contracts, material modification of debt securities, and market discount accretion and premium amortization and differences in the tax treatment of partnership investments.

The Income Builder Fund reclassed $114,510 from distributable earnings to paid-in capital for the year ending October 31, 2025. In order to present certain components of the Fund's capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund's accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from differences in the tax treatment of partnership investments.

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

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**55**

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

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

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

Notes to Financial Statements (continued) *October 31, 2025*

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

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

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

&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:

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 the Funds. 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.

Dividend-Paying Investments Risk — A Fund's investments in dividend-paying securities could cause a Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet a Fund's investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of a Fund to produce current income.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

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

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

**56**

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GOLDMAN SACHS DIVIDEND FOCUS 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;

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

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

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.

Investment Style Risk — Different investment styles (e.g., "growth", "value" or "quantitative") tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Funds may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund's NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in 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.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.

Master Limited Partnership Risk — Investments in securities of MLPs involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP's general partner, cash flow risks, dilution risks, limited liquidity and risks related to the general partner's right to require unit-holders to sell their common units at an undesirable time or price.

Other Investments Risk — By investing in pooled investment vehicles (including investment companies and ETFs), partnerships and REITs indirectly through the Fund, investors will incur a proportionate share of the expenses of the other pooled investment vehicles, partnerships and REITs held by the Fund (including operating costs and investment management fees) in addition to the fees and expenses regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investments in direct proportion to the amount of assets the Fund invests therein.

REIT Risk — Risks associated with investments in the real estate industry (such as REITs) include, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage financing, variations in rental income, neighborhood values or the appeal of property to tenants; interest rates; overbuilding; extended vacancies of properties; increases in competition, property taxes and operating expenses; and changes in zoning laws. REITs whose underlying properties are concentrated in a particular industry or geographic region are subject to risks affecting such industries and regions. The securities of REITs involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements because of interest rate changes, economic conditions and other factors. Securities of such issuers may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price.

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

**57**

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

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

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

Notes to Financial Statements (continued) *October 31, 2025*

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

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

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

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

&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. SUBSEQUENT EVENTS

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

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

**58**

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GOLDMAN SACHS DIVIDEND FOCUS 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;12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Income Builder Fund**  | **Income Builder Fund**  | **Income Builder Fund**  | **Income Builder Fund**  |
|  | **For the Fiscal Year Ended**<br> **October 31, 2025** | **For the Fiscal Year Ended**<br> **October 31, 2025** | **For the Fiscal Year Ended**<br> **October 31, 2024** | **For the Fiscal Year Ended**<br> **October 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 6450573 | $166766240 | 6416789 | $159267163 |
|  Reinvestment of distributions | 1143174 | 29548946 | 943354 | 23369388 |
|  Shares redeemed | (5406524) | (139584011) | (5679352) | (139863949) |
|  | 2187223 | 56731175 | 1680791 | 42772602 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 675121 | 17016161 | 700149 | 16898684 |
|  Reinvestment of distributions | 235134 | 5938092 | 241750 | 5849651 |
|  Shares redeemed | (1797204) | (45389637) | (2895077) | (69662652) |
|  | (886949) | (22435384) | (1953178) | (46914317) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 7194746 | 191210875 | 9590638 | 243959103 |
|  Reinvestment of distributions | 1695910 | 45135358 | 1510564 | 38495957 |
|  Shares redeemed | (10159220) | (268267078) | (10040283) | (252435228) |
|  | (1268564) | (31920845) | 1060919 | 30019832 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 5811997 | 153373159 | 5928131 | 151809088 |
|  Reinvestment of distributions | 939409 | 24913900 | 748869 | 19007622 |
|  Shares redeemed | (5325663) | (141740937) | (5651741) | (143645451) |
|  | 1425743 | 36546122 | 1025259 | 27171259 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 1104980 | 29160187 | 456858 | 11637785 |
|  Reinvestment of distributions | 96326 | 2568697 | 70328 | 1789150 |
|  Shares redeemed | (421611) | (11237294) | (656997) | (16595051) |
|  | 779695 | 20491590 | (129811) | (3168116) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 73325 | 1916520 | 102147 | 2594922 |
|  Reinvestment of distributions | 49344 | 1313026 | 47804 | 1214857 |
|  Shares redeemed | (175321) | (4629088) | (500252) | (12508488) |
|  | (52652) | (1399542) | (350301) | (8698709) |
|  **NET INCREASE** | 2184496 | $58013116 | 1333679 | $41182551 |

