# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001193125-25-188601
**Filing Date:** 2025-8
**Character Count:** 1248790
**Document Hash:** ec991e2eae23b29a969edf983482f350
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-188601.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001193125-25-188601

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**EFFECTIVENESS DATE**: 20250826

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLDMAN SACHS TRUST
- **CENTRAL INDEX KEY:** 0000822977

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05349
- **FILM NUMBER:** 251255965

**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 Balanced Strategy Portfolio (Series ID: S000009314)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025447 | Institutional   | GIPIX           |
| C000025448 | Service         | GIPSX           |
| C000025449 | Class A         | GIPAX           |
| C000025451 | Class C         | GIPCX           |
| C000058959 | Class R         | GIPRX           |
| C000058960 | Investor Shares | GIPTX           |
| C000161531 | Class R6 Shares | GIPUX           |
| C000201783 | Class P Shares  | GAOPX           |

### Goldman Sachs U.S. Equity Dividend and Premium Fund (Series ID: S000009324)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025507 | Institutional   | GSPKX           |
| C000025508 | Class A         | GSPAX           |
| C000025509 | Class C         | GSPQX           |
| C000091963 | Investor Shares | GVIRX           |
| C000200306 | Class R6 Shares | GIDWX           |
| C000201766 | Class P Shares  | GSFPX           |

### Goldman Sachs Growth and Income Strategy Portfolio (Series ID: S000009325)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025511 | Institutional   | GOIIX           |
| C000025512 | Service         | GOISX           |
| C000025513 | Class A         | GOIAX           |
| C000025515 | Class C         | GOICX           |
| C000058961 | Class R         | GPIRX           |
| C000058962 | Investor Shares | GPITX           |
| C000161532 | Class R6 Shares | GOIUX           |
| C000201784 | Class P Shares  | GGSPX           |

### Goldman Sachs Growth Strategy Portfolio (Series ID: S000009336)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025577 | Institutional   | GGSIX           |
| C000025578 | Service         | GGSSX           |
| C000025579 | Class A         | GGSAX           |
| C000025581 | Class C         | GGSCX           |
| C000058973 | Class R         | GGSRX           |
| C000058974 | Investor Shares | GGSTX           |
| C000161533 | Class R6 Shares | GGSUX           |
| C000201785 | Class P Shares  | GGPPX           |

### Goldman Sachs Dynamic Global Equity Fund (Series ID: S000009338)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025589 | Institutional   | GAPIX           |
| C000025590 | Service         | GAPSX           |
| C000025591 | Class A         | GAPAX           |
| C000025593 | Class C         | GAXCX           |
| C000058975 | Class R         | GAPRX           |
| C000058976 | Investor Shares | GAPTX           |
| C000161534 | Class R6 Shares | GAPUX           |
| C000201786 | Class P Shares  | GADPX           |

### Goldman Sachs Commodity Strategy Fund (Series ID: S000015787)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000043358 | Class A Shares       | GSCAX           |
| C000043359 | Class C Shares       | GSCCX           |
| C000043360 | Institutional Shares | GCCIX           |
| C000058992 | Class R              | GCCRX           |
| C000058993 | Investor Shares      | GCCTX           |
| C000161523 | Class R6 Shares      | GCCUX           |
| C000201770 | Class P Shares       | GGRPX           |

### Goldman Sachs International Equity Dividend and Premium Fund (Series ID: S000018299)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000050446 | Institutional   | GIDHX           |
| C000050447 | Class A         | GIDAX           |
| C000050448 | Class C         | GIDCX           |
| C000091966 | Investor Shares | GIRVX           |
| C000200309 | Class R6 Shares | GIDUX           |
| C000201772 | Class P Shares  | GGHPX           |

### Goldman Sachs Absolute Return Tracker Fund (Series ID: S000020314)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000057076 | Class A         | GARTX           |
| C000057077 | Class C         | GCRTX           |
| C000057078 | Institutional   | GJRTX           |
| C000066743 | Class R Shares  | GRRTX           |
| C000066744 | Investor Shares | GSRTX           |
| C000161524 | Class R6 Shares | GARUX           |
| C000201773 | Class P Shares  | GSGPX           |

?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: December 31

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

The Semi-Annual Report to Shareholders for the Goldman Sachs Absolute Return Tracker Fund, Goldman Sachs Commodity Strategy Fund, Goldman Sachs Dynamic Global Equity Fund, Goldman Sachs International Equity Dividend and Premium Fund, Goldman Sachs U.S. Equity Dividend and Premium Fund, Goldman Sachs Balanced Strategy Portfolio, Goldman Sachs Growth and Income Strategy Portfolio, and Goldman Sachs Growth Strategy Portfolio is filed herewith.

![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Absolute Return Tracker Fund

#### GARTX: Class A

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

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

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Cash and Short-Term Investments | 151.9 | 90.0 | 61.9 | 28.1 |
| Commodities | 2.4 | 1.5 | 0.9 | 0.6 |
| Convertible Securities | 3.5 | 3.5 | - | 3.5 |
| Credit | 24.8 | 11.9 | 12.9 | -1.0 |
| Developed Markets Currency | 3.0 | 3.0 | - | 3.0 |
| Developed Markets Equity Volatility | 4.0 | 0.8 | 3.2 | -2.4 |
| Developed Markets ex US Equity | 13.1 | 10.1 | 3.0 | 7.1 |
| Developed Markets FI Volatility | 0.9 | 0.9 | - | 0.9 |
| Emerging Markets Currency | 2.0 | 2.0 | - | 2.0 |
| Emerging Markets Equity | 8.7 | 8.5 | 0.2 | 8.2 |
| Global Real Estate | 0.3 | 0.3 | - | 0.3 |
| Interest Rate | 0.8 | 0.7 | 0.1 | 0.6 |
| Long-Term Fixed Income | 10.9 | 4.5 | 6.4 | -1.9 |
| Master Limited Partnerships | 0.1 | 0.1 | - | 0.1 |
| Medium-Term Fixed Income | 1.3 | 1.3 | - | 1.3 |
| Preferred | 1.8 | 1.8 | - | 1.8 |
| Short-Term Fixed Income | 8.4 | 8.4 | - | 8.4 |
| US Equity | 77.3 | 48.2 | 29.2 | 19.0 |

---

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $51 | 1.01%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $4879897710 |
| # of Portfolio Holdings | 3242 |
| Portfolio Turnover Rate | 74% |
| Total Net Advisory Fees Paid | $14045185 |

---

# Goldman Sachs Absolute Return Tracker 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Absolute Return Tracker Fund

# 38145N246-SAR-0625

# Class A
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Absolute Return Tracker Fund

#### GCRTX: Class C

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

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

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Cash and Short-Term Investments | 151.9 | 90.0 | 61.9 | 28.1 |
| Commodities | 2.4 | 1.5 | 0.9 | 0.6 |
| Convertible Securities | 3.5 | 3.5 | - | 3.5 |
| Credit | 24.8 | 11.9 | 12.9 | -1.0 |
| Developed Markets Currency | 3.0 | 3.0 | - | 3.0 |
| Developed Markets Equity Volatility | 4.0 | 0.8 | 3.2 | -2.4 |
| Developed Markets ex US Equity | 13.1 | 10.1 | 3.0 | 7.1 |
| Developed Markets FI Volatility | 0.9 | 0.9 | - | 0.9 |
| Emerging Markets Currency | 2.0 | 2.0 | - | 2.0 |
| Emerging Markets Equity | 8.7 | 8.5 | 0.2 | 8.2 |
| Global Real Estate | 0.3 | 0.3 | - | 0.3 |
| Interest Rate | 0.8 | 0.7 | 0.1 | 0.6 |
| Long-Term Fixed Income | 10.9 | 4.5 | 6.4 | -1.9 |
| Master Limited Partnerships | 0.1 | 0.1 | - | 0.1 |
| Medium-Term Fixed Income | 1.3 | 1.3 | - | 1.3 |
| Preferred | 1.8 | 1.8 | - | 1.8 |
| Short-Term Fixed Income | 8.4 | 8.4 | - | 8.4 |
| US Equity | 77.3 | 48.2 | 29.2 | 19.0 |

---

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $89 | 1.76%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $4879897710 |
| # of Portfolio Holdings | 3242 |
| Portfolio Turnover Rate | 74% |
| Total Net Advisory Fees Paid | $14045185 |

---

# Goldman Sachs Absolute Return Tracker 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Absolute Return Tracker Fund

# 38145N238-SAR-0625

# Class C
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Absolute Return Tracker Fund

#### GSGPX: Class P

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

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

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Cash and Short-Term Investments | 151.9 | 90.0 | 61.9 | 28.1 |
| Commodities | 2.4 | 1.5 | 0.9 | 0.6 |
| Convertible Securities | 3.5 | 3.5 | - | 3.5 |
| Credit | 24.8 | 11.9 | 12.9 | -1.0 |
| Developed Markets Currency | 3.0 | 3.0 | - | 3.0 |
| Developed Markets Equity Volatility | 4.0 | 0.8 | 3.2 | -2.4 |
| Developed Markets ex US Equity | 13.1 | 10.1 | 3.0 | 7.1 |
| Developed Markets FI Volatility | 0.9 | 0.9 | - | 0.9 |
| Emerging Markets Currency | 2.0 | 2.0 | - | 2.0 |
| Emerging Markets Equity | 8.7 | 8.5 | 0.2 | 8.2 |
| Global Real Estate | 0.3 | 0.3 | - | 0.3 |
| Interest Rate | 0.8 | 0.7 | 0.1 | 0.6 |
| Long-Term Fixed Income | 10.9 | 4.5 | 6.4 | -1.9 |
| Master Limited Partnerships | 0.1 | 0.1 | - | 0.1 |
| Medium-Term Fixed Income | 1.3 | 1.3 | - | 1.3 |
| Preferred | 1.8 | 1.8 | - | 1.8 |
| Short-Term Fixed Income | 8.4 | 8.4 | - | 8.4 |
| US Equity | 77.3 | 48.2 | 29.2 | 19.0 |

---

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

## 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 | $32 | 0.64%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $4879897710 |
| # of Portfolio Holdings | 3242 |
| Portfolio Turnover Rate | 74% |
| Total Net Advisory Fees Paid | $14045185 |

---

# Goldman Sachs Absolute Return Tracker 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Absolute Return Tracker Fund

# 38150B202-SAR-0625

# Class P
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Absolute Return Tracker Fund

#### GRRTX: Class R

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

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

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Cash and Short-Term Investments | 151.9 | 90.0 | 61.9 | 28.1 |
| Commodities | 2.4 | 1.5 | 0.9 | 0.6 |
| Convertible Securities | 3.5 | 3.5 | - | 3.5 |
| Credit | 24.8 | 11.9 | 12.9 | -1.0 |
| Developed Markets Currency | 3.0 | 3.0 | - | 3.0 |
| Developed Markets Equity Volatility | 4.0 | 0.8 | 3.2 | -2.4 |
| Developed Markets ex US Equity | 13.1 | 10.1 | 3.0 | 7.1 |
| Developed Markets FI Volatility | 0.9 | 0.9 | - | 0.9 |
| Emerging Markets Currency | 2.0 | 2.0 | - | 2.0 |
| Emerging Markets Equity | 8.7 | 8.5 | 0.2 | 8.2 |
| Global Real Estate | 0.3 | 0.3 | - | 0.3 |
| Interest Rate | 0.8 | 0.7 | 0.1 | 0.6 |
| Long-Term Fixed Income | 10.9 | 4.5 | 6.4 | -1.9 |
| Master Limited Partnerships | 0.1 | 0.1 | - | 0.1 |
| Medium-Term Fixed Income | 1.3 | 1.3 | - | 1.3 |
| Preferred | 1.8 | 1.8 | - | 1.8 |
| Short-Term Fixed Income | 8.4 | 8.4 | - | 8.4 |
| US Equity | 77.3 | 48.2 | 29.2 | 19.0 |

---

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $63 | 1.26%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $4879897710 |
| # of Portfolio Holdings | 3242 |
| Portfolio Turnover Rate | 74% |
| Total Net Advisory Fees Paid | $14045185 |

---

# Goldman Sachs Absolute Return Tracker 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Absolute Return Tracker Fund

# 38145N121-SAR-0625

# Class R
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Absolute Return Tracker Fund

#### GARUX: Class R6

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

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

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Cash and Short-Term Investments | 151.9 | 90.0 | 61.9 | 28.1 |
| Commodities | 2.4 | 1.5 | 0.9 | 0.6 |
| Convertible Securities | 3.5 | 3.5 | - | 3.5 |
| Credit | 24.8 | 11.9 | 12.9 | -1.0 |
| Developed Markets Currency | 3.0 | 3.0 | - | 3.0 |
| Developed Markets Equity Volatility | 4.0 | 0.8 | 3.2 | -2.4 |
| Developed Markets ex US Equity | 13.1 | 10.1 | 3.0 | 7.1 |
| Developed Markets FI Volatility | 0.9 | 0.9 | - | 0.9 |
| Emerging Markets Currency | 2.0 | 2.0 | - | 2.0 |
| Emerging Markets Equity | 8.7 | 8.5 | 0.2 | 8.2 |
| Global Real Estate | 0.3 | 0.3 | - | 0.3 |
| Interest Rate | 0.8 | 0.7 | 0.1 | 0.6 |
| Long-Term Fixed Income | 10.9 | 4.5 | 6.4 | -1.9 |
| Master Limited Partnerships | 0.1 | 0.1 | - | 0.1 |
| Medium-Term Fixed Income | 1.3 | 1.3 | - | 1.3 |
| Preferred | 1.8 | 1.8 | - | 1.8 |
| Short-Term Fixed Income | 8.4 | 8.4 | - | 8.4 |
| US Equity | 77.3 | 48.2 | 29.2 | 19.0 |

---

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

## 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 | $32 | 0.64%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $4879897710 |
| # of Portfolio Holdings | 3242 |
| Portfolio Turnover Rate | 74% |
| Total Net Advisory Fees Paid | $14045185 |

---

# Goldman Sachs Absolute Return Tracker 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Absolute Return Tracker Fund

# 38147X325-SAR-0625

# Class R6
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Absolute Return Tracker Fund

#### GJRTX: Institutional Class

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

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

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Cash and Short-Term Investments | 151.9 | 90.0 | 61.9 | 28.1 |
| Commodities | 2.4 | 1.5 | 0.9 | 0.6 |
| Convertible Securities | 3.5 | 3.5 | - | 3.5 |
| Credit | 24.8 | 11.9 | 12.9 | -1.0 |
| Developed Markets Currency | 3.0 | 3.0 | - | 3.0 |
| Developed Markets Equity Volatility | 4.0 | 0.8 | 3.2 | -2.4 |
| Developed Markets ex US Equity | 13.1 | 10.1 | 3.0 | 7.1 |
| Developed Markets FI Volatility | 0.9 | 0.9 | - | 0.9 |
| Emerging Markets Currency | 2.0 | 2.0 | - | 2.0 |
| Emerging Markets Equity | 8.7 | 8.5 | 0.2 | 8.2 |
| Global Real Estate | 0.3 | 0.3 | - | 0.3 |
| Interest Rate | 0.8 | 0.7 | 0.1 | 0.6 |
| Long-Term Fixed Income | 10.9 | 4.5 | 6.4 | -1.9 |
| Master Limited Partnerships | 0.1 | 0.1 | - | 0.1 |
| Medium-Term Fixed Income | 1.3 | 1.3 | - | 1.3 |
| Preferred | 1.8 | 1.8 | - | 1.8 |
| Short-Term Fixed Income | 8.4 | 8.4 | - | 8.4 |
| US Equity | 77.3 | 48.2 | 29.2 | 19.0 |

---

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

## 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 | $33 | 0.65%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $4879897710 |
| # of Portfolio Holdings | 3242 |
| Portfolio Turnover Rate | 74% |
| Total Net Advisory Fees Paid | $14045185 |

---

# Goldman Sachs Absolute Return Tracker 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Absolute Return Tracker Fund

# 38145N220-SAR-0625

# Institutional Class
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Absolute Return Tracker Fund

#### GSRTX: Investor Class

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

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

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Cash and Short-Term Investments | 151.9 | 90.0 | 61.9 | 28.1 |
| Commodities | 2.4 | 1.5 | 0.9 | 0.6 |
| Convertible Securities | 3.5 | 3.5 | - | 3.5 |
| Credit | 24.8 | 11.9 | 12.9 | -1.0 |
| Developed Markets Currency | 3.0 | 3.0 | - | 3.0 |
| Developed Markets Equity Volatility | 4.0 | 0.8 | 3.2 | -2.4 |
| Developed Markets ex US Equity | 13.1 | 10.1 | 3.0 | 7.1 |
| Developed Markets FI Volatility | 0.9 | 0.9 | - | 0.9 |
| Emerging Markets Currency | 2.0 | 2.0 | - | 2.0 |
| Emerging Markets Equity | 8.7 | 8.5 | 0.2 | 8.2 |
| Global Real Estate | 0.3 | 0.3 | - | 0.3 |
| Interest Rate | 0.8 | 0.7 | 0.1 | 0.6 |
| Long-Term Fixed Income | 10.9 | 4.5 | 6.4 | -1.9 |
| Master Limited Partnerships | 0.1 | 0.1 | - | 0.1 |
| Medium-Term Fixed Income | 1.3 | 1.3 | - | 1.3 |
| Preferred | 1.8 | 1.8 | - | 1.8 |
| Short-Term Fixed Income | 8.4 | 8.4 | - | 8.4 |
| US Equity | 77.3 | 48.2 | 29.2 | 19.0 |

---

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $38 | 0.76%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $4879897710 |
| # of Portfolio Holdings | 3242 |
| Portfolio Turnover Rate | 74% |
| Total Net Advisory Fees Paid | $14045185 |

---

# Goldman Sachs Absolute Return Tracker 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Absolute Return Tracker Fund

# 38145N113-SAR-0625

# Investor Class
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Commodity Strategy Fund

#### GSCAX: Class A

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

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

### Sector Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Energy | 38.4 | 33.6 | -4.8 | 28.7 |
| Agriculture | 30.4 | 30.3 | -0.1 | 30.3 |
| Precious Metals | 20.5 | 20.5 | - | 20.5 |
| Industrial Metals | 15.4 | 15.4 | - | 15.4 |
| Livestock | 5.1 | 5.1 |  | 5.1 |

---

\* Sector exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given sector), divided by the Fund's net assets exposure within each sector. "Net Exposure" represents the net exposure within the Fund to a given sector, calculated as the difference between long and short exposures. Short-term Investments include money market funds and U.S. Treasury Bills and generally represent the collateral for Fund's derivative positions.

## 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 | $47 | 0.93%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $336178254 |
| # of Portfolio Holdings | 60 |
| Portfolio Turnover Rate | 0% |
| Total Net Advisory Fees Paid | $824624 |

---

# Goldman Sachs Commodity Strategy 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Commodity Strategy Fund

# 38143H373-SAR-0625

# Class A
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Commodity Strategy Fund

#### GSCCX: Class C

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

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

### Sector Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Energy | 38.4 | 33.6 | -4.8 | 28.7 |
| Agriculture | 30.4 | 30.3 | -0.1 | 30.3 |
| Precious Metals | 20.5 | 20.5 | - | 20.5 |
| Industrial Metals | 15.4 | 15.4 | - | 15.4 |
| Livestock | 5.1 | 5.1 |  | 5.1 |

---

\* Sector exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given sector), divided by the Fund's net assets exposure within each sector. "Net Exposure" represents the net exposure within the Fund to a given sector, calculated as the difference between long and short exposures. Short-term Investments include money market funds and U.S. Treasury Bills and generally represent the collateral for Fund's derivative positions.

## 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 | $85 | 1.68%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $336178254 |
| # of Portfolio Holdings | 60 |
| Portfolio Turnover Rate | 0% |
| Total Net Advisory Fees Paid | $824624 |

---

# Goldman Sachs Commodity Strategy 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Commodity Strategy Fund

# 38143H365-SAR-0625

# Class C
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Commodity Strategy Fund

#### GGRPX: Class P

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

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

### Sector Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Energy | 38.4 | 33.6 | -4.8 | 28.7 |
| Agriculture | 30.4 | 30.3 | -0.1 | 30.3 |
| Precious Metals | 20.5 | 20.5 | - | 20.5 |
| Industrial Metals | 15.4 | 15.4 | - | 15.4 |
| Livestock | 5.1 | 5.1 |  | 5.1 |

---

\* Sector exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given sector), divided by the Fund's net assets exposure within each sector. "Net Exposure" represents the net exposure within the Fund to a given sector, calculated as the difference between long and short exposures. Short-term Investments include money market funds and U.S. Treasury Bills and generally represent the collateral for Fund's derivative positions.

## 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 | $30 | 0.59%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $336178254 |
| # of Portfolio Holdings | 60 |
| Portfolio Turnover Rate | 0% |
| Total Net Advisory Fees Paid | $824624 |

---

# Goldman Sachs Commodity Strategy 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Commodity Strategy Fund

# 38150B707-SAR-0625

# Class P
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Commodity Strategy Fund

#### GCCRX: Class R

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

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

### Sector Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Energy | 38.4 | 33.6 | -4.8 | 28.7 |
| Agriculture | 30.4 | 30.3 | -0.1 | 30.3 |
| Precious Metals | 20.5 | 20.5 | - | 20.5 |
| Industrial Metals | 15.4 | 15.4 | - | 15.4 |
| Livestock | 5.1 | 5.1 |  | 5.1 |

---

\* Sector exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given sector), divided by the Fund's net assets exposure within each sector. "Net Exposure" represents the net exposure within the Fund to a given sector, calculated as the difference between long and short exposures. Short-term Investments include money market funds and U.S. Treasury Bills and generally represent the collateral for Fund's derivative positions.

## 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 | $60 | 1.18%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $336178254 |
| # of Portfolio Holdings | 60 |
| Portfolio Turnover Rate | 0% |
| Total Net Advisory Fees Paid | $824624 |

---

# Goldman Sachs Commodity Strategy 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Commodity Strategy Fund

# 38145N394-SAR-0625

# Class R
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Commodity Strategy Fund

#### GCCUX: Class R6

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

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

### Sector Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Energy | 38.4 | 33.6 | -4.8 | 28.7 |
| Agriculture | 30.4 | 30.3 | -0.1 | 30.3 |
| Precious Metals | 20.5 | 20.5 | - | 20.5 |
| Industrial Metals | 15.4 | 15.4 | - | 15.4 |
| Livestock | 5.1 | 5.1 |  | 5.1 |

---

\* Sector exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given sector), divided by the Fund's net assets exposure within each sector. "Net Exposure" represents the net exposure within the Fund to a given sector, calculated as the difference between long and short exposures. Short-term Investments include money market funds and U.S. Treasury Bills and generally represent the collateral for Fund's derivative positions.

## 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 | $30 | 0.59%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $336178254 |
| # of Portfolio Holdings | 60 |
| Portfolio Turnover Rate | 0% |
| Total Net Advisory Fees Paid | $824624 |

---

# Goldman Sachs Commodity Strategy 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Commodity Strategy Fund

# 38147X317-SAR-0625

# Class R6
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Commodity Strategy Fund

#### GCCIX: Institutional Class

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

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

### Sector Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Energy | 38.4 | 33.6 | -4.8 | 28.7 |
| Agriculture | 30.4 | 30.3 | -0.1 | 30.3 |
| Precious Metals | 20.5 | 20.5 | - | 20.5 |
| Industrial Metals | 15.4 | 15.4 | - | 15.4 |
| Livestock | 5.1 | 5.1 |  | 5.1 |

---

\* Sector exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given sector), divided by the Fund's net assets exposure within each sector. "Net Exposure" represents the net exposure within the Fund to a given sector, calculated as the difference between long and short exposures. Short-term Investments include money market funds and U.S. Treasury Bills and generally represent the collateral for Fund's derivative positions.

## 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 | $31 | 0.60%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $336178254 |
| # of Portfolio Holdings | 60 |
| Portfolio Turnover Rate | 0% |
| Total Net Advisory Fees Paid | $824624 |

---

# Goldman Sachs Commodity Strategy 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Commodity Strategy Fund

# 38143H381-SAR-0625

# Institutional Class
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Commodity Strategy Fund

#### GCCTX: Investor Class

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

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

### Sector Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Energy | 38.4 | 33.6 | -4.8 | 28.7 |
| Agriculture | 30.4 | 30.3 | -0.1 | 30.3 |
| Precious Metals | 20.5 | 20.5 | - | 20.5 |
| Industrial Metals | 15.4 | 15.4 | - | 15.4 |
| Livestock | 5.1 | 5.1 |  | 5.1 |

---

\* Sector exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given sector), divided by the Fund's net assets exposure within each sector. "Net Exposure" represents the net exposure within the Fund to a given sector, calculated as the difference between long and short exposures. Short-term Investments include money market funds and U.S. Treasury Bills and generally represent the collateral for Fund's derivative positions.

## 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 | $35 | 0.68%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $336178254 |
| # of Portfolio Holdings | 60 |
| Portfolio Turnover Rate | 0% |
| Total Net Advisory Fees Paid | $824624 |

---

# Goldman Sachs Commodity Strategy 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Commodity Strategy Fund

# 38145N386-SAR-0625

# Investor Class
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Dynamic Global Equity Fund

#### GAPAX: Class A

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

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

## 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 | $28 | 0.55%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 54.6% |
| Other | 41.2% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $409492329 |
| # of Portfolio Holdings | 16 |
| Portfolio Turnover Rate | 35% |
| Total Net Advisory Fees Paid | $284224 |

---

# Goldman Sachs Dynamic Global Equity Fund

# Class A

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

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Dynamic Global Equity Fund

# 38142V571-SAR-0625

# Class A
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Dynamic Global Equity Fund

#### GAXCX: Class C

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

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

## 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 | $67 | 1.30%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 54.6% |
| Other | 41.2% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $409492329 |
| # of Portfolio Holdings | 16 |
| Portfolio Turnover Rate | 35% |
| Total Net Advisory Fees Paid | $284224 |

---

# Goldman Sachs Dynamic Global Equity Fund

# Class C

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

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Dynamic Global Equity Fund

# 38142V555-SAR-0625

# Class C
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Dynamic Global Equity Fund

#### GADPX: Class P

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $9 | 0.18%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 54.6% |
| Other | 41.2% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $409492329 |
| # of Portfolio Holdings | 16 |
| Portfolio Turnover Rate | 35% |
| Total Net Advisory Fees Paid | $284224 |

---

# Goldman Sachs Dynamic Global Equity Fund

# Class P

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

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Dynamic Global Equity Fund

# 38150B814-SAR-0625

# Class P
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Dynamic Global Equity Fund

#### GAPRX: Class R

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

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

## 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 | $41 | 0.80%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 54.6% |
| Other | 41.2% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $409492329 |
| # of Portfolio Holdings | 16 |
| Portfolio Turnover Rate | 35% |
| Total Net Advisory Fees Paid | $284224 |

---

# Goldman Sachs Dynamic Global Equity Fund

# Class R

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

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Dynamic Global Equity Fund

# 38145N741-SAR-0625

# Class R
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Dynamic Global Equity Fund

#### GAPUX: Class R6

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $9 | 0.18%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 54.6% |
| Other | 41.2% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $409492329 |
| # of Portfolio Holdings | 16 |
| Portfolio Turnover Rate | 35% |
| Total Net Advisory Fees Paid | $284224 |

---

# Goldman Sachs Dynamic Global Equity Fund

# Class R6

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

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Dynamic Global Equity Fund

# 38148U403-SAR-0625

# Class R6
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Dynamic Global Equity Fund

#### GAPIX: Institutional Class

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $10 | 0.19%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 54.6% |
| Other | 41.2% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $409492329 |
| # of Portfolio Holdings | 16 |
| Portfolio Turnover Rate | 35% |
| Total Net Advisory Fees Paid | $284224 |

---

# Goldman Sachs Dynamic Global Equity Fund

# Institutional Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Dynamic Global Equity Fund

# 38142V472-SAR-0625

# Institutional Class
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Dynamic Global Equity Fund

#### GAPTX: Investor Class

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

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

## 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 | $16 | 0.30%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 54.6% |
| Other | 41.2% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $409492329 |
| # of Portfolio Holdings | 16 |
| Portfolio Turnover Rate | 35% |
| Total Net Advisory Fees Paid | $284224 |

---

# Goldman Sachs Dynamic Global Equity Fund

# Investor Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Dynamic Global Equity Fund

# 38145N733-SAR-0625

# Investor Class
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Dynamic Global Equity Fund

#### GAPSX: Service Class

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $36 | 0.69%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 54.6% |
| Other | 41.2% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $409492329 |
| # of Portfolio Holdings | 16 |
| Portfolio Turnover Rate | 35% |
| Total Net Advisory Fees Paid | $284224 |

---

# Goldman Sachs Dynamic Global Equity Fund

# Service Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Dynamic Global Equity Fund

# 38142V464-SAR-0625

# Service Class
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs International Equity Dividend and Premium Fund

#### GIDAX: Class A

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $65 | 1.19%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Sector Allocation (%)

---

| | |
|:---|:---|
| Financials | 24.9% |
| Industrials | 19.7% |
| Health Care | 10.4% |
| Consumer Discretionary | 8.6% |
| Information Technology | 7.6% |
| Consumer Staples | 6.9% |
| Communication Services | 6.1% |
| Materials | 5.9% |
| Utilities | 4.7% |
| Other | 5.2% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $144087475 |
| # of Portfolio Holdings | 285 |
| Portfolio Turnover Rate | 16% |
| Total Net Advisory Fees Paid | $592968 |

---

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs International Equity Dividend and Premium Fund

# 38144N486-SAR-0625

# Class A
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs International Equity Dividend and Premium Fund

#### GIDCX: Class C

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

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

## 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 | $106 | 1.94%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Sector Allocation (%)

---

| | |
|:---|:---|
| Financials | 24.9% |
| Industrials | 19.7% |
| Health Care | 10.4% |
| Consumer Discretionary | 8.6% |
| Information Technology | 7.6% |
| Consumer Staples | 6.9% |
| Communication Services | 6.1% |
| Materials | 5.9% |
| Utilities | 4.7% |
| Other | 5.2% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $144087475 |
| # of Portfolio Holdings | 285 |
| Portfolio Turnover Rate | 16% |
| Total Net Advisory Fees Paid | $592968 |

---

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs International Equity Dividend and Premium Fund

# 38144N478-SAR-0625

# Class C
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs International Equity Dividend and Premium Fund

#### GGHPX: Class P

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $48 | 0.88%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Sector Allocation (%)

---

| | |
|:---|:---|
| Financials | 24.9% |
| Industrials | 19.7% |
| Health Care | 10.4% |
| Consumer Discretionary | 8.6% |
| Information Technology | 7.6% |
| Consumer Staples | 6.9% |
| Communication Services | 6.1% |
| Materials | 5.9% |
| Utilities | 4.7% |
| Other | 5.2% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $144087475 |
| # of Portfolio Holdings | 285 |
| Portfolio Turnover Rate | 16% |
| Total Net Advisory Fees Paid | $592968 |

---

# Goldman Sachs International Equity Dividend and Premium Fund

# Class P

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs International Equity Dividend and Premium Fund

# 38150B616-SAR-0625

# Class P
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs International Equity Dividend and Premium Fund

#### GIDUX: Class R6

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $48 | 0.88%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Sector Allocation (%)

---

| | |
|:---|:---|
| Financials | 24.9% |
| Industrials | 19.7% |
| Health Care | 10.4% |
| Consumer Discretionary | 8.6% |
| Information Technology | 7.6% |
| Consumer Staples | 6.9% |
| Communication Services | 6.1% |
| Materials | 5.9% |
| Utilities | 4.7% |
| Other | 5.2% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $144087475 |
| # of Portfolio Holdings | 285 |
| Portfolio Turnover Rate | 16% |
| Total Net Advisory Fees Paid | $592968 |

---

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs International Equity Dividend and Premium Fund

# 38150C507-SAR-0625

# Class R6
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs International Equity Dividend and Premium Fund

#### GIDHX: Institutional Class

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $49 | 0.89%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Sector Allocation (%)

---

| | |
|:---|:---|
| Financials | 24.9% |
| Industrials | 19.7% |
| Health Care | 10.4% |
| Consumer Discretionary | 8.6% |
| Information Technology | 7.6% |
| Consumer Staples | 6.9% |
| Communication Services | 6.1% |
| Materials | 5.9% |
| Utilities | 4.7% |
| Other | 5.2% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $144087475 |
| # of Portfolio Holdings | 285 |
| Portfolio Turnover Rate | 16% |
| Total Net Advisory Fees Paid | $592968 |

---

# Goldman Sachs International Equity Dividend and Premium Fund

# Institutional Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs International Equity Dividend and Premium Fund

# 38144N494-SAR-0625

# Institutional Class
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs International Equity Dividend and Premium Fund

#### GIRVX: Investor Class

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

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

## 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 | $51 | 0.94%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Sector Allocation (%)

---

| | |
|:---|:---|
| Financials | 24.9% |
| Industrials | 19.7% |
| Health Care | 10.4% |
| Consumer Discretionary | 8.6% |
| Information Technology | 7.6% |
| Consumer Staples | 6.9% |
| Communication Services | 6.1% |
| Materials | 5.9% |
| Utilities | 4.7% |
| Other | 5.2% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $144087475 |
| # of Portfolio Holdings | 285 |
| Portfolio Turnover Rate | 16% |
| Total Net Advisory Fees Paid | $592968 |

---

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs International Equity Dividend and Premium Fund

# 38145C547-SAR-0625

# Investor Class
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs U.S. Equity Dividend and Premium Fund

#### GSPAX: Class A

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $51 | 1.00%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Sector Allocation (%)

---

| | |
|:---|:---|
| Information Technology | 33.9% |
| Financials | 13.6% |
| Communication Services | 10.2% |
| Consumer Discretionary | 9.8% |
| Health Care | 9.5% |
| Industrials | 8.2% |
| Consumer Staples | 6.1% |
| Energy | 3.3% |
| Utilities | 2.4% |
| Other | 5.5% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $3538455645 |
| # of Portfolio Holdings | 214 |
| Portfolio Turnover Rate | 10% |
| Total Net Advisory Fees Paid | $10880469 |

---

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs U.S. Equity Dividend and Premium Fund

# 38143H712-SAR-0625

# Class A
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs U.S. Equity Dividend and Premium Fund

#### GSPQX: Class C

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

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

## 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 | $88 | 1.75%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Sector Allocation (%)

---

| | |
|:---|:---|
| Information Technology | 33.9% |
| Financials | 13.6% |
| Communication Services | 10.2% |
| Consumer Discretionary | 9.8% |
| Health Care | 9.5% |
| Industrials | 8.2% |
| Consumer Staples | 6.1% |
| Energy | 3.3% |
| Utilities | 2.4% |
| Other | 5.5% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $3538455645 |
| # of Portfolio Holdings | 214 |
| Portfolio Turnover Rate | 10% |
| Total Net Advisory Fees Paid | $10880469 |

---

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs U.S. Equity Dividend and Premium Fund

# 38143H696-SAR-0625

# Class C
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs U.S. Equity Dividend and Premium Fund

#### GSFPX: Class P

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

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

## 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 | $34 | 0.67%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Sector Allocation (%)

---

| | |
|:---|:---|
| Information Technology | 33.9% |
| Financials | 13.6% |
| Communication Services | 10.2% |
| Consumer Discretionary | 9.8% |
| Health Care | 9.5% |
| Industrials | 8.2% |
| Consumer Staples | 6.1% |
| Energy | 3.3% |
| Utilities | 2.4% |
| Other | 5.5% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $3538455645 |
| # of Portfolio Holdings | 214 |
| Portfolio Turnover Rate | 10% |
| Total Net Advisory Fees Paid | $10880469 |

---

# Goldman Sachs U.S. Equity Dividend and Premium Fund

# Class P

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs U.S. Equity Dividend and Premium Fund

# 38150B194-SAR-0625

# Class P
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs U.S. Equity Dividend and Premium Fund

#### GIDWX: Class R6

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

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

## 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 | $34 | 0.67%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Sector Allocation (%)

---

| | |
|:---|:---|
| Information Technology | 33.9% |
| Financials | 13.6% |
| Communication Services | 10.2% |
| Consumer Discretionary | 9.8% |
| Health Care | 9.5% |
| Industrials | 8.2% |
| Consumer Staples | 6.1% |
| Energy | 3.3% |
| Utilities | 2.4% |
| Other | 5.5% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $3538455645 |
| # of Portfolio Holdings | 214 |
| Portfolio Turnover Rate | 10% |
| Total Net Advisory Fees Paid | $10880469 |

---

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs U.S. Equity Dividend and Premium Fund

# 38150C804-SAR-0625

# Class R6
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs U.S. Equity Dividend and Premium Fund

#### GSPKX: Institutional Class

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

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

## 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 | $34 | 0.68%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Sector Allocation (%)

---

| | |
|:---|:---|
| Information Technology | 33.9% |
| Financials | 13.6% |
| Communication Services | 10.2% |
| Consumer Discretionary | 9.8% |
| Health Care | 9.5% |
| Industrials | 8.2% |
| Consumer Staples | 6.1% |
| Energy | 3.3% |
| Utilities | 2.4% |
| Other | 5.5% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $3538455645 |
| # of Portfolio Holdings | 214 |
| Portfolio Turnover Rate | 10% |
| Total Net Advisory Fees Paid | $10880469 |

---

# Goldman Sachs U.S. Equity Dividend and Premium Fund

# Institutional Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs U.S. Equity Dividend and Premium Fund

# 38143H720-SAR-0625

# Institutional Class
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs U.S. Equity Dividend and Premium Fund

#### GVIRX: Investor Class

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $38 | 0.75%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Sector Allocation (%)

---

| | |
|:---|:---|
| Information Technology | 33.9% |
| Financials | 13.6% |
| Communication Services | 10.2% |
| Consumer Discretionary | 9.8% |
| Health Care | 9.5% |
| Industrials | 8.2% |
| Consumer Staples | 6.1% |
| Energy | 3.3% |
| Utilities | 2.4% |
| Other | 5.5% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $3538455645 |
| # of Portfolio Holdings | 214 |
| Portfolio Turnover Rate | 10% |
| Total Net Advisory Fees Paid | $10880469 |

---

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs U.S. Equity Dividend and Premium Fund

# 38145C513-SAR-0625

# Investor Class
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Balanced Strategy Portfolio

#### GIPAX: Class A

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

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

## 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 | $28 | 0.55%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Fund Allocation (%)

---

| | |
|:---|:---|
| Fixed Income | 47.9% |
| Equity | 22.3% |
| Dynamic | 1.0% |
| Other | 24.7% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $562216015 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 14% |
| Total Net Advisory Fees Paid | $410946 |

---

# Goldman Sachs Balanced Strategy Portfolio

# Class A

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

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Balanced Strategy Portfolio

# 38142V688-SAR-0625

# Class A
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Balanced Strategy Portfolio

#### GIPCX: Class C

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

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

## 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 | $66 | 1.30%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Fund Allocation (%)

---

| | |
|:---|:---|
| Fixed Income | 47.9% |
| Equity | 22.3% |
| Dynamic | 1.0% |
| Other | 24.7% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $562216015 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 14% |
| Total Net Advisory Fees Paid | $410946 |

---

# Goldman Sachs Balanced Strategy Portfolio

# 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Balanced Strategy Portfolio

# 38142V662-SAR-0625

# Class C
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Balanced Strategy Portfolio

#### GAOPX: Class P

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $9 | 0.18%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Fund Allocation (%)

---

| | |
|:---|:---|
| Fixed Income | 47.9% |
| Equity | 22.3% |
| Dynamic | 1.0% |
| Other | 24.7% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $562216015 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 14% |
| Total Net Advisory Fees Paid | $410946 |

---

# Goldman Sachs Balanced Strategy Portfolio

# Class P

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

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Balanced Strategy Portfolio

# 38150C408-SAR-0625

# Class P
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Balanced Strategy Portfolio

#### GIPRX: Class R

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

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

## 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 | $41 | 0.80%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Fund Allocation (%)

---

| | |
|:---|:---|
| Fixed Income | 47.9% |
| Equity | 22.3% |
| Dynamic | 1.0% |
| Other | 24.7% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $562216015 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 14% |
| Total Net Advisory Fees Paid | $410946 |

---

# Goldman Sachs Balanced Strategy Portfolio

# 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Balanced Strategy Portfolio

# 38145N816-SAR-0625

# Class R
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Balanced Strategy Portfolio

#### GIPUX: Class R6

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $9 | 0.18%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Fund Allocation (%)

---

| | |
|:---|:---|
| Fixed Income | 47.9% |
| Equity | 22.3% |
| Dynamic | 1.0% |
| Other | 24.7% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $562216015 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 14% |
| Total Net Advisory Fees Paid | $410946 |

---

# Goldman Sachs Balanced Strategy Portfolio

# Class R6

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

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Balanced Strategy Portfolio

# 38148U106-SAR-0625

# Class R6
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Balanced Strategy Portfolio

#### GIPIX: Institutional Class

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $10 | 0.19%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Fund Allocation (%)

---

| | |
|:---|:---|
| Fixed Income | 47.9% |
| Equity | 22.3% |
| Dynamic | 1.0% |
| Other | 24.7% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $562216015 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 14% |
| Total Net Advisory Fees Paid | $410946 |

---

# Goldman Sachs Balanced Strategy Portfolio

# Institutional Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Balanced Strategy Portfolio

# 38142V548-SAR-0625

# Institutional Class
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Balanced Strategy Portfolio

#### GIPTX: Investor Class

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

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

## 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 | $15 | 0.30%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Fund Allocation (%)

---

| | |
|:---|:---|
| Fixed Income | 47.9% |
| Equity | 22.3% |
| Dynamic | 1.0% |
| Other | 24.7% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $562216015 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 14% |
| Total Net Advisory Fees Paid | $410946 |

---

# Goldman Sachs Balanced Strategy Portfolio

# 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Balanced Strategy Portfolio

# 38145N790-SAR-0625

# Investor Class
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Balanced Strategy Portfolio

#### GIPSX: Service Class

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $35 | 0.69%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Fund Allocation (%)

---

| | |
|:---|:---|
| Fixed Income | 47.9% |
| Equity | 22.3% |
| Dynamic | 1.0% |
| Other | 24.7% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $562216015 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 14% |
| Total Net Advisory Fees Paid | $410946 |

---

# Goldman Sachs Balanced Strategy Portfolio

# Service Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Balanced Strategy Portfolio

# 38142V530-SAR-0625

# Service Class
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Growth and Income Strategy Portfolio

#### GOIAX: Class A

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

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

## 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 | $28 | 0.55%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 32.9% |
| Fixed Income | 31.9% |
| Dynamic | 0.9% |
| Other | 30.2% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $972190417 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 12% |
| Total Net Advisory Fees Paid | $703406 |

---

# Goldman Sachs Growth and Income Strategy Portfolio

# Class A

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

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Growth and Income Strategy Portfolio

# 38142V654-SAR-0625

# Class A
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Growth and Income Strategy Portfolio

#### GOICX: Class C

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

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

## 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 | $66 | 1.30%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 32.9% |
| Fixed Income | 31.9% |
| Dynamic | 0.9% |
| Other | 30.2% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $972190417 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 12% |
| Total Net Advisory Fees Paid | $703406 |

---

# Goldman Sachs Growth and Income Strategy Portfolio

# 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Growth and Income Strategy Portfolio

# 38142V639-SAR-0625

# Class C
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Growth and Income Strategy Portfolio

#### GGSPX: Class P

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $9 | 0.18%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 32.9% |
| Fixed Income | 31.9% |
| Dynamic | 0.9% |
| Other | 30.2% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $972190417 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 12% |
| Total Net Advisory Fees Paid | $703406 |

---

# Goldman Sachs Growth and Income Strategy Portfolio

# Class P

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

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Growth and Income Strategy Portfolio

# 38150B715-SAR-0625

# Class P
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Growth and Income Strategy Portfolio

#### GPIRX: Class R

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

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

## 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 | $41 | 0.80%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 32.9% |
| Fixed Income | 31.9% |
| Dynamic | 0.9% |
| Other | 30.2% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $972190417 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 12% |
| Total Net Advisory Fees Paid | $703406 |

---

# Goldman Sachs Growth and Income Strategy Portfolio

# 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Growth and Income Strategy Portfolio

# 38145N782-SAR-0625

# Class R
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Growth and Income Strategy Portfolio

#### GOIUX: Class R6

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $9 | 0.18%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 32.9% |
| Fixed Income | 31.9% |
| Dynamic | 0.9% |
| Other | 30.2% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $972190417 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 12% |
| Total Net Advisory Fees Paid | $703406 |

---

# Goldman Sachs Growth and Income Strategy Portfolio

# Class R6

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

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Growth and Income Strategy Portfolio

# 38148U205-SAR-0625

# Class R6
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Growth and Income Strategy Portfolio

#### GOIIX: Institutional Class

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $10 | 0.19%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 32.9% |
| Fixed Income | 31.9% |
| Dynamic | 0.9% |
| Other | 30.2% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $972190417 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 12% |
| Total Net Advisory Fees Paid | $703406 |

---

# Goldman Sachs Growth and Income Strategy Portfolio

# Institutional Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Growth and Income Strategy Portfolio

# 38142V522-SAR-0625

# Institutional Class
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Growth and Income Strategy Portfolio

#### GPITX: Investor Class

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

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

## 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 | $15 | 0.30%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 32.9% |
| Fixed Income | 31.9% |
| Dynamic | 0.9% |
| Other | 30.2% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $972190417 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 12% |
| Total Net Advisory Fees Paid | $703406 |

---

# Goldman Sachs Growth and Income Strategy Portfolio

# 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Growth and Income Strategy Portfolio

# 38145N774-SAR-0625

# Investor Class
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Growth and Income Strategy Portfolio

#### GOISX: Service Class

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $35 | 0.69%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 32.9% |
| Fixed Income | 31.9% |
| Dynamic | 0.9% |
| Other | 30.2% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $972190417 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 12% |
| Total Net Advisory Fees Paid | $703406 |

---

# Goldman Sachs Growth and Income Strategy Portfolio

# Service Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Growth and Income Strategy Portfolio

# 38142V514-SAR-0625

# Service Class
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Growth Strategy Portfolio

#### GGSAX: Class A

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

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

## 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 | $28 | 0.55%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 43.0% |
| Fixed Income | 5.5% |
| Dynamic | 0.9% |
| Other | 46.1% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $1003320436 |
| # of Portfolio Holdings | 25 |
| Portfolio Turnover Rate | 9% |
| Total Net Advisory Fees Paid | $724604 |

---

# Goldman Sachs Growth Strategy Portfolio

# Class A

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

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Growth Strategy Portfolio

# 38142V621-SAR-0625

# Class A
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Growth Strategy Portfolio

#### GGSCX: Class C

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

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

## 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 | $67 | 1.30%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 43.0% |
| Fixed Income | 5.5% |
| Dynamic | 0.9% |
| Other | 46.1% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $1003320436 |
| # of Portfolio Holdings | 25 |
| Portfolio Turnover Rate | 9% |
| Total Net Advisory Fees Paid | $724604 |

---

# Goldman Sachs Growth Strategy Portfolio

# 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Growth Strategy Portfolio

# 38142V597-SAR-0625

# Class C
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Growth Strategy Portfolio

#### GGPPX: Class P

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $9 | 0.18%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 43.0% |
| Fixed Income | 5.5% |
| Dynamic | 0.9% |
| Other | 46.1% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $1003320436 |
| # of Portfolio Holdings | 25 |
| Portfolio Turnover Rate | 9% |
| Total Net Advisory Fees Paid | $724604 |

---

# Goldman Sachs Growth Strategy Portfolio

# Class P

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

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Growth Strategy Portfolio

# 38150B681-SAR-0625

# Class P
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Growth Strategy Portfolio

#### GGSRX: Class R

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

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

## 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 | $41 | 0.80%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 43.0% |
| Fixed Income | 5.5% |
| Dynamic | 0.9% |
| Other | 46.1% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $1003320436 |
| # of Portfolio Holdings | 25 |
| Portfolio Turnover Rate | 9% |
| Total Net Advisory Fees Paid | $724604 |

---

# Goldman Sachs Growth Strategy Portfolio

# 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Growth Strategy Portfolio

# 38145N766-SAR-0625

# Class R
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Growth Strategy Portfolio

#### GGSUX: Class R6

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $9 | 0.18%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 43.0% |
| Fixed Income | 5.5% |
| Dynamic | 0.9% |
| Other | 46.1% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $1003320436 |
| # of Portfolio Holdings | 25 |
| Portfolio Turnover Rate | 9% |
| Total Net Advisory Fees Paid | $724604 |

---

# Goldman Sachs Growth Strategy Portfolio

# Class R6

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

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Growth Strategy Portfolio

# 38148U304-SAR-0625

# Class R6
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Growth Strategy Portfolio

#### GGSIX: Institutional Class

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $10 | 0.19%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 43.0% |
| Fixed Income | 5.5% |
| Dynamic | 0.9% |
| Other | 46.1% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $1003320436 |
| # of Portfolio Holdings | 25 |
| Portfolio Turnover Rate | 9% |
| Total Net Advisory Fees Paid | $724604 |

---

# Goldman Sachs Growth Strategy Portfolio

# Institutional Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Growth Strategy Portfolio

# 38142V498-SAR-0625

# Institutional Class
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Growth Strategy Portfolio

#### GGSTX: Investor Class

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

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

## 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 | $15 | 0.30%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 43.0% |
| Fixed Income | 5.5% |
| Dynamic | 0.9% |
| Other | 46.1% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $1003320436 |
| # of Portfolio Holdings | 25 |
| Portfolio Turnover Rate | 9% |
| Total Net Advisory Fees Paid | $724604 |

---

# Goldman Sachs Growth Strategy Portfolio

# 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Growth Strategy Portfolio

# 38145N758-SAR-0625

# Investor Class
![Image](g62330i9436f228899d0a617242.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Growth Strategy Portfolio

#### GGSSX: Service Class

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $36 | 0.69%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 43.0% |
| Fixed Income | 5.5% |
| Dynamic | 0.9% |
| Other | 46.1% |

---

## Key Fund Statistics

#### (as of June 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $1003320436 |
| # of Portfolio Holdings | 25 |
| Portfolio Turnover Rate | 9% |
| Total Net Advisory Fees Paid | $724604 |

---

# Goldman Sachs Growth Strategy Portfolio

# Service Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Growth Strategy Portfolio

# 38142V480-SAR-0625

# Service Class

------

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the "Code of Ethics").

(b) Not applicable.

(c) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(d) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(e) Not applicable.

(f) A copy of the Code of Ethics is available as provided in Item 19(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant's board of trustees has determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its audit committee. Michael Latham is the "audit committee financial expert" and "independent" (as each term is defined in Item 3 of Form N-CSR).

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

Schedule of Investments is included in Item 7 of this report.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

------

![LOGO](g62330dsp001.jpg)

Goldman Sachs Funds Semi-Annual Financial Statements June 30, 2025 Fund of Funds Portfolios Goldman Sachs Balanced Strategy Portfolio Goldman Sachs Dynamic Global Equity Fund Goldman Sachs Growth and Income Strategy Portfolio Goldman Sachs Growth Strategy Portfolio Goldman Sachs Asset Management

------

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

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

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

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

## Goldman Sachs Fund of Funds Portfolios

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  [**Schedules of Investments**](#fof62330_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Balanced Strategy Portfolio](#fof62330_2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Dynamic Global Equity Fund](#fof62330_3) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Growth and Income Strategy Portfolio](#fof62330_4) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Growth Strategy Portfolio](#fof62330_5) | 23 |
|  [**Financial Statements**](#fof62330_6) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#fof62330_7) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#fof62330_8) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#fof62330_9) | 35 |
|  [**Financial Highlights**](#fof62330_10) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Balanced Strategy Portfolio](#fof62330_11) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Dynamic Global Equity Fund](#fof62330_12) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Growth and Income Strategy Portfolio](#fof62330_13) | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Growth Strategy Portfolio](#fof62330_14) | 61 |
|  [**Notes to Financial Statements**](#fof62330_15) | 69 |
|  [**Statement Regarding Basis for Approval of Investment Advisory Agreement**](#fof62330_16) | 94 |

---

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

------

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

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

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

Schedule of Investments *June 30, 2025 (Unaudited)*

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

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

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Underlying Funds – 94.2% | Underlying Funds – 94.2% | Underlying Funds – 94.2% |
| Dynamic<sup>(a)</sup> – 1.0% | Dynamic<sup>(a)</sup> – 1.0% | Dynamic<sup>(a)</sup> – 1.0% |
| 626306 | Goldman Sachs Managed Futures Strategy Fund — Class R6 | $5373706 |
| Equity<sup>(a)</sup> – 22.3% | Equity<sup>(a)</sup> – 22.3% | Equity<sup>(a)</sup> – 22.3% |
| 1411065 | Goldman Sachs Large Cap Value Insights Fund — Class R6 | 33964341 |
| 958804 | Goldman Sachs Large Cap Growth Insights Fund — Class R6 | 33730733 |
| 1673046 | Goldman Sachs International Equity Insights Fund — Class R6 | 28843307 |
| 1185940 | Goldman Sachs Emerging Markets Equity Insights Fund — Class R6 | 11728952 |
| 228614 | Goldman Sachs Small Cap Equity Insights Fund — Class R6 | 6280019 |
| 435834 | Goldman Sachs Global Infrastructure Fund — Class R6 | 5770437 |
| 290847 | Goldman Sachs International Small Cap Insights Fund — Class R6 | 4505215 |
| 22926 | Goldman Sachs Energy Infrastructure Fund — Class R6 | 319818 |
|  |  | 125142822 |
| Exchange Traded Funds – 23.0% | Exchange Traded Funds – 23.0% | Exchange Traded Funds – 23.0% |
| 809695 | Goldman Sachs Access Investment Grade Corporate Bond ETF<sup>(a)</sup> | 37262164 |
| 390115 | Goldman Sachs MarketBeta U.S. Equity ETF<sup>(a)</sup> | 33382140 |
| 392374 | Goldman Sachs MarketBeta International Equity ETF<sup>(a)</sup> | 25119783 |
| 218602 | Goldman Sachs MarketBeta Emerging Markets Equity ETF<sup>(a)</sup> | 11036013 |
| 68493 | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF<sup>(a)</sup> | 8313680 |
| 149586 | Goldman Sachs ActiveBeta International Equity ETF<sup>(a)</sup> | 5932581 |
| 39972 | iShares U.S. Real Estate ETF | 3788146 |
| 49119 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF<sup>(a)</sup> | 1827718 |
| 10517 | iShares U.S. Technology ETF | 1822281 |
| 7025 | Health Care Select Sector SPDR Fund | 946900 |
| 2526 | iShares MSCI Mexico ETF | 152975 |
|  |  | 129584381 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Underlying Funds – (continued) | Underlying Funds – (continued) | Underlying Funds – (continued) |
| Fixed Income<sup>(a)</sup> – 47.9% | Fixed Income<sup>(a)</sup> – 47.9% | Fixed Income<sup>(a)</sup> – 47.9% |
| 20483379 | Goldman Sachs Global Core Fixed Income Fund — Class R6 | $232896020 |
| 1830784 | Goldman Sachs Inflation Protected Securities Fund — Class R6 | 17538916 |
| 720376 | Goldman Sachs Emerging Markets Debt Fund — Class R6 | 7059684 |
| 720571 | Goldman Sachs High Yield Floating Rate Fund — Class R6 | 6290582 |
| 1014829 | Goldman Sachs High Yield Fund — Class R6 | 5784525 |
|  |  | 269569727 |
| TOTAL UNDERLYING FUNDS – 94.2%<br>(Cost $492,538,404) | TOTAL UNDERLYING FUNDS – 94.2%<br>(Cost $492,538,404) | $529670636 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(a)</sup> – 1.7% | Investment Company<sup>(a)</sup> – 1.7% | Investment Company<sup>(a)</sup> – 1.7% |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 9247541 | 4.231% | $9247541 |
| (Cost $9,247,541) | (Cost $9,247,541) |  |
| TOTAL INVESTMENTS – 95.9%<br>(Cost $501,785,945) | TOTAL INVESTMENTS – 95.9%<br>(Cost $501,785,945) | $538918177 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 4.1%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 4.1%** | 23297838 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $562216015 |

---

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

(a) Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2025, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC | USD 550,921 | HKD 4,290,000 | 09/17/25 | $750 |

---

&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 BALANCED STRATEGY PORTFOLIO

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

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

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC (continued) | USD 6,699,113 | JPY 948,000,000 | 09/17/25 | $57612 |
| TOTAL |  |  |  | $58362 |

---

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | USD | 2031604 | AUD | 3120000 | 09/17/25 | $(25166) |
|  | USD | &nbsp;&nbsp;&nbsp;&nbsp;2928167 | CHF | &nbsp;&nbsp;&nbsp;&nbsp;2370000 | 09/17/25 | (88335) |
|  | USD | 711242 | DKK | 4610000 | 09/17/25 | (20897) |
|  | USD | &nbsp;&nbsp;&nbsp;&nbsp;10581214 | EUR | 9200000 | 09/17/25 | (312467) |
|  | USD | 4423226 | GBP | 3260000 | 09/17/25 | (53868) |
|  | USD | 161075 | ILS | 560000 | 09/17/25 | (5348) |
|  | USD | 463731 | MXN | 9000000 | 09/17/25 | (11923) |
|  | USD | 188243 | NOK | 1900000 | 09/17/25 | (351) |
|  | USD | 54456 | NZD | 90000 | 09/17/25 | (549) |
|  | USD | 929619 | SEK | 8850000 | 09/17/25 | (10646) |
|  | USD | 399336 | SGD | 510000 | 09/17/25 | (4062) |
| TOTAL |  |  |  |  |  | $(533612) |

---

FUTURES CONTRACTS — At June 30, 2025, the Portfolio had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  10 Year U.K. Long Gilt | 3 | 09/26/25 | $383093 | $10207 |
|  5 Year German Euro-Bund | 3 | 09/08/25 | 459931 | (2476) |
|  FTSE/JSE Top 40 Index | 7 | 09/18/25 | 354983 | 4126 |
|  IFSC NIFTY 50 Index | 9 | 07/31/25 | 460818 | 10797 |
|  MSCI EAFE Index | 11 | 09/19/25 | 1474935 | 22534 |
|  S&P 500 E-Mini Index | 102 | 09/19/25 | 31894125 | 820855 |
| Total |  |  |  | $866043 |
|  **Short position contracts:** |  |  |  |  |
|  E-mini Consumer Staples Select Sector | (36) | 09/19/25 | (2964600) | (16150) |
| TOTAL FUTURES CONTRACTS |  |  |  | $849893 |

---

&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 BALANCED STRATEGY PORTFOLIO

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

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

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

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

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

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At June 30, 2025, the Portfolio had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Payments Made by the Portfolio<sup>(a)</sup>** | **Payments<br>Received<br>by Portfolio<sup>(a)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
|  12M GBP | 3.829% | 04/16/30 | GBP 3,300 | $32127 |

---

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

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

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>June 30,<br>2025<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Purchased:** |  |  |  |  |  |  |  |
|  CDX.NA.HY Index 44 | (5.000)% | 3.186% | 06/20/30 | $2800 | $(214558) | $(136201) | $(78357) |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Financing Rate<br>Paid/(Received)<br>by the Fund<sup>(a)</sup>**  | **Counterparty** | **Termination<br>Date<sup>#</sup>** | **Notional<br>Amount<br>(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
|  SXDR Index | 12MEURO+0.470% | JPMorgan Securities, Inc. | 02/03/26 | EUR337 | $(537) |
|  SXDR Index | 12MEURO+0.480% | JPMorgan Securities, Inc. | 02/03/26 | EUR762 |  |
| TOTAL |  |  |  |  | $(537) |

---

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

# The Fund pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars). 

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

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2025, the Portfolio had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON EQUITIES

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  SX5E Index | MS & Co. Int. PLC | $5156.960 | 07/15/2025 | 178 | $91793888 | $35063 | $15311 | $19752 |

---

&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 BALANCED STRATEGY PORTFOLIO

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

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

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON EQUITIES (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  XLV Index | BofA Securities LLC | $135.000 | 06/18/2026 | 4693 | $63355500 | $47912 | $51288 | $(3376) |
| Total purchased option contracts | Total purchased option contracts | Total purchased option contracts |  | 4871 | $155149388 | $82975 | $66599 | $16376 |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  XLV Index | BofA Securities LLC | 146.000 | 06/18/2026 | (9386) | (137035600) | (46354) | (50873) | 4519 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  SPX Index | MS & Co. Int. PLC | 5326.965 | 07/18/2025 | (220) | (117193230) | (419) | (32197) | 31778 |
|  MID Index | MS & Co. Int. PLC | 2725.883 | 07/18/2025 | (280) | (76324724) | (378) | (20166) | 19788 |
| TOPIX Index | MS & Co. Int. PLC | 2477.128 | 12/19/2025 | (68448) | (16955445734) | (19549) | (45422) | 25873 |
|  |  |  |  | (68948) | $(17148963688) | $(20346) | $(97785) | $77439 |
| Total written option contracts | Total written option contracts | Total written option contracts |  | (78334) | $(17285999288) | $(66700) | $(148658) | $81958 |
| TOTAL |  |  |  | (73463) | $(17130849900) | $16275 | $(82059) | $98334 |

---

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |  |
|  Call CHF/Put NOK | MS & Co. Int. PLC |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.116 | 09/17/2025 | 528000 | $528000 | $608 | $7043 | $(6435) |
|  Call CHF/Put NOK | MS & Co. Int. PLC |  | 14.143 | 09/17/2025 | 572000 | 572000 | 614 | 7987 | (7373) |
|  Call CHF/Put NOK | MS & Co. Int. PLC |  | 14.480 | 12/17/2025 | 463000 | 463000 | 1904 | 7066 | (5162) |
|  Call CHF/Put NOK | MS & Co. Int. PLC |  | 14.537 | 12/17/2025 | 495000 | 495000 | 1879 | 8424 | (6545) |
|  Call CHF/Put NOK | MS & Co. Int. PLC |  | 14.810 | 03/18/2026 | 422000 | 422000 | 2903 | 7108 | (4205) |
|  Call CHF/Put NOK | MS & Co. Int. PLC |  | 14.888 | 03/18/2026 | 448000 | 448000 | 2843 | 8819 | (5976) |
|  Call CHF/Put NOK | MS & Co. Int. PLC |  | 14.209 | 06/17/2026 | 1029000 | 1029000 | 21038 | 19419 | 1619 |
|  Call CHF/Put SEK | MS & Co. Int. PLC |  | 13.588 | 09/17/2025 | 617000 | 617000 | 84 | 6626 | (6542) |
|  Call CHF/Put SEK | MS & Co. Int. PLC |  | 13.430 | 09/17/2025 | 661000 | 661000 | 161 | 7752 | (7591) |
|  Call CHF/Put SEK | MS & Co. Int. PLC |  | 13.848 | 12/17/2025 | 536000 | 536000 | 708 | 7271 | (6563) |
|  Call CHF/Put SEK | MS & Co. Int. PLC |  | 13.709 | 12/17/2025 | 568000 | 568000 | 967 | 8001 | (7034) |
|  Call CHF/Put SEK | MS & Co. Int. PLC |  | 14.076 | 03/18/2026 | 487000 | 487000 | 1438 | 8037 | (6599) |
|  Call CHF/Put SEK | MS & Co. Int. PLC |  | 13.954 | 03/18/2026 | 513000 | 513000 | 1771 | 7933 | (6162) |
|  Call CHF/Put SEK | MS & Co. Int. PLC |  | 13.248 | 06/17/2026 | 1169000 | 1169000 | 15999 | 21860 | (5861) |
|  Call JPY/Put KRW | MS & Co. Int. PLC |  | 10.130 | 09/17/2025 | 60933000 | 60933000 | 1869 | 5027 | (3158) |
|  Call JPY/Put KRW | MS & Co. Int. PLC |  | 10.514 | 09/17/2025 | 61985000 | 61985000 | 835 | 5370 | (4535) |
|  Call JPY/Put KRW | MS & Co. Int. PLC |  | 10.345 | 12/17/2025 | 53891000 | 53891000 | 3245 | 4983 | (1738) |
|  Call JPY/Put KRW | MS & Co. Int. PLC |  | 10.745 | 12/17/2025 | 54276000 | 54276000 | 1902 | 5334 | (3432) |
|  Call JPY/Put KRW | MS & Co. Int. PLC |  | 10.554 | 03/18/2026 | 48936000 | 48936000 | 3913 | 4981 | (1068) |
|  Call JPY/Put KRW | MS & Co. Int. PLC |  | 10.967 | 03/18/2026 | 48949000 | 48949000 | 2550 | 5855 | (3305) |
|  Call JPY/Put KRW | MS & Co. Int. PLC |  | 10.883 | 06/17/2026 | 89736000 | 89736000 | 7658 | 9169 | (1511) |
|  Call USD/Put CAD | MS & Co. Int. PLC |  | 1.458 | 09/17/2025 | 1932000 | 1932000 | 359 | 13564 | (13205) |
|  Call USD/Put CAD | MS & Co. Int. PLC |  | 1.493 | 09/17/2025 | 1952000 | 1952000 | 62 | 15477 | (15415) |
|  Call USD/Put CAD | MS & Co. Int. PLC |  | 1.467 | 12/17/2025 | 1686000 | 1686000 | 1544 | 13340 | (11796) |
|  Call USD/Put CAD | MS & Co. Int. PLC |  | 1.501 | 12/17/2025 | 1721000 | 1721000 | 654 | 15532 | (14878) |
|  Call USD/Put CAD | MS & Co. Int. PLC |  | 1.474 | 03/18/2026 | 1538000 | 1538000 | 2461 | 13398 | (10937) |

---

&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 BALANCED STRATEGY PORTFOLIO

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

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Call USD/Put CAD | MS & Co. Int. PLC |  | $1.508 | 03/18/2026 | 1554000 | $1554000 | $1294 | $15391 | $(14097) |
|  Call USD/Put CAD | MS & Co. Int. PLC |  | 1.425 | 06/17/2026 | 3237000 | 3237000 | 17894 | 21429 | (3535) |
|  Call USD/Put CLP | MS & Co. Int. PLC |  | 1113.400 | 09/17/2025 | 641000 | 641000 | 203 | 9741 | (9538) |
|  Call USD/Put CLP | MS & Co. Int. PLC |  | 1119.888 | 09/17/2025 | 708000 | 708000 | 188 | 8964 | (8776) |
|  Call USD/Put CLP | MS & Co. Int. PLC |  | 1140.380 | 12/17/2025 | 572000 | 572000 | 1272 | 10128 | (8856) |
|  Call USD/Put CLP | MS & Co. Int. PLC |  | 1148.202 | 12/17/2025 | 620000 | 620000 | 1241 | 10193 | (8952) |
|  Call USD/Put CLP | MS & Co. Int. PLC |  | 1166.190 | 03/18/2026 | 524000 | 524000 | 2257 | 10037 | (7780) |
|  Call USD/Put CLP | MS & Co. Int. PLC |  | 1173.249 | 03/18/2026 | 565000 | 565000 | 2275 | 10310 | (8035) |
|  Call USD/Put CLP | MS & Co. Int. PLC |  | 1093.270 | 06/17/2026 | 1064000 | 1064000 | 14415 | 18363 | (3948) |
|  Call USD/Put KRW | MS & Co. Int. PLC |  | 1496.880 | 09/17/2025 | 464000 | 464000 | 299 | 5029 | (4730) |
|  Call USD/Put KRW | MS & Co. Int. PLC |  | 1553.840 | 09/17/2025 | 442000 | 442000 | 58 | 5171 | (5113) |
|  Call USD/Put KRW | MS & Co. Int. PLC |  | 1512.770 | 12/17/2025 | 409000 | 409000 | 997 | 5166 | (4169) |
|  Call USD/Put KRW | MS & Co. Int. PLC |  | 1572.940 | 12/17/2025 | 387000 | 387000 | 388 | 5302 | (4914) |
|  Call USD/Put KRW | MS & Co. Int. PLC |  | 1526.850 | 03/18/2026 | 373000 | 373000 | 1486 | 5215 | (3729) |
|  Call USD/Put KRW | MS & Co. Int. PLC |  | 1589.310 | 03/18/2026 | 351000 | 351000 | 714 | 5195 | (4481) |
|  Call USD/Put KRW | MS & Co. Int. PLC |  | 1493.850 | 06/17/2026 | 740000 | 740000 | 6076 | 9590 | (3514) |
|  Call USD/Put MXN | MS & Co. Int. PLC |  | 24.511 | 09/17/2025 | 289000 | 289000 | 20 | 4623 | (4603) |
|  Call USD/Put MXN | MS & Co. Int. PLC |  | 23.824 | 09/17/2025 | 335000 | 335000 | 49 | 4798 | (4749) |
|  Call USD/Put MXN | MS & Co. Int. PLC |  | 25.433 | 12/17/2025 | 258000 | 258000 | 151 | 4647 | (4496) |
|  Call USD/Put MXN | MS & Co. Int. PLC |  | 24.722 | 12/17/2025 | 293000 | 293000 | 263 | 4947 | (4684) |
|  Call USD/Put MXN | MS & Co. Int. PLC |  | 26.302 | 03/18/2026 | 237000 | 237000 | 325 | 4688 | (4363) |
|  Call USD/Put MXN | MS & Co. Int. PLC |  | 25.536 | 03/18/2026 | 268000 | 268000 | 512 | 5033 | (4521) |
|  Call USD/Put MXN | MS & Co. Int. PLC |  | 22.541 | 06/17/2026 | 586000 | 586000 | 6829 | 8867 | (2038) |
|  Call USD/Put NOK | MS & Co. Int. PLC |  | 12.289 | 09/17/2025 | 191000 | 191000 | 6 | 2521 | (2515) |
|  Call USD/Put NOK | MS & Co. Int. PLC |  | 12.469 | 09/17/2025 | 203000 | 203000 | 3 | 2781 | (2778) |
|  Call USD/Put NOK | MS & Co. Int. PLC |  | 12.519 | 12/17/2025 | 169000 | 169000 | 95 | 2552 | (2457) |
|  Call USD/Put NOK | MS & Co. Int. PLC |  | 12.731 | 12/17/2025 | 176000 | 176000 | 68 | 2763 | (2695) |
|  Call USD/Put NOK | MS & Co. Int. PLC |  | 12.700 | 03/18/2026 | 155000 | 155000 | 236 | 2558 | (2322) |
|  Call USD/Put NOK | MS & Co. Int. PLC |  | 12.959 | 03/18/2026 | 159000 | 159000 | 176 | 2703 | (2527) |
|  Call USD/Put SEK | MS & Co. Int. PLC |  | 11.925 | 09/17/2025 | 576000 | 576000 | 2 | 7200 | (7198) |
|  Call USD/Put SEK | MS & Co. Int. PLC |  | 11.944 | 09/17/2025 | 604000 | 604000 | 2 | 7724 | (7722) |
|  Call USD/Put SEK | MS & Co. Int. PLC |  | 12.086 | 12/17/2025 | 508000 | 508000 | 82 | 7214 | (7132) |
|  Call USD/Put SEK | MS & Co. Int. PLC |  | 12.134 | 12/17/2025 | 523000 | 523000 | 76 | 7928 | (7852) |
|  Call USD/Put SEK | MS & Co. Int. PLC |  | 12.199 | 03/18/2026 | 469000 | 469000 | 281 | 7316 | (7035) |
|  Call USD/Put SEK | MS & Co. Int. PLC |  | 12.275 | 03/18/2026 | 477000 | 477000 | 254 | 7818 | (7564) |
|  Call USD/Put SEK | MS & Co. Int. PLC |  | 10.537 | 06/17/2026 | 684000 | 684000 | 6266 | 10281 | (4015) |
|  |  |  |  |  | 455854000  | $455854000  | $146722  | $509562  | $(362840 )  |
|  **Puts** | **Puts** | **Puts** |  |  |  |  |  |  |  |
|  Put AUD/Call JPY | MS & Co. Int. PLC |  | 88.420 | 09/17/2025 | 1527000 | 1527000 | 4685 | 14952 | (10267) |
|  Put AUD/Call JPY | MS & Co. Int. PLC |  | 85.610 | 09/17/2025 | 1711000 | 1711000 | 2570 | 16620 | (14050) |
|  Put AUD/Call JPY | MS & Co. Int. PLC |  | 86.440 | 12/17/2025 | 1339000 | 1339000 | 8259 | 14905 | (6646) |
|  Put AUD/Call JPY | MS & Co. Int. PLC |  | 83.680 | 12/17/2025 | 1475000 | 1475000 | 5791 | 16715 | (10924) |
|  Put AUD/Call JPY | MS & Co. Int. PLC |  | 84.720 | 03/18/2026 | 1223000 | 1223000 | 10383 | 15021 | (4638) |
|  Put AUD/Call JPY | MS & Co. Int. PLC |  | 82.000 | 03/18/2026 | 1330000 | 1330000 | 7900 | 16562 | (8662) |
|  Put AUD/Call JPY | MS & Co. Int. PLC |  | 81.740 | 06/17/2026 | 2480000 | 2480000 | 21965 | 27566 | (5601) |
|  Put AUD/Call USD | MS & Co. Int. PLC |  | 0.601 | 09/17/2025 | 627000 | 627000 | 500 | 4986 | (4486) |
|  Put AUD/Call USD | MS & Co. Int. PLC |  | 0.584 | 09/17/2025 | 689000 | 689000 | 214 | 5277 | (5063) |
|  Put AUD/Call USD | MS & Co. Int. PLC |  | 0.594 | 12/17/2025 | 543000 | 543000 | 1264 | 5020 | (3756) |
|  Put AUD/Call USD | MS & Co. Int. PLC |  | 0.577 | 12/17/2025 | 589000 | 589000 | 786 | 5208 | (4422) |
|  Put AUD/Call USD | MS & Co. Int. PLC |  | 0.588 | 03/18/2026 | 494000 | 494000 | 1847 | 5024 | (3177) |
|  Put AUD/Call USD | MS & Co. Int. PLC |  | 0.571 | 03/18/2026 | 526000 | 526000 | 1257 | 5142 | (3885) |

---

&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 BALANCED STRATEGY PORTFOLIO

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

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

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Put AUD/Call USD | MS & Co. Int. PLC | $0.597 | 06/17/2026 | 1032000 | $1032000 | $6948 | $9512 | $(2564) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 99.440 | 09/17/2025 | 789000 | 789000 | 2402 | 8180 | (5778) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 96.820 | 09/17/2025 | 869000 | 869000 | 1269 | 8695 | (7426) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 97.660 | 12/17/2025 | 693000 | 693000 | 4229 | 8053 | (3824) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 95.080 | 12/17/2025 | 753000 | 753000 | 2874 | 8535 | (5661) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 96.150 | 03/18/2026 | 635000 | 635000 | 5328 | 8405 | (3077) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 93.500 | 03/18/2026 | 674000 | 674000 | 3866 | 8523 | (4657) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 94.010 | 06/17/2026 | 1252000 | 1252000 | 11737 | 13866 | (2129) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 80.390 | 09/17/2025 | 808000 | 808000 | 1411 | 7137 | (5726) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 78.240 | 09/17/2025 | 905000 | 905000 | 863 | 8144 | (7281) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 78.700 | 12/17/2025 | 711000 | 711000 | 3019 | 7103 | (4084) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 76.630 | 12/17/2025 | 787000 | 787000 | 2274 | 8062 | (5788) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 77.160 | 03/18/2026 | 646000 | 646000 | 4042 | 7026 | (2984) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 75.130 | 03/18/2026 | 705000 | 705000 | 3268 | 7661 | (4393) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 75.890 | 06/17/2026 | 1295000 | 1295000 | 10553 | 13130 | (2577) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.546 | 09/17/2025 | 342000 | 342000 | 142 | 2499 | (2357) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.533 | 09/17/2025 | 379000 | 379000 | 71 | 2638 | (2567) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.540 | 12/17/2025 | 295000 | 295000 | 455 | 2486 | (2031) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.527 | 12/17/2025 | 324000 | 324000 | 324 | 2604 | (2280) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.535 | 03/18/2026 | 267000 | 267000 | 701 | 2471 | (1770) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.522 | 03/18/2026 | 289000 | 289000 | 544 | 2568 | (2024) |
| Put NZD/Call USD | MS & Co. Int. PLC | 0.554 | 06/17/2026 | 561000 | 561000 | 3525 | 4844 | (1319) |
|  |  |  |  | 29564000 | $29564000 | $137266 | $305140 | $(167874) |
| Total purchased option contracts | Total purchased option contracts |  |  | 485418000 | $485418000 | $283988 | $814702 | $(530714) |

---

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  S&P 500 Index | $6225.000 | 07/02/2025 | (8) | $(4980000) | $(8520) | $(7348) | $(1172) |
|  S&P 500 Index | 6250.000 | 07/03/2025 | (5) | (3125000) | (4975) | (4251) | (724) |
|  S&P 500 Index | 6300.000 | 07/09/2025 | (4) | (2520000) | (4340) | (4376) | 36 |
|  S&P 500 Index | 6275.000 | 07/16/2025 | (4) | (2510000) | (13980) | (4818) | (9162) |
|  S&P 500 Index | 6350.000 | 07/23/2025 | (4) | (2540000) | (10000) | (4236) | (5764) |
|  |  |  | (25) | $(15675000) | $(41815) | $(25029) | $(16786) |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | 5700.000 | 07/02/2025 | (7) | (3990000) | (52) | (19947) | 19895 |
|  S&P 500 Index | 5970.000 | 07/02/2025 | (9) | (5373000) | (157) | (8854) | 8697 |
|  S&P 500 Index | 6045.000 | 07/03/2025 | (9) | (5440500) | (1305) | (5317) | 4012 |
|  S&P 500 Index | 5800.000 | 07/09/2025 | (7) | (4060000) | (665) | (18933) | 18268 |
|  S&P 500 Index | 5675.000 | 07/16/2025 | (7) | (3972500) | (2240) | (21147) | 18907 |

---

&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 BALANCED STRATEGY PORTFOLIO

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

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  S&P 500 Index | $5850.000 | 07/23/2025 | (7) | $(4095000) | $(9065) | $(20592) | $11527 |
|  |  |  | (46) | $(26931000) | $(13484) | $(94790) | $81306 |
| Total written option contracts |  |  | (71) | $(42606000) | $(55299) | $(119819) | $64520 |

---

EXCHANGE TRADED OPTIONS ON FUTURES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  3 Month SOFR | $96.000 | 09/12/2025 | 34 | $85000 | $9563 | $33229 | $(23666) |
|  3 Month SOFR | 96.500 | 09/12/2025 | 100 | 250000 | 6875 | 135620 | (128745) |
|  3 Month SOFR | 96.625 | 09/12/2025 | 51 | 127500 | 2869 | 94864 | (91995) |
|  3 Month SOFR | 97.500 | 09/12/2025 | 145 | 362500 | 3625 | 163461 | (159836) |
|  3 Month SOFR | 96.125 | 12/12/2025 | 55 | 137500 | 42969 | 62003 | (19034) |
|  3 Month SOFR | 96.500 | 12/12/2025 | 89 | 222500 | 35600 | 137994 | (102394) |
|  3 Month SOFR | 97.000 | 12/12/2025 | 65 | 162500 | 11781 | 9877 | 1904 |
|  3 Month SOFR | 97.500 | 12/12/2025 | 134 | 335000 | 13400 | 161111 | (147711) |
|  3 Month SOFR | 96.250 | 03/13/2026 | 51 | 127500 | 61519 | 63868 | (2349) |
|  3 Month SOFR | 96.625 | 03/13/2026 | 62 | 155000 | 44950 | 92369 | (47419) |
|  3 Month SOFR | 96.750 | 03/13/2026 | 32 | 80000 | 19400 | 52074 | (32674) |
|  3 Month SOFR | 97.000 | 03/13/2026 | 96 | 240000 | 41400 | 41337 | 63 |
|  3 Month SOFR | 96.250 | 06/12/2026 | 46 | 115000 | 80213 | 65404 | 14809 |
|  3 Month SOFR | 96.625 | 06/12/2026 | 59 | 147500 | 68588 | 93062 | (24474) |
|  3 Month SOFR | 96.750 | 06/12/2026 | 33 | 82500 | 33206 | 51227 | (18021) |
|  3 Month SOFR | 97.000 | 06/12/2026 | 36 | 90000 | 27000 | 23921 | 3079 |
|  3 Month SOFR | 97.125 | 06/12/2026 | 41 | 102500 | 26394 | 21093 | 5301 |
|  3 Month SOFR | 97.250 | 06/12/2026 | 54 | 135000 | 29700 | 25756 | 3944 |
|  3 Month SOFR | 96.375 | 09/11/2026 | 46 | 115000 | 85675 | 66232 | 19443 |
|  3 Month SOFR | 96.500 | 09/11/2026 | 84 | 210000 | 139125 | 92565 | 46560 |
|  3 Month SOFR | 96.625 | 09/11/2026 | 56 | 140000 | 81900 | 93230 | (11330) |
|  3 Month SOFR | 97.000 | 09/11/2026 | 51 | 127500 | 50681 | 39625 | 11056 |
|  3 Month SOFR | 97.250 | 09/11/2026 | 42 | 105000 | 31763 | 27382 | 4381 |
|  3 Month SOFR | 96.000 | 12/11/2026 | 73 | 182500 | 199381 | 147056 | 52325 |
|  3 Month SOFR | 96.375 | 12/11/2026 | 44 | 110000 | 89925 | 68302 | 21623 |
|  3 Month SOFR | 96.500 | 12/11/2026 | 142 | 355000 | 261813 | 192278 | 69535 |
|  3 Month SOFR | 96.000 | 03/12/2027 | 71 | 177500 | 199688 | 149239 | 50449 |
|  3 Month SOFR | 96.250 | 03/12/2027 | 48 | 120000 | 112500 | 96094 | 16406 |
|  3 Month SOFR | 96.500 | 03/12/2027 | 80 | 200000 | 154000 | 105157 | 48843 |
|  3 Month SOFR | 96.000 | 06/11/2027 | 63 | 157500 | 176794 | 135573 | 41221 |
|  3 Month SOFR | 96.250 | 06/11/2027 | 48 | 120000 | 113100 | 98494 | 14606 |
|  3 Month SOFR | 96.500 | 06/11/2027 | 79 | 197500 | 153063 | 108780 | 44283 |
|  3 Month SOFR | 96.250 | 09/10/2027 | 49 | 122500 | 114538 | 99321 | 15217 |
| TOTAL |  |  | 2159 | $5397500 | $2522998 | $2847598 | $(324600) |

---

&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 BALANCED STRATEGY PORTFOLIO

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

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

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | —Australian Dollar |
| CHF | —Swiss Franc |
| DKK | —Denmark Krone |
| EUR | —Euro |
| GBP | —British Pound |
| HKD | —Hong Kong Dollar |
| ILS | —Israeli Shekel |
| JPY | —Japanese Yen |
| MXN | —Mexican Peso |
| NOK | —Norwegian Krone |
| NZD | —New Zealand Dollar |
| SEK | —Swedish Krona |
| SGD | —Singapore Dollar |
| USD | —U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ETF | —Exchange Traded Fund |
| MSCI | —Morgan Stanley Capital International |
| SPDR | —Standard and Poor's Depository Receipt |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| BofA Securities LLC | —Bank of America Securities LLC |
| CDX.NA.HY Ind 44 | —CDX North America High Yield Index 44 |
| 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;

---

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

---

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

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

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

Schedule of Investments *June 30, 2025 (Unaudited)*

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

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

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Underlying Funds – 91.6% | Underlying Funds – 91.6% | Underlying Funds – 91.6% |
| Equity<sup>(a)</sup> – 54.6% | Equity<sup>(a)</sup> – 54.6% | Equity<sup>(a)</sup> – 54.6% |
| 1939063 | Goldman Sachs Large Cap Growth Insights Fund — Class R6 | $68216229 |
| 2780232 | Goldman Sachs Large Cap Value Insights Fund — Class R6 | 66920187 |
| 2687408 | Goldman Sachs International Equity Insights Fund — Class R6 | 46330914 |
| 2623117 | Goldman Sachs Emerging Markets Equity Insights Fund — Class R6 | 25942625 |
| 493898 | Goldman Sachs Global Infrastructure Fund — Class R6 | 6539217 |
| 193060 | Goldman Sachs Small Cap Equity Insights Fund — Class R6 | 5303361 |
| 270281 | Goldman Sachs International Small Cap Insights Fund — Class R6 | 4186657 |
|  |  | 223439190 |
| Exchange Traded Funds – 37.0% | Exchange Traded Funds – 37.0% | Exchange Traded Funds – 37.0% |
| 756344 | Goldman Sachs MarketBeta U.S. Equity ETF<sup>(a)</sup> | 64720356 |
| 538550 | Goldman Sachs MarketBeta International Equity ETF<sup>(a)</sup> | 34477971 |
| 390369 | Goldman Sachs MarketBeta Emerging Markets Equity ETF<sup>(a)</sup> | 19707584 |
| 135595 | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF<sup>(a)</sup> | 16458521 |
| 202666 | Goldman Sachs ActiveBeta International Equity ETF<sup>(a)</sup> | 8037734 |
| 39950 | iShares U.S. Real Estate ETF | 3786061 |
| 85902 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF<sup>(a)</sup> | 3196413 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Underlying Funds – (continued) | Underlying Funds – (continued) | Underlying Funds – (continued) |
| Exchange Traded Funds – (continued) | Exchange Traded Funds – (continued) | Exchange Traded Funds – (continued) |
| 6536 | iShares U.S. Technology ETF | $1132493 |
|  |  | 151517133 |
| TOTAL UNDERLYING FUNDS – 91.6%<br>(Cost $303,496,045) | TOTAL UNDERLYING FUNDS – 91.6%<br>(Cost $303,496,045) | $374956323 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| Investment Company<sup>(a)</sup> – 4.2% | Investment Company<sup>(a)</sup> – 4.2% | Investment Company<sup>(a)</sup> – 4.2% |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 17442152 | 4.231% | $17442152 |
| (Cost $17,442,152) | (Cost $17,442,152) |  |
| TOTAL INVESTMENTS – 95.8%<br>(Cost $320,938,197) | TOTAL INVESTMENTS – 95.8%<br>(Cost $320,938,197) | $392398475 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 4.2%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 4.2%** | 17093854 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $409492329 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Represents an affiliated issuer. |

---

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 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 | 211893 | HKD | 1650000 | 09/17/25 | $288 |
|  | USD | 2572233 | JPY | 364000000 | 09/17/25 | 22122 |
| TOTAL |  |  |  |  |  | $22410 |

---

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | USD | 781386 | AUD | 1200000 | 09/17/25 | $(9679) |
|  | USD | 1124317 | CHF | 910000 | 09/17/25 | (33918) |
|  | USD | 273080 | DKK | 1770000 | 09/17/25 | (8024) |
|  | USD | 4059966 | EUR | 3530000 | 09/17/25 | (119892) |
|  | USD | 1702806 | GBP | 1255000 | 09/17/25 | (20737) |
|  | USD | 69032 | ILS | 240000 | 09/17/25 | (2292) |

---

&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 DYNAMIC GLOBAL EQUITY FUND

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

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

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** |  | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC (continued) | USD | 74306 | NOK | 750000 | 09/17/25 | $(139) |
|  | USD | 24203 | NZD | 40000 | 09/17/25 | (244) |
|  | USD | 354516 | SEK | 3375000 | 09/17/25 | (4060) |
|  | USD | 156602 | SGD | 200000 | 09/17/25 | (1593) |
| TOTAL |  |  |  |  |  | $(200578) |

---

FUTURES CONTRACTS — At June 30, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  MSCI EAFE Index | 10 | 09/19/25 | $1340850 | $21296 |
|  S&P 500 E-Mini Index | 143 | 09/19/25 | 44714313 | 1144000 |
|  S&P Toronto Stock Exchange 60 Index | 29 | 09/18/25 | 6814760 | 57402 |
| Total |  |  |  | $1222698 |
|  **Short position contracts:** |  |  |  |  |
|  E-mini Consumer Staples Select Sector | (25) | 09/19/25 | (2058750) | (11219) |
| TOTAL FUTURES CONTRACTS |  |  |  | $1211479 |

---

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2025, the Fund had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON EQUITIES

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  SX5E Index | MS & Co. Int. PLC | $5156.960 | 07/15/2025 | 118 | $60852128 | $23244 | $10150 | $13094 |
|  SPX Index | MS & Co. Int. PLC | 6394.880 | 07/31/2025 | 988 | 631814144 | 27750 | 24441 | 3309 |
| Total purchased option contracts | Total purchased option contracts |  |  | 1106 | $692666272 | $50994 | $34591 | $16403 |
|  **Written option contract** | **Written option contract** | **Written option contract** | **Written option contract** |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |  |
|  SPX Index | MS & Co. Int. PLC | 5844.450 | 07/31/2025 | (988) | (577431660) | (21099) | (23219) | 2120 |
| TOTAL | TOTAL |  |  | 118 | $115234612 | $29895 | $11372 | $18523 |

---

&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 DYNAMIC GLOBAL EQUITY FUND

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

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call CHF/Put NOK | MS & Co. Int. PLC | $14.516 | 09/17/2025 | 955000 | $955000 | $384 | $18562 | $(18178) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.537 | 12/17/2025 | 1132000 | 1132000 | 4297 | 19265 | (14968) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 13.881 | 03/18/2026 | 559000 | 559000 | 10038 | 9780 | 258 |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.209 | 06/17/2026 | 950000 | 950000 | 19423 | 17928 | 1495 |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.481 | 09/17/2025 | 1120000 | 1120000 | 227 | 18202 | (17975) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.709 | 12/17/2025 | 1300000 | 1300000 | 2213 | 18313 | (16100) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 12.805 | 03/18/2026 | 634000 | 634000 | 9421 | 10413 | (992) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.248 | 06/17/2026 | 1079000 | 1079000 | 14767 | 20177 | (5410) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.702 | 09/17/2025 | 109051000 | 109051000 | 988 | 11774 | (10786) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.745 | 12/17/2025 | 124238000 | 124238000 | 4354 | 12210 | (7856) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 11.102 | 03/18/2026 | 59627000 | 59627000 | 2716 | 5300 | (2584) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.883 | 06/17/2026 | 82810000 | 82810000 | 7067 | 8462 | (1395) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.420 | 09/17/2025 | 3403000 | 3403000 | 3253 | 24396 | (21143) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.501 | 12/17/2025 | 3939000 | 3939000 | 1497 | 35550 | (34053) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.504 | 03/18/2026 | 1808000 | 1808000 | 1653 | 14873 | (13220) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.425 | 06/17/2026 | 2987000 | 2987000 | 16512 | 19774 | (3262) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1077.560 | 09/17/2025 | 1330000 | 1330000 | 1079 | 23593 | (22514) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1148.202 | 12/17/2025 | 1420000 | 1420000 | 2841 | 23345 | (20504) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1066.790 | 03/18/2026 | 682000 | 682000 | 7780 | 11847 | (4067) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1093.270 | 06/17/2026 | 982000 | 982000 | 13304 | 16947 | (3643) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1427.030 | 09/17/2025 | 968000 | 968000 | 3425 | 11277 | (7852) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1572.940 | 12/17/2025 | 886000 | 886000 | 888 | 12138 | (11250) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1559.160 | 03/18/2026 | 516000 | 516000 | 1452 | 5759 | (4307) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1493.850 | 06/17/2026 | 683000 | 683000 | 5608 | 8852 | (3244) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 23.724 | 09/17/2025 | 602000 | 602000 | 98 | 11160 | (11062) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 24.722 | 12/17/2025 | 671000 | 671000 | 603 | 11330 | (10727) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 24.200 | 03/18/2026 | 335000 | 335000 | 1127 | 5555 | (4428) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 22.541 | 06/17/2026 | 541000 | 541000 | 6304 | 8186 | (1882) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 11.994 | 09/17/2025 | 382000 | 382000 | 35 | 6259 | (6224) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 12.731 | 12/17/2025 | 402000 | 402000 | 155 | 6311 | (6156) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 11.867 | 03/18/2026 | 219000 | 219000 | 889 | 3263 | (2374) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 11.218 | 09/17/2025 | 1266000 | 1266000 | 78 | 18398 | (18320) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 12.134 | 12/17/2025 | 1255000 | 1255000 | 183 | 19025 | (18842) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 11.060 | 03/18/2026 | 652000 | 652000 | 2026 | 10150 | (8124) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 10.537 | 06/17/2026 | 631000 | 631000 | 5781 | 9484 | (3703) |
|  |  |  |  | 410015000 | $410015000 | $152466 | $487858 | $(335392) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 82.360 | 09/17/2025 | 2362000 | 2362000 | 1619 | 28027 | (26408) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 83.680 | 12/17/2025 | 3377000 | 3377000 | 13258 | 38269 | (25011) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 82.400 | 03/18/2026 | 1646000 | 1646000 | 10294 | 16966 | (6672) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 81.740 | 06/17/2026 | 2289000 | 2289000 | 20273 | 25443 | (5170) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.620 | 09/17/2025 | 1255000 | 1255000 | 2442 | 11723 | (9281) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.577 | 12/17/2025 | 1349000 | 1349000 | 1800 | 11927 | (10127) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.585 | 03/18/2026 | 698000 | 698000 | 2372 | 5758 | (3386) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.597 | 06/17/2026 | 953000 | 953000 | 6416 | 8784 | (2368) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 91.640 | 09/17/2025 | 1518000 | 1518000 | 470 | 17701 | (17231) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 95.080 | 12/17/2025 | 1724000 | 1724000 | 6581 | 19540 | (12959) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 92.800 | 03/18/2026 | 817000 | 817000 | 4239 | 8670 | (4431) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 94.010 | 06/17/2026 | 1155000 | 1155000 | 10828 | 12792 | (1964) |

---

&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 DYNAMIC GLOBAL EQUITY FUND

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

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

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Put NZD/Call JPY | MS & Co. Int. PLC | $75.450 | 09/17/2025 | 2079000 | $2079000 | $865 | $23234 | $(22369) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 76.630 | 12/17/2025 | 1877000 | 1877000 | 5423 | 19227 | (13804) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 75.830 | 03/18/2026 | 871000 | 871000 | 4474 | 8129 | (3655) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 75.890 | 06/17/2026 | 1195000 | 1195000 | 9738 | 12116 | (2378) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.567 | 09/17/2025 | 1344000 | 1344000 | 1691 | 11567 | (9876) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.527 | 12/17/2025 | 743000 | 743000 | 743 | 5971 | (5228) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.537 | 03/18/2026 | 382000 | 382000 | 1066 | 2902 | (1836) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.554 | 06/17/2026 | 518000 | 518000 | 3255 | 4473 | (1218) |
|  |  |  |  | 28152000 | $28152000 | $107847 | $293219 | $(185372) |
| Total purchased option contracts |  |  |  | 438167000 | $438167000 | $260313 | $781077 | $(520764) |

---

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
| S&P 500 Index | $6225.000 | 07/02/2025 | (9) | $(5602500) | $(9585) | $(7745) | $(1840) |
| S&P 500 Index | 6250.000 | 07/03/2025 | (5) | (3125000) | (4975) | (4251) | (724) |
| S&P 500 Index | 6300.000 | 07/09/2025 | (4) | (2520000) | (4340) | (4376) | 36 |
| S&P 500 Index | 6275.000 | 07/16/2025 | (4) | (2510000) | (13980) | (4818) | (9162) |
| S&P 500 Index | 6350.000 | 07/23/2025 | (4) | (2540000) | (10000) | (4236) | (5764) |
|  |  |  | (26) | $(16297500) | $(42880) | $(25426) | $(17454) |
|  **Puts** |  |  |  |  |  |  |  |
| S&P 500 Index | 5700.000 | 07/02/2025 | (8) | (4560000) | (60) | (22797) | 22737 |
| S&P 500 Index | 5970.000 | 07/02/2025 | (10) | (5970000) | (175) | (9838) | 9663 |
| S&P 500 Index | 6045.000 | 07/03/2025 | (10) | (6045000) | (1450) | (5907) | 4457 |
| S&P 500 Index | 5800.000 | 07/09/2025 | (8) | (4640000) | (760) | (21638) | 20878 |
| S&P 500 Index | 5675.000 | 07/16/2025 | (8) | (4540000) | (2560) | (24168) | 21608 |
| S&P 500 Index | 5850.000 | 07/23/2025 | (8) | (4680000) | (10360) | (23534) | 13174 |
|  |  |  | (52) | $(30435000) | $(15365) | $(107882) | $92517 |
| Total written option contracts | Total written option contracts |  | (78) | $(46732500) | $(58245) | $(133308) | $75063 |

---

EXCHANGE TRADED OPTIONS ON FUTURES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
| 3 Month SOFR | $96.000 | 09/12/2025 | 31 | $77500 | $8719 | $30297 | $(21578) |
| 3 Month SOFR | 96.500 | 09/12/2025 | 139 | 347500 | 9556 | 232460 | (222904) |
| 3 Month SOFR | 96.625 | 09/12/2025 | 24 | 60000 | 1350 | 44642 | (43292) |
| 3 Month SOFR | 97.500 | 09/12/2025 | 76 | 190000 | 1900 | 85676 | (83776) |

---

&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 DYNAMIC GLOBAL EQUITY FUND

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

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON FUTURES (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| 3 Month SOFR | $96.125 | 12/12/2025 | 49 | $122500 | $38282 | $55239 | $(16957) |
| 3 Month SOFR | 96.500 | 12/12/2025 | 128 | 320000 | 51200 | 235709 | (184509) |
| 3 Month SOFR | 97.000 | 12/12/2025 | 53 | 132500 | 9606 | 8054 | 1552 |
| 3 Month SOFR | 97.500 | 12/12/2025 | 70 | 175000 | 7000 | 84162 | (77162) |
| 3 Month SOFR | 96.250 | 03/13/2026 | 46 | 115000 | 55488 | 57607 | (2119) |
| 3 Month SOFR | 96.625 | 03/13/2026 | 38 | 95000 | 27550 | 56613 | (29063) |
| 3 Month SOFR | 96.750 | 03/13/2026 | 107 | 267500 | 64869 | 189398 | (124529) |
| 3 Month SOFR | 97.000 | 03/13/2026 | 124 | 310000 | 53475 | 51402 | 2073 |
| 3 Month SOFR | 96.250 | 06/12/2026 | 42 | 105000 | 73237 | 59716 | 13521 |
| 3 Month SOFR | 96.625 | 06/12/2026 | 36 | 90000 | 41850 | 56784 | (14934) |
| 3 Month SOFR | 96.750 | 06/12/2026 | 111 | 277500 | 111694 | 200195 | (88501) |
| 3 Month SOFR | 97.000 | 06/12/2026 | 30 | 75000 | 22500 | 19934 | 2566 |
| 3 Month SOFR | 97.125 | 06/12/2026 | 77 | 192500 | 49568 | 36238 | 13330 |
| 3 Month SOFR | 97.250 | 06/12/2026 | 44 | 110000 | 24200 | 20986 | 3214 |
| 3 Month SOFR | 96.375 | 09/11/2026 | 42 | 105000 | 78225 | 60472 | 17753 |
| 3 Month SOFR | 96.500 | 09/11/2026 | 158 | 395000 | 261688 | 153410 | 108278 |
| 3 Month SOFR | 96.625 | 09/11/2026 | 34 | 85000 | 49725 | 56604 | (6879) |
| 3 Month SOFR | 97.000 | 09/11/2026 | 42 | 105000 | 41737 | 32632 | 9105 |
| 3 Month SOFR | 97.250 | 09/11/2026 | 34 | 85000 | 25713 | 22167 | 3546 |
| 3 Month SOFR | 96.000 | 12/11/2026 | 60 | 150000 | 163875 | 120868 | 43007 |
| 3 Month SOFR | 96.375 | 12/11/2026 | 39 | 97500 | 79706 | 60540 | 19166 |
| 3 Month SOFR | 96.500 | 12/11/2026 | 203 | 507500 | 374281 | 239423 | 134858 |
| 3 Month SOFR | 96.000 | 03/12/2027 | 58 | 145000 | 163125 | 121914 | 41211 |
| 3 Month SOFR | 96.250 | 03/12/2027 | 39 | 97500 | 91406 | 78076 | 13330 |
| 3 Month SOFR | 96.500 | 03/12/2027 | 151 | 377500 | 290675 | 174283 | 116392 |
| 3 Month SOFR | 96.000 | 06/11/2027 | 52 | 130000 | 145925 | 111902 | 34023 |
| 3 Month SOFR | 96.250 | 06/11/2027 | 39 | 97500 | 91893 | 80026 | 11867 |
| 3 Month SOFR | 96.500 | 06/11/2027 | 149 | 372500 | 288687 | 181242 | 107445 |
| 3 Month SOFR | 96.250 | 09/10/2027 | 40 | 100000 | 93500 | 81078 | 12422 |
| TOTAL | TOTAL |  | 2365 | $5912500 | $2892205 | $3099749 | $(207544) |

---

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| AUD | —Australian Dollar |
| CHF | —Swiss Franc |
| DKK | —Denmark Krone |
| EUR | —Euro |
| GBP | —British Pound |
| HKD | —Hong Kong Dollar |
| ILS | —Israeli Shekel |
| JPY | —Japanese Yen |
| NOK | —Norwegian Krone |
| NZD | —New Zealand Dollar |
| SEK | —Swedish Krona |
| SGD | —Singapore Dollar |
| USD | —U.S. Dollar |
| Investment Abbreviations: | Investment Abbreviations: |
| ETF | —Exchange Traded Fund |

---

&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 DYNAMIC GLOBAL EQUITY FUND

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

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

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC |
| SOFR | —Secured Overnight Financing Rate |
| SPX | —S&P 500 Index |

---

&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 GROWTH AND INCOME STRATEGY PORTFOLIO

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

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

Schedule of Investments *June 30, 2025 (Unaudited)*

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

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

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Underlying Funds – 94.6% | Underlying Funds – 94.6% | Underlying Funds – 94.6% |
| Dynamic<sup>(a)</sup> – 0.9% | Dynamic<sup>(a)</sup> – 0.9% | Dynamic<sup>(a)</sup> – 0.9% |
| 1019811 | Goldman Sachs Managed Futures Strategy Fund — Class R6 | $8749980 |
| Equity<sup>(a)</sup> – 32.9% | Equity<sup>(a)</sup> – 32.9% | Equity<sup>(a)</sup> – 32.9% |
| 3827349 | Goldman Sachs Large Cap Value Insights Fund — Class R6 | 92124301 |
| 2604083 | Goldman Sachs Large Cap Growth Insights Fund — Class R6 | 91611657 |
| 4561170 | Goldman Sachs International Equity Insights Fund — Class R6 | 78634564 |
| 3051823 | Goldman Sachs Emerging Markets Equity Insights Fund — Class R6 | 30182529 |
| 739329 | Goldman Sachs Global Infrastructure Fund — Class R6 | 9788719 |
| 350545 | Goldman Sachs Small Cap Equity Insights Fund — Class R6 | 9629468 |
| 499958 | Goldman Sachs International Small Cap Insights Fund — Class R6 | 7744345 |
| 26661 | Goldman Sachs Energy Infrastructure Fund — Class R6 | 371927 |
|  |  | 320087510 |
| Exchange Traded Funds – 28.9% | Exchange Traded Funds – 28.9% | Exchange Traded Funds – 28.9% |
| 1293285 | Goldman Sachs MarketBeta U.S. Equity ETF<sup>(a)</sup> | 110666398 |
| 1020013 | Goldman Sachs MarketBeta International Equity ETF<sup>(a)</sup> | 65301232 |
| 542727 | Goldman Sachs MarketBeta Emerging Markets Equity ETF<sup>(a)</sup> | 27399301 |
| 223124 | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF<sup>(a)</sup> | 27082791 |
| 398055 | Goldman Sachs Access Investment Grade Corporate Bond ETF<sup>(a)</sup> | 18318491 |
| 395959 | Goldman Sachs ActiveBeta International Equity ETF<sup>(a)</sup> | 15703734 |
| 69277 | iShares U.S. Real Estate ETF | 6565381 |
| 130954 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF<sup>(a)</sup> | 4872798 |
| 16184 | iShares U.S. Technology ETF | 2804202 |
| 11823 | Health Care Select Sector SPDR Fund | 1593622 |
| 3887 | iShares MSCI Mexico ETF | 235397 |
|  |  | 280543347 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Underlying Funds – (continued) | Underlying Funds – (continued) | Underlying Funds – (continued) |
| Fixed Income<sup>(a)</sup> – 31.9% | Fixed Income<sup>(a)</sup> – 31.9% | Fixed Income<sup>(a)</sup> – 31.9% |
| 20655489 | Goldman Sachs Global Core Fixed Income Fund — Class R6 | $234852908 |
| 3066145 | Goldman Sachs Inflation Protected Securities Fund — Class R6 | 29373672 |
| 2758945 | Goldman Sachs Emerging Markets Debt Fund — Class R6 | 27037656 |
| 1125826 | Goldman Sachs High Yield Floating Rate Fund — Class R6 | 9828465 |
| 1652780 | Goldman Sachs High Yield Fund — Class R6 | 9420845 |
|  |  | 310513546 |
| TOTAL UNDERLYING FUNDS – 94.6%<br>(Cost $800,787,758) | TOTAL UNDERLYING FUNDS – 94.6%<br>(Cost $800,787,758) | $919894383 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| Investment Company<sup>(a)</sup> –1.3% | Investment Company<sup>(a)</sup> –1.3% | Investment Company<sup>(a)</sup> –1.3% |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 12522484 | 4.231% | $12522484 |
| (Cost $12,522,484) | (Cost $12,522,484) |  |
| TOTAL INVESTMENTS – 95.9%<br>(Cost $813,310,242) | TOTAL INVESTMENTS – 95.9%<br>(Cost $813,310,242) | $932416867 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 4.1%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 4.1%** | 39773550 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $972190417 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Represents an affiliated issuer. |

---

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2025, the Portfolio 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 | 900223 | HKD | 7010000 | 09/17/25 | $1224 |
|  | USD | 10953190 | JPY | 1550000000 | 09/17/25 | 94200 |
| TOTAL |  |  |  |  |  | $95424 |

---

&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 GROWTH AND INCOME STRATEGY PORTFOLIO

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

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

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | USD | 3320891 | AUD | 5100000 | 09/17/25 | $(41137) |
|  | USD | 4781438 | CHF | 3870000 | 09/17/25 | (144244) |
|  | USD | 1161747 | DKK | 7530000 | 09/17/25 | (34134) |
|  | USD | 17286484 | EUR | 15030000 | 09/17/25 | (510477) |
|  | USD | 7231839 | GBP | 5330000 | 09/17/25 | (88072) |
|  | USD | 264624 | ILS | 920000 | 09/17/25 | (8786) |
|  | USD | 772884 | MXN | 15000000 | 09/17/25 | (19872) |
|  | USD | 307133 | NOK | 3100000 | 09/17/25 | (573) |
|  | USD | 90759 | NZD | 150000 | 09/17/25 | (914) |
|  | USD | 1520478 | SEK | 14475000 | 09/17/25 | (17413) |
|  | USD | 649900 | SGD | 830000 | 09/17/25 | (6611) |
| TOTAL |  |  |  |  |  | $(872233) |

---

FUTURES CONTRACTS — At June 30, 2025, the Portfolio had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  10 Year U.K. Long Gilt | 6 | 09/26/25 | $766185 | $20411 |
|  5 Year German Euro-Bund | 6 | 09/08/25 | 919862 | (4953) |
|  FTSE/JSE Top 40 Index | 9 | 09/18/25 | 456407 | 5304 |
|  IFSC NIFTY 50 Index | 16 | 07/31/25 | 819232 | 19197 |
|  MSCI EAFE Index | 20 | 09/19/25 | 2681700 | 41467 |
|  S&P 500 E-Mini Index | 177 | 09/19/25 | 55345687 | 1415722 |
| Total |  |  |  | $1497148 |
|  **Short position contracts:** |  |  |  |  |
|  E-mini Consumer Staples Select Sector | (61) | 09/19/25 | (5023350) | (27369) |
| TOTAL FUTURES CONTRACTS |  |  |  | $1469779 |

---

SWAP CONTRACTS — At June 30, 2025, the Portfolio had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Payments Made by the Portfolio<sup>(a)</sup>** | **Payments<br>Received<br>by Portfolio<sup>(a)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
| 12M GBP | 3.829% | 04/16/30 | GBP 5,500 | $53545 |

---

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

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

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

---

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

---

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

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

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>June 30,<br>2025<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Purchased:** | **Protection Purchased:** |  |  |  |  |  |  |
| CDX.NA.HY Index 44 | (5.000)% | 3.186% | 06/20/30 | $4700 | $(360151) | $(232041) | $(128110) |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Financing Rate<br>Paid/(Received)<br>by the Fund<sup>(a)</sup>**  | **Counterparty** | **Termination<br>Date<sup>#</sup>** | **Notional<br>Amount<br>(000s)** | **Notional<br>Amount<br>(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
| SXDR Index | 12MEURO+0.470% | JPMorgan Securities, Inc. | 02/03/26 | EUR | 584 | $(931) |
| SXDR Index | 12MEURO+0.480 | JPMorgan Securities, Inc. | 02/03/26 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315 |  |
| TOTAL |  |  |  |  |  | $(931) |

---

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

# The Fund pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars). 

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

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2025, the Portfolio had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON EQUITIES