---

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

**59**

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

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

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

Notes to Financial Statements (continued) *October 31, 2025*

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rising Dividend Growth Fund**  | **Rising Dividend Growth Fund**  | **Rising Dividend Growth Fund**  | **Rising Dividend Growth Fund**  |
|  | **For the Fiscal Year Ended**<br> **October 31, 2025** | **For the Fiscal Year Ended**<br> **October 31, 2025** | **For the Fiscal Year Ended**<br> **October 31, 2024** | **For the Fiscal Year Ended**<br> **October 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 801027 | $9199646 | 1421161 | $16740169 |
|  Reinvestment of distributions | 2462091 | 28613207 | 1483628 | 16838225 |
|  Shares redeemed | (4073385) | (46942550) | (4032084) | (48005773) |
|  | (810267) | (9129697) | (1127295) | (14427379) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 85131 | 1014681 | 158357 | 1948031 |
|  Reinvestment of distributions | 178973 | 2152858 | 136025 | 1572092 |
|  Shares redeemed | (606340) | (7207133) | (920256) | (11286066) |
|  | (342236) | (4039594) | (625874) | (7765943) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 800509 | 10032489 | 1065418 | 13703716 |
|  Reinvestment of distributions | 1025342 | 13072192 | 611239 | 7557278 |
|  Shares redeemed | (3332236) | (41961678) | (2249292) | (28739636) |
|  | (1506385) | (18856997) | (572635) | (7478642) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 582144 | 7427025 | 640820 | 8129852 |
|  Reinvestment of distributions | 571827 | 7269102 | 394027 | 4848069 |
|  Shares redeemed | (1385228) | (17362557) | (2198160) | (28316907) |
|  | (231257) | (2666430) | (1163313) | (15338986) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 234338 | 3176775 | 76419 | 989911 |
|  Reinvestment of distributions | 66691 | 848875 | 35950 | 443859 |
|  Shares redeemed | (205880) | (2657598) | (159385) | (2042227) |
|  | 95149 | 1368052 | (47016) | (608457) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 16909 | 184485 | 15218 | 179337 |
|  Reinvestment of distributions | 12258 | 141275 | 8225 | 92356 |
|  Shares redeemed | (24840) | (283971) | (42793) | (506693) |
|  | 4327 | 41789 | (19350) | (235000) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 171004 | 2170661 | 137145 | 1731285 |
|  Reinvestment of distributions | 109325 | 1393898 | 73047 | 902309 |
|  Shares redeemed | (240344) | (2937100) | (408984) | (5299144) |
|  | 39985 | 627459 | (198792) | (2665550) |
|  **NET DECREASE** | (2750684) | $(32655418) | (3754275) | $(48519957) |

---

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

**60**

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

## Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Income Builder Fund and Goldman Sachs Rising Dividend Growth Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Income Builder Fund and Goldman Sachs Rising Dividend Growth Fund (two of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations for the year ended October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2025, and each of the financial highlights for each of the five years in the period ended October 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received from agent banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 22, 2025

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

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**61**

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

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

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited)</u> 

#### Background
The Goldman Sachs Income Builder Fund and Goldman Sachs Rising Dividend Growth Fund (the "Funds") are investment portfolios of Goldman Sachs Trust (the "Trust"). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust's investment management agreement (the "Management Agreement") with Goldman Sachs Asset Management, L.P. (the "Investment Adviser") on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2026 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or "interested persons" (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the "Independent Trustees"), at a meeting held on June 17-18, 2025 (the "Annual Meeting").

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the "Committee"), comprised of the Independent Trustees. The Committee held five meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) trends in employee headcount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Investment Adviser's financial resources and ability to hire and retain talented personnel and strengthen its operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the parent company's support of the Investment Adviser and its mutual fund business, as expressed by the firm's senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the "Outside Data Provider"), and a benchmark performance index; and information on general investment outlooks in the markets in which the Fund invests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) information provided by the Investment Adviser indicating the Investment Adviser's views on whether the Fund's peer group and/or benchmark index had high, medium, or low relevance given the Fund's particular investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) fee and expense information for the Fund, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Fund's expense trends over time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whether the Fund's existing management fee schedule adequately addressed any economies of scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a summary of the "fall-out" benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser's affiliates from the Fund for transfer agency, securities lending (with respect to the Rising Dividend Growth Fund), portfolio trading, distribution and other services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

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

**62**

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GOLDMAN SACHS DIVIDEND FOCUS 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;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) information regarding commissions paid by the Fund and broker oversight, an update on the Investment Adviser's soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser's general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Investment Adviser's processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund's compliance program; and periodic compliance reports.