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  SX5E Index | MS & Co. Int. PLC | $5156.960 | 07/15/2025 | 301 | $155224496 | $59292 | $25890 | $33402 |
|  XLV Index | BofA Securities LLC | 135.000 | 06/18/2026 | 8073 | 108985500 | 82419 | 88226 | (5807) |
| Total purchased option contracts | Total purchased option contracts |  |  | 8374 | $264209996 | $141711 | $114116 | $27595 |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  XLV Index | BofA Securities LLC | 146.000 | 06/18/2026 | (16146) | (235731600) | (79738) | (87512) | 7774 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  SPXA Index | MS & Co. Int. PLC | 5326.965 | 07/18/2025 | (381) | (202957367) | (726) | (55760) | 55034 |
|  MID Index | MS & Co. Int. PLC | 2725.883 | 07/18/2025 | (483) | (131660149) | (652) | (34786) | 34134 |

---

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

---

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

---

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

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

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

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON EQUITIES (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| TOPIX Index<br>| MS & Co. Int. PLC<br>| $2477.128  | 12/19/2025  | (118645 ) | $(29389885156 ) | $(33886 ) | $(78733)  | $44847  |
|  |  |  |  | (119509 )  | $(29724502672 )  | $(35264 )  | $(169279)  | $134015  |
| **Total written option contracts** | **Total written option contracts** |  |  | (135655 )  | $(29960234272 )  | $(115002 )  | $(256791)  | $141789  |
| TOTAL |  |  |  | (127281) | $(29696024276) | $26709 | $(142675) | $169384 |

---

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |  |
|  Call CHF/Put NOK | MS & Co. Int. PLC | $14.116 |  | 09/17/2025 | 888000 | $888000 | $1022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11845 | $(10823) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.143 |  | 09/17/2025 | 956000 | 956000 | 1026 | 13348 | (12322) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.480 |  | 12/17/2025 | 779000 | 779000 | 3204 | 11888 | (8684) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.537 |  | 12/17/2025 | 826000 | 826000 | 3135 | 14057 | (10922) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.810 |  | 03/18/2026 | 710000 | 710000 | 4885 | 11958 | (7073) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.888 |  | 03/18/2026 | 748000 | 748000 | 4747 | 14724 | (9977) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.209 |  | 06/17/2026 | 1921000 | 1921000 | 39275 | 36252 | 3023 |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.588 |  | 09/17/2025 | 1037000 | 1037000 | 141 | 11136 | (10995) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.430 |  | 09/17/2025 | 1104000 | 1104000 | 270 | 12948 | (12678) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.848 |  | 12/17/2025 | 902000 | 902000 | 1191 | 12235 | (11044) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.709 |  | 12/17/2025 | 949000 | 949000 | 1616 | 13369 | (11753) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 14.076 |  | 03/18/2026 | 819000 | 819000 | 2418 | 13517 | (11099) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.954 |  | 03/18/2026 | 856000 | 856000 | 2955 | 13237 | (10282) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.248 |  | 06/17/2026 | 2182000 | 2182000 | 29862 | 40803 | (10941) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.130 |  | 09/17/2025 | 102497000 | 102497000 | 3143 | 8455 | (5312) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.514 |  | 09/17/2025 | 103528000 | 103528000 | 1395 | 8969 | (7574) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.345 |  | 12/17/2025 | 90652000 | 90652000 | 5458 | 8382 | (2924) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.745 |  | 12/17/2025 | 90652000 | 90652000 | 3177 | 8909 | (5732) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.554 |  | 03/18/2026 | 82317000 | 82317000 | 6582 | 8379 | (1797) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.967 |  | 03/18/2026 | 81755000 | 81755000 | 4260 | 9779 | (5519) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.883 |  | 06/17/2026 | 167485000 | 167485000 | 14294 | 17114 | (2820) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.458 |  | 09/17/2025 | 3249000 | 3249000 | 604 | 22811 | (22207) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.493 |  | 09/17/2025 | 3260000 | 3260000 | 104 | 25849 | (25745) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.467 |  | 12/17/2025 | 2835000 | 2835000 | 2597 | 22431 | (19834) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.501 |  | 12/17/2025 | 2874000 | 2874000 | 1092 | 25938 | (24846) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.474 |  | 03/18/2026 | 2586000 | 2586000 | 4138 | 22527 | (18389) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.508 |  | 03/18/2026 | 2596000 | 2596000 | 2162 | 25711 | (23549) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.425 |  | 06/17/2026 | 6042000 | 6042000 | 33400 | 39998 | (6598) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1113.400 |  | 09/17/2025 | 1079000 | 1079000 | 342 | 16398 | (16056) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1119.888 |  | 09/17/2025 | 1182000 | 1182000 | 314 | 14965 | (14651) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1140.380 |  | 12/17/2025 | 962000 | 962000 | 2139 | 17033 | (14894) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1148.202 |  | 12/17/2025 | 1036000 | 1036000 | 2073 | 17032 | (14959) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1166.190 |  | 03/18/2026 | 881000 | 881000 | 3795 | 16876 | (13081) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1173.249 |  | 03/18/2026 | 944000 | 944000 | 3801 | 17226 | (13425) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1093.270 |  | 06/17/2026 | 1987000 | 1987000 | 26920 | 34292 | (7372) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1496.880 |  | 09/17/2025 | 780000 | 780000 | 503 | 8455 | (7952) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1553.840 |  | 09/17/2025 | 738000 | 738000 | 97 | 8635 | (8538) |

---

&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 GROWTH AND INCOME STRATEGY PORTFOLIO

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

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Call USD/Put KRW | MS & Co. Int. PLC | $1512.770 | 12/17/2025 | 688000 | $688000 | $1677 | $8689 | $(7012) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1572.940 | 12/17/2025 | 646000 | 646000 | 647 | 8850 | (8203) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1526.850 | 03/18/2026 | 627000 | 627000 | 2498 | 8765 | (6267) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1589.310 | 03/18/2026 | 586000 | 586000 | 1191 | 8673 | (7482) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1493.850 | 06/17/2026 | 1382000 | 1382000 | 11348 | 17911 | (6563) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 24.511 | 09/17/2025 | 486000 | 486000 | 35 | 7775 | (7740) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 23.824 | 09/17/2025 | 560000 | 560000 | 82 | 8021 | (7939) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 25.433 | 12/17/2025 | 434000 | 434000 | 255 | 7818 | (7563) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 24.722 | 12/17/2025 | 490000 | 490000 | 440 | 8274 | (7834) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 26.302 | 03/18/2026 | 398000 | 398000 | 546 | 7874 | (7328) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 25.536 | 03/18/2026 | 448000 | 448000 | 855 | 8413 | (7558) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 22.541 | 06/17/2026 | 1094000 | 1094000 | 12748 | 16553 | (3805) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 12.289 | 09/17/2025 | 321000 | 321000 | 11 | 4237 | (4226) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 12.469 | 09/17/2025 | 338000 | 338000 | 6 | 4631 | (4625) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 12.519 | 12/17/2025 | 284000 | 284000 | 159 | 4288 | (4129) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 12.731 | 12/17/2025 | 293000 | 293000 | 113 | 4600 | (4487) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 12.700 | 03/18/2026 | 261000 | 261000 | 397 | 4307 | (3910) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 12.959 | 03/18/2026 | 265000 | 265000 | 294 | 4505 | (4211) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 11.925 | 09/17/2025 | 970000 | 970000 | 3 | 12125 | (12122) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 11.944 | 09/17/2025 | 1009000 | 1009000 | 3 | 12903 | (12900) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 12.086 | 12/17/2025 | 855000 | 855000 | 138 | 12141 | (12003) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 12.134 | 12/17/2025 | 874000 | 874000 | 128 | 13249 | (13121) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 12.199 | 03/18/2026 | 789000 | 789000 | 473 | 12308 | (11835) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 12.275 | 03/18/2026 | 797000 | 797000 | 425 | 13064 | (12639) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 10.537 | 06/17/2026 | 1276000 | 1276000 | 11689 | 19178 | (7489) |
|  |  |  |  | 782765000 | $782765000 | $264298 | $876633 | $(612335) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 88.420 | 09/17/2025 | 2568000 | 2568000 | 7879 | 25146 | (17267) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 85.610 | 09/17/2025 | 2857000 | 2857000 | 4291 | 27751 | (23460) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 86.440 | 12/17/2025 | 2252000 | 2252000 | 13891 | 25068 | (11177) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 83.680 | 12/17/2025 | 2464000 | 2464000 | 9674 | 27923 | (18249) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 84.720 | 03/18/2026 | 2057000 | 2057000 | 17464 | 25265 | (7801) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 82.000 | 03/18/2026 | 2222000 | 2222000 | 13199 | 27671 | (14472) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 81.740 | 06/17/2026 | 4629000 | 4629000 | 40998 | 51453 | (10455) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.601 | 09/17/2025 | 1055000 | 1055000 | 841 | 8389 | (7548) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.584 | 09/17/2025 | 1151000 | 1151000 | 356 | 8815 | (8459) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.594 | 12/17/2025 | 914000 | 914000 | 2128 | 8451 | (6323) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.577 | 12/17/2025 | 984000 | 984000 | 1313 | 8700 | (7387) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.588 | 03/18/2026 | 830000 | 830000 | 3103 | 8441 | (5338) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.571 | 03/18/2026 | 878000 | 878000 | 2099 | 8583 | (6484) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.597 | 06/17/2026 | 1927000 | 1927000 | 12974 | 17762 | (4788) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 99.440 | 09/17/2025 | 1327000 | 1327000 | 4040 | 13758 | (9718) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 96.820 | 09/17/2025 | 1451000 | 1451000 | 2119 | 14518 | (12399) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 97.660 | 12/17/2025 | 1165000 | 1165000 | 7109 | 13538 | (6429) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 95.080 | 12/17/2025 | 1258000 | 1258000 | 4802 | 14258 | (9456) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 96.150 | 03/18/2026 | 1068000 | 1068000 | 8960 | 14136 | (5176) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 93.500 | 03/18/2026 | 1126000 | 1126000 | 6458 | 14238 | (7780) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 94.010 | 06/17/2026 | 2336000 | 2336000 | 21899 | 25872 | (3973) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 80.390 | 09/17/2025 | 1360000 | 1360000 | 2374 | 12013 | (9639) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 78.240 | 09/17/2025 | 1512000 | 1512000 | 1442 | 13606 | (12164) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 78.700 | 12/17/2025 | 1196000 | 1196000 | 5078 | 11948 | (6870) |

---

&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 GROWTH AND INCOME STRATEGY PORTFOLIO

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

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

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Put NZD/Call JPY | MS & Co. Int. PLC | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.630 | 12/17/2025 | 1315000 | $1315000 | $3799 | $13470 | $(9671) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 77.160 | 03/18/2026 | 1087000 | 1087000 | 6802 | 11823 | (5021) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 75.130 | 03/18/2026 | 1177000 | 1177000 | 5455 | 12789 | (7334) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 75.890 | 06/17/2026 | 2417000 | 2417000 | 19696 | 24507 | (4811) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.546 | 09/17/2025 | 575000 | 575000 | 239 | 4201 | (3962) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.533 | 09/17/2025 | 633000 | 633000 | 118 | 4406 | (4288) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.540 | 12/17/2025 | 497000 | 497000 | 766 | 4189 | (3423) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.527 | 12/17/2025 | 542000 | 542000 | 542 | 4356 | (3814) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.535 | 03/18/2026 | 450000 | 450000 | 1182 | 4165 | (2983) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.522 | 03/18/2026 | 483000 | 483000 | 909 | 4292 | (3383) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.554 | 06/17/2026 | 1047000 | 1047000 | 6579 | 9041 | (2462) |
|  |  |  |  | 50810000 | $50810000 | $240578 | $524542 | $(283964) |
| Total purchased option contracts | Total purchased option contracts |  |  | 833575000 | $833575000 | $504876 | $1401175 | $(896299) |

---

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
| S&P 500 Index | $6225.000 | 07/02/2025 | (14) | $(8715000) | $(14910) | $(11815) | $(3095) |
| S&P 500 Index | 6250.000 | 07/03/2025 | (8) | (5000000) | (7960) | (6802) | (1158) |
| S&P 500 Index | 6300.000 | 07/09/2025 | (6) | (3780000) | (6510) | (6564) | 54 |
| S&P 500 Index | 6275.000 | 07/16/2025 | (6) | (3765000) | (20970) | (7227) | (13743) |
| S&P 500 Index | 6350.000 | 07/23/2025 | (6) | (3810000) | (15000) | (6354) | (8646) |
|  |  |  | (40) | $(25070000) | $(65350) | $(38762) | $(26588) |
|  **Puts** |  |  |  |  |  |  |  |
| S&P 500 Index | 5700.000 | 07/02/2025 | (12) | (6840000) | (90) | (34195) | 34105 |
| S&P 500 Index | 5970.000 | 07/02/2025 | (16) | (9552000) | (280) | (15741) | 15461 |
| S&P 500 Index | 6045.000 | 07/03/2025 | (15) | (9067500) | (2175) | (8861) | 6686 |
| S&P 500 Index | 5800.000 | 07/09/2025 | (12) | (6960000) | (1140) | (32457) | 31317 |
| S&P 500 Index | 5675.000 | 07/16/2025 | (12) | (6810000) | (3840) | (36252) | 32412 |
| S&P 500 Index | 5850.000 | 07/23/2025 | (12) | (7020000) | (15540) | (35301) | 19761 |
|  |  |  | (79) | $(46249500) | $(23065) | $(162807) | $139742 |
| Total written option contracts | Total written option contracts |  | (119) | $(71319500) | $(88415) | $(201569) | $113154 |

---

EXCHANGE TRADED OPTIONS ON FUTURES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
| 3 Month SOFR | $96.000 | 09/12/2025 | 74 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20813 | $72322 | $(51509) |

---

&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 GROWTH AND INCOME STRATEGY PORTFOLIO

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

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON FUTURES (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| 3 Month SOFR | $96.500 | 09/12/2025 | 138 | $345000 | $9488 | $183733 | $(174245) |
| 3 Month SOFR | 96.625 | 09/12/2025 | 88 | 220000 | 4950 | 163686 | (158736) |
| 3 Month SOFR | 97.375 | 09/12/2025 | 126 | 315000 | 3150 | 27022 | (23872) |
| 3 Month SOFR | 97.500 | 09/12/2025 | 265 | 662500 | 6625 | 298740 | (292115) |
| 3 Month SOFR | 96.125 | 12/12/2025 | 119 | 297500 | 92969 | 134151 | (41182) |
| 3 Month SOFR | 96.500 | 12/12/2025 | 123 | 307500 | 49200 | 188398 | (139198) |
| 3 Month SOFR | 97.000 | 12/12/2025 | 86 | 215000 | 15588 | 13069 | 2519 |
| 3 Month SOFR | 97.500 | 12/12/2025 | 382 | 955000 | 38200 | 330799 | (292599) |
| 3 Month SOFR | 96.250 | 03/13/2026 | 112 | 280000 | 135100 | 140260 | (5160) |
| 3 Month SOFR | 96.625 | 03/13/2026 | 92 | 230000 | 66700 | 137063 | (70363) |
| 3 Month SOFR | 96.750 | 03/13/2026 | 37 | 92500 | 22431 | 60211 | (37780) |
| 3 Month SOFR | 97.000 | 03/13/2026 | 147 | 367500 | 63394 | 64634 | (1240) |
| 3 Month SOFR | 97.500 | 03/13/2026 | 140 | 350000 | 31500 | 45774 | (14274) |
| 3 Month SOFR | 96.250 | 06/12/2026 | 101 | 252500 | 176119 | 143604 | 32515 |
| 3 Month SOFR | 96.500 | 06/12/2026 | 158 | 395000 | 211325 | 164235 | 47090 |
| 3 Month SOFR | 96.625 | 06/12/2026 | 87 | 217500 | 101138 | 137227 | (36089) |
| 3 Month SOFR | 96.750 | 06/12/2026 | 38 | 95000 | 38238 | 58988 | (20750) |
| 3 Month SOFR | 97.000 | 06/12/2026 | 88 | 220000 | 66000 | 58472 | 7528 |
| 3 Month SOFR | 97.125 | 06/12/2026 | 74 | 185000 | 47638 | 38070 | 9568 |
| 3 Month SOFR | 97.250 | 06/12/2026 | 72 | 180000 | 39600 | 34341 | 5259 |
| 3 Month SOFR | 96.375 | 09/11/2026 | 101 | 252500 | 188113 | 145422 | 42691 |
| 3 Month SOFR | 96.500 | 09/11/2026 | 311 | 777500 | 515094 | 348710 | 166384 |
| 3 Month SOFR | 96.625 | 09/11/2026 | 83 | 207500 | 121388 | 138180 | (16792) |
| 3 Month SOFR | 97.000 | 09/11/2026 | 123 | 307500 | 122231 | 95566 | 26665 |
| 3 Month SOFR | 97.250 | 09/11/2026 | 56 | 140000 | 42350 | 36510 | 5840 |
| 3 Month SOFR | 96.000 | 12/11/2026 | 177 | 442500 | 483431 | 356559 | 126872 |
| 3 Month SOFR | 96.375 | 12/11/2026 | 96 | 240000 | 196200 | 149023 | 47177 |
| 3 Month SOFR | 96.500 | 12/11/2026 | 393 | 982500 | 724594 | 503608 | 220986 |
| 3 Month SOFR | 96.000 | 03/12/2027 | 172 | 430000 | 483750 | 361537 | 122213 |
| 3 Month SOFR | 96.250 | 03/12/2027 | 63 | 157500 | 147656 | 126123 | 21533 |
| 3 Month SOFR | 96.500 | 03/12/2027 | 315 | 787500 | 606375 | 411905 | 194470 |
| 3 Month SOFR | 96.000 | 06/11/2027 | 153 | 382500 | 429356 | 329250 | 100106 |
| 3 Month SOFR | 96.250 | 06/11/2027 | 63 | 157500 | 148444 | 129273 | 19171 |
| 3 Month SOFR | 96.500 | 06/11/2027 | 142 | 355000 | 275125 | 195528 | 79597 |
| 3 Month SOFR | 96.250 | 09/10/2027 | 64 | 160000 | 149600 | 129725 | 19875 |
| TOTAL | TOTAL |  | 4859 | $12147500 | $5873873 | $5951718 | $(77845) |

---

---

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

---

&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 GROWTH AND INCOME STRATEGY PORTFOLIO

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

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

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ETF | —Exchange Traded Fund |
| MSCI | —Morgan Stanley Capital International |
| SPDR | —Standard and Poor's Depository Receipt |

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| BofA Securities LLC | —Bank of America Securities LLC |
| CDX.NA.HY Ind 44 | —CDX North America High Yield Index 44 |
| 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;

---

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

---

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

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

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

Schedule of Investments *June 30, 2025 (Unaudited)*

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

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

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Underlying Funds – 93.7% | Underlying Funds – 93.7% | Underlying Funds – 93.7% |
| Dynamic<sup>(a)</sup> – 0.9% | Dynamic<sup>(a)</sup> – 0.9% | Dynamic<sup>(a)</sup> – 0.9% |
| 1053803 | Goldman Sachs Managed Futures Strategy Fund — Class R6 | $9041630 |
| Equity<sup>(a)</sup> – 43.0% | Equity<sup>(a)</sup> – 43.0% | Equity<sup>(a)</sup> – 43.0% |
| 5191389 | Goldman Sachs Large Cap Value Insights Fund — Class R6 | 124956737 |
| 3550461 | Goldman Sachs Large Cap Growth Insights Fund — Class R6 | 124905205 |
| 6210889 | Goldman Sachs International Equity Insights Fund — Class R6 | 107075724 |
| 4164286 | Goldman Sachs Emerging Markets Equity Insights Fund — Class R6 | 41184786 |
| 467205 | Goldman Sachs Small Cap Equity Insights Fund — Class R6 | 12834129 |
| 695170 | Goldman Sachs International Small Cap Insights Fund — Class R6 | 10768187 |
| 711249 | Goldman Sachs Global Infrastructure Fund — Class R6 | 9416932 |
| 23011 | Goldman Sachs Energy Infrastructure Fund — Class R6 | 321003 |
|  |  | 431462703 |
| Exchange Traded Funds – 44.3% | Exchange Traded Funds – 44.3% | Exchange Traded Funds – 44.3% |
| 1855427 | Goldman Sachs MarketBeta U.S. Equity ETF<sup>(a)</sup> | 158768888 |
| 1411251 | Goldman Sachs MarketBeta International Equity ETF<sup>(a)</sup> | 90348289 |
| 952048 | Goldman Sachs Access Investment Grade Corporate Bond ETF<sup>(a)</sup> | 43813249 |
| 332982 | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF<sup>(a)</sup> | 40417355 |
| 865344 | Goldman Sachs Access U.S. Aggregate Bond ETF<sup>(a)</sup> | 35773321 |
| 681130 | Goldman Sachs MarketBeta Emerging Markets Equity ETF<sup>(a)</sup> | 34386508 |
| 557846 | Goldman Sachs ActiveBeta International Equity ETF<sup>(a)</sup> | 22124172 |
| 197259 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF<sup>(a)</sup> | 7340007 |
| 71748 | iShares U.S. Real Estate ETF | 6799558 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Underlying Funds – (continued) | Underlying Funds – (continued) | Underlying Funds – (continued) |
| Exchange Traded Funds – (continued) | Exchange Traded Funds – (continued) | Exchange Traded Funds – (continued) |
| 16996 | iShares U.S. Technology ETF | $2944897 |
| 12615 | Health Care Select Sector SPDR Fund | 1700376 |
| 2712 | iShares MSCI Mexico ETF | 164239 |
|  |  | 444580859 |
| Fixed Income<sup>(a)</sup> –5.5% | Fixed Income<sup>(a)</sup> –5.5% | Fixed Income<sup>(a)</sup> –5.5% |
| 3611774 | Goldman Sachs Emerging Markets Debt Fund — Class R6 | 35395388 |
| 1786622 | Goldman Sachs High Yield Fund — Class R6 | 10183744 |
| 1151941 | Goldman Sachs High Yield Floating Rate Fund — Class R6 | 10056444 |
|  |  | 55635576 |
| TOTAL UNDERLYING FUNDS – 93.7%<br>(Cost $768,969,172) | TOTAL UNDERLYING FUNDS – 93.7%<br>(Cost $768,969,172) | $940720768 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| Investment Company<sup>(a)</sup> – 1.8% | Investment Company<sup>(a)</sup> – 1.8% | Investment Company<sup>(a)</sup> – 1.8% |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 17856446 | 4.231% | $17856446 |
| (Cost $17,856,446) | (Cost $17,856,446) |  |
| TOTAL INVESTMENTS – 95.5%<br>(Cost $786,825,618) | TOTAL INVESTMENTS – 95.5%<br>(Cost $786,825,618) | $958577214 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 4.5%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 4.5%** | 44743222 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $1003320436 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Represents an affiliated issuer. |

---

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2025, the Portfolio 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 | 1053043 | HKD | 8200000 | 09/17/25 | $1433 |
|  | USD | 12811700 | JPY | 1813000000 | 09/17/25 | 110183 |
| TOTAL |  |  |  |  |  | $111616 |

---

&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 GROWTH STRATEGY PORTFOLIO

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

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

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | USD | 3887396 | AUD | 5970000 | 09/17/25 | $(48155) |
|  | USD | 5584521 | CHF | 4520000 | 09/17/25 | (168470) |
|  | USD | 1359228 | DKK | 8810000 | 09/17/25 | (39936) |
|  | USD | 20219321 | EUR | 17580000 | 09/17/25 | (597084) |
|  | USD | 8459759 | GBP | 6235000 | 09/17/25 | (103027) |
|  | USD | 310645 | ILS | 1080000 | 09/17/25 | (10314) |
|  | USD | 817969 | MXN | 15875000 | 09/17/25 | (21031) |
|  | USD | 361624 | NOK | 3650000 | 09/17/25 | (675) |
|  | USD | 108911 | NZD | 180000 | 09/17/25 | (1097) |
|  | USD | 1780456 | SEK | 16950000 | 09/17/25 | (20391) |
|  | USD | 759521 | SGD | 970000 | 09/17/25 | (7726) |
| TOTAL |  |  |  |  |  | $(1017906) |

---

FUTURES CONTRACTS — At June 30, 2025, the Portfolio had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  10 Year U.K. Long Gilt | 6 | 09/26/25 | $766186 | $19510 |
|  5 Year German Euro-Bund | 6 | 09/08/25 | 919862 | (4953) |
|  FTSE/JSE Top 40 Index | 8 | 09/18/25 | 405695 | 4715 |
|  IFSC NIFTY 50 Index | 16 | 07/31/25 | 819232 | 19197 |
|  MSCI EAFE Index | 21 | 09/19/25 | 2815785 | 42706 |
|  S&P 500 E-Mini Index | 149 | 09/19/25 | 46590437 | 1173566 |
| Total |  |  |  | $1254741 |
|  **Short position contracts:** |  |  |  |  |
|  E-mini Consumer Staples Select Sector | (63) | 09/19/25 | (5188050) | (28263) |
| TOTAL FUTURES CONTRACTS |  |  |  | $1226478 |

---

SWAP CONTRACTS — At June 30, 2025, the Portfolio had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Payments Made by the Portfolio<sup>(a)</sup>** | **Payments<br>Received<br>by Portfolio<sup>(a)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
| 6M GBP | 3.829% | 04/16/30 | GBP 5,600 | $54519 |

---

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

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

&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 GROWTH STRATEGY PORTFOLIO

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

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>June 30,<br>2025<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Purchased:** | **Protection Purchased:** |  |  |  |  |  |  |
| CDX.NA.HY Index 44 | (5.000)% | 3.186% | 06/20/30 | $4780 | $(366281) | $(236295) | $(129986) |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Financing Rate<br>Paid/(Received)<br>by the Fund<sup>(a)</sup>** | **Counterparty** | **Termination<br>Date<sup>#</sup>** | **Notional<br>Amount<br>(000s)** | **Notional<br>Amount<br>(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
| SXDR Index | 12M EURO+0.470% | JPMorgan Securities, Inc. | 02/03/26 | EUR | 590 | $(940) |
| SXDR Index | 12M EURO+0.480 | JPMorgan Securities, Inc. | 02/03/26 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364 |  |
| TOTAL |  |  |  |  |  | $(940) |

---

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

# The Fund pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars). 

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

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2025, the Portfolio had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON EQUITIES

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  SX5E Index | MS & Co. Int. PLC | $5156.960 | 07/15/2025 | 307 | $158318672 | $60474 | $26407 | $34067 |
|  XLV Index | BofA Securities LLC | 135.000 | 06/18/2026 | 8292 | 111942000 | 84655 | 90620 | (5965) |
|  SPX Index | MS & Co. Int. PLC | 6394.880 | 07/31/2025 | 808 | 516706304 | 22695 | 19988 | 2707 |
| Total purchased option contracts | Total purchased option contracts |  |  | 9407 | $786966976 | $167824 | $137015 | $30809 |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  XLV Index | BofA Securities LLC | 146.000 | 06/18/2026 | (16584) | (242126400) | (81901) | (89886) | 7985 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  SPX Index | MS & Co. Int. PLC | 5326.965 | 07/18/2025 | (395) | (210415118) | (752) | (57809) | 57057 |
|  MID Index | MS & Co. Int. PLC | 2725.883 | 07/18/2025 | (498) | (135748973) | (673) | (35866) | 35193 |
|  SPX Index | MS & Co. Int. PLC | 5844.450 | 07/31/2025 | (808) | (472231560) | (17255) | (18989) | 1734 |

---

&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 GROWTH STRATEGY PORTFOLIO

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

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

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON EQUITIES (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  TOPIX Index | MS & Co. Int. PLC | $2477.128 | 12/19/2025 | (122947) | $(30455545622) | $(35114) | $(81588) | $46474 |
|  |  |  |  | (124648) | $(31273941273) | $(53794) | $(194252) | $140458 |
| Total written option contracts | Total written option contracts |  |  | (141232) | $(31516067673) | $(135695) | $(284138) | $148443 |
| TOTAL |  |  |  | (131825) | $(30729100697) | $32129 | $(147123) | $179252 |

---

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call CHF/Put NOK | MS & Co. Int. PLC | $14.116 | 09/17/2025 | 942000 | $942000 | $1084 | $12565 | $(11481) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.143 | 09/17/2025 | 1024000 | 1024000 | 1100 | 14298 | (13198) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.480 | 12/17/2025 | 826000 | 826000 | 3397 | 12605 | (9208) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.537 | 12/17/2025 | 885000 | 885000 | 3360 | 15061 | (11701) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.810 | 03/18/2026 | 753000 | 753000 | 5181 | 12683 | (7502) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.888 | 03/18/2026 | 801000 | 801000 | 5084 | 15767 | (10683) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.209 | 06/17/2026 | 1732000 | 1732000 | 35411 | 32685 | 2726 |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.588 | 09/17/2025 | 1100000 | 1100000 | 150 | 11813 | (11663) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.430 | 09/17/2025 | 1182000 | 1182000 | 289 | 13863 | (13574) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.848 | 12/17/2025 | 957000 | 957000 | 1264 | 12981 | (11717) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.709 | 12/17/2025 | 1016000 | 1016000 | 1730 | 14312 | (12582) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 14.076 | 03/18/2026 | 868000 | 868000 | 2563 | 14325 | (11762) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.954 | 03/18/2026 | 917000 | 917000 | 3165 | 14180 | (11015) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.248 | 06/17/2026 | 1967000 | 1967000 | 26920 | 36783 | (9863) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.130 | 09/17/2025 | 108690000 | 108690000 | 3333 | 8966 | (5633) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.514 | 09/17/2025 | 110868000 | 110868000 | 1494 | 9605 | (8111) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.345 | 12/17/2025 | 96129000 | 96129000 | 5788 | 8888 | (3100) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.745 | 12/17/2025 | 97080000 | 97080000 | 3402 | 9541 | (6139) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.554 | 03/18/2026 | 87290000 | 87290000 | 6980 | 8885 | (1905) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.967 | 03/18/2026 | 87552000 | 87552000 | 4562 | 10472 | (5910) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.883 | 06/17/2026 | 150977000 | 150977000 | 12885 | 15427 | (2542) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.458 | 09/17/2025 | 3445000 | 3445000 | 641 | 24187 | (23546) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.493 | 09/17/2025 | 3491000 | 3491000 | 112 | 27680 | (27568) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.467 | 12/17/2025 | 3007000 | 3007000 | 2754 | 23791 | (21037) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.501 | 12/17/2025 | 3078000 | 3078000 | 1170 | 27779 | (26609) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.474 | 03/18/2026 | 2743000 | 2743000 | 4389 | 23894 | (19505) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.508 | 03/18/2026 | 2780000 | 2780000 | 2316 | 27533 | (25217) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.425 | 06/17/2026 | 5446000 | 5446000 | 30105 | 36053 | (5948) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1113.400 | 09/17/2025 | 1144000 | 1144000 | 363 | 17385 | (17022) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1119.888 | 09/17/2025 | 1266000 | 1266000 | 337 | 16029 | (15692) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1140.380 | 12/17/2025 | 1020000 | 1020000 | 2267 | 18060 | (15793) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1148.202 | 12/17/2025 | 1109000 | 1109000 | 2219 | 18232 | (16013) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1166.190 | 03/18/2026 | 934000 | 934000 | 4024 | 17891 | (13867) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1173.249 | 03/18/2026 | 1011000 | 1011000 | 4071 | 18449 | (14378) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1093.270 | 06/17/2026 | 1791000 | 1791000 | 24264 | 30909 | (6645) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1496.880 | 09/17/2025 | 827000 | 827000 | 533 | 8965 | (8432) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1553.840 | 09/17/2025 | 790000 | 790000 | 104 | 9243 | (9139) |

---

&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 GROWTH STRATEGY PORTFOLIO

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

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Call USD/Put KRW | MS & Co. Int. PLC | $1512.770 | 12/17/2025 | 730000 | $730000 | $1780 | $9220 | $(7440) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1572.940 | 12/17/2025 | 692000 | 692000 | 693 | 9480 | (8787) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1526.850 | 03/18/2026 | 665000 | 665000 | 2649 | 9297 | (6648) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1589.310 | 03/18/2026 | 627000 | 627000 | 1275 | 9280 | (8005) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1493.850 | 06/17/2026 | 1245000 | 1245000 | 10223 | 16135 | (5912) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 24.511 | 09/17/2025 | 515000 | 515000 | 37 | 8238 | (8201) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 23.824 | 09/17/2025 | 599000 | 599000 | 87 | 8580 | (8493) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 25.433 | 12/17/2025 | 460000 | 460000 | 270 | 8286 | (8016) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 24.722 | 12/17/2025 | 525000 | 525000 | 471 | 8865 | (8394) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 26.302 | 03/18/2026 | 423000 | 423000 | 581 | 8369 | (7788) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 25.536 | 03/18/2026 | 479000 | 479000 | 914 | 8995 | (8081) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 22.541 | 06/17/2026 | 987000 | 987000 | 11501 | 14934 | (3433) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 12.289 | 09/17/2025 | 341000 | 341000 | 11 | 4501 | (4490) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 12.469 | 09/17/2025 | 362000 | 362000 | 6 | 4959 | (4953) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 12.519 | 12/17/2025 | 301000 | 301000 | 169 | 4545 | (4376) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 12.731 | 12/17/2025 | 314000 | 314000 | 121 | 4930 | (4809) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 12.700 | 03/18/2026 | 277000 | 277000 | 422 | 4571 | (4149) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 12.959 | 03/18/2026 | 284000 | 284000 | 315 | 4828 | (4513) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 11.925 | 09/17/2025 | 1028000 | 1028000 | 3 | 12850 | (12847) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 11.944 | 09/17/2025 | 1080000 | 1080000 | 3 | 13811 | (13808) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 12.086 | 12/17/2025 | 907000 | 907000 | 146 | 12879 | (12733) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 12.134 | 12/17/2025 | 936000 | 936000 | 137 | 14189 | (14052) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 12.199 | 03/18/2026 | 837000 | 837000 | 501 | 13057 | (12556) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 12.275 | 03/18/2026 | 853000 | 853000 | 455 | 13982 | (13527) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 10.537 | 06/17/2026 | 1150000 | 1150000 | 10535 | 17285 | (6750) |
|  |  |  |  | 804055000 | $804055000 | $252116 | $897851 | $(645735) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 88.420 | 09/17/2025 | 2723000 | 2723000 | 8355 | 26664 | (18309) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 85.610 | 09/17/2025 | 3060000 | 3060000 | 4596 | 29723 | (25127) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 86.440 | 12/17/2025 | 2389000 | 2389000 | 14736 | 26593 | (11857) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 83.680 | 12/17/2025 | 2639000 | 2639000 | 10360 | 29906 | (19546) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 84.720 | 03/18/2026 | 2181000 | 2181000 | 18517 | 26788 | (8271) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 82.000 | 03/18/2026 | 2379000 | 2379000 | 14131 | 29626 | (15495) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 81.740 | 06/17/2026 | 4173000 | 4173000 | 36959 | 46385 | (9426) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.601 | 09/17/2025 | 1119000 | 1119000 | 892 | 8898 | (8006) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.584 | 09/17/2025 | 1232000 | 1232000 | 384 | 9435 | (9051) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.594 | 12/17/2025 | 969000 | 969000 | 2256 | 8959 | (6703) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.577 | 12/17/2025 | 1054000 | 1054000 | 1406 | 9319 | (7913) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.588 | 03/18/2026 | 881000 | 881000 | 3293 | 8959 | (5666) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.571 | 03/18/2026 | 940000 | 940000 | 2247 | 9189 | (6942) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.597 | 06/17/2026 | 1737000 | 1737000 | 11695 | 16011 | (4316) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 99.440 | 09/17/2025 | 1407000 | 1407000 | 4284 | 14588 | (10304) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 96.820 | 09/17/2025 | 1554000 | 1554000 | 2270 | 15548 | (13278) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 97.660 | 12/17/2025 | 1236000 | 1236000 | 7543 | 14364 | (6821) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 95.080 | 12/17/2025 | 1347000 | 1347000 | 5142 | 15267 | (10125) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 96.150 | 03/18/2026 | 1133000 | 1133000 | 9506 | 14997 | (5491) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 93.500 | 03/18/2026 | 1206000 | 1206000 | 6917 | 15250 | (8333) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 94.010 | 06/17/2026 | 2106000 | 2106000 | 19743 | 23325 | (3582) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 80.390 | 09/17/2025 | 1442000 | 1442000 | 2517 | 12737 | (10220) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 78.240 | 09/17/2025 | 1619000 | 1619000 | 1544 | 14569 | (13025) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 78.700 | 12/17/2025 | 1269000 | 1269000 | 5388 | 12677 | (7289) |

---

&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 GROWTH STRATEGY PORTFOLIO

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

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

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Put NZD/Call JPY | MS & Co. Int. PLC | $76.630 | 12/17/2025 | 1408000 | $1408000 | $4068 | $14423 | $(10355) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 77.160 | 03/18/2026 | 1153000 | 1153000 | 7215 | 12541 | (5326) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 75.130 | 03/18/2026 | 1260000 | 1260000 | 5840 | 13691 | (7851) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 75.890 | 06/17/2026 | 2178000 | 2178000 | 17749 | 22083 | (4334) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.546 | 09/17/2025 | 609000 | 609000 | 253 | 4449 | (4196) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.533 | 09/17/2025 | 678000 | 678000 | 126 | 4720 | (4594) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.540 | 12/17/2025 | 527000 | 527000 | 813 | 4441 | (3628) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.527 | 12/17/2025 | 580000 | 580000 | 580 | 4661 | (4081) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.535 | 03/18/2026 | 477000 | 477000 | 1253 | 4415 | (3162) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.522 | 03/18/2026 | 517000 | 517000 | 972 | 4594 | (3622) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.554 | 06/17/2026 | 944000 | 944000 | 5931 | 8152 | (2221) |
|  |  |  |  | 52126000  | $52126000  | $239481  | $537947  | $(298466 )  |
| Total purchased option contracts | Total purchased option contracts |  |  | 856181000 | $856181000 | $491597 | $1435798 | $(944201) |

---

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
| S&P 500 Index | $6225.000 | 07/02/2025 | (18) | $(11205000) | $(19170) | $(15489) | $(3681) |
| S&P 500 Index | 6250.000 | 07/03/2025 | (10) | (6250000) | (9950) | (8503) | (1447) |
| S&P 500 Index | 6300.000 | 07/09/2025 | (8) | (5040000) | (8680) | (8752) | 72 |
| S&P 500 Index | 6275.000 | 07/16/2025 | (8) | (5020000) | (27960) | (9636) | (18324) |
| S&P 500 Index | 6350.000 | 07/23/2025 | (8) | (5080000) | (20000) | (8472) | (11528) |
|  |  |  | (52) | $(32595000) | $(85760) | $(50852) | $(34908) |
|  **Puts** |  |  |  |  |  |  |  |
| S&P 500 Index | 5700.000 | 07/02/2025 | (16) | (9120000) | (120) | (45594) | 45474 |
| S&P 500 Index | 5970.000 | 07/02/2025 | (21) | (12537000) | (368) | (20659) | 20291 |
| S&P 500 Index | 6045.000 | 07/03/2025 | (20) | (12090000) | (2900) | (11814) | 8914 |
| S&P 500 Index | 5800.000 | 07/09/2025 | (15) | (8700000) | (1425) | (40571) | 39146 |
| S&P 500 Index | 5675.000 | 07/16/2025 | (16) | (9080000) | (5120) | (48337) | 43217 |
| S&P 500 Index | 5850.000 | 07/23/2025 | (15) | (8775000) | (19425) | (44126) | 24701 |
|  |  |  | (103) | $(60302000) | $(29358) | $(211101) | $181743 |
| Total written option contracts | Total written option contracts |  | (155) | $(92897000) | $(115118) | $(261953) | $146835 |

---

EXCHANGE TRADED OPTIONS ON FUTURES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums<br>Paid (Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
| 3 Month SOFR | $96.000 | 09/12/2025 | 92 | $230000 | $25875 | $89913 | $(64038) |

---

&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 GROWTH STRATEGY PORTFOLIO

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

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON FUTURES (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums<br>Paid (Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| 3 Month SOFR | $96.500 | 09/12/2025 | 185 | $462500 | $12719 | $250092 | $(237373) |
| 3 Month SOFR | 96.625 | 09/12/2025 | 105 | 262500 | 5906 | 195307 | (189401) |
| 3 Month SOFR | 97.375 | 09/12/2025 | 135 | 337500 | 3375 | 28952 | (25577) |
| 3 Month SOFR | 97.500 | 09/12/2025 | 266 | 665000 | 6650 | 299867 | (293217) |
| 3 Month SOFR | 96.125 | 12/12/2025 | 148 | 370000 | 115625 | 166843 | (51218) |
| 3 Month SOFR | 96.500 | 12/12/2025 | 164 | 410000 | 65600 | 253993 | (188393) |
| 3 Month SOFR | 97.000 | 12/12/2025 | 88 | 220000 | 15950 | 13373 | 2577 |
| 3 Month SOFR | 97.500 | 12/12/2025 | 392 | 980000 | 39200 | 334382 | (295182) |
| 3 Month SOFR | 96.250 | 03/13/2026 | 139 | 347500 | 167669 | 174073 | (6404) |
| 3 Month SOFR | 96.625 | 03/13/2026 | 115 | 287500 | 83375 | 171329 | (87954) |
| 3 Month SOFR | 96.750 | 03/13/2026 | 58 | 145000 | 35163 | 94385 | (59222) |
| 3 Month SOFR | 97.000 | 03/13/2026 | 172 | 430000 | 74175 | 76932 | (2757) |
| 3 Month SOFR | 97.500 | 03/13/2026 | 150 | 375000 | 33750 | 49044 | (15294) |
| 3 Month SOFR | 96.250 | 06/12/2026 | 126 | 315000 | 219712 | 179149 | 40563 |
| 3 Month SOFR | 96.500 | 06/12/2026 | 168 | 420000 | 224700 | 174629 | 50071 |
| 3 Month SOFR | 96.625 | 06/12/2026 | 109 | 272500 | 126713 | 171928 | (45215) |
| 3 Month SOFR | 96.750 | 06/12/2026 | 60 | 150000 | 60375 | 93139 | (32764) |
| 3 Month SOFR | 97.000 | 06/12/2026 | 86 | 215000 | 64500 | 57144 | 7356 |
| 3 Month SOFR | 97.125 | 06/12/2026 | 97 | 242500 | 62444 | 49903 | 12541 |
| 3 Month SOFR | 97.250 | 06/12/2026 | 73 | 182500 | 40150 | 34818 | 5332 |
| 3 Month SOFR | 96.375 | 09/11/2026 | 126 | 315000 | 234675 | 181417 | 53258 |
| 3 Month SOFR | 96.500 | 09/11/2026 | 368 | 920000 | 609500 | 411934 | 197566 |
| 3 Month SOFR | 96.625 | 09/11/2026 | 105 | 262500 | 153563 | 174806 | (21243) |
| 3 Month SOFR | 97.000 | 09/11/2026 | 121 | 302500 | 120244 | 94012 | 26232 |
| 3 Month SOFR | 97.250 | 09/11/2026 | 57 | 142500 | 43106 | 37162 | 5944 |
| 3 Month SOFR | 96.000 | 12/11/2026 | 173 | 432500 | 472506 | 348502 | 124004 |
| 3 Month SOFR | 96.375 | 12/11/2026 | 119 | 297500 | 243206 | 184726 | 58480 |
| 3 Month SOFR | 96.500 | 12/11/2026 | 450 | 1125000 | 829687 | 573157 | 256530 |
| 3 Month SOFR | 96.000 | 03/12/2027 | 168 | 420000 | 472500 | 353129 | 119371 |
| 3 Month SOFR | 96.250 | 03/12/2027 | 65 | 162500 | 152344 | 130127 | 22217 |
| 3 Month SOFR | 96.500 | 03/12/2027 | 370 | 925000 | 712250 | 484063 | 228187 |
| 3 Month SOFR | 96.000 | 06/11/2027 | 149 | 372500 | 418131 | 320642 | 97489 |
| 3 Month SOFR | 96.250 | 06/11/2027 | 65 | 162500 | 153156 | 133377 | 19779 |
| 3 Month SOFR | 96.500 | 06/11/2027 | 185 | 462500 | 358437 | 254738 | 103699 |
| 3 Month SOFR | 96.250 | 09/10/2027 | 66 | 165000 | 154275 | 133779 | 20496 |
| TOTAL | TOTAL |  | 5515 | $13787500 | $6611206 | $6774766 | $(163560) |

---

---

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

---

&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 GROWTH STRATEGY PORTFOLIO

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

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

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ETF | —Exchange Traded Fund |
| MSCI | —Morgan Stanley Capital International |
| SPDR | —Standard and Poor's Depository Receipt |

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| BofA Securities LLC | —Bank of America Securities LLC |
| CDX.NA.HY Ind 44 | —CDX North America High Yield Index 44 |
| 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;

---

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

---

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

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

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

Statements of Assets and Liabilities *June 30, 2025 (Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Balanced<br>Strategy Portfolio** | **Dynamic<br>Global Equity<br>Fund** |
| Assets: |  |  |
|  Investments in affiliated issuers, at value (cost $495,077,018 and $316,057,212, respectively) | $532207875 | $387479921 |
|  Investments in unaffiliated issuers, at value (cost $6,708,927 and $4,880,985, respectively) | 6710302 | 4918554 |
|  Purchased options, at value (premium paid $3,728,899 and $3,915,417, respectively) | 2889961 | 3203512 |
|  Cash | 8908439 | 6841254 |
|  Foreign currencies, at value (cost $148,536 and $142,353, respectively) | 169454 | 145154 |
|  Unrealized gain on forward foreign currency exchange contracts | 58362 | 22410 |
|  Variation margin on futures contracts | 547126 | 499599 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(a)</sup>  | 6614083 | 7373042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 5291287 | 2604393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 811835 | 57437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold | 137650 | 835845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 18999 | 20179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from broker |  | 10158 |
|  Other assets | 70395 | 74866 |
|  **Total assets** | 564435768 | 414086324 |
| Liabilities: |  |  |
|  Unrealized loss on forward foreign currency exchange contracts | 533612 | 200578 |
|  Written option contracts, at value (premium received $268,477 and $156,527, respectively) | 121999 | 79344 |
|  Variation margin on swaps contracts | 2740 |  |
|  Unrealized loss on swap contracts | 537 |  |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 817284 | 3123857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares redeemned | 428838 | 664622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to broker — upfront payment | 75179 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to broker | 47475 | 317475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 34410 | 24591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 24575 | 35218 |
|  Accrued expenses | 133104 | 148310 |
|  **Total liabilities** | 2219753 | 4593995 |
| Net Assets: |  |  |
|  Paid-in capital | 522385423 | 298954242 |
|  Total distributable earnings | 39830592 | 110538087 |
|  **NET ASSETS** | $562216015 | $409492329 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $81534686 | $171054408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 2395729 | 6328112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 410144612 | 18191036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 277181 | 209078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 2373966 | 8059955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 1974182 | 1431786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 10067538 | 6387068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 53448121 | 197830886 |
|  Total Net Assets | $562216015 | $409492329 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 6559583 | 7363645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 192181 | 284485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 33010780 | 767672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 21958 | 9011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 191996 | 353551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 158797 | 60226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 814279 | 279050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 4299978 | 8340410 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 12.43 | 23.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 12.47 | 22.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 12.42 | 23.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 12.62 | 23.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 12.36 | 22.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 12.43 | 23.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 12.36 | 22.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 12.43 | 23.72 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Futures** | **Swaps** | **Forwards** | **Options** |
|  Balanced Strategy Portfolio | $1219720 | $337700 | $800000 | $4256663 |
|  Dynamic Global Equity Fund | 2407539 | 220000 |  | 4745503 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) Maximum public offering price per share for Class A Shares of the Balanced Strategy Portfolio and Dynamic Global Equity Fund is $13.15 and $24.58, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares.

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

---

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

---

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

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

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

Statements of Assets and Liabilities (continued) *June 30, 2025 (Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Growth and Income<br>Strategy Portfolio** | **Growth<br>Strategy Portfolio** |
| Assets: |  |  |
|  Investments in affiliated issuers, at value (cost $802,074,789 and $775,188,747, respectively) | $921218265 | $946968144 |
|  Investments in unaffiliated issuers, at value (cost $11,235,453 and $11,636,871, respectively) | 11198602 | 11609070 |
|  Purchased options, at value (premium paid $7,467,009 and $8,347,579, respectively) | 6520460 | 7270627 |
|  Cash | 15979833 | 17044253 |
|  Foreign currencies, at value (cost $247,529 and $250,013, respectively) | 254197 | 257538 |
|  Unrealized gain on forward foreign currency exchange contracts | 95424 | 111616 |
|  Variation margin on futures contracts | 788933 | 534193 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(a)</sup>  | 10815259 | 12369096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 9900137 | 9191880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 942967 | 320959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold | 175798 | 483498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 20137 | 20617 |
|  Other assets | 78167 | 80470 |
|  **Total assets** | 977988179 | 1006261961 |
| Liabilities: |  |  |
|  Unrealized loss on forward foreign currency exchange contracts | 872233 | 1017906 |
|  Written option contracts, at value (premium received $458,360 and $546,091, respectively) | 203417 | 250813 |
|  Variation margin on swaps contracts | 4843 | 5049 |
|  Unrealized loss on swap contracts | 931 | 940 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 2892299 | 351567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares redeemned | 1093532 | 511504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to broker | 365960 | 404950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to broker — upfront payment | 129274 | 132757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 59017 | 60602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 54091 | 73030 |
|  Accrued expenses | 122165 | 132407 |
|  **Total liabilities** | 5797762 | 2941525 |
| Net Assets: |  |  |
|  Paid-in capital | 813330145 | 753048215 |
|  Total distributable earnings | 158860272 | 250272221 |
|  **NET ASSETS** | $972190417 | $1003320436 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $244771775 | $348486341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 4763118 | 11960074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 422155416 | 271814105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 1945232 | 1946158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 12785462 | 10952464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 2392171 | 10987139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 4470310 | 7774045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 278906933 | 339400110 |
|  Total Net Assets | $972190417 | $1003320436 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 15027867 | 17001605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 302378 | 568123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 25819440 | 13245275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 119782 | 95264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 790008 | 543214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 146381 | 535190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 277402 | 394140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 17071118 | 16529239 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 16.29 | 20.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 15.75 | 21.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 16.35 | 20.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 16.24 | 20.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 16.18 | 20.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 16.34 | 20.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 16.11 | 19.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 16.34 | 20.53 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Futures** | **Swaps** | **Forwards** | **Options** |
|  Growth and Income Strategy Portfolio | $1374854 | $834619 | $1600000 | $7005786 |
|  Growth Strategy Portfolio | 405268 | 854590 | 1870000 | 9239238 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) Maximum public offering price per share for Class A Shares of the Growth and Income Strategy and Growth Strategy Portfolios is $17.24 and $21.69, 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 NAV or the original purchase price of the shares.