The Trustees also received an overview of the Funds' distribution arrangements. They received information regarding the Funds' assets, share purchase and redemption activity, and payment of distribution and service fees. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

#### Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser's commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the changes in the Investment Adviser's senior management personnel and in the personnel of various of the Investment Adviser's portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees also considered information regarding the Investment Adviser's efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

#### Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2024, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2025. The information on each Fund's investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed each Fund's investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. In

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

**63**

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GOLDMAN SACHS DIVIDEND FOCUS 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;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

addition, the Trustees considered materials prepared and presentations made by the Investment Adviser's senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser's periodic reports with respect to the Funds' risk profiles, and how the Investment Adviser's approach to risk monitoring and management influences portfolio management. They noted the efforts of the Rising Dividend Growth Fund's portfolio management team to continue to enhance the investment models used in managing the Fund.

The Trustees observed that the Income Builder Fund's Institutional Shares had placed in the top half of the Fund's peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Fund's benchmark index for the one-year period and underperformed for the three-, five-, and ten-year periods ended March 31, 2025. They noted that the Income Builder Fund had experienced certain portfolio management changes in 2022 and early 2025. The Trustees observed that the Rising Dividend Growth Fund's Institutional Shares had placed in the top half of the Fund's peer group for the three-, five-, and ten-year periods and in the fourth quartile for the one-year period, and had outperformed the Fund's benchmark index for the five-year period and underperformed for the one-, three-, and ten-year periods ended March 31, 2025. They noted that the Investment Adviser's Quantitative Investment Strategies Team manages a portion of the Rising Dividend Growth Fund's portfolio (the "10/10 Strategy") and that they had approved the re-assignment of the portion of the Fund's portfolio that invests in energy infrastructure companies (the "Energy Infrastructure Strategy") from the Fund's former sub-adviser to the Investment Adviser's Energy and Infrastructure Team in 2020. The Trustees observed that the Investment Adviser's Multi-Asset Solutions team manages allocations between the "10/10 Strategy" and the Energy Infrastructure Strategy. They noted that the Rising Dividend Growth Fund's peer group (Large Blend) and benchmark (the S&P 500 Index) were broad-based, whereas the Fund focused on dividend-paying stocks.

#### Costs of Services Provided and Competitive Information
The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund's management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund's overall net and gross expenses to a peer group and a category universe; and data comparing each Fund's net expenses to the peer and category medians. The analyses also compared each Fund's other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser's undertakings to implement fee waivers and/or expense limitations. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

In addition, the Trustees noted that shareholders are able to redeem their shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

#### Profitability
The Trustees reviewed each Fund's contribution to the Investment Adviser's revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser's expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser's expense allocation methodology. Profitability data for each Fund was provided for 2024 and 2023, and the Trustees considered this information in relation to the Investment Adviser's overall profitability.

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

**64**

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GOLDMAN SACHS DIVIDEND FOCUS 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;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

#### Economies of Scale
The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:

---

| | | |
|:---|:---|:---|
| **Average Daily Net Assets** | **Income Builder<br>Fund** | **Rising Dividend<br>Growth Fund** |
|  First $1 billion | 0.54% | 0.75% |
|  Next $1 billion | 0.49 | 0.68 |
|  Next $3 billion | 0.46 | 0.64 |
|  Next $3 billion | 0.45 | 0.63 |
|  Over $8 billion | 0.44 | 0.62 |

---

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds' recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser's undertakings to waive a portion of its management fee and to limit certain expenses of the Funds that exceed specified levels, as well as Goldman Sachs & Co. LLC's ("Goldman Sachs") undertaking to waive a portion of the transfer agency fees paid by the Rising Dividend Growth Fund's Class A, Class C, Investor and Class R Shares. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the Income Builder Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.

#### Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Funds; (d) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (e) fees earned by Goldman Sachs Agency Lending ("GSAL"), an affiliate of the Investment Adviser, as securities lending agent for the Rising Dividend Growth Fund (and fees earned by the Investment Adviser for managing the fund in which the Funds' securities lending cash collateral is invested); (f) the Investment Adviser's ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (g) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (h) Goldman Sachs' retention of certain fees as Fund Distributor; (i) the Investment Adviser's ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (j) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (k) the investment in exchange-traded funds ("ETFs") managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser's ETF advisory business; and (l) the possibility that the working relationship between the Investment Adviser and the Funds' third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

#### Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser's ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser's ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the

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

**65**

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GOLDMAN SACHS DIVIDEND FOCUS 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;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

Goldman Sachs organization; (g) the Funds' access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) the Rising Dividend Growth Fund's ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Funds in connection with the program; and (i) the Funds' access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds' shareholders invested in the Funds in part because of the Funds' relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

#### Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser's costs and each Fund's current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser's continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2026.

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

**66**

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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;

#### Goldman Sachs Trust – Dividend Focus Funds - Tax Information (Unaudited)
For the year ended October 31, 2025, 16.16% and 45.05% of the dividends paid from net investment company taxable income by the Income Builder Fund and Rising Dividend Growth Fund, respectively, qualify for the dividends received deduction available to corporations.

For the year ended October 31, 2025, 24.71% and 35.04% of the dividends paid from net investment company taxable income by the Income Builder Fund and Rising Dividend Growth Fund, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

Pursuant to Section 852 of the Internal Revenue Code, the Income Builder Fund and Rising Dividend Growth Fund designate $11,844,049 and $34,335,895, or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended October 31, 2025.

For the year ended October 31, 2025, 1.01% and 1.35% of the dividends paid from net investment company taxable income by the Income Builder Fund and Rising Dividend Growth Fund, respectively, qualify as section 199A dividends.

During the fiscal year ended October 31, 2025, the Income Builder Fund and Rising Dividend Growth Fund designates $2,909,185 and $16,257,734 as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

For the fiscal year ended October 31, 2025, the Income Builder Fund designates 73.36% of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.

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

**67**

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![LOGO](g47647dsp072.jpg)

TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282 OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary© 2025 Goldman Sachs. All rights reserved. DIVFOAR-25

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

Not applicable.

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

Not applicable.

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

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

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

The Funds' statement regarding the basis for approval of their investment advisory contract is included in Item 7 of this report.

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.  |

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

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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 controls over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

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

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a) Not applicable.

(b) Not applicable.

ITEM 19. EXHIBITS.

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| | |
|:---|:---|
| (a)(1) | [Goldman Sachs Trust's Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant's Form N-CSR filed on August 26, 2022.](http://www.sec.gov/Archives/edgar/data/822977/000119312522230661/d320037dex99code.htm) |
| (a)(2) | Not Applicable. |
| (a)(3) | [Exhibit 99.CERT. Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.](d47647dex99cert.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.](d47647dex99906cert.htm) |
| (101) | Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |

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SIGNATURES

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

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| | |
|:---|:---|
|  | Goldman Sachs Trust |
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs Trust |
| Date: | January 5, 2026 |

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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.

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| | |
|:---|:---|
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs Trust |
| Date: | January 5, 2026 |
| By: | /s/ Joseph F. DiMaria |
|  | Joseph F. DiMaria |
|  | Principal Financial Officer |
|  | Goldman Sachs Trust |
| Date: | January 5, 2026 |

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## 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: January 5, 2026

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| |
|:---|
|  /s/ James A. McNamara |
|  James A. McNamara<br> Principal Executive Officer |

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------

**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: January 5, 2026

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| |
|:---|
|  /s/ Joseph F. DiMaria |
|  Joseph F. DiMaria<br> Principal Financial Officer |

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## 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 October 31, 2025 (the "Form N-CSR") fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Principal Executive Officer | Principal Financial Officer |
| Goldman Sachs Trust | Goldman Sachs Trust |
| /s/ James A. McNamara | /s/ Joseph F. DiMaria |
| James A. McNamara | Joseph F. DiMaria |
| Date: January 5, 2026 | Date: January 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.