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

---

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

---

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

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

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

Statements of Operations *For the Six Months Ended June 30, 2025 (Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Balanced<br>Strategy Portfolio** | **Dynamic<br>Global Equity<br>Fund** |
| Investment Income: |  |  |
|  Dividends — affiliated issuers | $7175476 | $1969298 |
|  Dividends — unaffiliated issuers | 46927 | 42135 |
|  Interest | 39689 | 55999 |
|  **Total investment income** | 7262092 | 2067432 |
| Expenses: |  |  |
|  Management fees | 410946 | 284224 |
|  Transfer Agency fees<sup>(a)</sup>  | 159502 | 165855 |
|  Distribution and Service (12b-1) fees<sup>(a)</sup>  | 134446 | 241102 |
|  Custody, accounting and administrative services | 82048 | 75279 |
|  Registration fees | 61638 | 66920 |
|  Professional fees | 52715 | 53602 |
|  Printing and mailing costs | 44416 | 55187 |
|  Trustee fees | 13779 | 13596 |
|  Service fees — Class C | 2971 | 7656 |
|  Shareholder Administration fees — Service Class | 334 | 248 |
|  Other | 9626 | 9023 |
|  **Total expenses** | 972421 | 972692 |
|  Less — expense reductions | (252859) | (266536) |
|  **Net expenses** | 719562 | 706156 |
|  **NET INVESTMENT INCOME** | 6542530 | 1361276 |
| Realized and unrealized gain (loss): |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 3016 | (20819) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | (3888498) | 34938392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (758045) | (728135) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (2275580) | (3121037) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 63089 | 284002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (248218) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (2288150) | (905941) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 10369 | 1322 |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | 28351539 | (3178408) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 42686 | (28795) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | 841821 | 930408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1800514 | 2938763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 201866 | 190906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (52421) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (1513259) | (279109) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | 23807 | (11684) |
|  **Net realized and unrealized gain** | 20314536 | 31009865 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $26857066 | $32371141 |

---

&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** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Portfolio** | **Class A** | **Class C** | **Service** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Balanced Strategy Portfolio | $101321 | $8912 | $334 | $23879 | $60792 | $1782 | $79978 | $54 | $1892 | $292 | $7164 | $7548 |
|  Dynamic Global Equity Fund | 201761 | 22969 | 248 | 16124 | 121056 | 4594 | 3360 | 40 | 4713 | 384 | 4837 | 26871 |

---

&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 FUND OF FUNDS PORTFOLIOS

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

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

Statements of Operations (continued) *For the Six Months Ended June 30, 2025 (Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Growth and Income<br>Strategy Portfolio** | **Growth<br>Strategy Portfolio** |
| Investment Income: |  |  |
|  Dividends — affiliated issuers | $9829643 | $7685718 |
|  Dividends — unaffiliated issuers | 80048 | 81961 |
|  Interest | 59240 | 53217 |
|  **Total investment income** | 9968931 | 7820896 |
| Expenses: |  |  |
|  Management fees | 703406 | 724604 |
|  Distribution and Service (12b-1) fees<sup>(a)</sup>  | 327387 | 482291 |
|  Transfer Agency fees<sup>(a)</sup>  | 315504 | 375989 |
|  Custody, accounting and administrative services | 82074 | 81005 |
|  Registration fees | 66010 | 67584 |
|  Printing and mailing costs | 58208 | 70773 |
|  Professional fees | 52787 | 52726 |
|  Trustee fees | 14142 | 14196 |
|  Service fees — Class C | 6067 | 15097 |
|  Shareholder Administration fees — Service Class | 2307 | 2371 |
|  Other | 11218 | 10953 |
|  **Total expenses** | 1639110 | 1897589 |
|  Less — expense reductions | (265273) | (278687) |
|  **Net expenses** | 1373837 | 1618902 |
|  **NET INVESTMENT INCOME** | 8595094 | 6201994 |
| Realized and unrealized gain (loss): |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 73 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | (6405329) | 590796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (1195471) | (1486244) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (3689394) | (5636183) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 188005 | 381454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (428940) | (432856) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (3501853) | (3738983) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (4674) | 8376 |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | 65839830 | 75751244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 40100 | 25741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | 1929193 | 2302789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 3003430 | 2782490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 358538 | 454472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (79656) | (75626) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (2282469) | (2538575) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | 35586 | 41919 |
|  **Net realized and unrealized gain** | 53806969 | 68431163 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $62402063 | $74633157 |

---

&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** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Portfolio** | **Class A** | **Class C** | **Service** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Growth and Income Strategy Portfolio | $296341 | $18200 | $2307 | $10539 | $177805 | $3640 | $82620 | $369 | $7989 | $363 | $3161 | $39557 |
|  Growth Strategy Portfolio | 416457 | 45290 | 2371 | 18173 | 249874 | 9058 | 54781 | 379 | 7214 | 1539 | 5452 | 47692 |

---

&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 FUND OF FUNDS PORTFOLIOS

&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;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** |
|  | **For the<br>Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>December 31, 2024** | **For the<br>Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>December 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $6542530 | $17026521 | $1361276 | $5197134 |
|  Net realized gain (loss) | (9382017) | 33651854 | 30447784 | 25350333 |
|  Net change in unrealized gain (loss) | 29696553 | (6678737) | 562081 | 26070395 |
|  **Net increase in net assets resulting from operations**<br>| 26857066  | 43999638  | 32371141  | 56617862  |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (1148565) | (3097514) |  | (13830894) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (24703) | (73179) |  | (507496) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (6357783) | (15871821) |  | (1449576) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (3598) | (9623) |  | (22037) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (38316) | (114172) |  | (515083) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (31459) | (81974) |  | (320861) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (127141) | (330573) |  | (525970) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (815506) | (2050871) |  | (14588753) |
|  **Total distributions to shareholders**<br>| (8547071 ) | (21629727 ) | —  | (31760670 ) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 47367118 | 112974795 | 23285258 | 35787441 |
|  Reinvestment of distributions | 8484787 | 21451876 |  | 30814633 |
|  Cost of shares redeemed | (66397514) | (143120438) | (23445338) | (42258961) |
|  **Net increase (decrease) in net assets resulting from share transactions**<br>| (10545609 ) | (8693767 ) | (160080 ) | 24343113  |
|  **TOTAL INCREASE**<br>| 7764386  | 13676144  | 32211061  | 49200305  |
| Net assets: |  |  |  |  |
|  Beginning of period<br>| 554451629  | 540775485  | 377281268  | 328080963  |
|  End of period<br>| $562216015  | $554451629  | $409492329  | $377281268  |

---

&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 FUND OF FUNDS PORTFOLIOS

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

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

Statements of Changes in Net Assets (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** |
|  | **For the<br>Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>December 31, 2024** | **For the<br>Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>December 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $8595094 | $21424112 | $6201994 | $15816888 |
|  Net realized gain (loss) | (15037583) | 78121611 | (10313291) | 101355083 |
|  Net change in unrealized gain (loss) | 68844552 | (4744044) | 78744454 | 4635907 |
|  **Net increase in net assets resulting from operations**<br>| 62402063  | 94801679  | 74633157  | 121807878  |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (2620180) | (15280178) |  | (24432505) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (36118) | (297459) |  | (791160) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (5276877) | (25234032) |  | (20416437) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (19157) | (120291) |  | (139339) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (144797) | (582259) |  | (733133) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (30311) | (169737) |  | (748409) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (42212) | (271651) |  | (527750) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (3396339) | (16974710) |  | (23479850) |
|  **Total distributions to shareholders**<br>| (11565991 ) | (58930317 ) | —  | (71268583 ) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 63403640 | 139264309 | 48148903 | 130500565 |
|  Reinvestment of distributions | 11397199 | 57915430 |  | 69362432 |
|  Cost of shares redeemed | (83248714) | (144370201) | (90838593) | (127921939) |
|  **Net increase (decrease) in net assets resulting from share transactions**<br>| (8447875 ) | 52809538  | (42689690 ) | 71941058  |
|  **TOTAL INCREASE**<br>| 42388197  | 88680900  | 31943467  | 122480353  |
| Net assets: |  |  |  |  |
|  Beginning of period<br>| 929802220  | 841121320  | 971376969  | 848896616  |
|  End of period<br>| $972190417  | $929802220  | $1003320436  | $971376969  |

---

&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 BALANCED STRATEGY PORTFOLIO

&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 Period*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | | | | | |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $12.04 | $11.54 | $10.49 | $12.82 | $12.64 | $11.64 |
|  Net investment income<sup>(a)(b)</sup>  | 0.13 | 0.34 | 0.23 | 0.22 | 0.24 | 0.20 |
|  Net realized and unrealized gain (loss) | 0.43 | 0.60 | 1.02 | (2.02) | 0.71 | 1.04 |
|  Total from investment operations | 0.56 | 0.94 | 1.25 | (1.80) | 0.95 | 1.24 |
|  Distributions to shareholders from net investment income | (0.17) | (0.44) | (0.20) | (0.39) | (0.34) | (0.24) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.14) | (0.43) |  |
|  Total distributions | (0.17) | (0.44) | (0.20) | (0.53) | (0.77) | (0.24) |
|  Net asset value, end of period | $12.43 | $12.04 | $11.54 | $10.49 | $12.82 | $12.64 |
|  **Total return<sup>(c)</sup>**  | 4.71% | 8.22% | 12.07% | (14.09)% | 7.53% | 10.71% |
|  Net assets, end of period (in 000s) | $81535 | $83765 | $88066 | $88939 | $113820 | $110057 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.55 %<sup>(e)</sup> | 0.55% | 0.56% | 0.56% | 0.56% | 0.57% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.65 %<sup>(e)</sup> | 0.63% | 0.63% | 0.63% | 0.61% | 0.64% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 2.09 %<sup>(e)</sup> | 2.84% | 2.12% | 1.91% | 1.84% | 1.71% |
|  Portfolio turnover rate<sup>(f)</sup>  | 14% | 29% | 40% | 30% | 9% | 19% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Portfolio'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 Portfolio'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 BALANCED STRATEGY PORTFOLIO

&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 Period*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | | | | | |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $12.07 | $11.57 | $10.51 | $12.83 | $12.67 | $11.66 |
|  Net investment income<sup>(a)(b)</sup>  | 0.08 | 0.25 | 0.14 | 0.11 | 0.12 | 0.10 |
|  Net realized and unrealized gain (loss) | 0.45 | 0.60 | 1.03 | (1.99) | 0.73 | 1.06 |
|  Total from investment operations | 0.53 | 0.85 | 1.17 | (1.88) | 0.85 | 1.16 |
|  Distributions to shareholders from net investment income | (0.13) | (0.35) | (0.11) | (0.30) | (0.26) | (0.15) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.14) | (0.43) |  |
|  Total distributions | (0.13) | (0.35) | (0.11) | (0.44) | (0.69) | (0.15) |
|  Net asset value, end of period | $12.47 | $12.07 | $11.57 | $10.51 | $12.83 | $12.67 |
|  **Total return<sup>(c)</sup>**  | 4.40% | 7.36% | 11.24% | (14.70)% | 6.73% | 9.90% |
|  Net assets, end of period (in 000s) | $2396 | $2529 | $2801 | $3740 | $6678 | $9575 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 1.30 %<sup>(e)</sup> | 1.30% | 1.31% | 1.31% | 1.31% | 1.32% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 1.40 %<sup>(e)</sup> | 1.38% | 1.38% | 1.38% | 1.36% | 1.39% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 1.33 %<sup>(e)</sup> | 2.04% | 1.31% | 0.98% | 0.91% | 0.86% |
|  Portfolio turnover rate<sup>(f)</sup>  | 14% | 29% | 40% | 30% | 9% | 19% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Portfolio'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 Portfolio'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 BALANCED STRATEGY PORTFOLIO

&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 Period*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | | | | | |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $12.03 | $11.54 | $10.49 | $12.81 | $12.63 | $11.64 |
|  Net investment income<sup>(a)(b)</sup>  | 0.15 | 0.38 | 0.27 | 0.27 | 0.29 | 0.25 |
|  Net realized and unrealized gain (loss) | 0.43 | 0.60 | 1.02 | (2.02) | 0.71 | 1.02 |
|  Total from investment operations | 0.58 | 0.98 | 1.29 | (1.75) | 1.00 | 1.27 |
|  Distributions to shareholders from net investment income | (0.19) | (0.49) | (0.24) | (0.43) | (0.39) | (0.28) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.14) | (0.43) |  |
|  Total distributions | (0.19) | (0.49) | (0.24) | (0.57) | (0.82) | (0.28) |
|  Net asset value, end of period | $12.42 | $12.03 | $11.54 | $10.49 | $12.81 | $12.63 |
|  **Total return<sup>(c)</sup>**  | 4.90% | 8.52% | 12.48% | (13.69)% | 7.93% | 11.05% |
|  Net assets, end of period (in 000s) | $410145 | $403771 | $381220 | $355310 | $426392 | $388941 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.19 %<sup>(e)</sup> | 0.19% | 0.19% | 0.19% | 0.19% | 0.19% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.29 %<sup>(e)</sup> | 0.27% | 0.27% | 0.27% | 0.25% | 0.26% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 2.46 %<sup>(e)</sup> | 3.18% | 2.49% | 2.31% | 2.23% | 2.12% |
|  Portfolio turnover rate<sup>(f)</sup>  | 14% | 29% | 40% | 30% | 9% | 19% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Portfolio'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 Portfolio'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 BALANCED STRATEGY PORTFOLIO

&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 Period*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | | | | | |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $12.22 | $11.71 | $10.64 | $12.99 | $12.79 | $11.78 |
|  Net investment income<sup>(a)(b)</sup>  | 0.12 | 0.31 | 0.22 | 0.21 | 0.22 | 0.16 |
|  Net realized and unrealized gain (loss) | 0.44 | 0.62 | 1.04 | (2.05) | 0.73 | 1.07 |
|  Total from investment operations | 0.56 | 0.93 | 1.26 | (1.84) | 0.95 | 1.23 |
|  Distributions to shareholders from net investment income | (0.16) | (0.42) | (0.19) | (0.37) | (0.32) | (0.22) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.14) | (0.43) |  |
|  Total distributions | (0.16) | (0.42) | (0.19) | (0.51) | (0.75) | (0.22) |
|  Net asset value, end of period | $12.62 | $12.22 | $11.71 | $10.64 | $12.99 | $12.79 |
|  **Total return<sup>(c)</sup>**  | 4.66% | 8.00% | 11.94% | (14.18)% | 7.44% | 10.52% |
|  Net assets, end of period (in 000s) | $277 | $268 | $351 | $319 | $388 | $421 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.69 %<sup>(e)</sup> | 0.69% | 0.69% | 0.69% | 0.69% | 0.69% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.79 %<sup>(e)</sup> | 0.77% | 0.77% | 0.77% | 0.75% | 0.77% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 1.96 %<sup>(e)</sup> | 2.59% | 2.00% | 1.82% | 1.67% | 1.38% |
|  Portfolio turnover rate<sup>(f)</sup>  | 14% | 29% | 40% | 30% | 9% | 19% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Portfolio'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 Portfolio'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 BALANCED STRATEGY PORTFOLIO

&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 Period*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | | | | | |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $11.98 | $11.48 | $10.44 | $12.76 | $12.58 | $11.59 |
|  Net investment income<sup>(a)(b)</sup>  | 0.14 | 0.36 | 0.26 | 0.23 | 0.28 | 0.33 |
|  Net realized and unrealized gain (loss) | 0.43 | 0.62 | 1.01 | (1.99) | 0.70 | 0.93 |
|  Total from investment operations | 0.57 | 0.98 | 1.27 | (1.76) | 0.98 | 1.26 |
|  Distributions to shareholders from net investment income | (0.19) | (0.48) | (0.23) | (0.42) | (0.37) | (0.27) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.14) | (0.43) |  |
|  Total distributions | (0.19) | (0.48) | (0.23) | (0.56) | (0.80) | (0.27) |
|  Net asset value, end of period | $12.36 | $11.98 | $11.48 | $10.44 | $12.76 | $12.58 |
|  **Total return<sup>(c)</sup>**  | 4.86% | 8.44% | 12.32% | (13.79)% | 7.75% | 10.97% |
|  Net assets, end of period (in 000s) | $2374 | $2788 | $2967 | $3110 | $5430 | $7594 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.30 %<sup>(e)</sup> | 0.30% | 0.31% | 0.31% | 0.31% | 0.32% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.40 %<sup>(e)</sup> | 0.38% | 0.38% | 0.38% | 0.36% | 0.39% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 2.32 %<sup>(e)</sup> | 3.00% | 2.36% | 2.01% | 2.13% | 2.78% |
|  Portfolio turnover rate<sup>(f)</sup>  | 14% | 29% | 40% | 30% | 9% | 19% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher.

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

---

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

---

------

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

&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 Period*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | | | | | |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $12.04 | $11.54 | $10.50 | $12.82 | $12.63 | $11.64 |
|  Net investment income<sup>(a)(b)</sup>  | 0.15 | 0.39 | 0.27 | 0.37 | 0.21 | 0.23 |
|  Net realized and unrealized gain (loss) | 0.43 | 0.60 | 1.02 | (2.12) | 0.79 | 1.05 |
|  Total from investment operations | 0.58 | 0.99 | 1.29 | (1.75) | 1.00 | 1.28 |
|  Distributions to shareholders from net investment income | (0.19) | (0.49) | (0.25) | (0.43) | (0.38) | (0.29) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.14) | (0.43) |  |
|  Total distributions | (0.19) | (0.49) | (0.25) | (0.57) | (0.81) | (0.29) |
|  Net asset value, end of period | $12.43 | $12.04 | $11.54 | $10.50 | $12.82 | $12.63 |
|  **Total return<sup>(c)</sup>**  | 4.90% | 8.61% | 12.38% | (13.66)% | 8.00% | 11.06% |
|  Net assets, end of period (in 000s) | $1974 | $2034 | $2217 | $2061 | $277 | $1449 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.18 %<sup>(e)</sup> | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.28 %<sup>(e)</sup> | 0.26% | 0.26% | 0.26% | 0.24% | 0.26% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 2.47 %<sup>(e)</sup> | 3.21% | 2.50% | 3.28% | 1.64% | 1.89% |
|  Portfolio turnover rate<sup>(f)</sup>  | 14% | 29% | 40% | 30% | 9% | 19% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| **42** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

&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 Period*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | | | | | |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $11.98 | $11.48 | $10.44 | $12.76 | $12.58 | $11.59 |
|  Net investment income<sup>(a)(b)</sup>  | 0.11 | 0.30 | 0.21 | 0.19 | 0.22 | 0.16 |
|  Net realized and unrealized gain (loss) | 0.43 | 0.61 | 1.01 | (2.01) | 0.70 | 1.04 |
|  Total from investment operations | 0.54 | 0.91 | 1.22 | (1.82) | 0.92 | 1.20 |
|  Distributions to shareholders from net investment income | (0.16) | (0.41) | (0.18) | (0.36) | (0.31) | (0.21) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.14) | (0.43) |  |
|  Total distributions | (0.16) | (0.41) | (0.18) | (0.50) | (0.74) | (0.21) |
|  Net asset value, end of period | $12.36 | $11.98 | $11.48 | $10.44 | $12.76 | $12.58 |
|  **Total return<sup>(c)</sup>**  | 4.54% | 7.97% | 11.77% | (14.30)% | 7.32% | 10.39% |
|  Net assets, end of period (in 000s) | $10068 | $9452 | $10544 | $8693 | $10837 | $9435 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.80 %<sup>(e)</sup> | 0.80% | 0.81% | 0.81% | 0.81% | 0.82% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.90 %<sup>(e)</sup> | 0.88% | 0.88% | 0.88% | 0.86% | 0.90% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 1.86 %<sup>(e)</sup> | 2.54% | 1.90% | 1.67% | 1.65% | 1.40% |
|  Portfolio turnover rate<sup>(f)</sup>  | 14% | 29% | 40% | 30% | 9% | 19% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher.

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

---

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

---

------

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

&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 Period*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | | | | | |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $12.04 | $11.54 | $10.49 | $12.82 | $12.64 | $11.64 |
|  Net investment income<sup>(a)(b)</sup>  | 0.15 | 0.39 | 0.27 | 0.28 | 0.29 | 0.25 |
|  Net realized and unrealized gain (loss) | 0.43 | 0.60 | 1.03 | (2.04) | 0.71 | 1.04 |
|  Total from investment operations | 0.58 | 0.99 | 1.30 | (1.76) | 1.00 | 1.29 |
|  Distributions to shareholders from net investment income | (0.19) | (0.49) | (0.25) | (0.43) | (0.39) | (0.29) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.14) | (0.43) |  |
|  Total distributions | (0.19) | (0.49) | (0.25) | (0.57) | (0.82) | (0.29) |
|  Net asset value, end of period | $12.43 | $12.04 | $11.54 | $10.49 | $12.82 | $12.64 |
|  **Total return<sup>(c)</sup>**  | 4.90% | 8.62% | 12.49% | (13.75)% | 7.94% | 11.15% |
|  Net assets, end of period (in 000s) | $53448 | $49844 | $52609 | $59472 | $53299 | $41545 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.18 %<sup>(e)</sup> | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.28 %<sup>(e)</sup> | 0.26% | 0.26% | 0.26% | 0.24% | 0.25% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 2.48 %<sup>(e)</sup> | 3.26% | 2.50% | 2.46% | 2.24% | 2.10% |
|  Portfolio turnover rate<sup>(f)</sup>  | 14% | 29% | 40% | 30% | 9% | 19% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| **44** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY 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 Period*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | | | | | |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $21.39 | $19.79 | $17.31 | $22.80 | $21.36 | $19.32 |
|  Net investment income<sup>(a)(b)</sup>  | 0.06 | 0.28 | 0.31 | 0.28 | 0.31 | 0.18 |
|  Net realized and unrealized gain (loss) | 1.78 | 3.21 | 3.16 | (4.67) | 3.96 | 2.36 |
|  Total from investment operations | 1.84 | 3.49 | 3.47 | (4.39) | 4.27 | 2.54 |
|  Distributions to shareholders from net investment income |  | (0.64) | (0.31) | (0.52) | (1.01) | (0.18) |
|  Distributions to shareholders from net realized gains |  | (1.25) | (0.68) | (0.55) | (1.82) | (0.32) |
|  Distributions to shareholders from return of capital |  |  |  | (0.03) |  |  |
|  Total distributions |  | (1.89) | (0.99) | (1.10) | (2.83) | (0.50) |
|  Net asset value, end of period | $23.23 | $21.39 | $19.79 | $17.31 | $22.80 | $21.36 |
|  **Total return<sup>(c)</sup>**  | 8.60% | 17.35% | 20.22% | (19.31)% | 20.07% | 13.15% |
|  Net assets, end of period (in 000s) | $171054 | $165333 | $155912 | $140666 | $185213 | $166449 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.55 %<sup>(e)</sup> | 0.55% | 0.56% | 0.56% | 0.56% | 0.57% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.69 %<sup>(e)</sup> | 0.67% | 0.70% | 0.70% | 0.60% | 0.64% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 0.53 %<sup>(e)</sup> | 1.27% | 1.62% | 1.42% | 1.29% | 0.98% |
|  Portfolio turnover rate<sup>(f)</sup>  | 35% | 11% | 37% | 12% | 4% | 12% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

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

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

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

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

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **45** |

---

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY 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 Period*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | | | | | |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $20.56 | $19.09 | $16.72 | $22.04 | $20.71 | $18.74 |
|  Net investment income (loss)<sup>(a)(b)</sup>  | (0.03) | 0.12 | 0.15 | 0.11 | 0.10 | 0.02 |
|  Net realized and unrealized gain (loss) | 1.71 | 3.07 | 3.06 | (4.49) | 3.86 | 2.28 |
|  Total from investment operations | 1.68 | 3.19 | 3.21 | (4.38) | 3.96 | 2.30 |
|  Distributions to shareholders from net investment income |  | (0.47) | (0.16) | (0.37) | (0.81) | (0.01) |
|  Distributions to shareholders from net realized gains |  | (1.25) | (0.68) | (0.55) | (1.82) | (0.32) |
|  Distributions to shareholders from return of capital |  |  |  | (0.02) |  |  |
|  Total distributions |  | (1.72) | (0.84) | (0.94) | (2.63) | (0.33) |
|  Net asset value, end of period | $22.24 | $20.56 | $19.09 | $16.72 | $22.04 | $20.71 |
|  **Total return<sup>(c)</sup>**  | 8.22% | 16.43% | 19.37% | (19.91)% | 19.19% | 12.29% |
|  Net assets, end of period (in 000s) | $6328 | $6317 | $6436 | $6659 | $10309 | $13716 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 1.30 %<sup>(e)</sup> | 1.30% | 1.31% | 1.31% | 1.31% | 1.32% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 1.44 %<sup>(e)</sup> | 1.42% | 1.45% | 1.45% | 1.35% | 1.39% |
|  Ratio of net investment income (loss) to average net assets<sup>(b)</sup>  | (0.25)%<sup>(e)</sup> | 0.55% | 0.81% | 0.59% | 0.45% | 0.13% |
|  Portfolio turnover rate<sup>(f)</sup>  | 35% | 11% | 37% | 12% | 4% | 12% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

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

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

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

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

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

---

| | |
|:---|:---|
| **46** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY 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 Period*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | | | | | |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $21.78 | $20.12 | $17.58 | $23.13 | $21.63 | $19.55 |
|  Net investment income<sup>(a)(b)</sup>  | 0.10 | 0.36 | 0.38 | 0.35 | 0.39 | 0.23 |
|  Net realized and unrealized gain (loss) | 1.82 | 3.27 | 3.22 | (4.73) | 4.03 | 2.42 |
|  Total from investment operations | 1.92 | 3.63 | 3.60 | (4.38) | 4.42 | 2.65 |
|  Distributions to shareholders from net investment income |  | (0.72) | (0.38) | (0.58) | (1.10) | (0.25) |
|  Distributions to shareholders from net realized gains |  | (1.25) | (0.68) | (0.55) | (1.82) | (0.32) |
|  Distributions to shareholders from return of capital |  |  |  | (0.04) |  |  |
|  Total distributions |  | (1.97) | (1.06) | (1.17) | (2.92) | (0.57) |
|  Net asset value, end of period | $23.70 | $21.78 | $20.12 | $17.58 | $23.13 | $21.63 |
|  **Total return<sup>(c)</sup>**  | 8.82% | 17.75% | 20.65% | (18.98)% | 20.50% | 13.56% |
|  Net assets, end of period (in 000s) | $18191 | $16971 | $16692 | $14970 | $19052 | $14179 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.19<sup></sup> %<sup>(e)</sup> | 0.19% | 0.20% | 0.19% | 0.19% | 0.19% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.33<sup></sup> %<sup>(e)</sup> | 0.31% | 0.33% | 0.33% | 0.24% | 0.26% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 0.90<sup></sup> %<sup>(e)</sup> | 1.60% | 1.99% | 1.80% | 1.62% | 1.25% |
|  Portfolio turnover rate<sup>(f)</sup>  | 35% | 11% | 37% | 12% | 4% | 12% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

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

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

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

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

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **47** |

---

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY 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 Period*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | | | | | |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $21.38 | $19.79 | $17.30 | $22.78 | $21.35 | $19.30 |
|  Net investment income<sup>(a)(b)</sup>  | 0.04 | 0.24 | 0.27 | 0.25 | 0.29 | 0.15 |
|  Net realized and unrealized gain (loss) | 1.78 | 3.21 | 3.18 | (4.66) | 3.94 | 2.37 |
|  Total from investment operations | 1.82 | 3.45 | 3.45 | (4.41) | 4.23 | 2.52 |
|  Distributions to shareholders from net investment income |  | (0.61) | (0.28) | (0.52) | (0.98) | (0.15) |
|  Distributions to shareholders from net realized gains |  | (1.25) | (0.68) | (0.55) | (1.82) | (0.32) |
|  Total distributions |  | (1.86) | (0.96) | (1.07) | (2.80) | (0.47) |
|  Net asset value, end of period | $23.20 | $21.38 | $19.79 | $17.30 | $22.78 | $21.35 |
|  **Total return<sup>(c)</sup>**  | 8.51% | 17.14% | 20.09% | (19.39)% | 19.90% | 13.04% |
|  Net assets, end of period (in 000s) | $209 | $266 | $252 | $244 | $310 | $269 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.69 %<sup>(e)</sup> | 0.69% | 0.70% | 0.69% | 0.69% | 0.69% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.83 %<sup>(e)</sup> | 0.81% | 0.83% | 0.83% | 0.74% | 0.76% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 0.38 %<sup>(e)</sup> | 1.12% | 1.45% | 1.30% | 1.21% | 0.79% |
|  Portfolio turnover rate<sup>(f)</sup>  | 35% | 11% | 37% | 12% | 4% | 12% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

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

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

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

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

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

---

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

---

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY 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 Period*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Six Months Ended** | | | | | |
|  | **June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $20.96 | $19.43 | $17.01 | $22.43 | $21.05 | $19.04 |
|  Net investment income<sup>(a)(b)</sup>  | 0.09 | 0.31 | 0.35 | 0.33 | 0.38 | 0.23 |
|  Net realized and unrealized gain (loss) | 1.75 | 3.16 | 3.11 | (4.60) | 3.89 | 2.33 |
|  Total from investment operations | 1.84 | 3.47 | 3.46 | (4.27) | 4.27 | 2.56 |
|  Distributions to shareholders from net investment income |  | (0.69) | (0.36) | (0.56) | (1.07) | (0.23) |
|  Distributions to shareholders from net realized gains |  | (1.25) | (0.68) | (0.55) | (1.82) | (0.32) |
|  Distributions to shareholders from return of capital |  |  |  | (0.04) |  |  |
|  Total distributions |  | (1.94) | (1.04) | (1.15) | (2.89) | (0.55) |
|  Net asset value, end of period | $22.80 | $20.96 | $19.43 | $17.01 | $22.43 | $21.05 |
|  **Total return<sup>(c)</sup>**  | 8.73% | 17.63% | 20.52% | (19.08)% | 20.36% | 13.44% |
|  Net assets, end of period (in 000s) | $8060 | $5931 | $5682 | $4888 | $5797 | $4908 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.30 %<sup>(e)</sup> | 0.30% | 0.31% | 0.31% | 0.31% | 0.32% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.44 %<sup>(e)</sup> | 0.42% | 0.45% | 0.45% | 0.35% | 0.39% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 0.86 %<sup>(e)</sup> | 1.45% | 1.90% | 1.72% | 1.61% | 1.24% |
|  Portfolio turnover rate<sup>(f)</sup>  | 35% | 11% | 37% | 12% | 4% | 12% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

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

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

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

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

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

---

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

---

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY 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 Period*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Six Months Ended** | | | | | |
|  | **June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $21.85 | $20.18 | $17.63 | $23.14 | $21.63 | $19.55 |
|  Net investment income<sup>(a)(b)</sup>  | 0.07 | 0.35 | 0.39 | 0.01 | 0.40 | 0.25 |
|  Net realized and unrealized gain (loss) | 1.85 | 3.29 | 3.22 | (4.39) | 4.03 | 2.40 |
|  Total from investment operations | 1.92 | 3.64 | 3.61 | (4.38) | 4.43 | 2.65 |
|  Distributions to shareholders from net investment income |  | (0.72) | (0.38) | (0.54) | (1.10) | (0.25) |
|  Distributions to shareholders from net realized gains |  | (1.25) | (0.68) | (0.55) | (1.82) | (0.32) |
|  Distributions to shareholders from return of capital |  |  |  | (0.04) |  |  |
|  Total distributions |  | (1.97) | (1.06) | (1.13) | (2.92) | (0.57) |
|  Net asset value, end of period | $23.77 | $21.85 | $20.18 | $17.63 | $23.14 | $21.63 |
|  **Total return<sup>(c)</sup>**  | 8.79% | 17.76% | 20.66% | (18.99)% | 20.55% | 13.57% |
|  Net assets, end of period (in 000s) | $1432 | $3808 | $4139 | $2980 | $544796 | $490832 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.18 %<sup>(e)</sup> | 0.18% | 0.19% | 0.18% | 0.18% | 0.18% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.32 %<sup>(e)</sup> | 0.30% | 0.32% | 0.23% | 0.23% | 0.25% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 0.60 %<sup>(e)</sup> | 1.59% | 2.00% | 0.04% | 1.66% | 1.36% |
|  Portfolio turnover rate<sup>(f)</sup>  | 35% | 11% | 37% | 12% | 4% | 12% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

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

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

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

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

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

---

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

---

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY 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 Period*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Six Months Ended** | | | | | |
|  | **June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $21.10 | $19.56 | $17.12 | $22.56 | $21.17 | $19.15 |
|  Net investment income<sup>(a)(b)</sup>  | 0.03 | 0.22 | 0.26 | 0.23 | 0.23 | 0.13 |
|  Net realized and unrealized gain (loss) | 1.76 | 3.16 | 3.13 | (4.61) | 3.94 | 2.34 |
|  Total from investment operations | 1.79 | 3.38 | 3.39 | (4.38) | 4.17 | 2.47 |
|  Distributions to shareholders from net investment income |  | (0.59) | (0.27) | (0.48) | (0.96) | (0.13) |
|  Distributions to shareholders from net realized gains |  | (1.25) | (0.68) | (0.55) | (1.82) | (0.32) |
|  Distributions to shareholders from return of capital |  |  |  | (0.03) |  |  |
|  Total distributions |  | (1.84) | (0.95) | (1.06) | (2.78) | (0.45) |
|  Net asset value, end of period | $22.89 | $21.10 | $19.56 | $17.12 | $22.56 | $21.17 |
|  **Total return<sup>(c)</sup>**  | 8.48% | 16.99% | 19.95% | (19.49)% | 19.76% | 12.88% |
|  Net assets, end of period (in 000s) | $6387 | $6436 | $5887 | $5292 | $6611 | $5700 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.80 %<sup>(e)</sup> | 0.80% | 0.81% | 0.81% | 0.81% | 0.82% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.94 %<sup>(e)</sup> | 0.92% | 0.95% | 0.95% | 0.85% | 0.89% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 0.29 %<sup>(e)</sup> | 1.02% | 1.38% | 1.19% | 0.97% | 0.70% |
|  Portfolio turnover rate<sup>(f)</sup>  | 35% | 11% | 37% | 12% | 4% | 12% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

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

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

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

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

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **51** |

---

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended** | | | | | |
|  | **June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $21.80 | $20.14 | $17.59 | $23.15 | $21.64 | $19.56 |
|  Net investment income<sup>(a)(b)</sup>  | 0.10 | 0.37 | 0.39 | 0.35 | 0.40 | 0.26 |
|  Net realized and unrealized gain (loss) | 1.82 | 3.26 | 3.22 | (4.74) | 4.03 | 2.39 |
|  Total from investment operations | 1.92 | 3.63 | 3.61 | (4.39) | 4.43 | 2.65 |
|  Distributions to shareholders from net investment income |  | (0.72) | (0.38) | (0.58) | (1.10) | (0.25) |
|  Distributions to shareholders from net realized gains |  | (1.25) | (0.68) | (0.55) | (1.82) | (0.32) |
|  Distributions to shareholders from return of capital |  |  |  | (0.04) |  |  |
|  Total distributions |  | (1.97) | (1.06) | (1.17) | (2.92) | (0.57) |
|  Net asset value, end of period | $23.72 | $21.80 | $20.14 | $17.59 | $23.15 | $21.64 |
|  **Total return<sup>(c)</sup>**  | 8.81% | 17.75% | 20.71% | (19.00)% | 20.54% | 13.57% |
|  Net assets, end of period (in 000s) | $197831 | $172219 | $133081 | $117502 | $160360 | $130610 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.18 %<sup>(e)</sup> | 0.18% | 0.19% | 0.18% | 0.18% | 0.18% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.32 %<sup>(e)</sup> | 0.30% | 0.32% | 0.32% | 0.23% | 0.25% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 0.92 %<sup>(e)</sup> | 1.67% | 2.01% | 1.78% | 1.64% | 1.37% |
|  Portfolio turnover rate<sup>(f)</sup>  | 35% | 11% | 37% | 12% | 4% | 12% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

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

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

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

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

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

---

| | |
|:---|:---|
| **52** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

&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 Period*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended** | | | | | |
|  | **June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $15.43 | $14.77 | $13.10 | $16.35 | $15.51 | $14.26 |
|  Net investment income<sup>(a)(b)</sup>  | 0.12 | 0.34 | 0.26 | 0.28 | 0.36 | 0.20 |
|  Net realized and unrealized gain (loss) | 0.91 | 1.32 | 1.65 | (2.80) | 1.53 | 1.54 |
|  Total from investment operations | 1.03 | 1.66 | 1.91 | (2.52) | 1.89 | 1.74 |
|  Distributions to shareholders from net investment income | (0.17) | (0.54) | (0.24) | (0.50) | (0.53) | (0.23) |
|  Distributions to shareholders from net realized gains |  | (0.46) |  | (0.23) | (0.52) | (0.26) |
|  Total distributions | (0.17) | (1.00) | (0.24) | (0.73) | (1.05) | (0.49) |
|  Net asset value, end of period | $16.29 | $15.43 | $14.77 | $13.10 | $16.35 | $15.51 |
|  **Total return<sup>(c)</sup>**  | 6.74% | 11.14% | 14.70% | (15.50)% | 12.27% | 12.29% |
|  Net assets, end of period (in 000s) | $244772 | $242783 | $242239 | $228850 | $297996 | $293868 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.55 %<sup>(e)</sup> | 0.55% | 0.56% | 0.56% | 0.56% | 0.57% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.61 %<sup>(e)</sup> | 0.60% | 0.61% | 0.61% | 0.59% | 0.62% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 1.57 %<sup>(e)</sup> | 2.17% | 1.85% | 1.94% | 2.15% | 1.38% |
|  Portfolio turnover rate<sup>(f)</sup>  | 12% | 32% | 48% | 29% | 8% | 13% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **53** |

---

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

&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 Period*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended** | | | | | |
|  | **June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $14.93 | $14.32 | $12.70 | $15.88 | $15.12 | $13.92 |
|  Net investment income<sup>(a)(b)</sup>  | 0.06 | 0.22 | 0.14 | 0.15 | 0.20 | 0.06 |
|  Net realized and unrealized gain (loss) | 0.88 | 1.27 | 1.61 | (2.71) | 1.53 | 1.53 |
|  Total from investment operations | 0.94 | 1.49 | 1.75 | (2.56) | 1.73 | 1.59 |
|  Distributions to shareholders from net investment income | (0.12) | (0.42) | (0.13) | (0.39) | (0.45) | (0.13) |
|  Distributions to shareholders from net realized gains |  | (0.46) |  | (0.23) | (0.52) | (0.26) |
|  Total distributions | (0.12) | (0.88) | (0.13) | (0.62) | (0.97) | (0.39) |
|  Net asset value, end of period | $15.75 | $14.93 | $14.32 | $12.70 | $15.88 | $15.12 |
|  **Total return<sup>(c)</sup>**  | 6.30% | 10.31% | 13.88% | (16.16)% | 11.44% | 11.44% |
|  Net assets, end of period (in 000s) | $4763 | $5168 | $5857 | $6766 | $10130 | $13454 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 1.30 %<sup>(e)</sup> | 1.30% | 1.31% | 1.31% | 1.31% | 1.32% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 1.36 %<sup>(e)</sup> | 1.35% | 1.36% | 1.36% | 1.34% | 1.37% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 0.79 %<sup>(e)</sup> | 1.43% | 1.04% | 1.08% | 1.23% | 0.45% |
|  Portfolio turnover rate<sup>(f)</sup>  | 12% | 32% | 48% | 29% | 8% | 13% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| **54** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

&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 Period*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended** | | | | | |
|  | **June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $15.49 | $14.82 | $13.14 | $16.40 | $15.56 | $14.31 |
|  Net investment income<sup>(a)(b)</sup>  | 0.15 | 0.40 | 0.31 | 0.33 | 0.44 | 0.25 |
|  Net realized and unrealized gain (loss) | 0.91 | 1.32 | 1.66 | (2.81) | 1.52 | 1.54 |
|  Total from investment operations | 1.06 | 1.72 | 1.97 | (2.48) | 1.96 | 1.79 |
|  Distributions to shareholders from net investment income | (0.20) | (0.59) | (0.29) | (0.55) | (0.60) | (0.28) |
|  Distributions to shareholders from net realized gains |  | (0.46) |  | (0.23) | (0.52) | (0.26) |
|  Total distributions | (0.20) | (1.05) | (0.29) | (0.78) | (1.12) | (0.54) |
|  Net asset value, end of period | $16.35 | $15.49 | $14.82 | $13.14 | $16.40 | $15.56 |
|  **Total return<sup>(c)</sup>**  | 6.90% | 11.56% | 15.14% | (15.19)% | 12.64% | 12.68% |
|  Net assets, end of period (in 000s) | $422155 | $403567 | $333697 | $331731 | $443099 | $364206 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.19 %<sup>(e)</sup> | 0.19% | 0.20% | 0.19% | 0.19% | 0.19% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.25 %<sup>(e)</sup> | 0.24% | 0.24% | 0.24% | 0.23% | 0.24% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 1.93 %<sup>(e)</sup> | 2.51% | 2.20% | 2.29% | 2.65% | 1.77% |
|  Portfolio turnover rate<sup>(f)</sup>  | 12% | 32% | 48% | 29% | 8% | 13% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **55** |

---

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

&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 Period*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Six Months Ended** | | | | | |
|  | **June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $15.39 | $14.73 | $13.06 | $16.30 | $15.48 | $14.23 |
|  Net investment income<sup>(a)(b)</sup>  | 0.11 | 0.32 | 0.23 | 0.25 | 0.34 | 0.16 |
|  Net realized and unrealized gain (loss) | 0.90 | 1.32 | 1.66 | (2.78) | 1.51 | 1.56 |
|  Total from investment operations | 1.01 | 1.64 | 1.89 | (2.53) | 1.85 | 1.72 |
|  Distributions to shareholders from net investment income | (0.16) | (0.52) | (0.22) | (0.48) | (0.51) | (0.21) |
|  Distributions to shareholders from net realized gains |  | (0.46) |  | (0.23) | (0.52) | (0.26) |
|  Total distributions | (0.16) | (0.98) | (0.22) | (0.71) | (1.03) | (0.47) |
|  Net asset value, end of period | $16.24 | $15.39 | $14.73 | $13.06 | $16.30 | $15.48 |
|  **Total return<sup>(c)</sup>**  | 6.63% | 11.02% | 14.58% | (15.61)% | 12.03% | 12.18% |
|  Net assets, end of period (in 000s) | $1945 | $1896 | $1723 | $1851 | $2755 | $2669 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.69 %<sup>(e)</sup> | 0.69% | 0.70% | 0.69% | 0.69% | 0.69% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.75 %<sup>(e)</sup> | 0.74% | 0.74% | 0.74% | 0.73% | 0.74% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 1.43 %<sup>(e)</sup> | 2.05% | 1.69% | 1.75% | 2.07% | 1.17% |
|  Portfolio turnover rate<sup>(f)</sup>  | 12% | 32% | 48% | 29% | 8% | 13% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| **56** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

&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 Period*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Six Months Ended** | | | | | |
|  | **June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $15.33 | $14.68 | $13.02 | $16.26 | $15.44 | $14.19 |
|  Net investment income<sup>(a)(b)</sup>  | 0.15 | 0.35 | 0.32 | 0.32 | 0.41 | 0.23 |
|  Net realized and unrealized gain (loss) | 0.89 | 1.33 | 1.62 | (2.80) | 1.51 | 1.54 |
|  Total from investment operations | 1.04 | 1.68 | 1.94 | (2.48) | 1.92 | 1.77 |
|  Distributions to shareholders from net investment income | (0.19) | (0.57) | (0.28) | (0.53) | (0.58) | (0.26) |
|  Distributions to shareholders from net realized gains |  | (0.46) |  | (0.23) | (0.52) | (0.26) |
|  Total distributions | (0.19) | (1.03) | (0.28) | (0.76) | (1.10) | (0.52) |
|  Net asset value, end of period | $16.18 | $15.33 | $14.68 | $13.02 | $16.26 | $15.44 |
|  **Total return<sup>(c)</sup>**  | 6.86% | 11.40% | 15.01% | (15.30)% | 12.48% | 12.64% |
|  Net assets, end of period (in 000s) | $12785 | $8412 | $13017 | $7459 | $8948 | $7997 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.30 %<sup>(e)</sup> | 0.30% | 0.31% | 0.31% | 0.31% | 0.32% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.36 %<sup>(e)</sup> | 0.35% | 0.36% | 0.36% | 0.34% | 0.37% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 1.92 %<sup>(e)</sup> | 2.25% | 2.28% | 2.24% | 2.50% | 1.64% |
|  Portfolio turnover rate<sup>(f)</sup>  | 12% | 32% | 48% | 29% | 8% | 13% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **57** |

---

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

&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 Period*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Six Months Ended** | | | | | |
|  | **June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $15.48 | $14.81 | $13.14 | $16.40 | $15.55 | $14.30 |
|  Net investment income<sup>(a)(b)</sup>  | 0.15 | 0.42 | 0.31 | 0.43 | 0.32 | 0.22 |
|  Net realized and unrealized gain (loss) | 0.91 | 1.31 | 1.65 | (2.91) | 1.64 | 1.57 |
|  Total from investment operations | 1.06 | 1.73 | 1.96 | (2.48) | 1.96 | 1.79 |
|  Distributions to shareholders from net investment income | (0.20) | (0.60) | (0.29) | (0.55) | (0.59) | (0.28) |
|  Distributions to shareholders from net realized gains |  | (0.46) |  | (0.23) | (0.52) | (0.26) |
|  Total distributions | (0.20) | (1.06) | (0.29) | (0.78) | (1.11) | (0.54) |
|  Net asset value, end of period | $16.34 | $15.48 | $14.81 | $13.14 | $16.40 | $15.55 |
|  **Total return<sup>(c)</sup>**  | 6.91% | 11.58% | 15.08% | (15.17)% | 12.69% | 12.70% |
|  Net assets, end of period (in 000s) | $2392 | $2645 | $2201 | $2162 | $923 | $4694 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.18 %<sup>(e)</sup> | 0.18% | 0.19% | 0.18% | 0.18% | 0.18% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.24 %<sup>(e)</sup> | 0.23% | 0.23% | 0.23% | 0.22% | 0.23% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 1.91 %<sup>(e)</sup> | 2.69% | 2.23% | 3.02% | 1.94% | 1.59% |
|  Portfolio turnover rate<sup>(f)</sup>  | 12% | 32% | 48% | 29% | 8% | 13% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| **58** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

&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 Period*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Six Months Ended** | | | | | |
|  | **June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $15.27 | $14.62 | $12.97 | $16.20 | $15.39 | $14.15 |
|  Net investment income<sup>(a)(b)</sup>  | 0.10 | 0.30 | 0.21 | 0.25 | 0.31 | 0.16 |
|  Net realized and unrealized gain (loss) | 0.89 | 1.31 | 1.64 | (2.79) | 1.52 | 1.53 |
|  Total from investment operations | 0.99 | 1.61 | 1.85 | (2.54) | 1.83 | 1.69 |
|  Distributions to shareholders from net investment income | (0.15) | (0.50) | (0.20) | (0.46) | (0.50) | (0.19) |
|  Distributions to shareholders from net realized gains |  | (0.46) |  | (0.23) | (0.52) | (0.26) |
|  Total distributions | (0.15) | (0.96) | (0.20) | (0.69) | (1.02) | (0.45) |
|  Net asset value, end of period | $16.11 | $15.27 | $14.62 | $12.97 | $16.20 | $15.39 |
|  **Total return<sup>(c)</sup>**  | 6.56% | 10.92% | 14.39% | (15.73)% | 11.94% | 12.05% |
|  Net assets, end of period (in 000s) | $4470 | $4259 | $4230 | $4346 | $5579 | $5270 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.80 %<sup>(e)</sup> | 0.80% | 0.81% | 0.81% | 0.81% | 0.82% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.86 %<sup>(e)</sup> | 0.85% | 0.86% | 0.86% | 0.84% | 0.87% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 1.33 %<sup>(e)</sup> | 1.92% | 1.57% | 1.75% | 1.87% | 1.15% |
|  Portfolio turnover rate<sup>(f)</sup>  | 12% | 32% | 48% | 29% | 8% | 13% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **59** |

---

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

&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 Period*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended** | | | | | |
|  | **June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $15.48 | $14.81 | $13.13 | $16.39 | $15.55 | $14.30 |
|  Net investment income<sup>(a)(b)</sup>  | 0.15 | 0.41 | 0.31 | 0.34 | 0.44 | 0.26 |
|  Net realized and unrealized gain (loss) | 0.91 | 1.32 | 1.66 | (2.82) | 1.52 | 1.53 |
|  Total from investment operations | 1.06 | 1.73 | 1.97 | (2.48) | 1.96 | 1.79 |
|  Distributions to shareholders from net investment income | (0.20) | (0.60) | (0.29) | (0.55) | (0.60) | (0.28) |
|  Distributions to shareholders from net realized gains |  | (0.46) |  | (0.23) | (0.52) | (0.26) |
|  Total distributions | (0.20) | (1.06) | (0.29) | (0.78) | (1.12) | (0.54) |
|  Net asset value, end of period | $16.34 | $15.48 | $14.81 | $13.13 | $16.39 | $15.55 |
|  **Total return<sup>(c)</sup>**  | 6.91% | 11.58% | 15.17% | (15.19)% | 12.66% | 12.70% |
|  Net assets, end of period (in 000s) | $278907 | $261073 | $238157 | $218480 | $260202 | $228953 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.18 %<sup>(e)</sup> | 0.18% | 0.19% | 0.18% | 0.18% | 0.18% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.24 %<sup>(e)</sup> | 0.23% | 0.23% | 0.23% | 0.22% | 0.23% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 1.95 %<sup>(e)</sup> | 2.57% | 2.23% | 2.38% | 2.62% | 1.80% |
|  Portfolio turnover rate<sup>(f)</sup>  | 12% | 32% | 48% | 29% | 8% | 13% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| **60** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

&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 Period*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended** | | | | | |
|  | **June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $18.99 | $17.87 | $15.44 | $19.62 | $17.88 | $16.18 |
|  Net investment income<sup>(a)(b)</sup>  | 0.10 | 0.29 | 0.26 | 0.32 | 0.47 | 0.19 |
|  Net realized and unrealized gain (loss) | 1.41 | 2.26 | 2.42 | (3.68) | 2.49 | 2.07 |
|  Total from investment operations | 1.51 | 2.55 | 2.68 | (3.36) | 2.96 | 2.26 |
|  Distributions to shareholders from net investment income |  | (0.62) | (0.25) | (0.56) | (0.70) | (0.21) |
|  Distributions to shareholders from net realized gains |  | (0.81) |  | (0.26) | (0.52) | (0.35) |
|  Total distributions |  | (1.43) | (0.25) | (0.82) | (1.22) | (0.56) |
|  Net asset value, end of period | $20.50 | $18.99 | $17.87 | $15.44 | $19.62 | $17.88 |
|  **Total return<sup>(c)</sup>**  | 7.95% | 14.11% | 17.33% | (17.14)% | 16.54% | 13.96% |
|  Net assets, end of period (in 000s) | $348486 | $338759 | $325376 | $297896 | $387436 | $353363 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.55 %<sup>(e)</sup> | 0.55% | 0.56% | 0.56% | 0.56% | 0.57% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.61 %<sup>(e)</sup> | 0.60% | 0.61% | 0.61% | 0.60% | 0.64% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 1.07 %<sup>(e)</sup> | 1.47% | 1.54% | 1.87% | 2.40% | 1.18% |
|  Portfolio turnover rate<sup>(f)</sup>  | 9% | 35% | 67% | 27% | 5% | 8% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **61** |

---

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

&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 Period*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended** | | | | | |
|  | **June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $19.58 | $18.38 | $15.85 | $20.09 | $18.27 | $16.51 |
|  Net investment income<sup>(a)(b)</sup>  | 0.03 | 0.15 | 0.12 | 0.18 | 0.29 | 0.05 |
|  Net realized and unrealized gain (loss) | 1.44 | 2.32 | 2.49 | (3.74) | 2.57 | 2.11 |
|  Total from investment operations | 1.47 | 2.47 | 2.61 | (3.56) | 2.86 | 2.16 |
|  Distributions to shareholders from net investment income |  | (0.46) | (0.08) | (0.42) | (0.52) | (0.05) |
|  Distributions to shareholders from net realized gains |  | (0.81) |  | (0.26) | (0.52) | (0.35) |
|  Total distributions |  | (1.27) | (0.08) | (0.68) | (1.04) | (0.40) |
|  Net asset value, end of period | $21.05 | $19.58 | $18.38 | $15.85 | $20.09 | $18.27 |
|  **Total return<sup>(c)</sup>**  | 7.51% | 13.27% | 16.47% | (17.76)% | 15.67% | 13.10% |
|  Net assets, end of period (in 000s) | $11960 | $12621 | $12068 | $13496 | $19334 | $22590 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 1.30 %<sup>(e)</sup> | 1.30% | 1.31% | 1.31% | 1.31% | 1.32% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 1.36 %<sup>(e)</sup> | 1.35% | 1.36% | 1.36% | 1.35% | 1.39% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 0.28 %<sup>(e)</sup> | 0.74% | 0.71% | 1.03% | 1.44% | 0.28% |
|  Portfolio turnover rate<sup>(f)</sup>  | 9% | 35% | 67% | 27% | 5% | 8% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| **62** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

&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 Period*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended** | | | | | |
|  | **June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $18.98 | $17.86 | $15.42 | $19.61 | $17.86 | $16.17 |
|  Net investment income<sup>(a)(b)</sup>  | 0.13 | 0.37 | 0.32 | 0.38 | 0.57 | 0.25 |
|  Net realized and unrealized gain (loss) | 1.41 | 2.25 | 2.43 | (3.68) | 2.47 | 2.06 |
|  Total from investment operations | 1.54 | 2.62 | 2.75 | (3.30) | 3.04 | 2.31 |
|  Distributions to shareholders from net investment income |  | (0.69) | (0.31) | (0.63) | (0.77) | (0.27) |
|  Distributions to shareholders from net realized gains |  | (0.81) |  | (0.26) | (0.52) | (0.35) |
|  Total distributions |  | (1.50) | (0.31) | (0.89) | (1.29) | (0.62) |
|  Net asset value, end of period | $20.52 | $18.98 | $17.86 | $15.42 | $19.61 | $17.86 |
|  **Total return<sup>(c)</sup>**  | 8.11% | 14.52% | 17.83% | (16.87)% | 17.03% | 14.29% |
|  Net assets, end of period (in 000s) | $271814 | $278471 | $211831 | $195963 | $249377 | $169166 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.19 %<sup>(e)</sup> | 0.19% | 0.20% | 0.19% | 0.19% | 0.19% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.25 %<sup>(e)</sup> | 0.24% | 0.25% | 0.24% | 0.23% | 0.26% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 1.41 %<sup>(e)</sup> | 1.89% | 1.91% | 2.24% | 2.88% | 1.58% |
|  Portfolio turnover rate<sup>(f)</sup>  | 9% | 35% | 67% | 27% | 5% | 8% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **63** |

---

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

&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 Period*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Six Months Ended** | | | | | |
|  | **June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $18.94 | $17.82 | $15.39 | $19.56 | $17.83 | $16.13 |
|  Net investment income<sup>(a)(b)</sup>  | 0.09 | 0.24 | 0.23 | 0.29 | 0.46 | 0.15 |
|  Net realized and unrealized gain (loss) | 1.40 | 2.27 | 2.42 | (3.66) | 2.46 | 2.08 |
|  Total from investment operations | 1.49 | 2.51 | 2.65 | (3.37) | 2.92 | 2.23 |
|  Distributions to shareholders from net investment income |  | (0.58) | (0.22) | (0.54) | (0.67) | (0.18) |
|  Distributions to shareholders from net realized gains |  | (0.81) |  | (0.26) | (0.52) | (0.35) |
|  Total distributions |  | (1.39) | (0.22) | (0.80) | (1.19) | (0.53) |
|  Net asset value, end of period | $20.43 | $18.94 | $17.82 | $15.39 | $19.56 | $17.83 |
|  **Total return<sup>(c)</sup>**  | 7.87% | 13.92% | 17.23% | (17.27)% | 16.41% | 13.81% |
|  Net assets, end of period (in 000s) | $1946 | $1923 | $2277 | $1764 | $2413 | $2120 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.69 %<sup>(e)</sup> | 0.69% | 0.70% | 0.69% | 0.69% | 0.69% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.75 %<sup>(e)</sup> | 0.74% | 0.75% | 0.74% | 0.73% | 0.76% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 0.92 %<sup>(e)</sup> | 1.27% | 1.41% | 1.70% | 2.36% | 0.94% |
|  Portfolio turnover rate<sup>(f)</sup>  | 9% | 35% | 67% | 27% | 5% | 8% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| **64** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

&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 Period*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Six Months Ended** | | | | | |
|  | **June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $18.66 | $17.58 | $15.18 | $19.29 | $17.60 | $15.93 |
|  Net investment income<sup>(a)(b)</sup>  | 0.13 | 0.31 | 0.28 | 0.34 | 0.75 | 0.22 |
|  Net realized and unrealized gain (loss) | 1.37 | 2.25 | 2.40 | (3.60) | 2.21 | 2.05 |
|  Total from investment operations | 1.50 | 2.56 | 2.68 | (3.26) | 2.96 | 2.27 |
|  Distributions to shareholders from net investment income |  | (0.67) | (0.28) | (0.59) | (0.75) | (0.25) |
|  Distributions to shareholders from net realized gains |  | (0.81) |  | (0.26) | (0.52) | (0.35) |
|  Total distributions |  | (1.48) | (0.28) | (0.85) | (1.27) | (0.60) |
|  Net asset value, end of period | $20.16 | $18.66 | $17.58 | $15.18 | $19.29 | $17.60 |
|  **Total return<sup>(c)</sup>**  | 8.04% | 14.40% | 17.67% | (16.92)% | 16.86% | 14.24% |
|  Net assets, end of period (in 000s) | $10952 | $9643 | $12556 | $10006 | $13836 | $7004 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.30 %<sup>(e)</sup> | 0.30% | 0.31% | 0.31% | 0.31% | 0.32% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.36 %<sup>(e)</sup> | 0.35% | 0.36% | 0.36% | 0.35% | 0.39% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 1.34 %<sup>(e)</sup> | 1.65% | 1.73% | 2.02% | 3.83% | 1.38% |
|  Portfolio turnover rate<sup>(f)</sup>  | 9% | 35% | 67% | 27% | 5% | 8% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **65** |

---

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

&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 Period*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Six Months Ended** | | | | | |
|  | **June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $18.98 | $17.87 | $15.43 | $19.62 | $17.87 | $16.17 |
|  Net investment income<sup>(a)(b)</sup>  | 0.14 | 0.37 | 0.32 | 0.42 | 0.55 | 0.21 |
|  Net realized and unrealized gain (loss) | 1.41 | 2.25 | 2.43 | (3.72) | 2.49 | 2.11 |
|  Total from investment operations | 1.55 | 2.62 | 2.75 | (3.30) | 3.04 | 2.32 |
|  Distributions to shareholders from net investment income |  | (0.70) | (0.31) | (0.63) | (0.77) | (0.27) |
|  Distributions to shareholders from net realized gains |  | (0.81) |  | (0.26) | (0.52) | (0.35) |
|  Total distributions |  | (1.51) | (0.31) | (0.89) | (1.29) | (0.62) |
|  Net asset value, end of period | $20.53 | $18.98 | $17.87 | $15.43 | $19.62 | $17.87 |
|  **Total return<sup>(c)</sup>**  | 8.11% | 14.59% | 17.76% | (16.85)% | 17.02% | 14.35% |
|  Net assets, end of period (in 000s) | $10987 | $10009 | $8211 | $7255 | $6263 | $6792 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.18 %<sup>(e)</sup> | 0.18% | 0.19% | 0.18% | 0.18% | 0.18% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.24 %<sup>(e)</sup> | 0.23% | 0.24% | 0.24% | 0.22% | 0.25% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 1.45 %<sup>(e)</sup> | 1.87% | 1.92% | 2.48% | 2.79% | 1.31% |
|  Portfolio turnover rate<sup>(f)</sup>  | 9% | 35% | 67% | 27% | 5% | 8% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| **66** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

&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 Period*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Six Months Ended** | | | | | |
|  | **June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $18.30 | $17.27 | $14.93 | $19.01 | $17.36 | $15.74 |
|  Net investment income<sup>(a)(b)</sup>  | 0.08 | 0.24 | 0.21 | 0.26 | 0.44 | 0.15 |
|  Net realized and unrealized gain (loss) | 1.34 | 2.18 | 2.34 | (3.56) | 2.39 | 1.99 |
|  Total from investment operations | 1.42 | 2.42 | 2.55 | (3.30) | 2.83 | 2.14 |
|  Distributions to shareholders from net investment income |  | (0.58) | (0.21) | (0.52) | (0.66) | (0.17) |
|  Distributions to shareholders from net realized gains |  | (0.81) |  | (0.26) | (0.52) | (0.35) |
|  Total distributions |  | (1.39) | (0.21) | (0.78) | (1.18) | (0.52) |
|  Net asset value, end of period | $19.72 | $18.30 | $17.27 | $14.93 | $19.01 | $17.36 |
|  **Total return<sup>(c)</sup>**  | 7.76% | 13.85% | 17.07% | (17.38)% | 16.31% | 13.61% |
|  Net assets, end of period (in 000s) | $7774 | $7202 | $6350 | $5492 | $7788 | $6353 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.80 %<sup>(e)</sup> | 0.80% | 0.81% | 0.81% | 0.81% | 0.82% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.86 %<sup>(e)</sup> | 0.85% | 0.86% | 0.86% | 0.85% | 0.89% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 0.83 %<sup>(e)</sup> | 1.26% | 1.31% | 1.58% | 2.31% | 0.94% |
|  Portfolio turnover rate<sup>(f)</sup>  | 9% | 35% | 67% | 27% | 5% | 8% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **67** |

---

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

&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 Period*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended** | | | | | |
|  | **June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $18.99 | $17.87 | $15.43 | $19.62 | $17.87 | $16.17 |
|  Net investment income<sup>(a)(b)</sup>  | 0.14 | 0.36 | 0.32 | 0.39 | 0.59 | 0.26 |
|  Net realized and unrealized gain (loss) | 1.40 | 2.27 | 2.43 | (3.69) | 2.45 | 2.06 |
|  Total from investment operations | 1.54 | 2.63 | 2.75 | (3.30) | 3.04 | 2.32 |
|  Distributions to shareholders from net investment income |  | (0.70) | (0.31) | (0.63) | (0.77) | (0.27) |
|  Distributions to shareholders from net realized gains |  | (0.81) |  | (0.26) | (0.52) | (0.35) |
|  Total distributions |  | (1.51) | (0.31) | (0.89) | (1.29) | (0.62) |
|  Net asset value, end of period | $20.53 | $18.99 | $17.87 | $15.43 | $19.62 | $17.87 |
|  **Total return<sup>(c)</sup>**  | 8.11% | 14.52% | 17.83% | (16.85)% | 17.03% | 14.36% |
|  Net assets, end of period (in 000s) | $339400 | $312750 | $270227 | $230411 | $277169 | $207786 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.18 %<sup>(e)</sup> | 0.18% | 0.19% | 0.18% | 0.18% | 0.18% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.24 %<sup>(e)</sup> | 0.23% | 0.24% | 0.23% | 0.22% | 0.25% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 1.45 %<sup>(e)</sup> | 1.86% | 1.93% | 2.26% | 2.98% | 1.62% |
|  Portfolio turnover rate<sup>(f)</sup>  | 9% | 35% | 67% | 27% | 5% | 8% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| **68** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

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

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

Notes to Financial Statements *June 30, 2025 (Unaudited)*

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs Trust (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the "Fund/Portfolios" or individually a "Fund/Portfolio"), along with their corresponding share classes and respective diversification status under the Act:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Share Classes Offered** | **Diversified/ Non-diversified** |
| Fund/Portfolios | A, C, Institutional, Service, Investor, R6, R, P | Diversified |

---

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

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

The Goldman Sachs Balanced Strategy Portfolio, Goldman Sachs Growth and Income Strategy Portfolio and Goldman Sachs Growth Strategy Portfolio are expected to invest primarily in a combination of domestic and international equity and fixed income underlying funds that currently exist or that may become available for investment in the future for which GSAM or an affiliate now or in the future acts as investment adviser or principal underwriter without considering or canvassing the universe of unaffiliated funds available, and may also invest in unaffiliated exchange-traded funds ("ETFs") (collectively, the "Underlying Funds"). The Dynamic Global Equity Fund is expected to invest in a diversified portfolio of global equity asset classes. Such investments may include Underlying Funds, futures, forwards, options, swaps and other instruments with similar economic exposures.

&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/Portfolio is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The valuation policy of the Fund/Portfolios and Underlying Funds is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Fund/Portfolios may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Income distributions are recognized as capital gains or income in the financial statements in accordance with the character that is distributed.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the 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.

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

**69**

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

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

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

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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/Portfolio are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund/Portfolio are charged to that Fund/Portfolio, while such expenses incurred by the Trust are allocated across the applicable Fund/Portfolios on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

Expenses included in the accompanying financial statements reflect the expenses of each Fund/Portfolio and do not include any expenses associated with the Underlying Funds. Because the Underlying Funds have varied expense and fee levels and the Fund/Portfolios may own different proportions of the Underlying Funds at different times, the amount of fees and expenses incurred indirectly by each Fund/Portfolio will vary.

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

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Income Distributions Declared/Paid** | **Capital Gains Distributions Declared/Paid** |
| Balanced Strategy Portfolio, Growth and Income Strategy Portfolio | Quarterly | Annually |
| Dynamic Global Equity Fund, Growth Strategy Portfolio | Annually | Annually |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;F. In-Kind Transactions — The Fund/Portfolios may allow investors, under certain circumstances, to purchase shares with securities instead of cash. In addition, the Trust reserves the right to redeem an investor's shares by distributing securities instead of cash. These are known as in-kind transactions. Securities included as part of in-kind purchases and redemptions of Fund/Portfolio shares are valued in the same manner as they are valued for purposes of computing a Fund's/Portfolio's NAV, in accordance with each Fund's/Portfolio's Valuation Procedures, and such valuations are as of the date the trade is submitted pursuant to the procedures specified in the Fund's/Portfolio's prospectus.

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

**70**

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

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

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

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

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

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

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

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

&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;G. Segment Reporting — The Fund/Portfolios follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund/Portfolio operates in one segment. The segment derives its revenues from Fund/Portfolio investments made in accordance with the defined investment strategy of the Fund/Portfolios, as prescribed in the Fund's/Portfolios' prospectuses. The Chief Operating Decision Maker ("CODM") is the Investment Adviser. The CODM monitors and actively manages the operating results of each Fund/Portfolio. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Fund's/ Portfolios' single segment is consistent with that presented within the Fund's/Portfolios' 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 Fund's/Portfolio's policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

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

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

Underlying Funds (including Money Market Funds) — Underlying Funds include 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 Fund/Portfolios invest in Underlying Funds that fluctuate in value, the Fund's/Portfolios' shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's shareholder report.

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

**71**

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

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

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

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

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

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

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

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

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/Portfolio enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund/Portfolio and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund/Portfolio, if any, is noted in the Schedules of Investments.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. 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 the Fund/Portfolio agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund/Portfolio deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund/Portfolio equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Options — When a Fund/Portfolio writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

Upon the purchase of a call option or a put option by a Fund/Portfolio, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Swap Contracts — Bilateral swap contracts are agreements in which a Fund/Portfolio and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund/Portfolio and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These

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

**72**

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

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

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

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

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

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

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

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

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

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

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

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

A *credit default swap* is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Portfolio's investment in credit default swaps may involve greater risks than if the Portfolio had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Portfolio buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Portfolio, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Portfolio may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

As a seller of protection, a Portfolio generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Portfolio sells protection through a credit default swap, a Portfolio could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Portfolio, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Portfolio may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Portfolio is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

The maximum potential amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Portfolio bought credit protection.

A *total return swap* is an agreement that gives a Portfolio the right to receive or pay the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of securities or indices, or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, a Portfolio may also be required to pay the dollar value of that decline to the counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Fund's/Portfolios' 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

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

**73**

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

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

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

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

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

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

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

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

either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Fund's/Portfolios' 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 Fund's/Portfolios' investments and derivatives classified in the fair value hierarchy as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **BALANCED STRATEGY PORTFOLIO** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Underlying Funds | $529670636 | $— | $— |
|  Investment Company | 9247541 |  |  |
|  **Total** | $538918177 | $— | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $58362 | $— |
|  Futures Contracts<sup>(a)</sup>  | 868519 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | 32127 |  |
|  Purchased Option Contracts | 2522998 | 366963 |  |
|  **Total** | $3391517 | $457452 | $— |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $(533612) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Futures Contracts<sup>(a)</sup>  | (18626) |  |  |
|  Credit Default Swap Contracts<sup>(a)</sup>  |  | (78357) |  |
|  Total Return Swap Contracts<sup>(a)</sup>  |  | (537) |  |
|  Written Option Contracts | (55299) | (66700) |  |
|  **Total** | $(73925) | $(679206) | $— |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **DYNAMIC GLOBAL EQUITY FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Underlying Funds | $374956323 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Investment Company | 17442152 |  |  |
|  **Total** | $392398475 | $— | $— |

---

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

**74**

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

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

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

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

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **DYNAMIC GLOBAL EQUITY FUND (continued)** |  |  |  |
| Derivative Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $22410 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Futures Contracts<sup>(a)</sup>  | 1222698 |  |  |
|  Purchased Option Contracts | 2892205 | 311307 |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4114903 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333717 | $— |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $(200578) | $— |
|  Futures Contracts<sup>(a)</sup>  | (11219) |  |  |
|  Written Option Contracts | (58245) | (21099) |  |
|  **Total** | $(69464) | $(221677) | $— |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **GROWTH AND INCOME STRATEGY PORTFOLIO** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Underlying Funds | $919894383 | $— | $— |
|  Investment Company | 12522484 |  |  |
|  **Total** | $932416867 | $— | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $95424 | $— |
|  Futures Contracts<sup>(a)</sup>  | 1502101 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | 53545 |  |
|  Purchased Option Contracts | 5873873 | 646587 |  |
|  **Total** | $7375974 | $795556 | $— |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $(872233) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Futures Contracts<sup>(a)</sup>  | (32322) |  |  |
|  Credit Default Swap Contracts<sup>(a)</sup>  |  | (128110) |  |
|  Total Return Swap Contracts<sup>(a)</sup>  |  | (931) |  |
|  Written Option Contracts | (88415) | (115002) |  |
|  **Total** | $(120737) | $(1116276) | $— |

---

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

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

**75**

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

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

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

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **GROWTH STRATEGY PORTFOLIO** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Underlying Funds | $940720768 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Investment Company | 17856446 |  |  |
|  **Total** | $958577214 | $— | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $111616 | $— |
|  Futures Contracts<sup>(a)</sup>  | 1259694 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | 54519 |  |
|  Purchased Option Contracts | 6611206 | 659421 |  |
|  **Total** | $7870900 | $825556 | $— |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $(1017906) | $— |
|  Futures Contracts<sup>(a)</sup>  | (33216) |  |  |
|  Credit Default Swap Contracts<sup>(a)</sup>  |  | (129986) |  |
|  Total Return Swap Contracts<sup>(a)</sup>  |  | (940) |  |
|  Written Option Contracts | (115118) | (135695) |  |
|  **Total** | $(148334) | $(1284527) | $— |

---

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

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

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

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2025. These instruments were used as part of the Fund's/Portfolios' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Fund's/Portfolios' net exposure.

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

**76**

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

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

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

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Credit |  | $— | Variation margin on swap contracts | $(78357)<sup>(a)</sup> |
| Currency | Receivable for unrealized gain on forward foreign currency contracts; Purchased options, at value | 342350 | Payable for unrealized loss on forward foreign currency exchange contracts; Written options, at value | (533612) |
| Equity | Variation margin on futures contracts; Purchased options, at value | 941287 <sup>(a)</sup> | Payable for unrealized loss on swap contracts; Variation margin on futures contracts; Written options, at value | (138686)<sup>(a)(b)</sup> |
| Interest rate | Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value | 2565332 <sup>(a)</sup> | Variation margin on futures contracts | (2476)<sup>(a)</sup> |
|  **Total** |  | $3848969 |  | $(753131) |
| **Dynamic Global Equity Fund** | **Dynamic Global Equity 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; Purchased options, at value | $282723 | Payable for unrealized loss on forward foreign currency exchange contracts | $(200578) |
| Equity | Variation margin on futures contracts; Purchased options, at value | 1273692 <sup>(a)</sup> | Variation margin on futures contracts; Written options, at value | (90563)<sup>(a)</sup> |
| Interest rate | Purchased options, at value | 2892205 |  |  |
|  **Total** |  | $4448620 |  | $(291141) |
| **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Credit |  | $— | Variation margin on swap contracts | $(128110)<sup>(a)</sup> |
| Currency | Receivable for unrealized gain on forward foreign currency exchange contracts; Purchased options, at value | 600300 | Payable for unrealized loss on forward foreign currency exchange contracts | (872233) |
| Equity | Variation margin on futures contracts; Purchased options, at value | 1623401 <sup>(a)</sup> | Variation margin on futures contracts; Payable for unrealized loss swap contracts; Written options, at value | (231717)<sup>(a)(b)</sup> |
| Interest rate | Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value | 5947829 <sup>(a)</sup> | Variation margin on futures contracts | (4953)<sup>(a)</sup> |
|  **Total** |  | $8171530 |  | $(1237013) |

---

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

**77**

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

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

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

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Growth Strategy Portfolio** | **Growth Strategy Portfolio** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Credit |  | $— | Variation margin on swaps contracts | $(129986)<sup>(a)</sup> |
| Currency | Receivable for unrealized gain on forward foreign currency exchange contracts; Purchased options, at value | 603213 | Payable for unrealized loss on forward foreign currency exchange contracts | (1017906) |
| Equity | Variation margin on swap contracts; Purchased options, at value | 1408008 <sup>(a)</sup> | Payable for unrealized loss on swaps contracts; Variation margin on futures contracts; Written options, at value | (280016)<sup>(a)(b)</sup> |
| Interest rate | Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value | 6685235 <sup>(a)</sup> | Variation margin on futures contracts | (4953)<sup>(a)</sup> |
|  **Total** |  | $8696456 |  | $(1432861) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of June 30, 2025 is reported within the Statements of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Aggregate of amounts include $537, $931 and $940 for the Balanced Strategy, Growth and Income Strategy and Growth Strategy Portfolios', respectively, which represents the payments to be made pursuant to bilateral agreements should counterparties exercise their "right to terminate" provisions based on, among others, a Portfolio's performance, its failure to pay on its obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which a Portfolio is entitled to a full return.

The following tables set forth, by certain risk types, the Fund's/Portfolios' gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2025. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

---

| | | | |
|:---|:---|:---|:---|
| **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $(91836) | $(78357) |
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts; purchased options and written options/Net change in unrealized gain (loss) on forward foreign currency exchange contracts; purchased options and written options | (2465175) | (2166057) |
| Equity | Net realized gain (loss) from futures contracts, purchased options, written options and swap contracts /Net change in unrealized gain (loss) on futures contracts, purchased options, written options and swap contracts | (1633588) | 1827323 |
| Interest rate | Net realized gain (loss) from futures contracts, purchased options, written options and swap contracts /Net change in unrealized gain (loss) on futures contracts, purchased options, written options and swap contracts | (1316305) | 1695612 |
|  **Total** |  | $(5506904) | $1278521 |

---

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

**78**

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

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

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

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

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts and purchased options/Net change in unrealized gain (loss) on forward foreign currency exchange contracts and purchased options | $(1223522) | $(759319) |
| Equity | Net realized gain (loss) from futures contracts, purchased option and written option contracts/Net change in unrealized gain (loss) on futures contracts, purchased option and written option contracts | (2606890) | 3146072 |
| Interest rate | Net realized gain (loss) from purchased options /Net change in unrealized gain (loss) on purchased options | (640699) | 1394215 |
|  **Total** |  | $(4471111) | $3780968 |
| **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $(153523) | $(128110) |
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts; purchased options and written options /Net change in unrealized gain (loss) on forward foreign currency exchange contracts; purchased options, written options and swap contracts | (3808296) | (3371295) |
| Equity | Net realized gain (loss) from futures contracts, purchased options, written options and swap contracts/Net change in unrealized gain (loss) on futures contracts, Purchased options, written options and swap contracts | (2539179) | 3084921 |
| Interest rate | Net realized gain (loss) from futures contracts, purchased options, written options and swap contracts /Net change in unrealized gain (loss) on futures contracts, purchased options, written options and swap contracts | (2126655) | 3343520 |
|  **Total** |  | $(8627653) | $2929036 |

---

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

**79**

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

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

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

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Growth Strategy Portfolio** | **Growth Strategy Portfolio** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $(141841) | $(129986) |
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts; purchased options and written options/Net change in unrealized gain (loss) on forward foreign currency exchange contracts; purchased options and written options | (4075865) | (3673484) |
| Equity | Net realized gain (loss) from futures contracts, purchased options, written options and swap contracts /Net change in unrealized gain (loss) on futures contracts, purchased options, written options and swap contracts | (4338492) | 2960549 |
| Interest rate | Net realized gain (loss) from futures contracts, purchased options, written options and swap contracts /Net change in unrealized gain (loss) on futures contracts, purchased options, written options and swap contracts | (2356614) | 3768471 |
|  **Total** |  | $(10912812) | $2925550 |

---

For the six months ended June 30, 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>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** |
| **Portfolio** | **Futures<br>Contracts** | **Forward<br>Contracts** | **Swap<br>Agreements** | **Purchased<br>Options** | **Purchased<br>Swaptions** | **Written<br>Options** | **Written<br>Swaptions** |
|  Balanced Strategy Portfolio | 304 | $50633260 | $6143578 | 71568004 | $1523869 | 11773 | $3368116 |
|  Dynamic Global Equity Fund | 232 | 18517469 |  | 62580714 |  | 10756 |  |
|  Growth and Income Strategy Portfolio | 493 | 76572344 | 11903758 | 123482951 | 2036094 | 19657 | 5130892 |
|  Growth Strategy Portfolio | 490 | 81244443 | 12215642 | 131881474 | 1626314 | 24918 | 4910589 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent the average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, purchased and written swaptions, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of the volume for this derivative type, for the months that each Fund/Portfolio held such derivatives during the six months ended June 30, 2025.

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

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

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Fund's/Portfolios' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of average daily net assets of 0.15% for each of the Fund/Portfolios.

&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/Portfolio, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly for

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

**80**

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 Fund/Portfolios, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund/Portfolio, 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 Fund/Portfolios, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund/Portfolio, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Fund/Portfolios, as set forth below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service Plan Rates**  | **Distribution and/or Service Plan Rates**  | **Distribution and/or Service Plan Rates**  | **Distribution and/or Service Plan Rates**  |
|  | <br> **Class A\*** | <br> **Class C** | <br> **Service** | <br> **Class R\*** |
|  Distribution and/or Service Plan | 0.25% | 0.75% | 0.25% | 0.50% |

---

\* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on "service fees" imposed by the Financial Industry Regulatory Authority. 

&nbsp;&nbsp;&nbsp;&nbsp;C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Fund/Portfolios pursuant to a Distribution Agreement, may retain a portion of the Class A Shares' front end sales charge and Class C Shares' CDSC. During the six months ended June 30, 2025, Goldman Sachs retained the following amounts:

---

| | | |
|:---|:---|:---|
|  | **Front End<br>Sales Charge**  | **Contingent Deferred<br>Sales Charge**  |
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio** | <br> **Class A** | <br> **Class C** |
|  Balanced Strategy Portfolio | $1744 | $154 |
|  Dynamic Global Equity Fund | 2467 | 352 |
|  Growth and Income Strategy Portfolio | 5478 | 312 |
|  Growth Strategy Portfolio | 5304 | 316 |

---

&nbsp;&nbsp;&nbsp;&nbsp;D. Service and Shareholder Administration Plans — The Trust, on behalf of each applicable Fund/Portfolio, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Fund/Portfolios, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund/Portfolios for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**81**

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Fund/Portfolios (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund/Portfolio. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund/Portfolios are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets are 0.004% for each Fund/Portfolio. These Other Expense limitations will remain in place through at least April 30, 2026 and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Fund/Portfolios have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Fund's/Portfolios' expenses and are received irrespective of the application of the "Other Expense" limitations described above.

For the six months ended June 30, 2025, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Transfer Agency Waivers/Credits** | **Other**<br> **Expense Reimbursements** | **Total Expense Reductions** |
|  Balanced Strategy Portfolio | $313 | $252546 | $252859 |
|  Dynamic Global Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;660 | 265876 | 266536 |
|  Growth and Income Strategy Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;636 | 264637 | 265273 |
|  Growth Strategy Portfolio | 1819 | 276868 | 278687 |

---

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of June 30, 2025, the Fund/Portfolios participated in a $1,300,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund/Portfolios based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2025, the Fund/Portfolios did not have any borrowings under the facility. Prior to April 14, 2025, the facility was $1,150,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — The Fund/Portfolios invest primarily in Class R6 Shares of the Underlying Funds (except certain Underlying Funds that are ETFs). These Underlying Funds are considered to be affiliated with the Fund/Portfolios. The tables below show the transactions in and earnings from investments in these Underlying Funds for the six months ended June 30, 2025 (in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** |  |
| **Underlying Fund** | **Market<br>Value as of<br>12/31/24** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change In<br>Unrealized<br>Gain (Loss)** | **Market<br>Value as of<br>June 30, 2025** | **Shares as of<br>June 30, 2025** | **Dividend<br>Income** |
|  Goldman Sachs Access Investment Grade Corporate Bond ETF | $81153 | $1487 | $(45897) | $(3117) | $3636 | $37262 | 810 | $1235 |
|  Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 2107 |  | (562) | 83 | 200 | 1828 | 49 |  |
|  Goldman Sachs ActiveBeta International Equity ETF | 4497 | 1085 | (548) | 7 | 892 | 5933 | 150 | 102 |
|  Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 7889 |  |  |  | 425 | 8314 | 68 | 46 |
|  Goldman Sachs Emerging Markets Debt Fund — Class R6 | 6942 | 1323 | (1300) | (52) | 146 | 7059 | 720 | 223 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**82**

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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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;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Balanced Strategy Portfolio (continued)** | **Balanced Strategy Portfolio (continued)** | **Balanced Strategy Portfolio (continued)** | **Balanced Strategy Portfolio (continued)** | **Balanced Strategy Portfolio (continued)** | **Balanced Strategy Portfolio (continued)** | **Balanced Strategy Portfolio (continued)** | **Balanced Strategy Portfolio (continued)** |  |
| **Underlying Fund** | **Market<br>Value as of<br>12/31/24** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change In<br>Unrealized<br>Gain (Loss)** | **Market<br>Value as of<br>June 30, 2025** | **Shares as of<br>June 30, 2025** | **Dividend<br>Income** |
|  Goldman Sachs Emerging Markets Equity Insights Fund — Class R6 | $11989 | $499 | $(2500) | $192 | $1549 | $11729 | 1186 | $— |
|  Goldman Sachs Energy Infrastructure<br>Fund — Class R6 | 306 | 5 |  |  | 9 | 320 | 23 | 6 |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | 5875 | 72548 | (69175) |  |  | 9248 | 9248 | 177 |
|  Goldman Sachs Global Core Fixed Income<br>Fund — Class R6 | 190791 | 49869 | (10200) | (1640) | 4076 | 232896 | 20483 | 3619 |
|  Goldman Sachs Global Infrastructure<br>Fund — Class R6 | 5134 | 63 |  |  | 573 | 5770 | 436 | 63 |
|  Goldman Sachs Global Real Estate Securities Fund — Class R6 | 6382 |  | (6594) | 239 | (27) |  |  |  |
|  Goldman Sachs High Yield Floating Rate<br>Fund — Class R6 | 4275 | 2102 |  |  | (86) | 6291 | 721 | 201 |
|  Goldman Sachs High Yield Fund — Class R6 | 5527 | 186 |  |  | 71 | 5784 | 1015 | 186 |
|  Goldman Sachs Inflation Protected Securities Fund — Class R6 | 16739 | 425 |  |  | 375 | 17539 | 1831 | 425 |
|  Goldman Sachs International Equity Insights Fund — Class R6 | 29233 | 1000 | (7880) | 342 | 6148 | 28843 | 1673 |  |
|  Goldman Sachs International Small Cap Insights Fund — Class R6 | 4289 |  | (901) | 207 | 910 | 4505 | 291 |  |
|  Goldman Sachs Large Cap Growth Insights<br>Fund — Class R6 | 33955 | 1600 | (3200) | (333) | 1709 | 33731 | 959 |  |
|  Goldman Sachs Large Cap Value Insights<br>Fund — Class R6 | 32876 | 1242 | (1500) | (264) | 1610 | 33964 | 1411 | 241 |
|  Goldman Sachs Managed Futures Strategy<br>Fund — Class R6 | 8299 |  | (2200) | (551) | (174) | 5374 | 626 |  |
|  Goldman Sachs MarketBeta Emerging Markets Equity ETF | 9461 |  |  |  | 1575 | 11036 | 219 |  |
|  Goldman Sachs MarketBeta International Equity ETF | 21997 | 2827 | (3791) | 300 | 3787 | 25120 | 392 | 443 |
|  Goldman Sachs MarketBeta U.S. Equity ETF | 34753 | 2685 | (5773) | 698 | 1019 | 33382 | 390 | 208 |
|  Goldman Sachs Small Cap Equity Insights<br>Fund — Class R6 | 6351 |  |  |  | (71) | 6280 | 229 |  |
|  **Total** | $530820 | $138946 | $(162021) | $(3889) | $28352 | $532208 |  | $7175 |
| **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** |  |
| **Underlying Fund** | **Beginning<br>Value as of<br>12/31/24** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change In<br>Unrealized<br>Gain (Loss)** | **Ending<br>Value as of<br>June 30, 2025** | **Shares as of<br>June 30, 2025** | **Dividend<br>Income** |
|  Goldman Sachs ActiveBeta Emerging Markets Equity ETF | $8961 | $370 | $(6657) | $423 | $99 | $3196 | 86 | $— |
|  Goldman Sachs ActiveBeta International Equity ETF | 19391 | 2519 | (15422) | 3455 | (1905) | 8038 | 203 | 137 |
|  Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 60842 | 2092 | (48526) | 29058 | (27007) | 16459 | 136 | 93 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**83**

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Dynamic Global Equity Fund (continued)** | **Dynamic Global Equity Fund (continued)** | **Dynamic Global Equity Fund (continued)** | **Dynamic Global Equity Fund (continued)** | **Dynamic Global Equity Fund (continued)** | **Dynamic Global Equity Fund (continued)** | **Dynamic Global Equity Fund (continued)** | **Dynamic Global Equity Fund (continued)** |  |
| **Underlying Fund** | **Beginning<br>Value as of<br>12/31/24** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change In<br>Unrealized<br>Gain (Loss)** | **Ending<br>Value as of<br>June 30, 2025** | **Shares as of<br>June 30, 2025** | **Dividend<br>Income** |
|  Goldman Sachs Emerging Markets Equity Insights Fund — Class R6 | $9994 | $14500 | $(1770) | $(183) | $3402 | $25943 | 2623 | $— |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | 14131 | 74781 | (71470) |  |  | 17442 | 17442 | 269 |
|  Goldman Sachs Global Infrastructure<br>Fund — Class R6 | 5373 | 1072 | (500) | 29 | 565 | 6539 | 494 | 71 |
|  Goldman Sachs Global Real Estate Securities Fund — Class R6 | 6015 |  | (6217) | 151 | 51 |  |  |  |
|  Goldman Sachs International Equity Insights Fund — Class R6 | 23729 | 20506 | (6600) | 176 | 8520 | 46331 | 2687 |  |
|  Goldman Sachs International Small Cap Insights Fund — Class R6 | 2830 | 500 |  |  | 857 | 4187 | 270 |  |
|  Goldman Sachs Large Cap Growth Insights Fund — Class R6 | 38720 | 36200 | (7900) | (535) | 1731 | 68216 | 1939 |  |
|  Goldman Sachs Large Cap Value Insights Fund — Class R6 | 36714 | 28652 |  |  | 1554 | 66920 | 2780 | 453 |
|  Goldman Sachs MarketBeta Emerging Markets Equity ETF | 17933 |  | (963) | (102) | 2840 | 19708 | 390 |  |
|  Goldman Sachs MarketBeta International Equity ETF | 38719 | 6458 | (16012) | 428 | 4885 | 34478 | 539 | 586 |
|  Goldman Sachs MarketBeta U.S. Equity ETF | 70083 | 5208 | (13959) | 2038 | 1350 | 64720 | 756 | 360 |
|  Goldman Sachs Small Cap Equity Insights Fund — Class R6 | 3823 | 1600 |  |  | (120) | 5303 | 193 |  |
|  Total | $357258 | $194458 | $(195996) | $34938 | $(3178) | $387480 |  | $1969 |
| **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** |  |
| **Underlying Fund** | **Market<br>Value as of<br>12/31/24** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change In<br>Unrealized<br>Gain (Loss)** | **Market<br>Value as of<br>June 30, 2025** | **Shares as of<br>June 30, 2025** | **Dividend<br>Income** |
|  Goldman Sachs Access Investment Grade Corporate Bond ETF | $80873 | $— | $(62811) | $(5705) | $5961 | $18318 | 398 | $1042 |
|  Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 4180 |  |  |  | 693 | 4873 | 131 |  |
|  Goldman Sachs ActiveBeta International Equity ETF | 14560 |  | (1476) | 47 | 2573 | 15704 | 396 | 275 |
|  Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 25699 |  |  |  | 1384 | 27083 | 223 | 149 |
|  Goldman Sachs Emerging Markets Debt<br>Fund — Class R6 | 23491 | 5071 | (2000) | (84) | 560 | 27038 | 2759 | 770 |
|  Goldman Sachs Emerging Markets Equity Insights Fund — Class R6 | 29549 | 2000 | (5700) | 188 | 4146 | 30183 | 3052 |  |
|  Goldman Sachs Energy Infrastructure<br>Fund — Class R6 | 355 | 7 |  |  | 10 | 372 | 27 | 7 |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | 12675 | 101518 | (101671) |  |  | 12522 | 12522 | 232 |
|  Goldman Sachs Global Core Fixed Income<br>Fund — Class R6 | 170685 | 69520 | (7800) | (1128) | 3576 | 234853 | 20655 | 3479 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**84**

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Growth and Income Strategy Portfolio (continued)** | **Growth and Income Strategy Portfolio (continued)** | **Growth and Income Strategy Portfolio (continued)** | **Growth and Income Strategy Portfolio (continued)** | **Growth and Income Strategy Portfolio (continued)** | **Growth and Income Strategy Portfolio (continued)** | **Growth and Income Strategy Portfolio (continued)** | **Growth and Income Strategy Portfolio (continued)** |  |
| **Underlying Fund** | **Market<br>Value as of<br>12/31/24** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change In<br>Unrealized<br>Gain (Loss)** | **Market<br>Value as of<br>June 30, 2025** | **Shares as of<br>June 30, 2025** | **Dividend<br>Income** |
|  Goldman Sachs Global Infrastructure Fund — Class R6 | $8709 | $108 | $— | $— | $972 | $9789 | 739 | $108 |
|  Goldman Sachs Global Real Estate Securities Fund — Class R6 | 11087 |  | (11455) | 190 | 178 |  |  |  |
|  Goldman Sachs High Yield Floating Rate Fund — Class R6 | 6847 | 3116 |  |  | (135) | 9828 | 1126 | 316 |
|  Goldman Sachs High Yield Fund — Class R6 | 9002 | 303 |  |  | 116 | 9421 | 1653 | 303 |
|  Goldman Sachs Inflation Protected Securities Fund — Class R6 | 26527 | 2213 |  |  | 634 | 29374 | 3066 | 712 |
|  Goldman Sachs International Equity Insights Fund — Class R6 | 77689 | 1003 | (17650) | 1133 | 16460 | 78635 | 4561 | 1 |
|  Goldman Sachs International Small Cap Insights Fund — Class R6 | 6145 |  |  |  | 1599 | 7744 | 500 |  |
|  Goldman Sachs Large Cap Growth Insights Fund — Class R6 | 89052 | 8700 | (9800) | (758) | 4418 | 91612 | 2604 |  |
|  Goldman Sachs Large Cap Value Insights Fund — Class R6 | 88718 | 1650 | (1900) | (295) | 3951 | 92124 | 3827 | 650 |
|  Goldman Sachs Managed Futures Strategy Fund — Class R6 | 13756 |  | (3800) | (1003) | (203) | 8750 | 1020 |  |
|  Goldman Sachs MarketBeta Emerging Markets Equity ETF | 23489 |  |  |  | 3910 | 27399 | 543 |  |
|  Goldman Sachs MarketBeta International Equity ETF | 58545 | 3289 | (6978) | 687 | 9758 | 65301 | 1020 | 1140 |
|  Goldman Sachs MarketBeta U.S. Equity ETF | 107418 | 3753 | (6216) | 323 | 5388 | 110666 | 1293 | 646 |
|  Goldman Sachs Small Cap Equity Insights Fund — Class R6 | 9738 |  |  |  | (109) | 9629 | 351 |  |
|  Total | $898789 | $202251 | $(239257) | $(6405) | $65840 | $921218 |  | $9830 |
| **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** |  |
| **Underlying Fund** | **Market<br>Value as of<br>12/31/24** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change In<br>Unrealized<br>Gain (Loss)** | **Market<br>Value as of<br>June 30, 2025** | **Shares as of<br>June 30, 2025** | **Dividend<br>Income** |
|  Goldman Sachs Access Investment Grade Corporate Bond ETF | $81510 | $4655 | $(43288) | $(1217) | $2153 | $43813 | 952 | $1306 |
|  Goldman Sachs Access U.S. Aggregate Bond ETF |  | 35399 |  |  | 374 | 35773 | 865 | 200 |
|  Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 6296 |  |  |  | 1044 | 7340 | 197 |  |
|  Goldman Sachs ActiveBeta International Equity ETF | 20472 |  | (2036) | 65 | 3623 | 22124 | 558 | 387 |
|  Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 37881 | 1807 | (1508) | 149 | 2088 | 40417 | 333 | 225 |
|  Goldman Sachs Emerging Markets Debt<br>Fund — Class R6 | 34361 | 3418 | (3000) | (169) | 785 | 35395 | 3612 | 1078 |
|  Goldman Sachs Emerging Markets Equity Insights Fund — Class R6 | 40315 | 3000 | (8000) | 53 | 5817 | 41185 | 4164 |  |
|  Goldman Sachs Energy Infrastructure<br>Fund — Class R6 | 307 | 5 |  |  | 9 | 321 | 23 | 6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**85**

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Growth Strategy Portfolio (continued)** | **Growth Strategy Portfolio (continued)** | **Growth Strategy Portfolio (continued)** | **Growth Strategy Portfolio (continued)** | **Growth Strategy Portfolio (continued)** | **Growth Strategy Portfolio (continued)** | **Growth Strategy Portfolio (continued)** | **Growth Strategy Portfolio (continued)** |  |
| **Underlying Fund** | **Market<br>Value as of<br>12/31/24** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change In<br>Unrealized<br>Gain (Loss)** | **Market<br>Value as of<br>June 30, 2025** | **Shares as of<br>June 30, 2025** | **Dividend<br>Income** |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | $14284 | $127037 | $(123465) | $— | $— | $17856 | 17856 | $289 |
|  Goldman Sachs Global Infrastructure<br>Fund — Class R6 | 9634 | 109 | (1400) | (82) | 1156 | 9417 | 711 | 107 |
|  Goldman Sachs Global Real Estate Securities Fund — Class R6 | 11566 |  | (11948) | 181 | 201 |  |  |  |
|  Goldman Sachs High Yield Floating Rate<br>Fund — Class R6 | 6871 | 3323 |  |  | (137) | 10057 | 1152 | 323 |
|  Goldman Sachs High Yield Fund — Class R6 | 9731 | 328 |  |  | 125 | 10184 | 1787 | 328 |
|  Goldman Sachs International Equity Insights Fund — Class R6 | 104186 | 4 | (20500) | 1127 | 22259 | 107076 | 6211 | 1 |
|  Goldman Sachs International Small Cap Insights Fund — Class R6 | 8544 |  |  |  | 2224 | 10768 | 695 |  |
|  Goldman Sachs Large Cap Growth Insights<br>Fund — Class R6 | 121073 | 11900 | (12900) | (1600) | 6432 | 124905 | 3550 |  |
|  Goldman Sachs Large Cap Value Insights<br>Fund — Class R6 | 119209 | 2871 | (2000) | (375) | 5252 | 124957 | 5191 | 871 |
|  Goldman Sachs Managed Futures Strategy<br>Fund — Class R6 | 14184 |  | (3900) | (1002) | (240) | 9042 | 1054 |  |
|  Goldman Sachs MarketBeta Emerging Markets Equity ETF | 32185 |  | (2825) | 266 | 4761 | 34387 | 681 |  |
|  Goldman Sachs MarketBeta International Equity ETF | 81559 | 4598 | (9558) | 444 | 13305 | 90348 | 1411 | 1616 |
|  Goldman Sachs MarketBeta U.S. Equity ETF | 167271 | 2757 | (18675) | 2751 | 4665 | 158769 | 1855 | 949 |
|  Goldman Sachs Small Cap Equity Insights<br>Fund — Class R6 | 12979 |  |  |  | (145) | 12834 | 467 |  |
|  Total | $934418 | $201211 | $(265003) | $591 | $75751 | $946968 |  | $7686 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Purchases** | **Sales** |
|  Balanced Strategy Portfolio | $74392123 | $92846220 |
|  Dynamic Global Equity Fund | 126628579 | 126394692 |
|  Growth and Income Strategy Portfolio | 112110824 | 137586098 |
|  Growth Strategy Portfolio | 83043447 | 141539807 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**86**

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION

As of the Fund's/Portfolios' most recent fiscal year end, December 31, 2024, the Fund's/Portfolios' certain timing differences on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Balanced<br>Strategy** | **Dynamic<br>Global Equity** | **Growth and<br>Income Strategy** | **Growth<br>Strategy** |
|  Timing differences (Dividends Payable as of Current FYE and Straddles) | $(98170) | $(61275) | $(151409) | $(64307) |

---

As of June 30, 2025, the Fund's/Portfolios' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Balanced<br>Strategy** | **Dynamic<br>Global Equity** | **Growth and<br>Income Strategy** | **Growth<br>Strategy** |
|  Tax Cost | $507418960 | $324182906 | $822169655 | $794249739 |
|  Gross unrealized gain | 46708578 | 71578943 | 125130352 | 173838130 |
|  Gross unrealized loss | (15209361) | (3363374) | (14883140) | (9510655) |
|  Net unrealized gain | $31499217 | $68215569 | $110247212 | $164327475 |

---

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, net mark to market gains/(losses) on regulated options contracts, net mark to market gains/(losses) on foreign currency contracts, and differences in the tax treatment of swap transactions.

GSAM has reviewed the Fund's/Portfolios' tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Fund's/Portfolios' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS

The Fund's/Portfolios' risks include, but are not limited to, the following:

Asset Allocation Risk — The Fund's/Portfolios' allocations to the various asset classes and to the Underlying Managers may cause the Fund/Portfolios to underperform other funds with a similar investment objective.

Derivatives Risk — The Fund's/Portfolios' use of derivatives and other similar instruments (collectively, referred to in this paragraph as ("derivatives") may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Fund/Portfolios. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Fund/Portfolios will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Fund/Portfolios will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the Fund/Portfolio assets (if any) being hedged.

Expenses Risk — By investing in the Underlying Funds indirectly through the Fund/Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Fund/Portfolio (including operating costs and investment management fees), but also the expenses of the Fund/Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**87**

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS (continued)

Investments in the Underlying Funds Risk — The investments of a Fund/Portfolio may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Act or exemptive relief or regulations thereunder. The Fund's/Portfolios' investment performance is directly related to the investment performance of the Underlying Funds it holds. The Fund/Portfolios are subject to the risk factors associated with the investments of the Underlying Funds and will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets allocated to each. If a Fund/Portfolio has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments. A strategy used by the Underlying Funds may fail to produce the intended results.

Large Shareholder Transactions Risk — A Fund/Portfolio or an Underlying Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund/Portfolio or an Underlying Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund/Portfolio or an Underlying Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund/Portfolio or an Underlying Fund to sell fund/portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund's/Portfolio's or an Underlying 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/Portfolio's or an Underlying Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's/Portfolio's or the Underlying Fund's expense ratio. Similarly, large Fund/Portfolio or Underlying Fund share purchases may adversely affect a Fund's/ Portfolio's or an Underlying Fund's performance to the extent that the Fund/Portfolio or the Underlying 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/Portfolio and an Underlying Fund trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of securities in which a Fund/Portfolio and/or an Underlying Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund/Portfolio and its investments. Additionally, a Fund/Portfolio and/or an Underlying Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund/Portfolio and the Underlying Fund have unsettled or open transactions defaults.

Temporary Investments Risk — Although the Fund/Portfolios normally seek to remain substantially invested in the Underlying Funds, the Fund/Portfolios may invest a portion of their assets in high-quality, short-term debt obligations to maintain liquidity, to meet shareholder redemptions and for other short-term cash needs. For temporary defensive purposes during abnormal market or economic conditions, the Fund/Portfolios may invest without limitation in short-term obligations. When the Fund's/Portfolios' assets are invested in such investments, the Fund/Portfolios may not be achieving their investment objective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Fund/ Portfolios. Additionally, in the course of business, the Fund/Portfolios enter into contracts that contain a variety of indemnification clauses. The Fund's/Portfolios' maximum exposure under these arrangements is unknown, as this would involve future claims that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**88**

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. INDEMNIFICATIONS (continued)

may be made against the Fund/Portfolios that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. 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;

**89**

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Balanced Strategy Portfolio**  | **Balanced Strategy Portfolio**  | **Balanced Strategy Portfolio**  | **Balanced Strategy Portfolio**  |
|  | **For the Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **For the Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended<br>December 31, 2024** | **For the Fiscal Year Ended<br>December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 138087 | $1670076 | 370417 | $4436865 |
|  Reinvestment of distributions | 90386 | 1093528 | 243154 | 2937842 |
|  Shares redeemed | (627320) | (7588671) | (1285708) | (15379646) |
|  | (398847) | (4825067) | (672137) | (8004939) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 6269 | 75240 | 30125 | 361821 |
|  Reinvestment of distributions | 2037 | 24679 | 6037 | 73103 |
|  Shares redeemed | (25568) | (311540) | (68810) | (826108) |
|  | (17262) | (211621) | (32648) | (391184) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 3269544 | 39289287 | 7966091 | 95860019 |
|  Reinvestment of distributions | 525244 | 6354758 | 1312982 | 15864105 |
|  Shares redeemed | (4341937) | (52740231) | (8767996) | (104947898) |
|  | (547149) | (7096186) | 511077 | 6776226 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 16 | 204 | 820 | 10037 |
|  Reinvestment of distributions | 11 | 131 | 20 | 246 |
|  Shares redeemed | (3) | (34) | (8855) | (106621) |
|  | 24 | 301 | (8015) | (96338) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 10569 | 128178 | 61366 | 723674 |
|  Reinvestment of distributions | 3184 | 38316 | 9494 | 114172 |
|  Shares redeemed | (54552) | (656873) | (96411) | (1158340) |
|  | (40799) | (490379) | (25551) | (320494) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 10406 | 125601 | 5603 | 69439 |
|  Reinvestment of distributions | 2539 | 30728 | 6695 | 80965 |
|  Shares redeemed | (23092) | (279014) | (35413) | (418935) |
|  | (10147) | (122685) | (23115) | (268531) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 23395 | 277738 | 78888 | 958497 |
|  Reinvestment of distributions | 10564 | 127141 | 27508 | 330573 |
|  Shares redeemed | (8922) | (108696) | (235506) | (2812548) |
|  | 25037 | 296183 | (129110) | (1523478) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 481555 | 5800794 | 862926 | 10554443 |
|  Reinvestment of distributions | 67328 | 815506 | 169691 | 2050870 |
|  Shares redeemed | (389739) | (4712455) | (1450526) | (17470342) |
|  | 159144 | 1903845 | (417909) | (4865029) |
|  **NET DECREASE** | (829999) | $(10545609) | (797408) | $(8693767) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**90**

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Dynamic Global Equity Fund**  | **Dynamic Global Equity Fund**  | **Dynamic Global Equity Fund**  | **Dynamic Global Equity Fund**  |
|  | **For the Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **For the Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **December 31, 2024** | **For the Fiscal Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 184686 | $4032666 | 265828 | $5861215 |
|  Reinvestment of distributions |  |  | 575228 | 12922400 |
|  Shares redeemed | (551036) | (11750124) | (987571) | (21642491) |
|  | (366350) | (7717458) | (146515) | (2858876) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 8699 | 177179 | 24923 | 520706 |
|  Reinvestment of distributions |  |  | 23492 | 507497 |
|  Shares redeemed | (31522) | (657586) | (78276) | (1654335) |
|  | (22823) | (480407) | (29861) | (626132) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 32815 | 723208 | 94781 | 2059848 |
|  Reinvestment of distributions |  |  | 62176 | 1422127 |
|  Shares redeemed | (44375) | (956295) | (207298) | (4721754) |
|  | (11560) | (233087) | (50341) | (1239779) |
|  **Service Shares** |  |  |  |  |
|  Shares sold |  |  | 52 | 1139 |
|  Reinvestment of distributions |  |  | 794 | 17828 |
|  Shares redeemed | (3446) | (72813) | (1149) | (25098) |
|  | (3446) | (72813) | (303) | (6131) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 127703 | 2643955 | 93901 | 2056980 |
|  Reinvestment of distributions |  |  | 23385 | 515083 |
|  Shares redeemed | (57039) | (1221144) | (126858) | (2904701) |
|  | 70664 | 1422811 | (9572) | (332638) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 15933 | 352125 | 25913 | 589596 |
|  Reinvestment of distributions |  |  | 13733 | 314975 |
|  Shares redeemed | (130033) | (2845348) | (70429) | (1565599) |
|  | (114100) | (2493223) | (30783) | (661028) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 15092 | 321741 | 21841 | 471412 |
|  Reinvestment of distributions |  |  | 23727 | 525970 |
|  Shares redeemed | (41038) | (908896) | (41594) | (875423) |
|  | (25946) | (587155) | 3974 | 121959 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 673709 | 15034384 | 1065835 | 24226545 |
|  Reinvestment of distributions |  |  | 637474 | 14588753 |
|  Shares redeemed | (233398) | (5033132) | (411095) | (8869560) |
|  | 440311 | 10001252 | 1292214 | 29945738 |
|  **NET INCREASE (DECREASE)** | (33250) | $(160080) | 1028813 | $24343113 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**91**

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** |
|  | **For the Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **For the Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **December 31, 2024** | **For the Fiscal Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 242214 | $3767655 | 592197 | $9412665 |
|  Reinvestment of distributions | 158773 | 2471416 | 903407 | 14389115 |
|  Shares redeemed | (1106903) | (17194717) | (2165413) | (34066796) |
|  | (705916) | (10955646) | (669809) | (10265016) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 19895 | 294088 | 48939 | 753496 |
|  Reinvestment of distributions | 2412 | 36117 | 19283 | 297382 |
|  Shares redeemed | (66090) | (997109) | (131168) | (1992787) |
|  | (43783) | (666904) | (62946) | (941909) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 2677725 | 41586558 | 6746801 | 106349827 |
|  Reinvestment of distributions | 337201 | 5273178 | 1578144 | 25212765 |
|  Shares redeemed | (3252596) | (50163033) | (4787782) | (75767782) |
|  | (237670) | (3303297) | 3537163 | 55794810 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 11802 | 185586 | 12159 | 188311 |
|  Reinvestment of distributions | 186 | 2881 | 1144 | 18168 |
|  Shares redeemed | (15410) | (241611) | (7084) | (111607) |
|  | (3422) | (53144) | 6219 | 94872 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 458577 | 7093935 | 95410 | 1488988 |
|  Reinvestment of distributions | 9342 | 144797 | 36819 | 582259 |
|  Shares redeemed | (226483) | (3540627) | (470472) | (7313923) |
|  | 241436 | 3698105 | (338243) | (5242676) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 20862 | 328460 | 62472 | 998759 |
|  Reinvestment of distributions | 1935 | 30259 | 10599 | 169380 |
|  Shares redeemed | (47272) | (742309) | (50847) | (784486) |
|  | (24475) | (383590) | 22224 | 383653 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 12736 | 194382 | 31905 | 497141 |
|  Reinvestment of distributions | 2743 | 42212 | 17231 | 271651 |
|  Shares redeemed | (16973) | (263710) | (59461) | (917112) |
|  | (1494) | (27116) | (10325) | (148320) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 640269 | 9952976 | 1235441 | 19575122 |
|  Reinvestment of distributions | 217179 | 3396339 | 1062772 | 16974710 |
|  Shares redeemed | (655607) | (10105598) | (1512445) | (23415708) |
|  | 201841 | 3243717 | 785768 | 13134124 |
|  **NET INCREASE (DECREASE)** | (573483) | $(8447875) | 3270051 | $52809538 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**92**

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Growth Strategy Portfolio**  | **Growth Strategy Portfolio**  | **Growth Strategy Portfolio**  | **Growth Strategy Portfolio**  |
|  | **For the Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **For the Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **December 31, 2024** | **For the Fiscal Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 411715 | $7897239 | 678978 | $13243307 |
|  Reinvestment of distributions |  |  | 1149640 | 22723233 |
|  Shares redeemed | (1249072) | (23819933) | (2194936) | (42722417) |
|  | (837357) | (15922694) | (366318) | (6755877) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 30034 | 592643 | 108520 | 2084900 |
|  Reinvestment of distributions |  |  | 38530 | 785085 |
|  Shares redeemed | (106604) | (2127185) | (158922) | (3199813) |
|  | (76570) | (1534542) | (11872) | (329828) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 975420 | 18772671 | 4222214 | 82565108 |
|  Reinvestment of distributions |  |  | 1031657 | 20369560 |
|  Shares redeemed | (2403056) | (45793574) | (2440927) | (47806279) |
|  | (1427636) | (27020903) | 2812944 | 55128389 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 4363 | 83159 | 6194 | 119121 |
|  Reinvestment of distributions |  |  | 2013 | 39688 |
|  Shares redeemed | (10639) | (206322) | (34464) | (677664) |
|  | (6276) | (123163) | (26257) | (518855) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 190489 | 3535303 | 156984 | 3016100 |
|  Reinvestment of distributions |  |  | 37749 | 733133 |
|  Shares redeemed | (164161) | (3132190) | (392148) | (7350981) |
|  | 26328 | 403113 | (197415) | (3601748) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 130070 | 2530501 | 114151 | 2234079 |
|  Reinvestment of distributions |  |  | 35645 | 704133 |
|  Shares redeemed | (122108) | (2338543) | (82159) | (1618354) |
|  | 7962 | 191958 | 67637 | 1319858 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 29600 | 546934 | 79579 | 1488146 |
|  Reinvestment of distributions |  |  | 27700 | 527750 |
|  Shares redeemed | (29098) | (524256) | (81315) | (1497477) |
|  | 502 | 22678 | 25964 | 518419 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 733696 | 14190453 | 1339721 | 25749804 |
|  Reinvestment of distributions |  |  | 1188228 | 23479850 |
|  Shares redeemed | (675122) | (12896590) | (1180033) | (23048954) |
|  | 58574 | 1293863 | 1347916 | 26180700 |
|  **NET INCREASE (DECREASE)** | (2254473) | $(42689690) | 3652599 | $71941058 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**93**

------

GOLDMAN SACHS FUND OF 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)</u> 

#### Background
The Goldman Sachs Balanced Strategy Portfolio, Goldman Sachs Dynamic Global Equity Fund, Goldman Sachs Growth and Income Strategy Portfolio, and Goldman Sachs Growth Strategy Portfolio (the "Portfolios") 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 Portfolios 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 Portfolios.

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 two 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 Portfolio, 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 Portfolio and the underlying funds in which it invests (the "Underlying Funds") 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 Portfolio and the Underlying Funds, 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 Underlying Funds invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) information provided by the Investment Adviser indicating the Investment Adviser's views on whether the Portfolio's peer group and/or benchmark index had high, medium, or low relevance given the Portfolio'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 Portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) fee and expense information for the Portfolio, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the relative management fee and expense levels of the Portfolio 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 Portfolio'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 Portfolio, 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 Portfolio;

&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 with respect to the Portfolio and the Underlying Funds;

&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 Portfolio to the Investment Adviser and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**94**

------

GOLDMAN SACHS FUND OF 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;(i) whether the Portfolio's existing management fee schedule, together with the management fee schedules of the Underlying Funds, 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 Portfolio and/or the Underlying Funds, including the fees received by the Investment Adviser's affiliates from the Portfolio and/or the Underlying Funds for transfer agency, securities lending, portfolio trading, distribution and other services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a summary of potential benefits derived by the Portfolio and/or the Underlying Funds as a result of their relationship with the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) with respect to the applicable Underlying Funds, information regarding commissions paid by the Underlying Funds that are equity funds 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 Portfolio 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 Portfolio and/or the Underlying Funds by their 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 Portfolio's compliance program; and periodic compliance reports.

The Trustees also received an overview of the Portfolios' distribution arrangements. They received information regarding the Portfolios' assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration 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 Portfolio shares. The Trustees also discussed the broad range of other investment choices that are available to Portfolio 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 Portfolios 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 Portfolios. 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 Portfolios and the Underlying 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 Portfolios, the Underlying 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 Portfolios 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 Portfolios, the Underlying Funds, and the Investment Adviser and its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**95**

------

GOLDMAN SACHS FUND OF 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> 

#### Investment Performance
The Trustees also considered the investment performance of the Portfolios and the Underlying Funds. In this regard, they compared the investment performance of each Portfolio 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 Portfolio's investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed each Portfolio's investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Portfolios over time, and reviewed the investment performance of each Portfolio in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser's senior management and portfolio management personnel in which Portfolio performance was assessed. The Trustees also considered the Investment Adviser's periodic reports with respect to the Underlying Funds' risk profiles, and how the Investment Adviser's approach to risk monitoring and management influences portfolio management. They noted the efforts of certain Underlying Funds' portfolio management team to continue to enhance the investment models used in managing those Underlying Funds.

The Trustees observed that the Balanced Strategy Portfolio's Institutional Shares had placed in the top half of the Portfolio's peer group for the one-, three-, and ten-year periods and in the third quartile for the five-year period, and had outperformed the Portfolio's benchmark index for the five-year period and underperformed for the one-, three-, and ten-year periods ended March 31, 2025. They further noted that the Dynamic Global Equity Fund's Institutional Shares had placed in the top half of the Portfolio's peer group for the one-, five-, and ten-year periods and in the third quartile for the three-year period, and had underperformed the Portfolio's benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2025. The Trustees also considered that in February 2019, the Dynamic Global Equity Fund had been repositioned from the Equity Growth Strategy Portfolio, which involved changes to the Portfolio's investment strategies, and had experienced certain portfolio management changes in early 2025. They observed that the Growth and Income Strategy Portfolio's Institutional Shares had placed in the top half of the Portfolio's peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Portfolio's benchmark index for the five-year period and underperformed for the one-, three-, and ten-year periods ended March 31, 2025. The Trustees noted that the Growth Strategy Portfolio's Institutional Shares had placed in the top half of the Portfolio's peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Portfolio's benchmark index for the five-year period and underperformed for the one-, three-, and ten-year periods ended March 31, 2025. They further considered that the Balanced Strategy Portfolio and Growth and Income Strategy Portfolio had experienced certain portfolio management changes in 2022 and early 2025.

#### Costs of Services Provided and Competitive Information
The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Portfolio thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Portfolios, which included both advisory and administrative services that were directed to the needs and operations of the Portfolios as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Portfolios. The analyses provided a comparison of each Portfolio's management fee to those of a relevant peer group and category universe; an expense analysis which compared each Portfolio's overall net and gross expenses to a peer group and a category universe; and data comparing each Portfolio's net expenses to the peer and category medians. The analyses also compared each Portfolio'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 Portfolios.

In addition, the Trustees considered the Investment Adviser's undertakings to implement fee waivers and/or expense limitations with respect to the Portfolios and the Underlying Funds. The Trustees also noted that certain changes were being made to existing fee waiver and expense limitation arrangements of Growth Strategy Portfolio that would have the effect of decreasing expenses of Class A Shares of the Portfolio and total Portfolio expenses, with such changes taking effect in connection with the Portfolio's next annual registration statement update. 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 Portfolios, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Portfolios 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**96**

------

GOLDMAN SACHS FUND OF 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> 

In addition, the Trustees noted that shareholders are able to redeem their shares at any time if shareholders believe that the Portfolio fees and expenses are too high or if they are dissatisfied with the performance of the Portfolio.

#### Profitability
The Trustees reviewed each Portfolio'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 Portfolio 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 Portfolio was provided for 2024 and 2023, and the Trustees considered this information in relation to the Investment Adviser's overall profitability.

#### 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 Portfolios.

The Trustees noted that, although the Portfolios themselves do not have breakpoints in their management fee schedules, any benefits of the breakpoints in the management fee schedules of certain Underlying Funds, when reached, would pass through to the shareholders in the Portfolios at the specified asset levels. The Trustees considered the amounts of assets in the Portfolios; the Portfolios' recent 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 the profits realized by them; information comparing the fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser's undertaking to limit certain expenses of the Portfolios and Underlying Funds that exceed specified levels. They also considered the services provided to the Portfolios under the Management Agreement and the fees and expenses borne by the Underlying Funds and considered the Investment Adviser's finding that the management fees payable by the Portfolios were not duplicative of the management fees paid at the Underlying Fund level.

#### 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 Portfolios and/or the Underlying Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC ("Goldman Sachs"); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of certain Underlying Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of certain Underlying Funds; (d) trading efficiencies resulting from aggregation of orders of the Underlying 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 certain Underlying Funds (and fees earned by the Investment Adviser for managing the fund in which those Underlying Funds' cash collateral is invested); (f) the Investment Adviser's ability to leverage the infrastructure designed to service the Portfolios on behalf of its other clients; (g) the Investment Adviser's ability to cross-market other products and services to Portfolio shareholders; (h) Goldman Sachs' retention of certain fees as Portfolio 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 Portfolios and Underlying 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 Portfolios' and Underlying 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**97**

------

GOLDMAN SACHS FUND OF 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> 

#### Other Benefits to the Portfolios and Their Shareholders
The Trustees also noted that the Portfolios and/or the Underlying 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 Underlying 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) with respect to the Underlying Funds, enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) with respect to certain Underlying Funds, the Investment Adviser's ability to negotiate favorable terms with derivatives counterparties 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 Portfolios and the Underlying Funds because of the reputation of the Goldman Sachs organization; (g) the Portfolios' and Underlying Funds' access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) with respect to certain Underlying Funds, the ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Underlying Funds in connection with the program; and (i) the Portfolios' 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 Portfolios' shareholders invested in the Portfolios in part because of the Portfolios' 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 Portfolios were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser's costs and each Portfolio's current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser's continued management likely would benefit each Portfolio and its shareholders and that the Management Agreement should be approved and continued with respect to each Portfolio until June 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**98**

------

![LOGO](g62330dsp101.jpg)

TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado EileenH. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282© 2025 Goldman Sachs. All rights reserved. FFSAR-25

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![LOGO](g71875dsp033.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Goldman Sachs Alternative Funds II

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  **[Consolidated Schedules of Investments](#af271875_1)** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Absolute Return Tracker Fund](#af271875_2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Commodity Strategy Fund](#af271875_3) | 43 |
|  **Consolidated Financial Statements** | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statements of Assets and Liabilities](#af271875_5) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statements of Operations](#af271875_6) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets](#af271875_7) | 48 |
|  **[Consolidated Financial Highlights](#af271875_8)** | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Absolute Return Tracker Fund](#af271875_9) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Commodity Strategy Fund](#af271875_10) | 56 |
|  **[Consolidated Notes to Financial Statements](#af271875_11)** | 63 |
|  **[Statement Regarding Basis for Approval of Investment Advisory Contract](#af271875_12)** | 82 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Schedule of Investments *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 38.1% | Common Stocks – 38.1% | Common Stocks – 38.1% |
| Aerospace & Defense – 0.8% | Aerospace & Defense – 0.8% | Aerospace & Defense – 0.8% |
| 178 | AAR Corp.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12244 |
| 203 | AeroVironment, Inc.\* | 57845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10704 | AerSale Corp.\* | 64331 |
| 13702 | Archer Aviation, Inc. Class A\* | 148667 |
| 2218 | Astronics Corp.\* | 74259 |
| 1355 | ATI, Inc.\* | 116991 |
| 1684 | Axon Enterprise, Inc.\* | 1394251 |
| 11645 | Boeing Co.\* | 2439977 |
| 1395 | BWX Technologies, Inc. | 200964 |
| 1954 | Byrna Technologies, Inc.\* | 60339 |
| 1722 | Cadre Holdings, Inc. | 54846 |
| 638 | Curtiss-Wright Corp. | 311695 |
| 948 | Ducommun, Inc.\* | 78333 |
| 287 | Eve Holding, Inc.\*<sup>(a)</sup> | 1969 |
| 14265 | General Dynamics Corp. | 4160530 |
| 23791 | General Electric Co. | 6123565 |
| 851 | HEICO Corp. | 279128 |
| 1605 | HEICO Corp. Class A | 415294 |
| 503 | Hexcel Corp. | 28414 |
| 9182 | Howmet Aerospace, Inc. | 1709046 |
| 258 | Huntington Ingalls Industries, Inc. | 62297 |
| 256 | Intuitive Machines, Inc.\* | 2783 |
| 248 | Karman Holdings, Inc.\* | 12492 |
| 4239 | Kratos Defense & Security Solutions, Inc.\* | 196901 |
| 2963 | L3Harris Technologies, Inc. | 743239 |
| 3169 | Leonardo DRS, Inc. | 147295 |
| 1469 | Loar Holdings, Inc.\* | 126584 |
| 4202 | Lockheed Martin Corp. | 1946114 |
| 2842 | Mercury Systems, Inc.\* | 153070 |
| 275 | Moog, Inc. Class A | 49767 |
| 1526 | National Presto Industries, Inc. | 149487 |
| 2414 | Northrop Grumman Corp. | 1206952 |
| 10685 | Park Aerospace Corp. | 157817 |
| 189 | Redwire Corp.\* | 3081 |
| 8855 | Rocket Lab Corp.\* | 316743 |
| 60683 | RTX Corp. | 8860932 |
| 15501 | Satellogic, Inc. Class A\* | 56113 |
| 1657 | Spirit AeroSystems Holdings, Inc. Class A\* | 63214 |
| 1169 | StandardAero, Inc.\* | 36999 |
| 1220 | Textron, Inc. | 97954 |
| 3426 | TransDigm Group, Inc. | 5209713 |
| 5720 | Triumph Group, Inc.\* | 147290 |
| 396 | V2X, Inc.\* | 19226 |
| 8988 | Virgin Galactic Holdings, Inc.\*<sup>(a)</sup> | 24537 |
| 615 | Woodward, Inc. | 150730 |
|  |  | 37674018 |
| Air Freight & Logistics – 0.1% | Air Freight & Logistics – 0.1% | Air Freight & Logistics – 0.1% |
| 1725 | CH Robinson Worldwide, Inc. | 165514 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Air Freight & Logistics – (continued) | Air Freight & Logistics – (continued) | Air Freight & Logistics – (continued) | Air Freight & Logistics – (continued) |
| 1485 | Expeditors International of Washington, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3305 | FedEx Corp. |  | 751260 |
| 47 | Forward Air Corp.\* |  | 1153 |
| 448 | GXO Logistics, Inc.\* |  | 21818 |
| 325 | Hub Group, Inc. Class A |  | 10865 |
| 31806 | International Distribution Services PLC |  | 161536 |
| 16494 | Radiant Logistics, Inc.\* |  | 100283 |
| 10597 | United Parcel Service, Inc. Class B |  | 1069661 |
|  |  |  | 2451751 |
| Automobile Components – 0.0% | Automobile Components – 0.0% | Automobile Components – 0.0% | Automobile Components – 0.0% |
| 679 | Adient PLC\* |  | 13213 |
| 1752 | Aptiv PLC\* |  | 119521 |
| 327 | Autoliv, Inc. |  | 36591 |
| 1558 | BorgWarner, Inc. |  | 52162 |
| 3792 | Cooper-Standard Holdings, Inc.\* |  | 81528 |
| 1236 | Dana, Inc. |  | 21197 |
| 1363 | Dorman Products, Inc.\* |  | 167199 |
| 119 | Fox Factory Holding Corp.\* |  | 3087 |
| 6803 | Garrett Motion, Inc. |  | 71500 |
| 2390 | Gentex Corp. |  | 52556 |
| 1654 | Gentherm, Inc.\* |  | 46792 |
| 27 | Goodyear Tire & Rubber Co.\* |  | 280 |
| 14507 | Holley, Inc.\* |  | 29014 |
| 240 | LCI Industries |  | 21886 |
| 411 | Lear Corp. |  | 39037 |
| 8691 | Luminar Technologies, Inc.\*<sup>(a)</sup> |  | 24943 |
| 295 | Modine Manufacturing Co.\* |  | 29058 |
| 10047 | Motorcar Parts of America, Inc.\* |  | 112526 |
| 554 | Patrick Industries, Inc. |  | 51118 |
| 333 | Phinia, Inc. |  | 14815 |
| 22175 | Solid Power, Inc.\* |  | 48563 |
| 2106 | Standard Motor Products, Inc. |  | 64696 |
| 2539 | Stoneridge, Inc.\* |  | 17875 |
| 260 | Visteon Corp.\* |  | 24258 |
| 240 | XPEL, Inc.\*<sup>(b)</sup> |  | 8616 |
|  |  |  | 1152031 |
| Automobiles – 0.4% | Automobiles – 0.4% | Automobiles – 0.4% | Automobiles – 0.4% |
| 59312 | Ford Motor Co. |  | 643535 |
| 14580 | General Motors Co. |  | 717482 |
| 1110 | Harley-Davidson, Inc. |  | 26196 |
| 207 | Livewire Group, Inc.\* |  | 952 |
| 8812 | Rivian Automotive, Inc. Class A\* |  | 121077 |
| 62951 | Tesla, Inc.\* |  | 19997015 |
| 380 | Thor Industries, Inc. |  | 33748 |

---

&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>

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GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Automobiles – (continued) | Automobiles – (continued) | Automobiles – (continued) | Automobiles – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | Winnebago Industries, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363 |
|  |  |  | 21541368 |
| Banks – 1.9% | Banks – 1.9% | Banks – 1.9% | Banks – 1.9% |
| 1257 | 1st Source Corp. |  | 78022 |
| 2409 | ACNB Corp. |  | 103202 |
| 1693 | Amalgamated Financial Corp. |  | 52822 |
| 2180 | Amerant Bancorp, Inc. |  | 39741 |
| 1941 | Ameris Bancorp |  | 125583 |
| 3239 | Arrow Financial Corp. |  | 85574 |
| 1431 | Associated Banc-Corp. |  | 34902 |
| 285 | Atlantic Union Bankshares Corp. |  | 8915 |
| 1846 | Axos Financial, Inc.\* |  | 140370 |
| 1058 | Banc of California, Inc. |  | 14865 |
| 1132 | BancFirst Corp. |  | 139938 |
| 1953 | Bancorp, Inc.\* |  | 111262 |
| 1134 | Bank First Corp. |  | 133415 |
| 300074 | Bank of America Corp. |  | 14199502 |
| 1501 | Bank of Hawaii Corp. |  | 101363 |
| 4543 | Bank of Marin Bancorp |  | 103762 |
| 2850 | Bank of NT Butterfield & Son Ltd. |  | 126198 |
| 2199 | Bank OZK |  | 103485 |
| 2282 | Bank7 Corp. |  | 95456 |
| 2272 | BankUnited, Inc. |  | 80860 |
| 2935 | Bankwell Financial Group, Inc. |  | 105748 |
| 1857 | Banner Corp. |  | 119127 |
| 2154 | Bar Harbor Bankshares |  | 64534 |
| 4512 | BayCom Corp. |  | 125028 |
| 12051 | BCB Bancorp, Inc. |  | 101469 |
| 3045 | Berkshire Hills Bancorp, Inc. |  | 76247 |
| 15968 | Blue Foundry Bancorp\* |  | 152814 |
| 27272 | Blue Ridge Bankshares, Inc.\* |  | 97906 |
| 371 | BOK Financial Corp. |  | 36221 |
| 7752 | Bridgewater Bancshares, Inc.\* |  | 123334 |
| 9807 | Brookline Bancorp, Inc. |  | 103464 |
| 858 | Burke & Herbert Financial Services Corp. |  | 51248 |
| 2249 | Business First Bancshares, Inc. |  | 55438 |
| 2056 | Byline Bancorp, Inc. |  | 54957 |
| 1478 | C&F Financial Corp. |  | 91237 |
| 2631 | Cadence Bank |  | 84139 |
| 6909 | California BanCorp\* |  | 108886 |
| 2202 | Camden National Corp. |  | 89357 |
| 4422 | Capital Bancorp, Inc. |  | 148491 |
| 3425 | Capital City Bank Group, Inc. |  | 134774 |
| 10717 | Capitol Federal Financial, Inc. |  | 65374 |
| 5376 | Carter Bankshares, Inc.\* |  | 93220 |
| 1842 | Cathay General Bancorp |  | 83866 |
| 3916 | Central Pacific Financial Corp. |  | 109765 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2387 | ChoiceOne Financial Services, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68507 |
| 32516 | Citigroup, Inc. | 2767762 |
| 5438 | Citizens & Northern Corp. | 102996 |
| 7255 | Citizens Financial Group, Inc. | 324661 |
| 706 | Citizens Financial Services, Inc. | 41456 |
| 805 | City Holding Co. | 98548 |
| 6456 | Civista Bancshares, Inc. | 149779 |
| 3366 | CNB Financial Corp. | 76947 |
| 1343 | Coastal Financial Corp.\* | 130096 |
| 6661 | Colony Bankcorp, Inc. | 109707 |
| 6625 | Columbia Banking System, Inc. | 154893 |
| 3813 | Columbia Financial, Inc.\* | 55327 |
| 2682 | Comerica, Inc. | 159981 |
| 2729 | Commerce Bancshares, Inc. | 169662 |
| 1910 | Community Financial System, Inc. | 108622 |
| 1752 | Community Trust Bancorp, Inc. | 92716 |
| 6512 | Community West Bancshares | 127049 |
| 3893 | ConnectOne Bancorp, Inc. | 90162 |
| 1301 | Cullen/Frost Bankers, Inc. | 167231 |
| 922 | Customers Bancorp, Inc.\* | 54158 |
| 4051 | CVB Financial Corp. | 80169 |
| 3899 | Dime Community Bancshares, Inc. | 105039 |
| 2594 | Eagle Bancorp, Inc. | 50531 |
| 1 | Eagle Financial Services, Inc. | 31 |
| 2619 | East West Bancorp, Inc. | 264467 |
| 2356 | Eastern Bankshares, Inc. | 35976 |
| 2885 | Enterprise Bancorp, Inc. | 114361 |
| 2564 | Enterprise Financial Services Corp. | 141276 |
| 2139 | Equity Bancshares, Inc. Class A | 87271 |
| 1644 | Esquire Financial Holdings, Inc. | 155621 |
| 2921 | Farmers & Merchants Bancorp, Inc. | 73843 |
| 6176 | Farmers National Banc Corp. | 85167 |
| 11258 | FB Bancorp, Inc.\* | 126653 |
| 1358 | FB Financial Corp. | 61517 |
| 1535 | Fidelity D&D Bancorp, Inc. | 70610 |
| 10508 | Fifth Third Bancorp | 432194 |
| 3655 | Financial Institutions, Inc. | 93860 |
| 5224 | Finwise Bancorp\* | 78412 |
| 4156 | First BanCorp | 86569 |
| 3760 | First Bancorp, Inc. | 95542 |
| 2465 | First Bancorp/Southern Pines NC | 108682 |
| 7372 | First Bank | 114045 |
| 1783 | First Busey Corp. | 40804 |

---

&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 ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) |
| 2477 | First Business Financial Services, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125485 |
| 149 | First Citizens BancShares, Inc. Class A | 291514 |
| 5425 | First Commonwealth Financial Corp. | 88048 |
| 2046 | First Community Bankshares, Inc. | 80142 |
| 10 | First Community Corp. | 244 |
| 2402 | First Financial Bancorp | 58273 |
| 3209 | First Financial Bankshares, Inc. | 115460 |
| 2164 | First Financial Corp. | 117267 |
| 4025 | First Foundation, Inc.\* | 20528 |
| 3718 | First Hawaiian, Inc. | 92801 |
| 9696 | First Horizon Corp. | 205555 |
| 1247 | First Internet Bancorp | 33544 |
| 563 | First Interstate BancSystem, Inc. Class A | 16226 |
| 2305 | First Merchants Corp. | 88282 |
| 1887 | First Mid Bancshares, Inc. | 70744 |
| 2 | First National Corp. | 39 |
| 16 | First Western Financial, Inc.\* | 361 |
| 2011 | Firstsun Capital Bancorp\* | 69882 |
| 3622 | Five Star Bancorp | 103372 |
| 9963 | Flagstar Financial, Inc. | 105608 |
| 4715 | Flushing Financial Corp. | 56014 |
| 3502 | FNB Corp. | 51059 |
| 2391 | FS Bancorp, Inc. | 94158 |
| 1705 | Fulton Financial Corp. | 30758 |
| 3967 | GBank Financial Holdings, Inc.\* | 140471 |
| 2402 | German American Bancorp, Inc. | 92501 |
| 1752 | Glacier Bancorp, Inc. | 75476 |
| 1215 | Great Southern Bancorp, Inc. | 71418 |
| 2810 | Greene County Bancorp, Inc. | 62438 |
| 2712 | Guaranty Bancshares, Inc. | 115097 |
| 2008 | Hancock Whitney Corp. | 115259 |
| 5421 | Hanmi Financial Corp. | 133790 |
| 1 | Hanover Bancorp, Inc. | 23 |
| 4384 | HarborOne Bancorp, Inc. | 51205 |
| 3416 | HBT Financial, Inc. | 86117 |
| 8810 | Heritage Commerce Corp. | 87483 |
| 4373 | Heritage Financial Corp. | 104252 |
| 1553 | Hilltop Holdings, Inc. | 47134 |
| 420 | Hingham Institution For Savings | 104307 |
| 2165 | Home Bancorp, Inc. | 112104 |
| 5014 | Home BancShares, Inc. | 142698 |
| 5056 | HomeStreet, Inc.\* | 66082 |
| 2674 | HomeTrust Bancshares, Inc. | 100034 |
| 3231 | Hope Bancorp, Inc. | 34669 |
| 6101 | Horizon Bancorp, Inc. | 93833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24673 | Huntington Bancshares, Inc. | 413519 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) |
| 4599 | Independent Bank Corp. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191688 |
| 1145 | International Bancshares Corp. | 76211 |
| 3753 | John Marshall Bancorp, Inc. | 69543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107030 | JPMorgan Chase & Co. | 31029067 |
| 11892 | Kearny Financial Corp. | 76822 |
| 12080 | KeyCorp | 210434 |
| 1176 | Lakeland Financial Corp. | 72265 |
| 13736 | LINKBANCORP, Inc. | 100410 |
| 86 | Live Oak Bancshares, Inc. | 2563 |
| 2950 | M&T Bank Corp. | 572271 |
| 2 | MainStreet Bancshares, Inc. | 38 |
| 1337 | Mercantile Bank Corp. | 62050 |
| 9 | Meridian Corp. | 116 |
| 2826 | Metrocity Bankshares, Inc. | 80767 |
| 1661 | Metropolitan Bank Holding Corp.\* | 116270 |
| 4387 | Mid Penn Bancorp, Inc. | 123713 |
| 2139 | Middlefield Banc Corp. | 64405 |
| 4713 | Midland States Bancorp, Inc. | 81629 |
| 3190 | MidWestOne Financial Group, Inc. | 91776 |
| 2858 | MVB Financial Corp. | 64391 |
| 1209 | National Bank Holdings Corp. Class A | 45471 |
| 4955 | NB Bancorp, Inc.\* | 88496 |
| 1925 | NBT Bancorp, Inc. | 79984 |
| 1181 | Nicolet Bankshares, Inc. | 145830 |
| 1428 | Northeast Bank | 127078 |
| 5317 | Northeast Community Bancorp, Inc. | 123594 |
| 7810 | Northfield Bancorp, Inc. | 89659 |
| 5891 | Northpointe Bancshares, Inc. | 80766 |
| 1344 | Northrim BanCorp, Inc. | 125341 |
| 7411 | Northwest Bancshares, Inc. | 94713 |
| 1072 | Norwood Financial Corp. | 27636 |
| 18164 | NU Holdings Ltd. Class A\* | 249210 |
| 3555 | OceanFirst Financial Corp. | 62604 |
| 1296 | OFG Bancorp | 55469 |
| 8389 | Old National Bancorp | 179021 |
| 9 | Old Point Financial Corp. | 353 |
| 4955 | Old Second Bancorp, Inc. | 87902 |
| 6 | OP Bancorp | 78 |
| 1870 | Orange County Bancorp, Inc. | 48321 |
| 1354 | Origin Bancorp, Inc. | 48392 |
| 3146 | Orrstown Financial Services, Inc. | 100137 |
| 411 | Pacific Premier Bancorp, Inc. | 8668 |
| 383 | Park National Corp. | 64061 |
| 6333 | Parke Bancorp, Inc. | 129003 |
| 1849 | Pathward Financial, Inc. | 146293 |
| 58478 | Patriot National Bancorp, Inc.\* | 88887 |
| 5982 | PCB Bancorp | 125502 |

---

&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 ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3211 | Peapack-Gladstone Financial Corp. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90711 |
| 4685 | Penns Woods Bancorp, Inc. | 142237 |
| 2121 | Peoples Bancorp, Inc. | 64775 |
| 1323 | Peoples Financial Services Corp. | 65317 |
| 1730 | Pinnacle Financial Partners, Inc. | 191009 |
| 12480 | Pioneer Bancorp, Inc.\* | 150134 |
| 2517 | Plumas Bancorp | 111906 |
| 6646 | PNC Financial Services Group, Inc. | 1238947 |
| 9794 | Ponce Financial Group, Inc.\* | 135549 |
| 29892 | Popular, Inc. | 3294397 |
| 770 | Preferred Bank | 66640 |
| 9085 | Primis Financial Corp. | 98572 |
| 4 | Princeton Bancorp, Inc. | 122 |
| 2119 | Prosperity Bancshares, Inc. | 148839 |
| 11103 | Provident Bancorp, Inc.\* | 138676 |
| 5353 | Provident Financial Services, Inc. | 93838 |
| 1035 | QCR Holdings, Inc. | 70277 |
| 5438 | RBB Bancorp | 93588 |
| 1890 | Red River Bancshares, Inc. | 110943 |
| 15649 | Regions Financial Corp. | 368064 |
| 1423 | Renasant Corp. | 51128 |
| 1714 | Republic Bancorp, Inc. Class A | 125311 |
| 4 | Richmond Mutual BanCorp, Inc. | 55 |
| 2261 | S&T Bancorp, Inc. | 85511 |
| 1079 | Seacoast Banking Corp. of Florida | 29802 |
| 1454 | ServisFirst Bancshares, Inc. | 112700 |
| 6513 | Shore Bancshares, Inc. | 102384 |
| 3394 | Sierra Bancorp | 100768 |
| 3988 | Simmons First National Corp. Class A | 75612 |
| 3391 | SmartFinancial, Inc. | 114548 |
| 2672 | South Plains Financial, Inc. | 96299 |
| 2946 | Southern First Bancshares, Inc.\* | 112036 |
| 1615 | Southern Missouri Bancorp, Inc. | 88470 |
| 2709 | Southern States Bancshares, Inc. | 98526 |
| 2538 | Southside Bancshares, Inc. | 74693 |
| 1686 | SouthState Corp. | 155163 |
| 2099 | Stellar Bancorp, Inc. | 58730 |
| 23246 | Sterling Bancorp, Inc.\*<sup>(c)</sup> |  |
| 1942 | Stock Yards Bancorp, Inc. | 153379 |
| 2809 | Synovus Financial Corp. | 145366 |
| 791 | Texas Capital Bancshares, Inc.\* | 62805 |
| 4226 | TFS Financial Corp. | 54727 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |  |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3582 | Third Coast Bancshares, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117024 |
| 3341 | Timberland Bancorp, Inc. |  | 104239 |
| 1738 | Tompkins Financial Corp. |  | 109025 |
| 3591 | Towne Bank |  | 122740 |
| 1200 | TriCo Bancshares |  | 48588 |
| 186 | Triumph Financial, Inc.\* |  | 10250 |
| 20544 | Truist Financial Corp. |  | 883187 |
| 2560 | TrustCo Bank Corp. |  | 85555 |
| 2051 | Trustmark Corp. |  | 74779 |
| 25440 | U.S. Bancorp |  | 1151160 |
| 1500 | UMB Financial Corp. |  | 157740 |
| 19 | Union Bankshares, Inc. |  | 506 |
| 2734 | United Bankshares, Inc. |  | 99600 |
| 2046 | United Community Banks, Inc. |  | 60950 |
| 2968 | Unity Bancorp, Inc. |  | 139733 |
| 4147 | Univest Financial Corp. |  | 124576 |
| 6035 | USCB Financial Holdings, Inc. |  | 99819 |
| 19412 | Valley National Bancorp |  | 173349 |
| 1706 | Veritex Holdings, Inc. |  | 44527 |
| 1063 | WaFd, Inc. |  | 31125 |
| 2596 | Washington Trust Bancorp, Inc. |  | 73415 |
| 40870 | Webster Financial Corp. |  | 2231502 |
| 153508 | Wells Fargo & Co. |  | 12299061 |
| 2294 | WesBanco, Inc. |  | 72559 |
| 4789 | West BanCorp, Inc. |  | 94008 |
| 1555 | Westamerica BanCorp |  | 75324 |
| 2357 | Western Alliance Bancorp |  | 183799 |
| 1283 | Wintrust Financial Corp. |  | 159066 |
| 1842 | WSFS Financial Corp. |  | 101310 |
| 2553 | Zions Bancorp NA |  | 132603 |
|  |  |  | 93016626 |
| Beverages – 0.2% | Beverages – 0.2% | Beverages – 0.2% | Beverages – 0.2% |
| 318 | Boston Beer Co., Inc. Class A\* |  | 60678 |
| 1255 | Brown-Forman Corp. Class B |  | 33772 |
| 564 | Brown-Forman Corp. Class A |  | 15493 |
| 1240 | Celsius Holdings, Inc.\* |  | 57524 |
| 76744 | Coca-Cola Co. |  | 5429638 |
| 1776 | Coca-Cola Consolidated, Inc. |  | 198290 |
| 2033 | Constellation Brands, Inc. Class A |  | 330728 |
| 20099 | Keurig Dr. Pepper, Inc. |  | 664473 |
| 261 | MGP Ingredients, Inc. |  | 7822 |
| 4221 | Molson Coors Beverage Co. Class B |  | 202988 |
| 16615 | Monster Beverage Corp.\* |  | 1040764 |
| 2161 | National Beverage Corp.\* |  | 93442 |
| 23542 | PepsiCo, Inc. |  | 3108486 |
| 7298 | Primo Brands Corp. |  | 216167 |
| 2955 | Vita Coco Co., Inc.\* |  | 106675 |

---

&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 ABSOLUTE RETURN TRACKER 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;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Beverages – (continued) | Beverages – (continued) | Beverages – (continued) | Beverages – (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;178 | Zevia PBC Class A\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573 |
|  |  |  | 11567513 |
| Biotechnology – 0.7% | Biotechnology – 0.7% | Biotechnology – 0.7% | Biotechnology – 0.7% |
| 240 | 89bio, Inc.\* |  | 2357 |
| 40062 | AbbVie, Inc. |  | 7436308 |
| 10515 | Abeona Therapeutics, Inc.\* |  | 59725 |
| 4278 | Absci Corp.\* |  | 10994 |
| 1241 | ACADIA Pharmaceuticals, Inc.\* |  | 26768 |
| 33 | Actuate Therapeutics, Inc.\* |  | 202 |
| 44363 | Acumen Pharmaceuticals, Inc.\* |  | 51461 |
| 408 | ADC Therapeutics SA\* |  | 1093 |
| 9475 | ADMA Biologics, Inc.\* |  | 172540 |
| 21851 | Adverum Biotechnologies, Inc.\* |  | 46980 |
| 5579 | Agenus, Inc.\*<sup>(a)</sup> |  | 25496 |
| 70 | Agios Pharmaceuticals, Inc.\* |  | 2328 |
| 29689 | Akebia Therapeutics, Inc.\* |  | 108068 |
| 3651 | Akero Therapeutics, Inc.\* |  | 194817 |
| 14395 | Aldeyra Therapeutics, Inc.\* |  | 55133 |
| 18854 | Alector, Inc.\* |  | 26396 |
| 6600 | Alkermes PLC\* |  | 188826 |
| 10774 | Allogene Therapeutics, Inc.\* |  | 12175 |
| 3146 | Alnylam Pharmaceuticals, Inc.\* |  | 1025879 |
| 3264 | Altimmune, Inc.\*<sup>(a)</sup> |  | 12632 |
| 11092 | Amgen, Inc. |  | 3096997 |
| 11400 | Amicus Therapeutics, Inc.\* |  | 65322 |
| 378 | AnaptysBio, Inc.\* |  | 8392 |
| 14195 | Anavex Life Sciences Corp.\* |  | 130878 |
| 5228 | Anika Therapeutics, Inc.\* |  | 55312 |
| 10591 | Annexon, Inc.\* |  | 25418 |
| 621 | Apellis Pharmaceuticals, Inc.\* |  | 10750 |
| 180 | Apogee Therapeutics, Inc.\* |  | 7817 |
| 89655 | Applied Therapeutics, Inc.\*<sup>(a)</sup> |  | 27892 |
| 17668 | Arbutus Biopharma Corp.\* |  | 54594 |
| 206 | Arcellx, Inc.\* |  | 13565 |
| 1223 | Arcturus Therapeutics Holdings, Inc.\* |  | 15911 |
| 285 | Arcus Biosciences, Inc.\* |  | 2320 |
| 7442 | Arcutis Biotherapeutics, Inc.\* |  | 104337 |
| 1328 | Ardelyx, Inc.\* |  | 5206 |
| 1564 | ArriVent Biopharma, Inc.\* |  | 34048 |
| 679 | Arrowhead Pharmaceuticals, Inc.\* |  | 10728 |
| 5955 | ARS Pharmaceuticals, Inc.\* |  | 103915 |
| 16445 | Artiva Biotherapeutics, Inc.\*<sup>(a)</sup> |  | 24832 |
| 6695 | Astria Therapeutics, Inc.\* |  | 35885 |
| 16421 | aTyr Pharma, Inc.\*<sup>(a)</sup> |  | 83254 |
| 6314 | Aura Biosciences, Inc.\* |  | 39526 |
| 663 | Aurinia Pharmaceuticals, Inc.\* |  | 5616 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Biotechnology – (continued) | Biotechnology – (continued) | Biotechnology – (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;592 | Avidity Biosciences, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16813 |
| 16794 | Avita Medical, Inc.\*<sup>(a)</sup> | 88840 |
| 538 | Beam Therapeutics, Inc.\* | 9151 |
| 8804 | Benitec Biopharma, Inc.\* | 103007 |
| 1037 | Bicara Therapeutics, Inc.\* | 9634 |
| 11933 | BioCryst Pharmaceuticals, Inc.\* | 106920 |
| 1358 | Biogen, Inc.\* | 170551 |
| 509 | Biohaven Ltd.\* | 7182 |
| 1200 | BioMarin Pharmaceutical, Inc.\* | 65964 |
| 14718 | Biomea Fusion, Inc.\*<sup>(a)</sup> | 26492 |
| 5356 | Black Diamond Therapeutics, Inc.\* | 13283 |
| 616 | Blueprint Medicines Corp.\* | 78959 |
| 4017 | Bridgebio Pharma, Inc.\* | 173454 |
| 26 | Bright Minds Biosciences, Inc.\* | 679 |
| 18962 | C4 Therapeutics, Inc.\* | 27116 |
| 13860 | Cabaletta Bio, Inc.\* | 21067 |
| 3234 | Candel Therapeutics, Inc.\* | 16364 |
| 644 | Capricor Therapeutics, Inc.\*<sup>(a)</sup> | 6395 |
| 8590 | Cardiff Oncology, Inc.\*<sup>(a)</sup> | 27059 |
| 1202 | CareDx, Inc.\* | 23487 |
| 5469 | Cargo Therapeutics, Inc.\* | 22532 |
| 31492 | Caribou Biosciences, Inc.\* | 39680 |
| 3169 | Cartesian Therapeutics, Inc.\* | 32926 |
| 6043 | Catalyst Pharmaceuticals, Inc.\* | 131133 |
| 3969 | Celcuity, Inc.\* | 52986 |
| 41635 | Century Therapeutics, Inc.\* | 23261 |
| 314 | CG oncology, Inc.\* | 8164 |
| 20097 | Cibus, Inc.\*<sup>(a)</sup> | 27734 |
| 2777 | Cidara Therapeutics, Inc.\* | 135268 |
| 23200 | Climb Bio, Inc.\* | 28768 |
| 2044 | Cogent Biosciences, Inc.\* | 14676 |
| 56176 | Coherus Oncology, Inc.\* | 41082 |
| 14794 | Compass Therapeutics, Inc.\* | 38464 |
| 3899 | Corbus Pharmaceuticals Holdings,<br>Inc.\*<sup>(a)</sup> | 26903 |
| 15573 | Corvus Pharmaceuticals, Inc.\*<sup>(a)</sup> | 62292 |
| 599 | Crinetics Pharmaceuticals, Inc.\* | 17227 |
| 2768 | Cullinan Therapeutics, Inc.\* | 20843 |
| 262 | Cytokinetics, Inc.\* | 8657 |
| 12085 | CytomX Therapeutics, Inc.\* | 27433 |
| 1596 | Day One Biopharmaceuticals, Inc.\* | 10374 |
| 43 | Denali Therapeutics, Inc.\* | 602 |
| 8497 | Design Therapeutics, Inc.\* | 28635 |
| 14743 | DiaMedica Therapeutics, Inc.\* | 57498 |
| 783 | Dianthus Therapeutics, Inc.\* | 14587 |
| 399 | Disc Medicine, Inc.\* | 21131 |

---

&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 ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Biotechnology – (continued) | Biotechnology – (continued) | Biotechnology – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5076 | Dynavax Technologies Corp.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50354 |
| 169 | Dyne Therapeutics, Inc.\* | 1609 |
| 13637 | Editas Medicine, Inc.\* | 30001 |
| 21569 | Eledon Pharmaceuticals, Inc.\* | 58452 |
| 765 | Emergent BioSolutions, Inc.\* | 4881 |
| 5849 | Enanta Pharmaceuticals, Inc.\* | 44218 |
| 3534 | Entrada Therapeutics, Inc.\* | 23749 |
| 5132 | Erasca, Inc.\* | 6518 |
| 4242 | Exact Sciences Corp.\* | 225420 |
| 8647 | Exelixis, Inc.\* | 381117 |
| 18339 | Fate Therapeutics, Inc.\* | 20540 |
| 35 | Fennec Pharmaceuticals, Inc.\* | 291 |
| 9203 | Foghorn Therapeutics, Inc.\* | 43254 |
| 12344 | Genelux Corp.\*<sup>(a)</sup> | 35427 |
| 3416 | Geron Corp.\* | 4817 |
| 24205 | Gilead Sciences, Inc. | 2683608 |
| 71111 | Gossamer Bio, Inc.\* | 87467 |
| 1503 | GRAIL, Inc.\* | 77284 |
| 8106 | Greenwich Lifesciences, Inc.\* | 73521 |
| 3088 | Gyre Therapeutics, Inc.\* | 22697 |
| 5204 | Halozyme Therapeutics, Inc.\* | 270712 |
| 24958 | Heron Therapeutics, Inc.\* | 51663 |
| 17632 | HilleVax, Inc.\* | 35088 |
| 2201 | Humacyte, Inc.\*<sup>(a)</sup> | 4600 |
| 74 | Ideaya Biosciences, Inc.\* | 1555 |
| 4199 | Immatics NV\* | 22591 |
| 1067 | ImmunityBio, Inc.\* | 2817 |
| 415 | Immunome, Inc.\* | 3860 |
| 461 | Immunovant, Inc.\* | 7376 |
| 2676 | Incyte Corp.\* | 182236 |
| 29 | Inhibikase Therapeutics, Inc.\* | 57 |
| 94 | Inmune Bio, Inc.\* | 217 |
| 22659 | Inovio Pharmaceuticals, Inc.\*<sup>(a)</sup> | 46111 |
| 4431 | Inozyme Pharma, Inc.\*<sup>(a)</sup> | 17724 |
| 3690 | Insmed, Inc.\* | 371362 |
| 25974 | Invivyd, Inc.\* | 18571 |
| 1149 | Ionis Pharmaceuticals, Inc.\* | 45397 |
| 17821 | Ironwood Pharmaceuticals, Inc.\* | 12781 |
| 2052 | iTeos Therapeutics, Inc.\* | 20458 |
| 3897 | Jade Biosciences, Inc. | 38931 |
| 71 | Janux Therapeutics, Inc.\* | 1640 |
| 7295 | Jasper Therapeutics, Inc.\* | 40487 |
| 4378 | Kalaris Therapeutics, Inc.\* | 11689 |
| 2204 | KalVista Pharmaceuticals, Inc.\* | 24916 |
| 13856 | Karyopharm Therapeutics, Inc.\*<sup>(a)</sup> | 59719 |
| 348 | Keros Therapeutics, Inc.\* | 4646 |
| 221 | Kiniksa Pharmaceuticals International PLC\* | 6115 |
| 13607 | Kodiak Sciences, Inc.\* | 50754 |
| 1970 | Korro Bio, Inc.\* | 24605 |
| 190 | Krystal Biotech, Inc.\* | 26117 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Biotechnology – (continued) | Biotechnology – (continued) | Biotechnology – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 | Kymera Therapeutics, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11477 |
| 11097 | Kyverna Therapeutics, Inc.\*<sup>(a)</sup> | 34068 |
| 14124 | Larimar Therapeutics, Inc.\* | 40818 |
| 7845 | Lexeo Therapeutics, Inc.\* | 31537 |
| 17667 | Lexicon Pharmaceuticals, Inc.\* | 16708 |
| 66380 | Lineage Cell Therapeutics, Inc.\*<sup>(a)</sup> | 60233 |
| 1734 | Lyell Immunopharma, Inc.\* | 15329 |
| 19319 | MacroGenics, Inc.\* | 23376 |
| 414 | Madrigal Pharmaceuticals, Inc.\* | 125293 |
| 16144 | MannKind Corp.\* | 60379 |
| 6504 | MeiraGTx Holdings PLC\* | 42406 |
| 56 | Metsera, Inc.\* | 1593 |
| 7440 | MiMedx Group, Inc.\* | 45458 |
| 220 | Mineralys Therapeutics, Inc.\* | 2977 |
| 3195 | Mirum Pharmaceuticals, Inc.\* | 162594 |
| 177 | Moderna, Inc.\* | 4883 |
| 2180 | Monopar Therapeutics, Inc.\* | 78000 |
| 513 | Monte Rosa Therapeutics, Inc.\* | 2314 |
| 4282 | Myriad Genetics, Inc.\* | 22737 |
| 16677 | Natera, Inc.\* | 2817412 |
| 1450 | Neurocrine Biosciences, Inc.\* | 182251 |
| 18410 | Nkarta, Inc.\* | 30561 |
| 790 | Novavax, Inc.\* | 4977 |
| 242 | Nuvalent, Inc. Class A\* | 18465 |
| 72 | Nuvectis Pharma, Inc.\* | 538 |
| 36860 | Ocugen, Inc.\*<sup>(a)</sup> | 35769 |
| 5786 | Olema Pharmaceuticals, Inc.\* | 24648 |
| 33693 | Organogenesis Holdings, Inc.\* | 123316 |
| 72 | ORIC Pharmaceuticals, Inc.\* | 731 |
| 529 | Oruka Therapeutics, Inc. | 5930 |
| 22429 | Outlook Therapeutics, Inc.\*<sup>(a)</sup> | 35886 |
| 5621 | Palvella Therapeutics, Inc.\* | 126697 |
| 5974 | Perspective Therapeutics, Inc.\* | 20551 |
| 58940 | PMV Pharmaceuticals, Inc.\* | 62476 |
| 8 | Praxis Precision Medicines, Inc.\* | 336 |
| 16574 | Precigen, Inc.\* | 23535 |
| 23023 | Prime Medicine, Inc.\*<sup>(a)</sup> | 56867 |
| 32098 | ProKidney Corp.\*<sup>(a)</sup> | 19005 |
| 4331 | Protagonist Therapeutics, Inc.\* | 239374 |
| 60359 | Protalix BioTherapeutics, Inc.\* | 89331 |
| 2659 | Prothena Corp. PLC\* | 16140 |
| 1737 | PTC Therapeutics, Inc.\* | 84835 |
| 10584 | Puma Biotechnology, Inc.\* | 36303 |
| 2981 | RAPT Therapeutics, Inc.\* | 23848 |
| 1911 | Recursion Pharmaceuticals, Inc. Class A\*<sup>(a)</sup> | 9670 |

---

&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 ABSOLUTE RETURN TRACKER 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;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Biotechnology – (continued) | Biotechnology – (continued) | Biotechnology – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387 | Regeneron Pharmaceuticals, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728175 |
| 342 | REGENXBIO, Inc.\* | 2808 |
| 92 | Regulus Therapeutics, Inc.\* | 107 |
| 84823 | Renovaro, Inc.\* | 24505 |
| 6837 | Replimune Group, Inc.\* | 63516 |
| 394 | Revolution Medicines, Inc.\* | 14495 |
| 6991 | Rezolute, Inc.\*<sup>(a)</sup> | 31180 |
| 2383 | Rhythm Pharmaceuticals, Inc.\* | 150582 |
| 5455 | Rigel Pharmaceuticals, Inc.\* | 102172 |
| 5467 | Rocket Pharmaceuticals, Inc.\* | 13394 |
| 2591 | Sage Therapeutics, Inc.\* | 23630 |
| 84 | Sana Biotechnology, Inc.\* | 229 |
| 94914 | Sangamo Therapeutics, Inc.\* | 51377 |
| 640 | Sarepta Therapeutics, Inc.\* | 10944 |
| 13174 | Savara, Inc.\* | 30037 |
| 4756 | Scholar Rock Holding Corp.\* | 168458 |
| 537 | SELLAS Life Sciences Group, Inc.\* | 1176 |
| 28073 | Sera Prognostics, Inc. Class A\* | 77762 |
| 4996 | Seres Therapeutics, Inc.\*<sup>(a)</sup> | 55506 |
| 516 | Sionna Therapeutics, Inc.\* | 8953 |
| 16061 | Skye Bioscience, Inc.\*<sup>(a)</sup> | 67135 |
| 2303 | Soleno Therapeutics, Inc.\* | 192945 |
| 2123 | Solid Biosciences, Inc.\* | 10339 |
| 1025 | SpringWorks Therapeutics, Inc.\* | 48165 |
| 188 | Spyre Therapeutics, Inc.\* | 2814 |
| 231 | Stoke Therapeutics, Inc.\* | 2622 |
| 7797 | Summit Therapeutics, Inc.\*<sup>(a)</sup> | 165920 |
| 40219 | Sutro Biopharma, Inc.\* | 28712 |
| 447 | Syndax Pharmaceuticals, Inc.\* | 4186 |
| 531 | Tango Therapeutics, Inc.\*<sup>(a)</sup> | 2719 |
| 932 | Taysha Gene Therapies, Inc.\* | 2153 |
| 546 | Tectonic Therapeutic, Inc.\* | 10849 |
| 55540 | Tenaya Therapeutics, Inc.\*<sup>(a)</sup> | 33946 |
| 28144 | Tevogen Bio Holdings, Inc.\*<sup>(a)</sup> | 35180 |
| 5262 | TG Therapeutics, Inc.\* | 189379 |
| 1720 | Tourmaline Bio, Inc.\* | 27503 |
| 8006 | Travere Therapeutics, Inc.\* | 118489 |
| 13730 | TriSalus Life Sciences, Inc.\* | 74829 |
| 23551 | TScan Therapeutics, Inc.\* | 34149 |
| 145 | TuHURA Biosciences, Inc.\* | 323 |
| 333 | Twist Bioscience Corp.\* | 12251 |
| 1336 | Tyra Biosciences, Inc.\* | 12786 |
| 728 | Ultragenyx Pharmaceutical, Inc.\* | 26470 |
| 818 | United Therapeutics Corp.\* | 235052 |
| 12371 | UroGen Pharma Ltd.\* | 169483 |
| 18121 | Vanda Pharmaceuticals, Inc.\* | 85531 |
| 80168 | Vaxart, Inc.\*<sup>(a)</sup> | 36236 |
| 290 | Vera Therapeutics, Inc.\* | 6832 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Biotechnology – (continued) | Biotechnology – (continued) | Biotechnology – (continued) | Biotechnology – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4624 | Veracyte, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124987 |
| 13722 | Verastem, Inc.\* |  | 56946 |
| 1308 | Vericel Corp.\* |  | 55655 |
| 5595 | Vertex Pharmaceuticals, Inc.\* |  | 2490894 |
| 2061 | Vigil Neuroscience, Inc.\* |  | 16385 |
| 49 | Viking Therapeutics, Inc.\* |  | 1299 |
| 310 | Viridian Therapeutics, Inc.\* |  | 4334 |
| 148856 | Vor BioPharma, Inc.\*<sup>(a)</sup> |  | 241147 |
| 10237 | Voyager Therapeutics, Inc.\* |  | 31837 |
| 15097 | XBiotech, Inc.\* |  | 44838 |
| 118 | Xencor, Inc.\* |  | 927 |
| 428 | Xenon Pharmaceuticals, Inc.\* |  | 13396 |
| 2415 | XOMA Royalty Corp.\* |  | 60858 |
| 14457 | Y-mAbs Therapeutics, Inc.\* |  | 65201 |
| 2741 | Zenas Biopharma, Inc.\*<sup>(a)</sup> |  | 26560 |
| 14407 | Zentalis Pharmaceuticals, Inc.\* |  | 16712 |
| 36005 | Zura Bio Ltd.\* |  | 37805 |
| 5921 | Zymeworks, Inc.\* |  | 74309 |
|  |  |  | 32019712 |
| Broadline Retail – 1.8% | Broadline Retail – 1.8% | Broadline Retail – 1.8% | Broadline Retail – 1.8% |
| 39293 | 1stdibs.com, Inc.\* |  | 108056 |
| 393517 | Amazon.com, Inc.\* |  | 86333695 |
| 26836 | Coupang, Inc.\* |  | 804007 |
| 51 | Dillard's, Inc. Class A |  | 21309 |
| 8909 | eBay, Inc. |  | 663364 |
| 851 | Etsy, Inc.\* |  | 42686 |
| 242 | Groupon, Inc.\* |  | 8095 |
| 109 | Kohl's Corp. |  | 924 |
| 2541 | Macy's, Inc. |  | 29628 |
| 1378 | Ollie's Bargain Outlet Holdings, Inc.\* |  | 181593 |
| 4597 | QVC Group, Inc.\* |  | 12642 |
| 601 | Savers Value Village, Inc.\* |  | 6130 |
|  |  |  | 88212129 |
| Building Products – 0.1% | Building Products – 0.1% | Building Products – 0.1% | Building Products – 0.1% |
| 1220 | A.O. Smith Corp. |  | 79995 |
| 1210 | AAON, Inc. |  | 89238 |
| 180 | Advanced Drainage Systems, Inc. |  | 20675 |
| 1700 | Allegion PLC |  | 245004 |
| 169 | American Woodmark Corp.\* |  | 9020 |
| 160 | Apogee Enterprises, Inc. |  | 6496 |
| 1088 | Armstrong World Industries, Inc. |  | 176735 |
| 1362 | AZEK Co., Inc.\* |  | 74025 |
| 376 | AZZ, Inc. |  | 35524 |
| 632 | Builders FirstSource, Inc.\* |  | 73748 |
| 501 | Carlisle Cos., Inc. |  | 187073 |
| 12675 | Carrier Global Corp. |  | 927683 |
| 312 | CSW Industrials, Inc. |  | 89491 |
| 543 | Fortune Brands Innovations, Inc. |  | 27954 |

---

&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 ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Building Products – (continued) | Building Products – (continued) | Building Products – (continued) | Building Products – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | Gibraltar Industries, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12213 |
| 349 | Griffon Corp. |  | 25257 |
| 679 | Hayward Holdings, Inc.\* |  | 9370 |
| 1468 | Insteel Industries, Inc. |  | 54624 |
| 1203 | Janus International Group, Inc.\* |  | 9792 |
| 5951 | JELD-WEN Holding, Inc.\* |  | 23328 |
| 11106 | Johnson Controls International PLC |  | 1173016 |
| 693 | Lennox International, Inc. |  | 397255 |
| 1986 | Masco Corp. |  | 127819 |
| 1042 | Masterbrand, Inc.\* |  | 11389 |
| 397 | Owens Corning |  | 54595 |
| 961 | Resideo Technologies, Inc.\* |  | 21200 |
| 450 | Simpson Manufacturing Co., Inc. |  | 69890 |
| 745 | Tecnoglass, Inc. |  | 57633 |
| 5045 | Trane Technologies PLC |  | 2206733 |
| 232 | Trex Co., Inc.\* |  | 12616 |
| 368 | UFP Industries, Inc. |  | 36565 |
| 2689 | Zurn Elkay Water Solutions Corp. |  | 98337 |
|  |  |  | 6444293 |
| Capital Markets – 1.1% | Capital Markets – 1.1% | Capital Markets – 1.1% | Capital Markets – 1.1% |
| 3057 | Acadian Asset Management, Inc. |  | 107729 |
| 299 | Affiliated Managers Group, Inc. |  | 58834 |
| 5135 | AlTi Global, Inc.\* |  | 21310 |
| 2054 | Ameriprise Financial, Inc. |  | 1096281 |
| 4082 | ARES Management Corp. Class A |  | 707002 |
| 1568 | Artisan Partners Asset Management, Inc. Class A |  | 69509 |
| 21265 | B Riley Financial, Inc.\*<sup>(a)</sup> |  | 63157 |
| 6 | Bakkt Holdings, Inc.\* |  | 84 |
| 13473 | Bank of New York Mellon Corp. |  | 1227525 |
| 4564 | BGC Group, Inc. Class A |  | 46690 |
| 2589 | Blackrock, Inc. |  | 2716508 |
| 15829 | Blackstone, Inc. |  | 2367702 |
| 5760 | Blue Owl Capital, Inc. |  | 110650 |
| 1411 | Bridge Investment Group Holdings, Inc. Class A |  | 14124 |
| 751 | Brookfield Asset Management Ltd. Class A |  | 41515 |
| 989 | Carlyle Group, Inc. |  | 50835 |
| 2203 | Cboe Global Markets, Inc. |  | 513762 |
| 29576 | Charles Schwab Corp. |  | 2698514 |
| 20460 | CME Group, Inc. |  | 5639185 |
| 1122 | Cohen & Steers, Inc. |  | 84543 |
| 2278 | Coinbase Global, Inc. Class A\* |  | 798416 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Capital Markets – (continued) | Capital Markets – (continued) | Capital Markets – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005 | Diamond Hill Investment Group, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146037 |
| 665 | Donnelley Financial Solutions, Inc.\* | 40997 |
| 98 | Evercore, Inc. Class A | 26462 |
| 599 | FactSet Research Systems, Inc. | 267921 |
| 3264 | Federated Hermes, Inc. | 144660 |
| 1454 | Forge Global Holdings, Inc.\* | 27684 |
| 1683 | Franklin Resources, Inc. | 40140 |
| 753 | Freedom Holding Corp.\* | 109976 |
| 6970 | GCM Grosvenor, Inc. Class A | 80573 |
| 719 | Hamilton Lane, Inc. Class A | 102184 |
| 1060 | Houlihan Lokey, Inc. | 190747 |
| 6675 | Innventure, Inc.\* | 32040 |
| 6369 | Interactive Brokers Group, Inc. Class A | 352906 |
| 9892 | Intercontinental Exchange, Inc. | 1814885 |
| 2266 | Invesco Ltd. | 35735 |
| 911 | Janus Henderson Group PLC | 35383 |
| 2114 | Jefferies Financial Group, Inc. | 115615 |
| 11454 | KKR & Co., Inc. | 1523726 |
| 219 | Lazard, Inc. | 10508 |
| 1683 | LPL Financial Holdings, Inc. | 631074 |
| 123 | Marex Group PLC | 4855 |
| 744 | MarketAxess Holdings, Inc. | 166165 |
| 886 | Moelis & Co. Class A | 55216 |
| 10087 | Moody's Corp. | 5059538 |
| 59752 | Morgan Stanley | 8416667 |
| 375 | Morningstar, Inc. | 117724 |
| 1377 | MSCI, Inc. | 794171 |
| 7342 | Nasdaq, Inc. | 656522 |
| 3677 | Northern Trust Corp. | 466207 |
| 14461 | Open Lending Corp.\* | 28054 |
| 1440 | Oppenheimer Holdings, Inc. Class A | 94709 |
| 6404 | P10, Inc. Class A | 65449 |
| 5041 | Patria Investments Ltd. Class A | 70876 |
| 1358 | Perella Weinberg Partners | 26372 |
| 287 | Piper Sandler Cos. | 79769 |
| 653 | PJT Partners, Inc. Class A | 107752 |
| 3340 | Raymond James Financial, Inc. | 512256 |
| 11710 | Robinhood Markets, Inc. Class A\* | 1096407 |
| 14857 | S&P Global, Inc. | 7833948 |
| 1752 | SEI Investments Co. | 157435 |
| 8 | Siebert Financial Corp.\* | 35 |
| 5442 | State Street Corp. | 578702 |
| 532 | StepStone Group, Inc. Class A | 29526 |
| 1337 | Stifel Financial Corp. | 138754 |
| 2256 | StoneX Group, Inc.\* | 205612 |
| 2316 | T. Rowe Price Group, Inc. | 223494 |

---

&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 ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Capital Markets – (continued) | Capital Markets – (continued) | Capital Markets – (continued) | Capital Markets – (continued) |
| 1223 | TPG, Inc. | $| 64146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17180 | Tradeweb Markets, Inc. Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2515152 |
| 2082 | Value Line, Inc. |  | 81510 |
| 598 | Victory Capital Holdings, Inc. Class A |  | 38075 |
| 3798 | Virtu Financial, Inc. Class A |  | 170112 |
| 240 | Virtus Investment Partners, Inc. |  | 43536 |
| 7097 | WisdomTree, Inc. |  | 81686 |
| 204 | XP, Inc. Class A |  | 4121 |
|  |  |  | 54147681 |
| Chemicals – 0.5% | Chemicals – 0.5% | Chemicals – 0.5% | Chemicals – 0.5% |
| 1158 | AdvanSix, Inc. |  | 27502 |
| 3328 | Air Products & Chemicals, Inc. |  | 938696 |
| 16 | Albemarle Corp. |  | 1003 |
| 35336 | Alto Ingredients, Inc.\* |  | 40636 |
| 7630 | American Vanguard Corp.\* |  | 29910 |
| 8682 | Arq, Inc.\* |  | 46622 |
| 290 | Ashland, Inc. |  | 14581 |
| 911 | ASP Isotopes, Inc.\*<sup>(a)</sup> |  | 6705 |
| 700 | Aspen Aerogels, Inc.\* |  | 4144 |
| 180 | Avient Corp. |  | 5816 |
| 1272 | Axalta Coating Systems Ltd.\* |  | 37766 |
| 666 | Balchem Corp. |  | 106027 |
| 579 | Cabot Corp. |  | 43425 |
| 502 | Celanese Corp. |  | 27776 |
| 2399 | CF Industries Holdings, Inc. |  | 220708 |
| 848 | Chemours Co. |  | 9710 |
| 11721 | Corteva, Inc. |  | 873566 |
| 69208 | Dow, Inc. |  | 1832628 |
| 4561 | DuPont de Nemours, Inc. |  | 312839 |
| 459 | Eastman Chemical Co. |  | 34269 |
| 4488 | Ecolab, Inc. |  | 1209247 |
| 521 | Element Solutions, Inc. |  | 11801 |
| 4180 | Flotek Industries, Inc.\* |  | 61697 |
| 164 | FMC Corp. |  | 6847 |
| 14 | Ginkgo Bioworks Holdings, Inc.\* |  | 157 |
| 853 | Hawkins, Inc. |  | 121211 |
| 826 | HB Fuller Co. |  | 49684 |
| 545 | Huntsman Corp. |  | 5679 |
| 205 | Ingevity Corp.\* |  | 8833 |
| 557 | Innospec, Inc. |  | 46838 |
| 2562 | International Flavors & Fragrances, Inc. |  | 188435 |
| 2031 | Intrepid Potash, Inc.\* |  | 72568 |
| 864 | Koppers Holdings, Inc. |  | 27778 |
| 3945 | Kronos Worldwide, Inc. |  | 24459 |
| 24552 | Linde PLC |  | 11519307 |
| 2441 | LSB Industries, Inc.\* |  | 19040 |
| 1081 | LyondellBasell Industries NV Class A |  | 62547 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Chemicals – (continued) | Chemicals – (continued) | Chemicals – (continued) | Chemicals – (continued) |
| 469 | Minerals Technologies, Inc. | $| 25828 |
| 4156 | Mosaic Co. |  | 151611 |
| 204 | NewMarket Corp. |  | 140935 |
| 69711 | Origin Materials, Inc.\* |  | 33684 |
| 2622 | Orion SA |  | 27505 |
| 9337 | Perimeter Solutions, Inc.\* |  | 129971 |
| 2588 | PPG Industries, Inc. |  | 294385 |
| 731 | PureCycle Technologies, Inc.\*<sup>(a)</sup> |  | 10015 |
| 69 | Quaker Chemical Corp. |  | 7724 |
| 119 | Rayonier Advanced Materials, Inc.\* |  | 458 |
| 2200 | Resonac Holdings Corp. |  | 50976 |
| 1620 | RPM International, Inc. |  | 177941 |
| 132 | Scotts Miracle-Gro Co. |  | 8707 |
| 1537 | Sensient Technologies Corp. |  | 151425 |
| 15908 | Sherwin-Williams Co. |  | 5462171 |
| 106 | Solesence, Inc.\* |  | 462 |
| 830 | Stepan Co. |  | 45301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21136 | Trinseo PLC |  | 65944 |
| 128 | Westlake Corp. |  | 9719 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;24845219 |
| Commercial Services & Supplies – 0.4% | Commercial Services & Supplies – 0.4% | Commercial Services & Supplies – 0.4% | Commercial Services & Supplies – 0.4% |
| 908 | ABM Industries, Inc. |  | 42867 |
| 10029 | ACCO Brands Corp. |  | 35904 |
| 1001 | ACV Auctions, Inc. Class A\* |  | 16236 |
| 1191 | Brady Corp. Class A |  | 80952 |
| 694 | BrightView Holdings, Inc.\* |  | 11555 |
| 974 | Brink's Co. |  | 86968 |
| 1748 | Casella Waste Systems, Inc. Class A\* |  | 201684 |
| 1216 | CECO Environmental Corp.\* |  | 34425 |
| 522 | Cimpress PLC\* |  | 24534 |
| 23388 | Cintas Corp. |  | 5212484 |
| 3180 | Civeo Corp. |  | 73426 |
| 619 | Clean Harbors, Inc.\* |  | 143100 |
| 2554 | CompX International, Inc. |  | 67860 |
| 65350 | Copart, Inc.\* |  | 3206725 |
| 7450 | CoreCivic, Inc.\* |  | 156972 |
| 3065 | Deluxe Corp. |  | 48764 |
| 7304 | Driven Brands Holdings, Inc.\* |  | 128258 |
| 8479 | Ennis, Inc. |  | 153809 |
| 1230 | Enviri Corp.\* |  | 10676 |
| 7083 | GEO Group, Inc.\* |  | 169638 |
| 8474 | Healthcare Services Group, Inc.\* |  | 127364 |
| 1589 | HNI Corp. |  | 78147 |
| 5239 | Interface, Inc. |  | 109652 |
| 165802 | LanzaTech Global, Inc.\*<sup>(a)</sup> |  | 44966 |
| 4838 | Liquidity Services, Inc.\* |  | 114128 |
| 1238 | MillerKnoll, Inc. |  | 24042 |
| 541 | MSA Safety, Inc. |  | 90634 |
| 10525 | NL Industries, Inc. |  | 67360 |
| 2242 | OPENLANE, Inc.\* |  | 54817 |

---

&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 ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Commercial Services & Supplies – (continued) | Commercial Services & Supplies – (continued) | Commercial Services & Supplies – (continued) | Commercial Services & Supplies – (continued) |
| 15 | Perma-Fix Environmental Services, Inc.\* | $| 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11136 | Pitney Bowes, Inc. |  | 121494 |
| 8382 | Quad/Graphics, Inc. |  | 47358 |
| 64 | RB Global, Inc. |  | 6796 |
| 3771 | Republic Services, Inc. |  | 929966 |
| 7485 | Rollins, Inc. |  | 422304 |
| 4293 | Steelcase, Inc. Class A |  | 44776 |
| 1643 | Tetra Tech, Inc. |  | 59082 |
| 410 | UniFirst Corp. |  | 77170 |
| 3944 | Veralto Corp. |  | 398147 |
| 1214 | Vestis Corp. |  | 6956 |
| 5320 | Virco Mfg. Corp. |  | 42454 |
| 750 | VSE Corp. |  | 98235 |
| 25247 | Waste Management, Inc. |  | 5777019 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;18649862 |
| Communications Equipment – 0.4% | Communications Equipment – 0.4% | Communications Equipment – 0.4% | Communications Equipment – 0.4% |
| 6989 | ADTRAN Holdings, Inc.\* |  | 62691 |
| 240 | Applied Optoelectronics, Inc.\* |  | 6166 |
| 22129 | Arista Networks, Inc.\* |  | 2264018 |
| 1387 | Aviat Networks, Inc.\* |  | 33357 |
| 15 | BK Technologies Corp.\* |  | 707 |
| 940 | Calix, Inc.\* |  | 49999 |
| 2445 | Ciena Corp.\* |  | 198852 |
| 175792 | Cisco Systems, Inc. |  | 12196449 |
| 1008 | Clearfield, Inc.\* |  | 43757 |
| 15654 | CommScope Holding Co., Inc.\* |  | 129615 |
| 478 | Digi International, Inc.\* |  | 16663 |
| 1205 | F5, Inc.\* |  | 354656 |
| 865 | Harmonic, Inc.\* |  | 8191 |
| 13 | Inseego Corp.\* |  | 107 |
| 5559 | Juniper Networks, Inc. |  | 221971 |
| 878 | Lumentum Holdings, Inc.\* |  | 83463 |
| 3183 | Motorola Solutions, Inc. |  | 1338324 |
| 3861 | NETGEAR, Inc.\* |  | 112239 |
| 1414 | NetScout Systems, Inc.\* |  | 35081 |
| 8495 | Ribbon Communications, Inc.\* |  | 34065 |
| 24 | Ubiquiti, Inc. |  | 9880 |
| 4886 | Viavi Solutions, Inc.\* |  | 49202 |
|  |  |  | 17249453 |
| Construction & Engineering – 0.1% | Construction & Engineering – 0.1% | Construction & Engineering – 0.1% | Construction & Engineering – 0.1% |
| 2471 | AECOM |  | 278877 |
| 2875 | API Group Corp.\* |  | 146769 |
| 241 | Arcosa, Inc. |  | 20897 |
| 582 | Argan, Inc. |  | 128319 |
| 1287 | Bowman Consulting Group Ltd.\* |  | 37001 |
| 181 | Centuri Holdings, Inc.\* |  | 4062 |
| 721 | Comfort Systems USA, Inc. |  | 386607 |
| 2540 | Concrete Pumping Holdings, Inc. |  | 15621 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Construction & Engineering – (continued) | Construction & Engineering – (continued) | Construction & Engineering – (continued) | Construction & Engineering – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299 | Construction Partners, Inc. Class A\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138058 |
| 214 | Dycom Industries, Inc.\* |  | 52299 |
| 764 | EMCOR Group, Inc. |  | 408656 |
| 733 | Fluor Corp.\* |  | 37581 |
| 1737 | Granite Construction, Inc. |  | 162427 |
| 3275 | Great Lakes Dredge & Dock Corp.\* |  | 39922 |
| 508 | IES Holdings, Inc.\* |  | 150485 |
| 600 | Limbach Holdings, Inc.\* |  | 84060 |
| 1425 | MasTec, Inc.\* |  | 242863 |
| 1510 | Matrix Service Co.\* |  | 20400 |
| 90 | MYR Group, Inc.\* |  | 16330 |
| 1551 | NWPX Infrastructure, Inc.\* |  | 63607 |
| 1156 | Orion Group Holdings, Inc.\* |  | 10485 |
| 1833 | Primoris Services Corp. |  | 142864 |
| 2995 | Quanta Services, Inc. |  | 1132350 |
| 887 | Sterling Infrastructure, Inc.\* |  | 204658 |
| 1318 | Tutor Perini Corp.\* |  | 61656 |
| 409 | Valmont Industries, Inc. |  | 133567 |
| 335 | WillScot Holdings Corp. |  | 9179 |
|  |  |  | 4129600 |
| Construction Materials – 0.0% | Construction Materials – 0.0% | Construction Materials – 0.0% | Construction Materials – 0.0% |
| 121 | Eagle Materials, Inc. |  | 24455 |
| 1247 | Knife River Corp.\* |  | 101805 |
| 827 | Martin Marietta Materials, Inc. |  | 453990 |
| 1903 | Smith-Midland Corp.\* |  | 63865 |
| 137 | Titan America SA\* |  | 1710 |
| 661 | U.S. Lime & Minerals, Inc. |  | 65968 |
| 1994 | Vulcan Materials Co. |  | 520075 |
|  |  |  | 1231868 |
| Consumer Finance – 0.2% | Consumer Finance – 0.2% | Consumer Finance – 0.2% | Consumer Finance – 0.2% |
| 1448 | Ally Financial, Inc. |  | 56400 |
| 10205 | American Express Co. |  | 3255191 |
| 1774 | Atlanticus Holdings Corp.\* |  | 97126 |
| 1391 | Bread Financial Holdings, Inc. |  | 79454 |
| 10739 | Capital One Financial Corp. |  | 2284830 |
| 5936 | Consumer Portfolio Services, Inc.\* |  | 58351 |
| 26 | Credit Acceptance Corp.\* |  | 13245 |
| 186 | Dave, Inc.\* |  | 49924 |
| 45 | Encore Capital Group, Inc.\* |  | 1742 |
| 1137 | Enova International, Inc.\* |  | 126798 |
| 11294 | EZCORP, Inc. Class A\* |  | 156761 |
| 1213 | FirstCash Holdings, Inc. |  | 163925 |
| 354 | Green Dot Corp. Class A\* |  | 3816 |
| 795 | LendingClub Corp.\* |  | 9564 |
| 318 | LendingTree, Inc.\* |  | 11788 |
| 4719 | Moneylion, Inc.\*<sup>(c)</sup> |  | 425 |
| 498 | Navient Corp. |  | 7022 |
| 304 | Nelnet, Inc. Class A |  | 36820 |
| 233 | NerdWallet, Inc. Class A\* |  | 2556 |

---

&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 ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Finance – (continued) | Consumer Finance – (continued) | Consumer Finance – (continued) | Consumer Finance – (continued) |
| 1105 | OneMain Holdings, Inc. | $| 62985 |
| 7489 | Oportun Financial Corp.\* |  | 53621 |
| 2685 | OppFi, Inc.<sup>(a)</sup> |  | 37563 |
| 167 | PRA Group, Inc.\* |  | 2463 |
| 495 | PROG Holdings, Inc. |  | 14528 |
| 1732 | Regional Management Corp. |  | 50592 |
| 5146 | SLM Corp. |  | 168737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16249 | SoFi Technologies, Inc.\* |  | 295894 |
| 6723 | Synchrony Financial |  | 448693 |
| 1617 | Upstart Holdings, Inc.\* |  | 104588 |
| 1 | Vroom, Inc.\* |  | 29 |
| 132 | World Acceptance Corp.\* |  | 21796 |
|  |  |  | 7677227 |
| Consumer Staples Distribution & Retail – 0.9% | Consumer Staples Distribution & Retail – 0.9% | Consumer Staples Distribution & Retail – 0.9% | Consumer Staples Distribution & Retail – 0.9% |
| 10650 | Albertsons Cos., Inc. Class A |  | 229082 |
| 333 | Andersons, Inc. |  | 12238 |
| 3449 | BJ's Wholesale Club Holdings, Inc.\* |  | 371906 |
| 929 | Casey's General Stores, Inc. |  | 474041 |
| 2838 | Chefs' Warehouse, Inc.\* |  | 181093 |
| 21297 | Costco Wholesale Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;21082752 |
| 3125 | Dollar General Corp. |  | 357438 |
| 2248 | Dollar Tree, Inc.\* |  | 222642 |
| 374 | Grocery Outlet Holding Corp.\* |  | 4645 |
| 4704 | Guardian Pharmacy Services, Inc. Class A\* |  | 100242 |
| 14329 | HF Foods Group, Inc.\* |  | 45566 |
| 1596 | Ingles Markets, Inc. Class A |  | 101154 |
| 12610 | Kroger Co. |  | 904515 |
| 5165 | Maplebear, Inc.\* |  | 233665 |
| 3164 | Natural Grocers by Vitamin Cottage, Inc. |  | 124187 |
| 3367 | Performance Food Group Co.\* |  | 294512 |
| 1415 | PriceSmart, Inc. |  | 148632 |
| 4819 | SpartanNash Co. |  | 127655 |
| 2885 | Sprouts Farmers Market, Inc.\* |  | 474986 |
| 9829 | Sysco Corp. |  | 744448 |
| 6219 | Target Corp. |  | 613504 |
| 5090 | U.S. Foods Holding Corp.\* |  | 391981 |
| 7829 | United Natural Foods, Inc.\* |  | 182494 |
| 4146 | Village Super Market, Inc. Class A |  | 159621 |
| 4569 | Walgreens Boots Alliance, Inc. |  | 52452 |
| 189724 | Walmart, Inc. |  | 18551213 |
| 2235 | Weis Markets, Inc. |  | 162015 |
|  |  |  | 46348679 |
| Containers & Packaging – 0.2% | Containers & Packaging – 0.2% | Containers & Packaging – 0.2% | Containers & Packaging – 0.2% |
| 29380 | Amcor PLC |  | 270002 |
| 831 | AptarGroup, Inc. |  | 129993 |
| 201 | Ardagh Metal Packaging SA |  | 860 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Containers & Packaging – (continued) | Containers & Packaging – (continued) | Containers & Packaging – (continued) | Containers & Packaging – (continued) |
| 655 | Avery Dennison Corp. | $| 114933 |
| 1906 | Ball Corp. |  | 106907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29197 | Crown Holdings, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006707 |
| 2382 | Graphic Packaging Holding Co. |  | 50189 |
| 216 | Greif, Inc. Class A |  | 14038 |
| 7084 | International Paper Co. |  | 331744 |
| 1789 | Myers Industries, Inc. |  | 25923 |
| 515 | O-I Glass, Inc.\* |  | 7591 |
| 1158 | Packaging Corp. of America |  | 218225 |
| 673 | Sealed Air Corp. |  | 20883 |
| 2220 | Silgan Holdings, Inc. |  | 120280 |
| 85695 | Smurfit WestRock PLC |  | 3697739 |
| 1052 | Sonoco Products Co. |  | 45825 |
| 2152 | TriMas Corp. |  | 61569 |
|  |  |  | 8223408 |
| Distributors – 0.0% | Distributors – 0.0% | Distributors – 0.0% | Distributors – 0.0% |
| 478 | A-Mark Precious Metals, Inc. |  | 10602 |
| 1332 | Genuine Parts Co. |  | 161585 |
| 3037 | LKQ Corp. |  | 112400 |
| 307 | Pool Corp. |  | 89484 |
| 2270 | Weyco Group, Inc. |  | 75273 |
|  |  |  | 449344 |
| Diversified Consumer Services – 0.1% | Diversified Consumer Services – 0.1% | Diversified Consumer Services – 0.1% | Diversified Consumer Services – 0.1% |
| 16802 | ADT, Inc. |  | 142313 |
| 1588 | Adtalem Global Education, Inc.\* |  | 202041 |
| 3607 | American Public Education, Inc.\* |  | 109869 |
| 1008 | Bright Horizons Family Solutions, Inc.\* |  | 124579 |
| 3380 | Carriage Services, Inc. |  | 154601 |
| 11875 | Chegg, Inc.\* |  | 14369 |
| 7268 | Coursera, Inc.\* |  | 63668 |
| 888 | Duolingo, Inc.\* |  | 364098 |
| 154 | European Wax Center, Inc. Class A\* |  | 867 |
| 3165 | Frontdoor, Inc.\* |  | 186545 |
| 152 | Graham Holdings Co. Class B |  | 143818 |
| 917 | Grand Canyon Education, Inc.\* |  | 173313 |
| 3637 | H&R Block, Inc. |  | 199635 |
| 2161 | KinderCare Learning Cos., Inc.\* |  | 21826 |
| 7106 | Laureate Education, Inc.\* |  | 166138 |
| 4716 | Lincoln Educational Services Corp.\* |  | 108704 |
| 1692 | Matthews International Corp. Class A |  | 40456 |
| 4435 | Mister Car Wash, Inc.\* |  | 26654 |
| 35712 | Nerdy, Inc.\* |  | 58211 |
| 1831 | OneSpaWorld Holdings Ltd. |  | 37334 |
| 3853 | Perdoceo Education Corp. |  | 125955 |

---

&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 ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Diversified Consumer Services – (continued) | Diversified Consumer Services – (continued) | Diversified Consumer Services – (continued) | Diversified Consumer Services – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2289 | Service Corp. International | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186325 |
| 410 | Strategic Education, Inc. |  | 34903 |
| 1860 | Stride, Inc.\* |  | 270053 |
| 1535 | Udemy, Inc.\* |  | 10791 |
| 3461 | Universal Technical Institute, Inc.\* |  | 117293 |
| 239 | WW International, Inc.\* |  | 7213 |
| 12 | Zspace, Inc.\* |  | 39 |
|  |  |  | 3091611 |
| Diversified REITs – 0.0% | Diversified REITs – 0.0% | Diversified REITs – 0.0% | Diversified REITs – 0.0% |
| 5063 | Alexander & Baldwin, Inc. |  | 90273 |
| 9079 | Alpine Income Property Trust, Inc. |  | 133552 |
| 2532 | American Assets Trust, Inc. |  | 50007 |
| 12035 | Armada Hoffler Properties, Inc. |  | 82680 |
| 5268 | Broadstone Net Lease, Inc. |  | 84551 |
| 5550 | CTO Realty Growth, Inc. |  | 95793 |
| 4389 | Essential Properties Realty Trust, Inc. |  | 140053 |
| 7408 | Gladstone Commercial Corp. |  | 106157 |
| 9020 | Global Net Lease, Inc. |  | 68101 |
| 13513 | NexPoint Diversified Real Estate Trust |  | 56620 |
| 5387 | One Liberty Properties, Inc. |  | 128534 |
| 3964 | WP Carey, Inc. |  | 247274 |
|  |  |  | 1283595 |
| Diversified Telecommunication Services – 0.2% | Diversified Telecommunication Services – 0.2% | Diversified Telecommunication Services – 0.2% | Diversified Telecommunication Services – 0.2% |
| 1888 | Anterix, Inc.\* |  | 48427 |
| 6551 | AST SpaceMobile, Inc.\*<sup>(a)</sup> |  | 306128 |
| 127584 | AT&T, Inc. |  | 3692281 |
| 1666 | ATN International, Inc. |  | 27073 |
| 432 | Bandwidth, Inc. Class A\* |  | 6869 |
| 1238 | Cogent Communications Holdings, Inc. |  | 59684 |
| 7228 | Frontier Communications Parent, Inc.\* |  | 263099 |
| 3150 | Globalstar, Inc.\* |  | 74182 |
| 2230 | IDT Corp. Class B |  | 152354 |
| 215 | Iridium Communications, Inc. |  | 6487 |
| 3052 | Liberty Latin America Ltd. Class A\* |  | 18617 |
| 3179 | Liberty Latin America Ltd. Class C\* |  | 19773 |
| 71497 | Lumen Technologies, Inc.\* |  | 313157 |
| 1668 | Shenandoah Telecommunications Co. |  | 22785 |
| 72870 | Verizon Communications, Inc. |  | 3153085 |
|  |  |  | 8164001 |
| Electric Utilities – 0.4% | Electric Utilities – 0.4% | Electric Utilities – 0.4% | Electric Utilities – 0.4% |
| 2426 | ALLETE, Inc. |  | 155434 |
| 5158 | Alliant Energy Corp. |  | 311904 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Electric Utilities – (continued) | Electric Utilities – (continued) | Electric Utilities – (continued) | Electric Utilities – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9673 | American Electric Power Co., Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003670 |
| 5020 | Constellation Energy Corp. |  | 1620255 |
| 13689 | Duke Energy Corp. |  | 1615302 |
| 3791 | Edison International |  | 195616 |
| 8409 | Entergy Corp. |  | 698956 |
| 5176 | Evergy, Inc. |  | 356782 |
| 5885 | Eversource Energy |  | 374404 |
| 19136 | Exelon Corp. |  | 830885 |
| 9775 | FirstEnergy Corp. |  | 393541 |
| 3215 | Genie Energy Ltd. Class B |  | 86419 |
| 8592 | Hawaiian Electric Industries, Inc.\* |  | 91333 |
| 1633 | IDACORP, Inc. |  | 188530 |
| 1405 | MGE Energy, Inc. |  | 124258 |
| 103457 | NextEra Energy, Inc. |  | 7181985 |
| 4729 | NRG Energy, Inc. |  | 759383 |
| 5123 | OGE Energy Corp. |  | 227359 |
| 2395 | Oklo, Inc.\* |  | 134096 |
| 753 | Otter Tail Corp. |  | 58049 |
| 32654 | PG&E Corp. |  | 455197 |
| 2755 | Pinnacle West Capital Corp. |  | 246490 |
| 1870 | Portland General Electric Co. |  | 75978 |
| 61840 | PPL Corp. |  | 2095757 |
| 18951 | Southern Co. |  | 1740270 |
| 3381 | TXNM Energy, Inc. |  | 190418 |
| 10876 | Xcel Energy, Inc. |  | 740656 |
|  |  |  | 21952927 |
| Electrical Equipment – 0.4% | Electrical Equipment – 0.4% | Electrical Equipment – 0.4% | Electrical Equipment – 0.4% |
| 195 | Acuity, Inc. |  | 58176 |
| 635 | Allient, Inc. |  | 23057 |
| 215 | American Superconductor Corp.\* |  | 7888 |
| 3441 | AMETEK, Inc. |  | 622683 |
| 13056 | Amprius Technologies, Inc.\* |  | 54966 |
| 185 | Array Technologies, Inc.\* |  | 1092 |
| 182 | Atkore, Inc. |  | 12840 |
| 57746 | Blink Charging Co.\*<sup>(a)</sup> |  | 54275 |
| 1153 | Bloom Energy Corp. Class A\* |  | 27580 |
| 23060 | ChargePoint Holdings, Inc.\*<sup>(a)</sup> |  | 16218 |
| 79 | Complete Solaria, Inc.\* |  | 145 |
| 21193 | Eaton Corp. PLC |  | 7565689 |
| 8658 | Emerson Electric Co. |  | 1154371 |
| 30188 | Energy Vault Holdings, Inc.\*<sup>(a)</sup> |  | 21639 |
| 254 | EnerSys |  | 21786 |
| 927 | Enovix Corp.\*<sup>(a)</sup> |  | 9585 |
| 11345 | Eos Energy Enterprises, Inc.\* |  | 58086 |
| 346 | Fluence Energy, Inc.\* |  | 2322 |
| 3023 | FuelCell Energy, Inc.\* |  | 16959 |
| 6123 | GE Vernova, Inc. |  | 3239985 |
| 267 | Generac Holdings, Inc.\* |  | 38237 |
| 16803 | GrafTech International Ltd.\* |  | 16343 |
| 5563 | Hubbell, Inc. |  | 2271985 |

---

&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 ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Electrical Equipment – (continued) | Electrical Equipment – (continued) | Electrical Equipment – (continued) | Electrical Equipment – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23314 | Hyliion Holdings Corp.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30775 |
| 4090 | KULR Technology Group, Inc.\* |  | 29162 |
| 2977 | LSI Industries, Inc. |  | 50639 |
| 141 | NANO Nuclear Energy, Inc.\* |  | 4863 |
| 1066 | NEXTracker, Inc. Class A\* |  | 57958 |
| 310 | nVent Electric PLC |  | 22708 |
| 54 | Powell Industries, Inc. |  | 11364 |
| 291 | Power Solutions International, Inc.\* |  | 18822 |
| 296 | Preformed Line Products Co. |  | 47304 |
| 405 | Regal Rexnord Corp. |  | 58709 |
| 1748 | Rockwell Automation, Inc. |  | 580633 |
| 553 | Sensata Technologies Holding PLC |  | 16651 |
| 3648 | SES AI Corp.\*<sup>(a)</sup> |  | 3241 |
| 544 | Shoals Technologies Group, Inc. Class A\* |  | 2312 |
| 68476 | SKYX Platforms Corp.\* |  | 71557 |
| 3562 | Stem, Inc.\*<sup>(a)</sup> |  | 22191 |
| 18945 | T1 Energy, Inc.\* |  | 23302 |
| 1766 | Thermon Group Holdings, Inc.\* |  | 49589 |
| 6055 | Vertiv Holdings Co. Class A |  | 777523 |
| 131 | Vicor Corp.\* |  | 5942 |
|  |  |  | 17181152 |
| Electronic Equipment, Instruments & Components – 0.2% | Electronic Equipment, Instruments & Components – 0.2% | Electronic Equipment, Instruments & Components – 0.2% | Electronic Equipment, Instruments & Components – 0.2% |
| 4693 | 908Devices,Inc.\* |  | 33461 |
| 218 | Advanced Energy Industries, Inc. |  | 28885 |
| 172 | Aeva Technologies, Inc.\* |  | 6500 |
| 26418 | Amphenol Corp. Class A |  | 2608778 |
| 719 | Arlo Technologies, Inc.\* |  | 12194 |
| 362 | Arrow Electronics, Inc.\* |  | 46130 |
| 664 | Avnet, Inc. |  | 35245 |
| 614 | Badger Meter, Inc. |  | 150399 |
| 190 | Bel Fuse, Inc. Class B |  | 18561 |
| 451 | Belden, Inc. |  | 52226 |
| 198 | Benchmark Electronics, Inc. |  | 7688 |
| 1323 | CDW Corp. |  | 236275 |
| 861 | Climb Global Solutions, Inc. |  | 92050 |
| 354 | Cognex Corp. |  | 11229 |
| 349 | Coherent Corp.\* |  | 31134 |
| 12479 | Corning, Inc. |  | 656271 |
| 577 | Crane NXT Co. |  | 31100 |
| 1058 | CTS Corp. |  | 45081 |
| 1418 | Daktronics, Inc.\* |  | 21440 |
| 170 | ePlus, Inc.\* |  | 12257 |
| 5692 | Evolv Technologies Holdings, Inc.\* |  | 35518 |
| 203 | Fabrinet\* |  | 59820 |
| 1586 | FARO Technologies, Inc.\* |  | 69657 |
| 5549 | Flex Ltd.\* |  | 277006 |
| 37 | Frequency Electronics, Inc. |  | 840 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Electronic Equipment, Instruments & Components – (continued) | Electronic Equipment, Instruments & Components – (continued) | Electronic Equipment, Instruments & Components – (continued) | Electronic Equipment, Instruments & Components – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26247 | Identiv, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85565 |
| 223 | Insight Enterprises, Inc.\* |  | 30793 |
| 348 | Itron, Inc.\* |  | 45807 |
| 2227 | Jabil, Inc. |  | 485709 |
| 2453 | Keysight Technologies, Inc.\* |  | 401949 |
| 596 | Kimball Electronics, Inc.\* |  | 11461 |
| 1699 | Knowles Corp.\* |  | 29936 |
| 32606 | Lightwave Logic, Inc.\*<sup>(a)</sup> |  | 40431 |
| 36 | Littelfuse, Inc. |  | 8162 |
| 931 | Methode Electronics, Inc. |  | 8854 |
| 31786 | MicroVision, Inc.\* |  | 36236 |
| 5836 | Mirion Technologies, Inc.\* |  | 125649 |
| 14 | M-Tron Industries, Inc.\* |  | 588 |
| 1100 | Napco Security Technologies, Inc. |  | 32659 |
| 52 | Neonode, Inc.\* |  | 1326 |
| 18 | nLight, Inc.\* |  | 354 |
| 325 | Novanta, Inc.\* |  | 41902 |
| 538 | OSI Systems, Inc.\* |  | 120975 |
| 286 | Ouster, Inc.\* |  | 6936 |
| 1039 | PAR Technology Corp.\* |  | 72075 |
| 954 | PC Connection, Inc. |  | 62754 |
| 671 | Plexus Corp.\* |  | 90793 |
| 1989 | Powerfleet, Inc. NJ\* |  | 8573 |
| 1479 | Ralliant Corp.\* |  | 71717 |
| 1958 | Red Cat Holdings, Inc.\*<sup>(a)</sup> |  | 14254 |
| 125 | Rogers Corp.\* |  | 8560 |
| 1266 | Sanmina Corp.\* |  | 123853 |
| 277 | ScanSource, Inc.\* |  | 11581 |
| 36886 | SmartRent, Inc.\* |  | 36517 |
| 262 | TD SYNNEX Corp. |  | 35553 |
| 4484 | TE Connectivity PLC |  | 756316 |
| 4697 | Teledyne Technologies, Inc.\* |  | 2406320 |
| 3554 | Trimble, Inc.\* |  | 270033 |
| 1986 | TTM Technologies, Inc.\* |  | 81069 |
| 893 | Vishay Precision Group, Inc.\* |  | 25093 |
| 815 | Vontier Corp. |  | 30074 |
| 16665 | Vuzix Corp.\*<sup>(a)</sup> |  | 48662 |
| 229 | Zebra Technologies Corp. Class A\* |  | 70615 |
|  |  |  | 10319449 |
| Energy Equipment & Services – 0.0% | Energy Equipment & Services – 0.0% | Energy Equipment & Services – 0.0% | Energy Equipment & Services – 0.0% |
| 2938 | Archrock, Inc. |  | 72950 |
| 888 | Aris Water Solutions, Inc. Class A |  | 21001 |
| 384 | Atlas Energy Solutions, Inc. |  | 5134 |
| 16087 | Baker Hughes Co. |  | 616776 |
| 1210 | Bristow Group, Inc.\* |  | 39894 |
| 417 | Cactus, Inc. Class A |  | 18231 |
| 116 | Core Laboratories, Inc. |  | 1336 |
| 3949 | DMC Global, Inc.\* |  | 31829 |
| 67 | Energy Services of America Corp. |  | 666 |
| 748 | Flowco Holdings, Inc. Class A |  | 13322 |

---

&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 ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Energy Equipment & Services – (continued) | Energy Equipment & Services – (continued) | Energy Equipment & Services – (continued) | Energy Equipment & Services – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2861 | Forum Energy Technologies, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55704 |
| 4618 | Halliburton Co. |  | 94115 |
| 665 | Helix Energy Solutions Group, Inc.\* |  | 4150 |
| 1257 | Kodiak Gas Services, Inc. |  | 43077 |
| 639 | Liberty Energy, Inc. |  | 7336 |
| 187 | Nabors Industries Ltd.\* |  | 5240 |
| 118 | National Energy Services Reunited Corp.\* |  | 710 |
| 1733 | Natural Gas Services Group, Inc.\* |  | 44729 |
| 52 | Noble Corp. PLC |  | 1381 |
| 2346 | NOV, Inc. |  | 29161 |
| 468 | Oceaneering International, Inc.\* |  | 9697 |
| 2447 | Oil States International, Inc.\* |  | 13116 |
| 2112 | Patterson-UTI Energy, Inc. |  | 12524 |
| 4655 | Ranger Energy Services, Inc. Class A |  | 55581 |
| 870 | RPC, Inc. |  | 4115 |
| 18139 | Schlumberger NV |  | 613098 |
| 6222 | SEACOR Marine Holdings, Inc.\* |  | 31732 |
| 129 | Seadrill Ltd.\* |  | 3386 |
| 557 | Select Water Solutions, Inc. |  | 4812 |
| 1702 | Solaris Energy Infrastructure, Inc. |  | 48150 |
| 6225 | TechnipFMC PLC |  | 214389 |
| 11199 | TETRA Technologies, Inc.\* |  | 37629 |
| 419 | Tidewater, Inc.\* |  | 19328 |
| 234 | Weatherford International PLC |  | 11772 |
|  |  |  | 2186071 |
| Entertainment – 0.8% | Entertainment – 0.8% | Entertainment – 0.8% | Entertainment – 0.8% |
| 2579 | Atlanta Braves Holdings, Inc. Class C\* |  | 120620 |
| 38 | Atlanta Braves Holdings, Inc. Class A\* |  | 1870 |
| 6861 | Cinemark Holdings, Inc. |  | 207065 |
| 16661 | CuriosityStream, Inc. |  | 93801 |
| 4118 | Electronic Arts, Inc. |  | 657645 |
| 5718 | Eventbrite, Inc. Class A\* |  | 15038 |
| 10426 | Golden Matrix Group, Inc.\* |  | 17724 |
| 243 | IMAX Corp.\* |  | 6794 |
| 4307 | Liberty Media Corp.-Liberty Formula One Class C\* |  | 450082 |
| 1099 | Liberty Media Corp.-Liberty Formula One Class A\* |  | 104361 |
| 1702 | Liberty Media Corp.-Liberty Live Class C\* |  | 138134 |
| 1335 | Liberty Media Corp.-Liberty Live Class A\* |  | 106106 |
| 4570 | Lionsgate Studios Corp.\* |  | 26552 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Entertainment – (continued) | Entertainment – (continued) | Entertainment – (continued) | Entertainment – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3983 | Live Nation Entertainment, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602548 |
| 1447 | Madison Square Garden Entertainment Corp.\* |  | 57837 |
| 411 | Madison Square Garden Sports Corp.\* |  | 85878 |
| 7772 | Marcus Corp. |  | 131036 |
| 20965 | Netflix, Inc.\* |  | 28074861 |
| 23746 | Playstudios, Inc.\* |  | 31107 |
| 1027 | Playtika Holding Corp. |  | 4858 |
| 6861 | Reservoir Media, Inc.\* |  | 52624 |
| 13174 | ROBLOX Corp. Class A\* |  | 1385905 |
| 666 | Roku, Inc.\* |  | 58535 |
| 10868 | Skillz, Inc.\* |  | 74120 |
| 3553 | Spotify Technology SA\* |  | 2726359 |
| 3264 | Take-Two Interactive Software, Inc.\* |  | 792662 |
| 1753 | TKO Group Holdings, Inc. |  | 318958 |
| 8515 | Vivid Seats, Inc. Class A\* |  | 14390 |
| 29930 | Walt Disney Co. |  | 3711619 |
| 33611 | Warner Bros Discovery, Inc.\* |  | 385182 |
| 1145 | Warner Music Group Corp. Class A |  | 31190 |
|  |  |  | 40485461 |
| Financial Services – 1.5% | Financial Services – 1.5% | Financial Services – 1.5% | Financial Services – 1.5% |
| 19018 | Acacia Research Corp.\* |  | 68084 |
| 4136 | Affirm Holdings, Inc.\* |  | 285963 |
| 3253 | Alerus Financial Corp. |  | 70395 |
| 7854 | Apollo Global Management, Inc. |  | 1114247 |
| 962 | AvidXchange Holdings, Inc.\* |  | 9418 |
| 3243 | Banco Latinoamericano de Comercio Exterior SA |  | 130693 |
| 22720 | Berkshire Hathaway, Inc. Class B\* |  | 11036694 |
| 7101 | Block, Inc.\* |  | 482371 |
| 686 | Burford Capital Ltd. |  | 9782 |
| 3996 | Cannae Holdings, Inc. |  | 83317 |
| 5797 | Cantaloupe, Inc.\* |  | 63709 |
| 2580 | Cass Information Systems, Inc. |  | 112101 |
| 4965 | Corebridge Financial, Inc. |  | 176258 |
| 1533 | Corpay, Inc.\* |  | 508680 |
| 2665 | Enact Holdings, Inc. |  | 99005 |
| 7291 | Equitable Holdings, Inc. |  | 409025 |
| 1493 | Essent Group Ltd. |  | 90670 |
| 377 | Euronet Worldwide, Inc.\* |  | 38220 |
| 2166 | EVERTEC, Inc. |  | 78084 |
| 349 | Federal Agricultural Mortgage Corp. Class C |  | 67804 |
| 7815 | Finance of America Cos., Inc. Class A\* |  | 182246 |
| 10279 | Fiserv, Inc.\* |  | 1772202 |
| 597 | Flywire Corp.\* |  | 6985 |

---

&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 ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financial Services – (continued) | Financial Services – (continued) | Financial Services – (continued) | Financial Services – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2295 | Global Payments, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183692 |
| 4869 | International Money Express, Inc.\* |  | 49128 |
| 1153 | Jack Henry & Associates, Inc. |  | 207736 |
| 1062 | Jackson Financial, Inc. Class A |  | 94295 |
| 990 | Marqeta, Inc. Class A\* |  | 5772 |
| 38528 | Mastercard, Inc. Class A |  | 21650424 |
| 413 | Merchants Bancorp |  | 13658 |
| 6617 | MGIC Investment Corp. |  | 184217 |
| 1718 | Mr. Cooper Group, Inc.\* |  | 256343 |
| 1361 | NCR Atleos Corp.\* |  | 38829 |
| 2181 | NMI Holdings, Inc.\* |  | 92016 |
| 2301 | Onity Group, Inc.\* |  | 87829 |
| 619 | Pagseguro Digital Ltd. Class A |  | 5967 |
| 2437 | Paymentus Holdings, Inc. Class A\* |  | 79812 |
| 1568 | Payoneer Global, Inc.\* |  | 10741 |
| 15746 | PayPal Holdings, Inc.\* |  | 1170243 |
| 11775 | Paysign, Inc.\* |  | 84780 |
| 550 | PennyMac Financial Services, Inc. |  | 54802 |
| 2586 | Radian Group, Inc. |  | 93148 |
| 6035 | Remitly Global, Inc.\* |  | 113277 |
| 4330 | Repay Holdings Corp.\* |  | 20871 |
| 9235 | Security National Financial Corp. Class A\* |  | 90965 |
| 289 | Sezzle, Inc.\* |  | 51803 |
| 909 | Shift4 Payments, Inc. Class A\* |  | 90091 |
| 1365 | StoneCo Ltd. Class A\* |  | 21895 |
| 9838 | Toast, Inc. Class A\* |  | 435725 |
| 275236 | Triller Group, Inc.\* |  | 256107 |
| 630 | UWM Holdings Corp. |  | 2608 |
| 6586 | Velocity Financial, Inc.\* |  | 122104 |
| 80717 | Visa, Inc. Class A |  | 28658571 |
| 605 | Voya Financial, Inc. |  | 42955 |
| 436 | Walker & Dunlop, Inc. |  | 30729 |
| 7789 | Waterstone Financial, Inc. |  | 107566 |
| 7689 | Western Union Co. |  | 64741 |
| 103 | WEX, Inc.\* |  | 15130 |
|  |  |  | 71384523 |
| Food Products – 0.2% | Food Products – 0.2% | Food Products – 0.2% | Food Products – 0.2% |
| 3771 | Alico, Inc. |  | 123236 |
| 6257 | Archer-Daniels-Midland Co. |  | 330244 |
| 4586 | B&G Foods, Inc.<sup>(a)</sup> |  | 19399 |
| 15707 | Beyond Meat, Inc.\* |  | 54817 |
| 31426 | BRC, Inc. Class A\* |  | 41168 |
| 832 | Bunge Global SA |  | 66793 |
| 2903 | Calavo Growers, Inc. |  | 77191 |
| 2781 | Cal-Maine Foods, Inc. |  | 277071 |
| 1935 | Campbell's Co. |  | 59308 |
| 6868 | Conagra Brands, Inc. |  | 140588 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Food Products – (continued) | Food Products – (continued) | Food Products – (continued) | Food Products – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2108 | Darling Ingredients, Inc.\* | $| 79977 |
| 10036 | Dole PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140404 |
| 5531 | Flowers Foods, Inc. |  | 88385 |
| 27 | Forafric Global PLC\* |  | 211 |
| 6676 | Fresh Del Monte Produce, Inc. |  | 216436 |
| 212 | Freshpet, Inc.\* |  | 14408 |
| 8688 | General Mills, Inc. |  | 450125 |
| 4825 | Hain Celestial Group, Inc.\* |  | 7334 |
| 2302 | Hershey Co. |  | 382017 |
| 4913 | Hormel Foods Corp. |  | 148618 |
| 1930 | Ingredion, Inc. |  | 261747 |
| 816 | J&J Snack Foods Corp. |  | 92543 |
| 1985 | J.M. Smucker Co. |  | 194927 |
| 1995 | John B Sanfilippo & Son, Inc. |  | 126164 |
| 6705 | Kellanova |  | 533249 |
| 13267 | Kraft Heinz Co. |  | 342554 |
| 363 | Lamb Weston Holdings, Inc. |  | 18822 |
| 482 | Lancaster Colony Corp. |  | 83275 |
| 6230 | Lifeway Foods, Inc.\* |  | 153569 |
| 6291 | Limoneira Co. |  | 98454 |
| 12190 | Mama's Creations, Inc.\* |  | 101177 |
| 4658 | McCormick & Co., Inc. |  | 353170 |
| 1858 | Mission Produce, Inc.\* |  | 21776 |
| 21907 | Mondelez International, Inc. Class A |  | 1477408 |
| 5405 | Pilgrim's Pride Corp. |  | 243117 |
| 1422 | Post Holdings, Inc.\* |  | 155041 |
| 10 | Seaboard Corp. |  | 28612 |
| 2010 | Seneca Foods Corp. Class A\* |  | 203874 |
| 1874 | Simply Good Foods Co.\* |  | 59200 |
| 539 | SunOpta, Inc.\* |  | 3126 |
| 2747 | Tootsie Roll Industries, Inc. |  | 91887 |
| 934 | TreeHouse Foods, Inc.\* |  | 18138 |
| 5244 | Tyson Foods, Inc. Class A |  | 293349 |
| 3229 | Utz Brands, Inc. |  | 40524 |
| 1449 | Vital Farms, Inc.\* |  | 55815 |
| 3051 | Westrock Coffee Co.\*<sup>(a)</sup> |  | 17482 |
| 3277 | WK Kellogg Co.<sup>(a)</sup> |  | 52235 |
|  |  |  | 7838965 |
| Gas Utilities – 0.1% | Gas Utilities – 0.1% | Gas Utilities – 0.1% | Gas Utilities – 0.1% |
| 14830 | Atmos Energy Corp. |  | 2285451 |
| 1149 | Chesapeake Utilities Corp. |  | 138133 |
| 8721 | MDU Resources Group, Inc. |  | 145379 |
| 2826 | National Fuel Gas Co. |  | 239391 |
| 2651 | New Jersey Resources Corp. |  | 118818 |
| 3113 | Northwest Natural Holding Co. |  | 123648 |
| 2309 | ONE Gas, Inc. |  | 165925 |
| 3 | RGC Resources, Inc. |  | 67 |
| 636 | Southwest Gas Holdings, Inc. |  | 47312 |
| 2267 | Spire, Inc. |  | 165468 |
| 10637 | Star Group LP |  | 124453 |

---

&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 ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Gas Utilities – (continued) | Gas Utilities – (continued) | Gas Utilities – (continued) | Gas Utilities – (continued) |
| 7239 | UGI Corp. | $| 263644 |
|  |  |  | 3817689 |
| Ground Transportation – 0.3% | Ground Transportation – 0.3% | Ground Transportation – 0.3% | Ground Transportation – 0.3% |
| 125 | Avis Budget Group, Inc.\* |  | 21131 |
| 2466 | Covenant Logistics Group, Inc. |  | 59455 |
| 27798 | CSX Corp. |  | 907049 |
| 1800 | FTAI Infrastructure, Inc. |  | 11106 |
| 7107 | Heartland Express, Inc. |  | 61404 |
| 13503 | Hertz Global Holdings, Inc.\* |  | 92225 |
| 334 | JB Hunt Transport Services, Inc. |  | 47962 |
| 512 | Knight-Swift Transportation Holdings, Inc. |  | 22646 |
| 540 | Landstar System, Inc. |  | 75071 |
| 1971 | Lyft, Inc. Class A\* |  | 31063 |
| 6344 | Marten Transport Ltd. |  | 82409 |
| 3420 | Norfolk Southern Corp. |  | 875417 |
| 2257 | Old Dominion Freight Line, Inc. |  | 366311 |
| 2897 | PAMT Corp.\* |  | 37284 |
| 1615 | Proficient Auto Logistics, Inc.\* |  | 11725 |
| 54 | RXO, Inc.\* |  | 849 |
| 622 | Ryder System, Inc. |  | 98898 |
| 4 | Saia, Inc.\* |  | 1096 |
| 399 | Schneider National, Inc. Class B |  | 9636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45563 | Uber Technologies, Inc.\* |  | 4251028 |
| 217 | U-Haul Holding Co.\* |  | 13142 |
| 691 | U-Haul Holding Co. |  | 37570 |
| 29999 | Union Pacific Corp. |  | 6902170 |
| 470 | Universal Logistics Holdings, Inc. |  | 11929 |
| 1713 | Werner Enterprises, Inc. |  | 46868 |
| 1007 | XPO, Inc.\* |  | 127174 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;14202618 |
| Health Care Equipment & Supplies – 1.2% | Health Care Equipment & Supplies – 1.2% | Health Care Equipment & Supplies – 1.2% | Health Care Equipment & Supplies – 1.2% |
| 29882 | Abbott Laboratories |  | 4064251 |
| 12046 | Accuray, Inc.\* |  | 16503 |
| 279 | Align Technology, Inc.\* |  | 52823 |
| 4948 | Alphatec Holdings, Inc.\* |  | 54923 |
| 6721 | AngioDynamics, Inc.\* |  | 66672 |
| 121 | Anteris Technologies Global Corp.\* |  | 459 |
| 3574 | Artivion, Inc.\* |  | 111151 |
| 2633 | AtriCure, Inc.\* |  | 86283 |
| 3653 | Avanos Medical, Inc.\* |  | 44713 |
| 12171 | Axogen, Inc.\* |  | 132055 |
| 5862 | Baxter International, Inc. |  | 177501 |
| 22517 | Becton Dickinson & Co. |  | 3878553 |
| 1346 | Beta Bionics, Inc.\* |  | 19598 |
| 3930 | Bioventus, Inc. Class A\* |  | 26017 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care Equipment & Supplies – (continued) | Health Care Equipment & Supplies – (continued) | Health Care Equipment & Supplies – (continued) |
| 76940 | Boston Scientific Corp.\* | $8264125 |
| 22690 | Butterfly Network, Inc.\* | 45380 |
| 34689 | Cerus Corp.\* | 48911 |
| 6023 | ClearPoint Neuro, Inc.\* | 71915 |
| 211 | CONMED Corp. | 10989 |
| 1903 | Cooper Cos., Inc.\* | 135417 |
| 10402 | CVRx, Inc.\* | 61164 |
| 4500 | Delcath Systems, Inc.\* | 61200 |
| 1246 | Dentsply Sirona, Inc. | 19786 |
| 33493 | Dexcom, Inc.\* | 2923604 |
| 8255 | Edwards Lifesciences Corp.\* | 645624 |
| 5407 | Electromed, Inc.\* | 118900 |
| 4925 | Embecta Corp. | 47723 |
| 439 | Enovis Corp.\* | 13767 |
| 1078 | Envista Holdings Corp.\* | 21064 |
| 19734 | Fractyl Health, Inc.\*<sup>(a)</sup> | 31969 |
| 44679 | GE HealthCare Technologies, Inc. | 3309373 |
| 438 | Glaukos Corp.\* | 45241 |
| 1743 | Globus Medical, Inc. Class A\* | 102872 |
| 713 | Haemonetics Corp.\* | 53197 |
| 2227 | Hologic, Inc.\* | 145111 |
| 1007 | ICU Medical, Inc.\* | 133075 |
| 6434 | IDEXX Laboratories, Inc.\* | 3450812 |
| 10318 | Inogen, Inc.\* | 72535 |
| 233 | Inspire Medical Systems, Inc.\* | 30236 |
| 1759 | Insulet Corp.\* | 552643 |
| 555 | Integer Holdings Corp.\* | 68248 |
| 18815 | Intuitive Surgical, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;10224259 |
| 2230 | iRadimed Corp. | 133332 |
| 1092 | iRhythm Technologies, Inc.\* | 168124 |
| 1320 | Kestra Medical Technologies Ltd.\* | 21886 |
| 239 | KORU Medical Systems, Inc.\* | 856 |
| 1600 | Lantheus Holdings, Inc.\* | 130976 |
| 913 | LeMaitre Vascular, Inc. | 75825 |
| 53 | LENSAR, Inc.\* | 698 |
| 167 | Lucid Diagnostics, Inc.\* | 192 |
| 804 | Masimo Corp.\* | 135249 |
| 78915 | Medtronic PLC | 6879021 |
| 1364 | Merit Medical Systems, Inc.\* | 127507 |
| 183 | Myomo, Inc.\* | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22789 | Neuronetics, Inc.\* | 79534 |
| 6227 | NeuroPace, Inc.\* | 69369 |
| 698 | Novocure Ltd.\* | 12424 |
| 714 | Omnicell, Inc.\* | 20992 |
| 16051 | OraSure Technologies, Inc.\* | 48153 |
| 14353 | Orchestra BioMed Holdings, Inc.\* | 38466 |
| 7908 | Orthofix Medical, Inc.\* | 88174 |
| 2733 | OrthoPediatrics Corp.\* | 58705 |
| 39 | Outset Medical, Inc.\* | 749 |
| 1120 | Penumbra, Inc.\* | 287426 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **16** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care Equipment & Supplies – (continued) | Health Care Equipment & Supplies – (continued) | Health Care Equipment & Supplies – (continued) | Health Care Equipment & Supplies – (continued) |
| 304 | PROCEPT BioRobotics Corp.\* | $| 17510 |
| 12 | Pro-Dex, Inc.\* |  | 524 |
| 21773 | Pulmonx Corp.\* |  | 56392 |
| 100 | Pulse Biosciences, Inc.\*<sup>(a)</sup> |  | 1509 |
| 165 | QuidelOrtho Corp.\* |  | 4755 |
| 2735 | ResMed, Inc. |  | 705630 |
| 1769 | RxSight, Inc.\* |  | 22997 |
| 3463 | Sanara Medtech, Inc.\* |  | 98315 |
| 3313 | SANUWAVE Health, Inc.\* |  | 108865 |
| 8 | Semler Scientific, Inc.\* |  | 310 |
| 63879 | Senseonics Holdings, Inc.\* |  | 30432 |
| 3500 | SI-BONE, Inc.\* |  | 65870 |
| 15725 | Sight Sciences, Inc.\* |  | 64944 |
| 2632 | Solventum Corp.\* |  | 199611 |
| 1886 | STAAR Surgical Co.\* |  | 31647 |
| 41468 | Stereotaxis, Inc.\* |  | 87912 |
| 1499 | STERIS PLC |  | 360090 |
| 17338 | Stryker Corp. |  | 6859433 |
| 5765 | Surmodics, Inc.\* |  | 171278 |
| 5383 | Tactile Systems Technology, Inc.\* |  | 54584 |
| 592 | Tandem Diabetes Care, Inc.\* |  | 11035 |
| 311 | Teleflex, Inc. |  | 36810 |
| 209 | TransMedics Group, Inc.\* |  | 28008 |
| 13049 | Treace Medical Concepts, Inc.\* |  | 76728 |
| 42 | UFP Technologies, Inc.\* |  | 10255 |
| 2887 | Utah Medical Products, Inc. |  | 164328 |
| 2603 | Zimmer Biomet Holdings, Inc. |  | 237420 |
| 6739 | Zimvie, Inc.\* |  | 63010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25730 | Zynex, Inc.\*<sup>(a)</sup> |  | 66383 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;57455280 |
| Health Care Providers & Services – 0.7% | Health Care Providers & Services – 0.7% | Health Care Providers & Services – 0.7% | Health Care Providers & Services – 0.7% |
| 2841 | AdaptHealth Corp.\* |  | 26791 |
| 572 | Addus HomeCare Corp.\* |  | 65889 |
| 1737 | agilon health, Inc.\* |  | 3995 |
| 8272 | AirSculpt Technologies, Inc.\* |  | 39954 |
| 11964 | Alignment Healthcare, Inc.\* |  | 167496 |
| 1297 | Amedisys, Inc.\* |  | 127612 |
| 650 | AMN Healthcare Services, Inc.\* |  | 13436 |
| 1758 | Ardent Health, Inc.\* |  | 24014 |
| 509 | Astrana Health, Inc.\* |  | 12664 |
| 15206 | Aveanna Healthcare Holdings, Inc.\* |  | 79527 |
| 7758 | BrightSpring Health Services, Inc.\* |  | 183011 |
| 3238 | Brookdale Senior Living, Inc.\* |  | 22536 |
| 5690 | Cardinal Health, Inc. |  | 955920 |
| 1191 | Castle Biosciences, Inc.\* |  | 24320 |
| 4463 | Cencora, Inc. |  | 1338231 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care Providers & Services – (continued) | Health Care Providers & Services – (continued) | Health Care Providers & Services – (continued) |
| 8142 | Centene Corp.\* | $441948 |
| 262 | Chemed Corp. | 127576 |
| 4605 | Cigna Group | 1522321 |
| 45467 | Clover Health Investments Corp.\* | 126853 |
| 672 | Community Health Systems, Inc.\* | 2285 |
| 3639 | Concentra Group Holdings Parent, Inc. | 74854 |
| 1384 | CorVel Corp.\* | 142248 |
| 1457 | Cross Country Healthcare, Inc.\* | 19014 |
| 22305 | CVS Health Corp. | 1538599 |
| 878 | DaVita, Inc.\* | 125071 |
| 19304 | DocGo, Inc.\* | 30307 |
| 3606 | Elevance Health, Inc. | 1402590 |
| 14664 | Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798246 |
| 3522 | Enhabit, Inc.\* | 33952 |
| 1424 | Ensign Group, Inc. | 219666 |
| 1421 | Fulgent Genetics, Inc.\* | 28249 |
| 1347 | GeneDx Holdings Corp.\* | 124342 |
| 3029 | Guardant Health, Inc.\* | 157629 |
| 12016 | HCA Healthcare, Inc. | 4603330 |
| 1516 | HealthEquity, Inc.\* | 158816 |
| 1605 | Henry Schein, Inc.\* | 117245 |
| 4082 | Hims & Hers Health, Inc.\* | 203488 |
| 1515 | Humana, Inc. | 370387 |
| 12874 | InfuSystem Holdings, Inc.\* | 80334 |
| 6750 | Innovage Holding Corp.\* | 24907 |
| 9706 | Joint Corp.\* | 112007 |
| 1836 | Labcorp Holdings, Inc. | 481968 |
| 2083 | LifeStance Health Group, Inc.\* | 10769 |
| 2936 | McKesson Corp. | 2151442 |
| 1152 | Molina Healthcare, Inc.\* | 343181 |
| 86 | Nano-X Imaging Ltd.\* | 445 |
| 347 | National HealthCare Corp. | 37132 |
| 6882 | National Research Corp. | 115618 |
| 69 | NeoGenomics, Inc.\* | 504 |
| 645 | Nutex Health, Inc.\* | 80296 |
| 332 | Oncology Institute, Inc.\* | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19892 | OPKO Health, Inc.\* | 26257 |
| 5002 | Option Care Health, Inc.\* | 162465 |
| 882 | Owens & Minor, Inc.\* | 8026 |
| 855 | PACS Group, Inc.\* | 11047 |
| 14521 | Pediatrix Medical Group, Inc.\* | 208376 |
| 2152 | Pennant Group, Inc.\* | 64237 |
| 14912 | Performant Healthcare, Inc.\* | 59648 |
| 7081 | Premier, Inc. Class A | 155286 |
| 5922 | Privia Health Group, Inc.\* | 136206 |
| 1352 | Progyny, Inc.\* | 29744 |
| 2549 | Quest Diagnostics, Inc. | 457877 |
| 322 | RadNet, Inc.\* | 18325 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **17** |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care Providers & Services – (continued) | Health Care Providers & Services – (continued) | Health Care Providers & Services – (continued) | Health Care Providers & Services – (continued) |
| 2 | SBC Medical Group Holdings, Inc.\* | $| 9 |
| 1517 | Select Medical Holdings Corp. |  | 23028 |
| 1765 | Sonida Senior Living, Inc.\* |  | 44037 |
| 996 | Surgery Partners, Inc.\* |  | 22141 |
| 16761 | Talkspace, Inc.\* |  | 46596 |
| 1624 | Tenet Healthcare Corp.\* |  | 285824 |
| 725 | U.S. Physical Therapy, Inc. |  | 56695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44369 | UnitedHealth Group, Inc. |  | 13841797 |
| 958 | Universal Health Services, Inc. Class B |  | 173542 |
| 21666 | Viemed Healthcare, Inc.\* |  | 149712 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;35874571 |
| Health Care REITs – 0.1% | Health Care REITs – 0.1% | Health Care REITs – 0.1% | Health Care REITs – 0.1% |
| 705 | Alexandria Real Estate Equities, Inc. |  | 51204 |
| 6077 | American Healthcare REIT, Inc. |  | 223269 |
| 4414 | CareTrust REIT, Inc. |  | 135068 |
| 3837 | Community Healthcare Trust, Inc. |  | 63809 |
| 22394 | Diversified Healthcare Trust |  | 80171 |
| 17754 | Global Medical REIT, Inc. |  | 123035 |
| 4922 | Healthcare Realty Trust, Inc. |  | 78063 |
| 7907 | Healthpeak Properties, Inc. |  | 138452 |
| 2809 | LTC Properties, Inc. |  | 97219 |
| 1721 | National Health Investors, Inc. |  | 120677 |
| 5481 | Omega Healthcare Investors, Inc. |  | 200879 |
| 8716 | Sabra Health Care REIT, Inc. |  | 160723 |
| 5516 | Sila Realty Trust, Inc. |  | 130564 |
| 37 | Strawberry Fields REIT, Inc. |  | 390 |
| 3519 | Universal Health Realty Income Trust |  | 140654 |
| 8870 | Ventas, Inc. |  | 560140 |
| 11559 | Welltower, Inc. |  | 1776965 |
|  |  |  | 4081282 |
| Health Care Technology – 0.0% | Health Care Technology – 0.0% | Health Care Technology – 0.0% | Health Care Technology – 0.0% |
| 5951 | American Well Corp. Class A\* |  | 52904 |
| 43 | Claritev Corp.\* |  | 1941 |
| 4496 | Doximity, Inc. Class A\* |  | 275785 |
| 215 | Evolent Health, Inc. Class A\* |  | 2421 |
| 2024 | GoodRx Holdings, Inc. Class A\* |  | 10079 |
| 4631 | Health Catalyst, Inc.\* |  | 17459 |
| 3199 | HealthStream, Inc. |  | 88516 |
| 2723 | LifeMD, Inc.\* |  | 37087 |
| 2230 | OptimizeRx Corp.\* |  | 30105 |
| 2828 | Phreesia, Inc.\* |  | 80485 |
| 317 | Schrodinger, Inc.\* |  | 6378 |
| 1180 | Simulations Plus, Inc. |  | 20591 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |

---

---

| | | |
|:---|:---|:---|
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care Technology – (continued) | Health Care Technology – (continued) | Health Care Technology – (continued) |
| 2131 | Teladoc Health, Inc.\* | 18561 |
| 6999 | TruBridge, Inc.\* | 163917 |
| 3372 | Veeva Systems, Inc. Class A\* | 971068 |
| 3980 | Waystar Holding Corp.\* | 162663 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939960 |
| Hotel & Resort REITs – 0.0% | Hotel & Resort REITs – 0.0% | Hotel & Resort REITs – 0.0% |
| 2064 | Apple Hospitality REIT, Inc. | 24087 |
| 14086 | Braemar Hotels & Resorts, Inc. | 34511 |
| 9081 | Chatham Lodging Trust | 63295 |
| 4048 | DiamondRock Hospitality Co. | 31008 |
| 4701 | Host Hotels & Resorts, Inc. | 72207 |
| 1421 | Park Hotels & Resorts, Inc. | 14537 |
| 551 | Pebblebrook Hotel Trust | 5504 |
| 1951 | RLJ Lodging Trust | 14203 |
| 637 | Ryman Hospitality Properties, Inc. | 62853 |
| 2095 | Summit Hotel Properties, Inc. | 10663 |
| 3025 | Sunstone Hotel Investors, Inc. | 26257 |
| 754 | Xenia Hotels & Resorts, Inc. | 9478 |
|  |  | 368603 |
| Hotels, Restaurants & Leisure – 0.8% | Hotels, Restaurants & Leisure – 0.8% | Hotels, Restaurants & Leisure – 0.8% |
| 7432 | Accel Entertainment, Inc.\* | 87475 |
| 8175 | Airbnb, Inc. Class A\* | 1081879 |
| 4812 | Aramark | 201478 |
| 5651 | Bally's Corp.\* | 54137 |
| 190 | Biglari Holdings, Inc. Class B\* | 55520 |
| 600 | BJ's Restaurants, Inc.\* | 26760 |
| 296 | Bloomin' Brands, Inc. | 2549 |
| 1921 | Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11121130 |
| 1832 | Boyd Gaming Corp. | 143317 |
| 1504 | Brinker International, Inc.\* | 271216 |
| 142 | Caesars Entertainment, Inc.\* | 4031 |
| 16990 | Carnival Corp.\* | 477759 |
| 651 | Cava Group, Inc.\* | 54834 |
| 32279 | Century Casinos, Inc.\* | 68270 |
| 1522 | Cheesecake Factory, Inc. | 95369 |
| 27226 | Chipotle Mexican Grill, Inc.\* | 1528740 |
| 567 | Choice Hotels International, Inc. | 71941 |
| 635 | Churchill Downs, Inc. | 64135 |
| 34 | Cracker Barrel Old Country Store, Inc. | 2077 |
| 2835 | Darden Restaurants, Inc. | 617945 |
| 13790 | Denny's Corp.\* | 56539 |
| 958 | Dine Brands Global, Inc. | 23308 |
| 398 | Domino's Pizza, Inc. | 179339 |
| 7851 | DoorDash, Inc. Class A\* | 1935350 |
| 4899 | DraftKings, Inc. Class A\* | 210118 |
| 2697 | Dutch Bros, Inc. Class A\* | 184394 |
| 7257 | El Pollo Loco Holdings, Inc.\* | 79900 |
| 15179 | Everi Holdings, Inc.\* | 216149 |

---

&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 ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Hotels, Restaurants & Leisure – (continued) | Hotels, Restaurants & Leisure – (continued) | Hotels, Restaurants & Leisure – (continued) |
| 3015 | Expedia Group, Inc. | $508570 |
| 1574 | First Watch Restaurant Group, Inc.\* | 25247 |
| 3863 | Flutter Entertainment PLC\* | 1103891 |
| 11701 | Genius Sports Ltd.\* | 121690 |
| 2007 | Global Business Travel Group I\* | 12644 |
| 2707 | Golden Entertainment, Inc. | 79667 |
| 760 | Hilton Grand Vacations, Inc.\* | 31563 |
| 5214 | Hilton Worldwide Holdings, Inc. | 1388697 |
| 96 | Hyatt Hotels Corp. Class A | 13406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8973 | Inspired Entertainment, Inc.\* | 73309 |
| 2338 | Jack in the Box, Inc. | 40821 |
| 54 | Krispy Kreme, Inc. | 157 |
| 35 | Kura Sushi USA, Inc. Class A\* | 3013 |
| 4407 | Las Vegas Sands Corp. | 191749 |
| 5823 | Life Time Group Holdings, Inc.\* | 176612 |
| 655 | Light & Wonder, Inc.\* | 63050 |
| 1904 | Lindblad Expeditions Holdings, Inc.\* | 22220 |
| 4764 | Marriott International, Inc. Class A | 1301572 |
| 9 | Marriott Vacations Worldwide Corp. | 651 |
| 30801 | McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8999128 |
| 1062 | MGM Resorts International\* | 36522 |
| 1168 | Monarch Casino & Resort, Inc. | 100962 |
| 1397 | Nathan's Famous, Inc. | 154480 |
| 45531 | Noodles & Co.\* | 32454 |
| 2523 | Norwegian Cruise Line Holdings Ltd.\* | 51166 |
| 480 | Papa John's International, Inc. | 23491 |
| 2575 | Planet Fitness, Inc. Class A\* | 280804 |
| 11725 | PlayAGS, Inc.\* | 146445 |
| 2655 | Portillo's, Inc. Class A\* | 30984 |
| 5740 | Potbelly Corp.\* | 70315 |
| 2555 | Pursuit Attractions & Hospitality, Inc.\* | 73661 |
| 1308 | RCI Hospitality Holdings, Inc. | 49861 |
| 7861 | Red Robin Gourmet Burgers, Inc.\* | 45515 |
| 351 | Red Rock Resorts, Inc. Class A | 18263 |
| 1173 | Restaurant Brands International, Inc. | 77758 |
| 5656 | Royal Caribbean Cruises Ltd. | 1771120 |
| 4382 | Rush Street Interactive, Inc.\* | 65292 |
| 2261 | Sabre Corp.\* | 7145 |
| 487 | Serve Robotics, Inc.\* | 5571 |
| 272 | Shake Shack, Inc. Class A\* | 38243 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Hotels, Restaurants & Leisure – (continued) | Hotels, Restaurants & Leisure – (continued) | Hotels, Restaurants & Leisure – (continued) | Hotels, Restaurants & Leisure – (continued) |
| 432 | Six Flags Entertainment Corp.\* | $| 13146 |
| 18298 | Starbucks Corp. |  | 1676646 |
| 897 | Super Group SGHC Ltd. |  | 9840 |
| 583 | Sweetgreen, Inc. Class A\* |  | 8675 |
| 16 | Target Hospitality Corp.\* |  | 114 |
| 1087 | Texas Roadhouse, Inc. |  | 203715 |
| 592 | Travel & Leisure Co. |  | 30553 |
| 207 | United Parks & Resorts, Inc.\* |  | 9760 |
| 395 | Vail Resorts, Inc. |  | 62066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3165 | Viking Holdings Ltd.\* |  | 168663 |
| 5856 | Wendy's Co. |  | 66876 |
| 253 | Wingstop, Inc. |  | 85195 |
| 1562 | Wyndham Hotels & Resorts, Inc. |  | 126850 |
| 313 | Wynn Resorts Ltd. |  | 29319 |
| 3521 | Xponential Fitness, Inc. Class A\* |  | 26372 |
| 5057 | Yum! Brands, Inc. |  | 749346 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;39420504 |
| Household Durables – 0.2% | Household Durables – 0.2% | Household Durables – 0.2% | Household Durables – 0.2% |
| 510 | Beazer Homes USA, Inc.\* |  | 11409 |
| 392 | Cavco Industries, Inc.\* |  | 170297 |
| 195 | Century Communities, Inc. |  | 10982 |
| 2098 | Champion Homes, Inc.\* |  | 131356 |
| 1779 | Cricut, Inc. Class A |  | 12044 |
| 27426 | DR Horton, Inc. |  | 3535760 |
| 41 | Dream Finders Homes, Inc. Class A\* |  | 1030 |
| 3586 | Ethan Allen Interiors, Inc. |  | 99870 |
| 1082 | Flexsteel Industries, Inc. |  | 38984 |
| 87791 | GoPro, Inc. Class A\* |  | 66484 |
| 520 | Green Brick Partners, Inc.\* |  | 32698 |
| 1084 | Hamilton Beach Brands Holding Co. Class A |  | 19393 |
| 354 | Helen of Troy Ltd.\* |  | 10047 |
| 6839 | Hooker Furnishings Corp. |  | 72357 |
| 48 | Hovnanian Enterprises, Inc. Class A\* |  | 5018 |
| 210 | Installed Building Products, Inc. |  | 37867 |
| 14246 | iRobot Corp.\*<sup>(a)</sup> |  | 44590 |
| 206 | KB Home |  | 10912 |
| 1208 | La-Z-Boy, Inc. |  | 44901 |
| 3715 | Legacy Housing Corp.\* |  | 84182 |
| 1906 | Leggett & Platt, Inc. |  | 17002 |
| 25537 | Lennar Corp. Class A |  | 2824648 |
| 26 | LGI Homes, Inc.\* |  | 1340 |
| 11631 | Lifetime Brands, Inc. |  | 59318 |
| 1006 | Lovesac Co.\* |  | 18309 |
| 207 | M/I Homes, Inc.\* |  | 23209 |
| 173 | Meritage Homes Corp. |  | 11586 |
| 515 | Mohawk Industries, Inc.\* |  | 53993 |
| 43 | NVR, Inc.\* |  | 317583 |

---

&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 ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Household Durables – (continued) | Household Durables – (continued) | Household Durables – (continued) | Household Durables – (continued) |
| 2813 | PulteGroup, Inc. | $| 296659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97329 | Purple Innovation, Inc.\* |  | 70972 |
| 156 | SharkNinja, Inc.\* |  | 15442 |
| 1928 | Smith Douglas Homes Corp.\* |  | 37442 |
| 4689 | Somnigroup International, Inc. |  | 319086 |
| 2068 | Sonos, Inc.\* |  | 22355 |
| 1736 | Taylor Morrison Home Corp.\* |  | 106625 |
| 1044 | Toll Brothers, Inc. |  | 119152 |
| 157 | TopBuild Corp.\* |  | 50827 |
| 17049 | Traeger, Inc.\* |  | 29154 |
| 1051 | Tri Pointe Homes, Inc.\* |  | 33579 |
| 4623 | Universal Electronics, Inc.\* |  | 30604 |
| 625 | Whirlpool Corp. |  | 63387 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8962453 |
| Household Products – 0.2% | Household Products – 0.2% | Household Products – 0.2% | Household Products – 0.2% |
| 1508 | Central Garden & Pet Co. Class A\* |  | 47185 |
| 898 | Central Garden & Pet Co.\* |  | 31592 |
| 3696 | Church & Dwight Co., Inc. |  | 355223 |
| 2227 | Clorox Co. |  | 267396 |
| 15814 | Colgate-Palmolive Co. |  | 1437493 |
| 3147 | Energizer Holdings, Inc. |  | 63443 |
| 6292 | Kimberly-Clark Corp. |  | 811165 |
| 1483 | Oil-Dri Corp. of America |  | 87482 |
| 39392 | Procter & Gamble Co. |  | 6275933 |
| 1735 | Reynolds Consumer Products, Inc. |  | 37164 |
| 1001 | Spectrum Brands Holdings, Inc. |  | 53053 |
| 591 | WD-40 Co. |  | 134801 |
|  |  |  | 9601930 |
| Independent Power and Renewable Electricity Producers – 0.0% | Independent Power and Renewable Electricity Producers – 0.0% | Independent Power and Renewable Electricity Producers – 0.0% | Independent Power and Renewable Electricity Producers – 0.0% |
| 1144 | AES Corp. |  | 12035 |
| 396 | Brookfield Renewable Corp. |  | 12981 |
| 1063 | Clearway Energy, Inc. Class C |  | 34016 |
| 1045 | Clearway Energy, Inc. Class A |  | 31622 |
| 9973 | Montauk Renewables, Inc.\* |  | 22140 |
| 894 | Ormat Technologies, Inc. |  | 74881 |
| 768 | Talen Energy Corp.\* |  | 223311 |
| 7280 | Vistra Corp. |  | 1410937 |
|  |  |  | 1821923 |
| Industrial Conglomerates – 0.1% | Industrial Conglomerates – 0.1% | Industrial Conglomerates – 0.1% | Industrial Conglomerates – 0.1% |
| 9604 | 3M Co. |  | 1462113 |
| 47 | Brookfield Business Corp. Class A |  | 1466 |
| 10461 | Honeywell International, Inc. |  | 2436158 |
|  |  |  | 3899737 |
| Industrial REITs – 0.0% | Industrial REITs – 0.0% | Industrial REITs – 0.0% | Industrial REITs – 0.0% |
| 1865 | Americold Realty Trust, Inc. |  | 31015 |
| 573 | EastGroup Properties, Inc. |  | 95760 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrial REITs – (continued) | Industrial REITs – (continued) | Industrial REITs – (continued) | Industrial REITs – (continued) |
| 1552 | First Industrial Realty Trust, Inc. | $| 74698 |
| 10571 | Industrial Logistics Properties Trust |  | 48098 |
| 86 | Innovative Industrial Properties, Inc. |  | 4749 |
| 259 | Lineage, Inc. |  | 11272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7203 | LXP Industrial Trust |  | 59497 |
| 4515 | Plymouth Industrial REIT, Inc. |  | 72511 |
| 14754 | Prologis, Inc. |  | 1550940 |
| 948 | Rexford Industrial Realty, Inc. |  | 33720 |
| 1576 | STAG Industrial, Inc. |  | 57177 |
| 917 | Terreno Realty Corp. |  | 51416 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090853 |
| Insurance – 0.8% | Insurance – 0.8% | Insurance – 0.8% | Insurance – 0.8% |
| 3262 | Abacus Global Management, Inc.\* |  | 16767 |
| 31627 | Aflac, Inc. |  | 3335383 |
| 4905 | Allstate Corp. |  | 987426 |
| 2880 | Ambac Financial Group, Inc.\* |  | 20448 |
| 4136 | American Coastal Insurance Corp. Class C |  | 45992 |
| 1129 | American Financial Group, Inc. |  | 142491 |
| 9805 | American International Group, Inc. |  | 839210 |
| 2786 | AMERISAFE, Inc. |  | 121832 |
| 13507 | Aon PLC Class A |  | 4818757 |
| 5833 | Arch Capital Group Ltd. |  | 531095 |
| 4561 | Arthur J Gallagher & Co. |  | 1460067 |
| 1030 | Assurant, Inc. |  | 203415 |
| 1191 | Assured Guaranty Ltd. |  | 103736 |
| 2448 | Axis Capital Holdings Ltd. |  | 254151 |
| 480 | Baldwin Insurance Group, Inc.\* |  | 20549 |
| 3452 | Bowhead Specialty Holdings, Inc.\* |  | 129554 |
| 2469 | Brighthouse Financial, Inc.\* |  | 132758 |
| 4767 | Brown & Brown, Inc. |  | 528517 |
| 3152 | Cincinnati Financial Corp. |  | 469396 |
| 9234 | Citizens, Inc.\* |  | 32227 |
| 2069 | CNA Financial Corp. |  | 96271 |
| 4029 | CNO Financial Group, Inc. |  | 155439 |
| 8556 | Crawford & Co. Class A |  | 90522 |
| 58151 | Direct Line Insurance Group PLC |  | 245229 |
| 8681 | Donegal Group, Inc. Class A |  | 173837 |
| 4738 | eHealth, Inc.\* |  | 20610 |
| 2009 | Employers Holdings, Inc. |  | 94785 |
| 495 | Enstar Group Ltd.\* |  | 166498 |
| 275 | Erie Indemnity Co. Class A |  | 95367 |
| 580 | Everest Group Ltd. |  | 197113 |
| 935 | F&G Annuities & Life, Inc. |  | 29901 |

---

&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 ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Insurance – (continued) | Insurance – (continued) | Insurance – (continued) |
| 6193 | Fidelity National Financial, Inc. | $347180 |
| 2071 | First American Financial Corp. | 127139 |
| 6764 | Genworth Financial, Inc.\* | 52624 |
| 3661 | Global Indemnity Group LLC Class A | 114809 |
| 2476 | Globe Life, Inc. | 307742 |
| 1219 | Goosehead Insurance, Inc. Class A | 128617 |
| 6342 | Greenlight Capital Re Ltd. Class A\* | 91135 |
| 6361 | Hagerty, Inc. Class A\* | 64310 |
| 2487 | Hamilton Insurance Group Ltd. Class B\* | 53769 |
| 1214 | Hanover Insurance Group, Inc. | 206222 |
| 5586 | Hartford Insurance Group, Inc. | 708696 |
| 908 | HCI Group, Inc. | 138198 |
| 5950 | Heritage Insurance Holdings, Inc.\* | 148393 |
| 2198 | Hippo Holdings, Inc.\* | 61390 |
| 2981 | Horace Mann Educators Corp. | 128094 |
| 645 | Investors Title Co. | 136289 |
| 4771 | James River Group Holdings Ltd. | 27958 |
| 962 | Kemper Corp. | 62087 |
| 8 | Kestrel Group Ltd.\* | 212 |
| 7665 | Kingstone Cos., Inc.\* | 118118 |
| 16287 | Kingsway Financial Services, Inc.\* | 220526 |
| 527 | Kinsale Capital Group, Inc. | 255015 |
| 2635 | Lemonade, Inc.\* | 115439 |
| 3054 | Lincoln National Corp. | 105668 |
| 3596 | Loews Corp. | 329609 |
| 1569 | Markel Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3133858 |
| 8680 | Marsh & McLennan Cos., Inc. | 1897795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20173 | MBIA, Inc.\* | 87551 |
| 420 | Mercury General Corp. | 28283 |
| 9633 | MetLife, Inc. | 774686 |
| 9494 | NI Holdings, Inc.\* | 120954 |
| 6964 | Old Republic International Corp. | 267696 |
| 2179 | Oscar Health, Inc. Class A\* | 46718 |
| 1155 | Palomar Holdings, Inc.\* | 178159 |
| 726 | Primerica, Inc. | 198684 |
| 3103 | Principal Financial Group, Inc. | 246471 |
| 7345 | ProAssurance Corp.\* | 167686 |
| 10386 | Progressive Corp. | 2771608 |
| 29210 | Prudential Financial, Inc. | 3138322 |
| 823 | Reinsurance Group of America, Inc. | 163250 |
| 1000 | RenaissanceRe Holdings Ltd. | 242900 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Insurance – (continued) | Insurance – (continued) | Insurance – (continued) | Insurance – (continued) |
| 1320 | RLI Corp. | $| 95330 |
| 773 | Root, Inc. Class A\* |  | 98921 |
| 3010 | Ryan Specialty Holdings, Inc. |  | 204650 |
| 1018 | Safety Insurance Group, Inc. |  | 80819 |
| 759 | Selective Insurance Group, Inc. |  | 65767 |
| 554 | Selectquote, Inc.\* |  | 1319 |
| 7786 | SiriusPoint Ltd.\* |  | 158757 |
| 2200 | Skyward Specialty Insurance Group, Inc.\* |  | 127138 |
| 873 | Stewart Information Services Corp. |  | 56832 |
| 3563 | Tiptree, Inc. |  | 84016 |
| 13328 | Travelers Cos., Inc. |  | 3565773 |
| 2144 | Trupanion, Inc.\* |  | 118670 |
| 2741 | TWFG, Inc.\* |  | 95935 |
| 3332 | United Fire Group, Inc. |  | 95628 |
| 4615 | Universal Insurance Holdings, Inc. |  | 127974 |
| 4288 | Unum Group |  | 346299 |
| 6800 | W.R. Berkley Corp. |  | 499596 |
| 35 | White Mountains Insurance Group Ltd. |  | 62850 |
| 1778 | Willis Towers Watson PLC |  | 544957 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;39504434 |
| Interactive Media & Services – 3.0% | Interactive Media & Services – 3.0% | Interactive Media & Services – 3.0% | Interactive Media & Services – 3.0% |
| 102258 | Alphabet, Inc. Class C |  | 18139547 |
| 335610 | Alphabet, Inc. Class A |  | 59144550 |
| 695 | Angi, Inc.\* |  | 10606 |
| 23343 | Arena Group Holdings, Inc.\* |  | 144727 |
| 1655 | Bumble, Inc. Class A\* |  | 10906 |
| 1217 | Cargurus, Inc.\* |  | 40733 |
| 1639 | Cars.com, Inc.\* |  | 19422 |
| 479 | EverQuote, Inc. Class A\* |  | 11582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53996 | fuboTV, Inc.\* |  | 208425 |
| 5616 | Grindr, Inc.\* |  | 127483 |
| 596 | IAC, Inc.\* |  | 22255 |
| 2252 | Match Group, Inc. |  | 69564 |
| 545 | MediaAlpha, Inc. Class A\* |  | 5968 |
| 94600 | Meta Platforms, Inc. Class A |  | 69823314 |
| 20550 | Nextdoor Holdings, Inc.\* |  | 34113 |
| 4725 | Pinterest, Inc. Class A\* |  | 169438 |
| 1072 | QuinStreet, Inc.\* |  | 17259 |
| 2401 | Reddit, Inc. Class A\* |  | 361519 |
| 1565 | Rumble, Inc.\*<sup>(a)</sup> |  | 14054 |
| 2050 | Shutterstock, Inc. |  | 38868 |
| 1183 | Snap, Inc. Class A\* |  | 10280 |
| 2334 | Taboola.com Ltd.\* |  | 8542 |
| 6983 | Teads Holding Co.\* |  | 17318 |
| 7016 | Travelzoo\* |  | 89314 |
| 348 | TripAdvisor, Inc.\* |  | 4541 |
| 49140 | TrueCar, Inc.\* |  | 93366 |
| 320 | Trump Media & Technology Group Corp.\* |  | 5773 |

---

&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 ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Interactive Media & Services – (continued) | Interactive Media & Services – (continued) | Interactive Media & Services – (continued) | Interactive Media & Services – (continued) |
| 10096 | Vimeo, Inc.\* | $| 40788 |
| 325 | VTEX Class A\* |  | 2145 |
| 2065 | Yelp, Inc.\* |  | 70767 |
| 296 | Ziff Davis, Inc.\* |  | 8960 |
| 3799 | ZipRecruiter, Inc. Class A\* |  | 19033 |
| 951 | ZoomInfo Technologies, Inc.\* |  | 9624 |
|  |  |  | 148794784 |
| IT Services – 0.4% | IT Services – 0.4% | IT Services – 0.4% | IT Services – 0.4% |
| 10449 | Accenture PLC Class A |  | 3123102 |
| 39052 | Akamai Technologies, Inc.\* |  | 3114788 |
| 2366 | Amdocs Ltd. |  | 215874 |
| 756 | Applied Digital Corp.\* |  | 7613 |
| 430 | ASGN, Inc.\* |  | 21470 |
| 7911 | Backblaze, Inc. Class A\* |  | 43511 |
| 381 | BigBear.ai Holdings, Inc.\*<sup>(a)</sup> |  | 2587 |
| 11104 | BigCommerce Holdings, Inc.\* |  | 55520 |
| 6821 | Cloudflare, Inc. Class A\* |  | 1335756 |
| 8746 | Cognizant Technology Solutions Corp. Class A |  | 682450 |
| 4619 | CoreWeave, Inc. Class A\* |  | 753174 |
| 2885 | Couchbase, Inc.\* |  | 70336 |
| 81 | Crexendo, Inc.\* |  | 492 |
| 33 | CSP, Inc. |  | 427 |
| 364 | DigitalOcean Holdings, Inc.\* |  | 10396 |
| 1635 | DXC Technology Co.\* |  | 24999 |
| 284 | EPAM Systems, Inc.\* |  | 50217 |
| 1534 | Gartner, Inc.\* |  | 620073 |
| 136 | Globant SA\* |  | 12354 |
| 3323 | GoDaddy, Inc. Class A\* |  | 598339 |
| 7361 | Grid Dynamics Holdings, Inc.\* |  | 85020 |
| 4970 | Hackett Group, Inc. |  | 126337 |
| 24130 | Information Services Group, Inc. |  | 115824 |
| 15954 | International Business Machines Corp. |  | 4702920 |
| 3878 | Kyndryl Holdings, Inc.\* |  | 162721 |
| 200 | MongoDB, Inc.\* |  | 41998 |
| 3155 | Okta, Inc.\* |  | 315405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10400 | Rackspace Technology, Inc.\* |  | 13312 |
| 6791 | Snowflake, Inc. Class A\* |  | 1519622 |
| 1385 | TSS, Inc.\* |  | 39930 |
| 3391 | Tucows, Inc. Class A\* |  | 66837 |
| 3001 | Twilio, Inc. Class A\* |  | 373204 |
| 5488 | Unisys Corp.\* |  | 24861 |
| 1720 | VeriSign, Inc. |  | 496736 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;18828205 |
| Leisure Products – 0.0% | Leisure Products – 0.0% | Leisure Products – 0.0% | Leisure Products – 0.0% |
| 633 | Acushnet Holdings Corp. |  | 46095 |
| 334 | Brunswick Corp. |  | 18450 |
| 24150 | Clarus Corp. |  | 83801 |
| 3835 | Escalade, Inc. |  | 53613 |
| 1690 | Funko, Inc. Class A\* |  | 8044 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Leisure Products – (continued) | Leisure Products – (continued) | Leisure Products – (continued) | Leisure Products – (continued) |
| 1767 | Hasbro, Inc. | $| 130440 |
| 2423 | JAKKS Pacific, Inc. |  | 50350 |
| 2431 | Johnson Outdoors, Inc. Class A |  | 73586 |
| 12411 | Latham Group, Inc.\* |  | 79182 |
| 401 | Malibu Boats, Inc. Class A\* |  | 12567 |
| 16783 | Marine Products Corp. |  | 142823 |
| 3068 | MasterCraft Boat Holdings, Inc.\* |  | 57004 |
| 3335 | Mattel, Inc.\* |  | 65766 |
| 10032 | Outdoor Holding Co.\* |  | 12841 |
| 15712 | Peloton Interactive, Inc. Class A\* |  | 109041 |
| 101 | Polaris, Inc. |  | 4106 |
| 8109 | Smith & Wesson Brands, Inc. |  | 70386 |
| 2713 | Sturm Ruger & Co., Inc. |  | 97397 |
| 1549 | Topgolf Callaway Brands Corp.\* |  | 12470 |
| 411 | YETI Holdings, Inc.\* |  | 12955 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140917 |
| Life Sciences Tools & Services – 0.3% | Life Sciences Tools & Services – 0.3% | Life Sciences Tools & Services – 0.3% | Life Sciences Tools & Services – 0.3% |
| 262 | 10X Genomics, Inc. Class A\* |  | 3034 |
| 9461 | Adaptive Biotechnologies Corp.\* |  | 110221 |
| 3657 | Agilent Technologies, Inc. |  | 431562 |
| 33459 | Akoya Biosciences, Inc.\*<sup>(a)</sup> |  | 43497 |
| 12144 | Alpha Teknova, Inc.\*<sup>(a)</sup> |  | 59627 |
| 34 | Atlantic International Corp.\* |  | 69 |
| 3554 | Avantor, Inc.\* |  | 47837 |
| 820 | BioLife Solutions, Inc.\* |  | 17663 |
| 114 | Bio-Rad Laboratories, Inc. Class A\* |  | 27510 |
| 473 | Bio-Techne Corp. |  | 24336 |
| 218 | Bruker Corp. |  | 8982 |
| 220 | Charles River Laboratories International, Inc.\* |  | 33381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27355 | Codexis, Inc.\* |  | 66746 |
| 411 | CryoPort, Inc.\* |  | 3066 |
| 9904 | Danaher Corp. |  | 1956436 |
| 372 | Fortrea Holdings, Inc.\* |  | 1838 |
| 428 | ICON PLC\* |  | 62253 |
| 755 | Illumina, Inc.\* |  | 72034 |
| 1805 | IQVIA Holdings, Inc.\* |  | 284450 |
| 9141 | Lifecore Biomedical, Inc.\* |  | 74225 |
| 24452 | MaxCyte, Inc.\* |  | 53305 |
| 203 | Medpace Holdings, Inc.\* |  | 63713 |
| 544 | Mesa Laboratories, Inc. |  | 51256 |
| 204 | Mettler-Toledo International, Inc.\* |  | 239643 |
| 57835 | Nautilus Biotechnology, Inc.\* |  | 41924 |
| 7841 | Niagen Bioscience, Inc.\* |  | 112989 |
| 44939 | OmniAb, Inc.\* |  | 78194 |
| 18937 | Pacific Biosciences of California, Inc.\* |  | 23482 |

---

&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 ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Life Sciences Tools & Services – (continued) | Life Sciences Tools & Services – (continued) | Life Sciences Tools & Services – (continued) | Life Sciences Tools & Services – (continued) |
| 13887 | Personalis, Inc.\* | $| 91099 |
| 1787 | Quanterix Corp.\* |  | 11883 |
| 7585 | Quantum-Si, Inc.\*<sup>(a)</sup> |  | 14867 |
| 49 | Repligen Corp.\* |  | 6095 |
| 811 | Revvity, Inc. |  | 78440 |
| 41076 | Seer, Inc.\* |  | 87903 |
| 2248 | Sotera Health Co.\* |  | 24998 |
| 7657 | Standard BioTools, Inc.\* |  | 9188 |
| 1564 | Tempus AI, Inc.\* |  | 99376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19146 | Thermo Fisher Scientific, Inc. |  | 7762937 |
| 1122 | Waters Corp.\* |  | 391623 |
| 307 | West Pharmaceutical Services, Inc. |  | 67171 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;12638853 |
| Machinery – 0.4% | Machinery – 0.4% | Machinery – 0.4% | Machinery – 0.4% |
| 29989 | 374Water,Inc.\*<sup>(a)</sup> |  | 9725 |
| 18311 | 3D Systems Corp.\*<sup>(a)</sup> |  | 28199 |
| 246 | AGCO Corp. |  | 25377 |
| 3920 | AirJoule Technologies Corp.\* |  | 18150 |
| 192 | Alamo Group, Inc. |  | 41929 |
| 399 | Albany International Corp. Class A |  | 27982 |
| 1813 | Allison Transmission Holdings, Inc. |  | 172217 |
| 1091 | Astec Industries, Inc. |  | 45484 |
| 2469 | Atmus Filtration Technologies, Inc. |  | 89921 |
| 545 | Blue Bird Corp.\* |  | 23522 |
| 7939 | Caterpillar, Inc. |  | 3081999 |
| 445 | Chart Industries, Inc.\* |  | 73269 |
| 17878 | CNH Industrial NV |  | 231699 |
| 562 | Crane Co. |  | 106718 |
| 2119 | Cummins, Inc. |  | 693973 |
| 4221 | Deere & Co. |  | 2146336 |
| 1410 | Donaldson Co., Inc. |  | 97784 |
| 2758 | Douglas Dynamics, Inc. |  | 81278 |
| 1606 | Dover Corp. |  | 294267 |
| 3996 | Energy Recovery, Inc.\* |  | 51069 |
| 2040 | Enerpac Tool Group Corp. |  | 82742 |
| 128 | Enpro, Inc. |  | 24518 |
| 1001 | Esab Corp. |  | 120671 |
| 866 | ESCO Technologies, Inc. |  | 166159 |
| 694 | Federal Signal Corp. |  | 73856 |
| 267 | Flowserve Corp. |  | 13977 |
| 4437 | Fortive Corp. |  | 231301 |
| 923 | Franklin Electric Co., Inc. |  | 82830 |
| 4552 | Gates Industrial Corp. PLC\* |  | 104833 |
| 2545 | Gencor Industries, Inc.\* |  | 35630 |
| 2188 | Gorman-Rupp Co. |  | 80343 |
| 2176 | Graco, Inc. |  | 187071 |
| 1067 | Graham Corp.\* |  | 52827 |
| 335 | Greenbrier Cos., Inc. |  | 15427 |
| 221 | Hillenbrand, Inc. |  | 4435 |
| 2759 | Hillman Solutions Corp.\* |  | 19699 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Machinery – (continued) | Machinery – (continued) | Machinery – (continued) |
| 353 | Hyster-Yale, Inc. | $14042 |
| 542 | IDEX Corp. | 95159 |
| 5153 | Illinois Tool Works, Inc. | 1274079 |
| 4946 | Ingersoll Rand, Inc. | 411408 |
| 866 | ITT, Inc. | 135815 |
| 850 | JBT Marel Corp. | 102221 |
| 143 | Kadant, Inc. | 45395 |
| 1178 | Kennametal, Inc. | 27047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2439 | L.B. Foster Co. Class A\* | 53341 |
| 366 | Lincoln Electric Holdings, Inc. | 75879 |
| 450 | Lindsay Corp. | 64913 |
| 4782 | Luxfer Holdings PLC | 58245 |
| 468 | Manitowoc Co., Inc.\* | 5625 |
| 2385 | Mayville Engineering Co., Inc.\* | 38065 |
| 29305 | Microvast Holdings, Inc.\* | 106377 |
| 572 | Middleby Corp.\* | 82368 |
| 1530 | Miller Industries, Inc. | 68024 |
| 2379 | Mueller Industries, Inc. | 189059 |
| 4699 | Mueller Water Products, Inc. Class A | 112964 |
| 340 | Nordson Corp. | 72886 |
| 4037 | Omega Flex, Inc. | 130718 |
| 209 | Oshkosh Corp. | 23730 |
| 29198 | Otis Worldwide Corp. | 2891186 |
| 7241 | PACCAR, Inc. | 688329 |
| 5106 | Palladyne AI Corp.\* | 44218 |
| 2099 | Parker-Hannifin Corp. | 1466089 |
| 4259 | Park-Ohio Holdings Corp. | 76066 |
| 2513 | Pentair PLC | 257985 |
| 1168 | Proto Labs, Inc.\* | 46767 |
| 502 | RBC Bearings, Inc.\* | 193170 |
| 2299 | REV Group, Inc. | 109409 |
| 389 | Richtech Robotics, Inc. Class B\* | 759 |
| 1295 | Shyft Group, Inc. | 16239 |
| 930 | Snap-on, Inc. | 289397 |
| 527 | SPX Technologies, Inc.\* | 88367 |
| 355 | Standex International Corp. | 55550 |
| 571 | Stanley Black & Decker, Inc. | 38685 |
| 1597 | Stratasys Ltd.\* | 18318 |
| 1095 | Tennant Co. | 84841 |
| 163 | Terex Corp. | 7610 |
| 283 | Timken Co. | 20532 |
| 51 | Titan International, Inc.\* | 524 |
| 687 | Toro Co. | 48557 |
| 1169 | Trinity Industries, Inc. | 31575 |
| 510 | Watts Water Technologies, Inc. Class A | 125404 |
| 2701 | Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565454 |
| 57 | Worthington Enterprises, Inc. | 3628 |

---

&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 ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Machinery – (continued) | Machinery – (continued) | Machinery – (continued) | Machinery – (continued) |
| 3050 | Xylem, Inc. | $| 394548 |
|  |  |  | 19387784 |
| Marine Transportation – 0.0% | Marine Transportation – 0.0% | Marine Transportation – 0.0% | Marine Transportation – 0.0% |
| 3 | Costamare Bulkers Holdings Ltd.\* |  | 26 |
| 1055 | Costamare, Inc. |  | 9611 |
| 5554 | Genco Shipping & Trading Ltd. |  | 72591 |
| 1607 | Global Ship Lease, Inc. Class A |  | 42280 |
| 13501 | Kirby Corp.\* |  | 1531149 |
| 198 | Matson, Inc. |  | 22047 |
| 12332 | Pangaea Logistics Solutions Ltd. |  | 57960 |
| 21697 | Safe Bulkers, Inc. |  | 78326 |
| 782 | Star Bulk Carriers Corp.<sup>(a)</sup> |  | 13490 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827480 |
| Media – 0.2% | Media – 0.2% | Media – 0.2% | Media – 0.2% |
| 256 | AMC Networks, Inc. Class A\* |  | 1605 |
| 8707 | Boston Omaha Corp. Class A\* |  | 122246 |
| 116 | Cable One, Inc. |  | 15754 |
| 12551 | Cardlytics, Inc.\* |  | 20646 |
| 1768 | Charter Communications, Inc. Class A\* |  | 722776 |
| 33820 | Clear Channel Outdoor Holdings, Inc. |  | 39569 |
| 191945 | Comcast Corp. Class A |  | 6850517 |
| 610 | DoubleVerify Holdings, Inc.\* |  | 9132 |
| 78 | Emerald Holding, Inc. |  | 378 |
| 19129 | Entravision Communications Corp. Class A |  | 44379 |
| 77 | EW Scripps Co. Class A\* |  | 226 |
| 5795 | Fox Corp. Class A |  | 324752 |
| 4661 | Fox Corp. Class B |  | 240647 |
| 8877 | Gambling.com Group Ltd.\* |  | 105548 |
| 2186 | Gannett Co., Inc.\* |  | 7826 |
| 1169 | Gray Media, Inc. |  | 5296 |
| 147 | Ibotta, Inc. Class A\* |  | 5380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41660 | iHeartMedia, Inc. Class A |  | 73322 |
| 702 | Integral Ad Science Holding Corp.\* |  | 5834 |
| 2074 | Interpublic Group of Cos., Inc. |  | 50772 |
| 3009 | John Wiley & Sons, Inc. Class A |  | 134292 |
| 2815 | Liberty Broadband Corp. Class C\* |  | 276940 |
| 1723 | Liberty Broadband Corp. Class A\* |  | 168544 |
| 876 | Magnite, Inc.\* |  | 21129 |
| 4752 | National CineMedia, Inc. |  | 23023 |
| 2230 | New York Times Co. Class A |  | 124835 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Media – (continued) | Media – (continued) | Media – (continued) | Media – (continued) |
| 5287 | News Corp. Class A | $| 157130 |
| 2723 | News Corp. Class B |  | 93426 |
| 4642 | Newsmax, Inc.\* |  | 70234 |
| 336 | Nexstar Media Group, Inc. |  | 58111 |
| 1949 | Omnicom Group, Inc. |  | 140211 |
| 8127 | Paramount Global Class B<sup>(a)</sup> |  | 104838 |
| 689 | PubMatic, Inc. Class A\* |  | 8571 |
| 1424 | Scholastic Corp. |  | 29876 |
| 3453 | Sinclair, Inc. |  | 47720 |
| 2354 | Sirius XM Holdings, Inc. |  | 54071 |
| 15 | TechTarget, Inc.\* |  | 117 |
| 4937 | TEGNA, Inc. |  | 82744 |
| 1991 | Thryv Holdings, Inc.\* |  | 24211 |
| 5732 | Trade Desk, Inc. Class A\* |  | 412647 |
| 21367 | WideOpenWest, Inc.\* |  | 86750 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10766025 |
| Metals & Mining – 0.2% | Metals & Mining – 0.2% | Metals & Mining – 0.2% | Metals & Mining – 0.2% |
| 840 | Alcoa Corp. |  | 24788 |
| 143 | Alpha Metallurgical Resources, Inc.\* |  | 16085 |
| 241 | American Battery Technology Co.\* |  | 390 |
| 347 | Anglogold Ashanti PLC |  | 15813 |
| 889 | Carpenter Technology Corp. |  | 245702 |
| 294 | Century Aluminum Co.\* |  | 5298 |
| 4091 | Coeur Mining, Inc.\* |  | 36246 |
| 580 | Commercial Metals Co. |  | 28368 |
| 721 | Compass Minerals International, Inc.\* |  | 14485 |
| 296 | Constellium SE\* |  | 3937 |
| 48 | Contango ORE, Inc.\* |  | 935 |
| 19625 | Critical Metals Corp.\*<sup>(a)</sup> |  | 70258 |
| 12064 | Dakota Gold Corp.\* |  | 44516 |
| 7048 | Evraz PLC\*<sup>(c)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99512 | Freeport-McMoRan, Inc. |  | 4313845 |
| 800 | Hecla Mining Co. |  | 4792 |
| 71 | Idaho Strategic Resources, Inc.\* |  | 929 |
| 413 | Ivanhoe Electric, Inc.\* |  | 3746 |
| 223 | Kaiser Aluminum Corp. |  | 17818 |
| 156 | Lifezone Metals Ltd.\* |  | 643 |
| 112 | Materion Corp. |  | 8889 |
| 2953 | McEwen Mining, Inc.\* |  | 28378 |
| 1627 | Metallus, Inc.\* |  | 25072 |
| 3851 | MP Materials Corp.\* |  | 128123 |
| 20067 | Newmont Corp. |  | 1169103 |
| 292 | NioCorp Developments Ltd.\* |  | 680 |
| 1306 | Novagold Resources, Inc.\* |  | 5342 |
| 2187 | Nucor Corp. |  | 283304 |
| 1316 | Olympic Steel, Inc. |  | 42888 |
| 3541 | Perpetua Resources Corp.\* |  | 42988 |
| 3898 | Piedmont Lithium, Inc.\* |  | 22686 |
| 3841 | Radius Recycling, Inc. |  | 114039 |

---

&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 ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Metals & Mining – (continued) | Metals & Mining – (continued) | Metals & Mining – (continued) | Metals & Mining – (continued) |
| 1741 | Ramaco Resources, Inc. Class B | $| 14242 |
| 200 | Ramaco Resources, Inc. Class A |  | 2628 |
| 792 | Reliance, Inc. |  | 248609 |
| 1505 | Royal Gold, Inc. |  | 267649 |
| 805 | Ryerson Holding Corp. |  | 17364 |
| 260 | Southern Copper Corp. |  | 26304 |
| 15892 | Steel Dynamics, Inc. |  | 2034335 |
| 2681 | SunCoke Energy, Inc. |  | 23030 |
| 12852 | Tredegar Corp.\* |  | 113098 |
| 13465 | U.S. Antimony Corp.\* |  | 29354 |
| 62 | U.S. Gold Corp.\* |  | 756 |
| 9 | U.S. Goldmining, Inc.\* |  | 74 |
| 226 | Vox Royalty Corp. |  | 714 |
| 51 | Warrior Met Coal, Inc. |  | 2337 |
| 73 | Worthington Steel, Inc. |  | 2178 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9502758 |
| Mortgage Real Estate Investment Trusts (REITs) – 0.1% | Mortgage Real Estate Investment Trusts (REITs) – 0.1% | Mortgage Real Estate Investment Trusts (REITs) – 0.1% | Mortgage Real Estate Investment Trusts (REITs) – 0.1% |
| 4 | ACRES Commercial Realty Corp.\* |  | 72 |
| 13746 | AGNC Investment Corp. |  | 126326 |
| 12568 | Angel Oak Mortgage REIT, Inc. |  | 118391 |
| 10269 | Annaly Capital Management, Inc. |  | 193263 |
| 7482 | Apollo Commercial Real Estate Finance, Inc. |  | 72426 |
| 1909 | Arbor Realty Trust, Inc. |  | 20426 |
| 16365 | ARES Commercial Real Estate Corp. |  | 78061 |
| 5333 | ARMOUR Residential REIT, Inc. |  | 89648 |
| 4561 | Blackstone Mortgage Trust, Inc. Class A |  | 87799 |
| 13226 | BrightSpire Capital, Inc. |  | 66791 |
| 3572 | Chimera Investment Corp. |  | 49544 |
| 7748 | Dynex Capital, Inc. |  | 94681 |
| 7089 | Ellington Financial, Inc.<sup>(a)</sup> |  | 92086 |
| 7167 | Franklin BSP Realty Trust, Inc. |  | 76615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20979 | Granite Point Mortgage Trust, Inc. |  | 51818 |
| 12555 | Invesco Mortgage Capital, Inc. |  | 98431 |
| 6637 | KKR Real Estate Finance Trust, Inc. |  | 58206 |
| 7566 | Ladder Capital Corp. |  | 81335 |
| 5838 | MFA Financial, Inc. |  | 55227 |
| 10449 | New York Mortgage Trust, Inc. |  | 70008 |
| 7638 | Nexpoint Real Estate Finance, Inc. |  | 105328 |
| 13451 | Orchid Island Capital, Inc. |  | 94292 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Mortgage Real Estate Investment Trusts (REITs) – (continued) | Mortgage Real Estate Investment Trusts (REITs) – (continued) | Mortgage Real Estate Investment Trusts (REITs) – (continued) | Mortgage Real Estate Investment Trusts (REITs) – (continued) |
| 6452 | PennyMac Mortgage Investment Trust | $| 82973 |
| 7041 | Ready Capital Corp. |  | 30769 |
| 10999 | Redwood Trust, Inc. |  | 65004 |
| 10705 | Rithm Capital Corp. |  | 120859 |
| 38703 | Rithm Property Trust, Inc. |  | 104498 |
| 4946 | Starwood Property Trust, Inc. |  | 99266 |
| 10845 | TPG RE Finance Trust, Inc. |  | 83723 |
| 7848 | Two Harbors Investment Corp. |  | 84523 |
|  |  |  | 2452389 |
| Multi-Utilities – 0.2% | Multi-Utilities – 0.2% | Multi-Utilities – 0.2% | Multi-Utilities – 0.2% |
| 24136 | Ameren Corp. |  | 2318021 |
| 3134 | Avista Corp. |  | 118935 |
| 1981 | Black Hills Corp. |  | 111134 |
| 67485 | CenterPoint Energy, Inc. |  | 2479399 |
| 5786 | CMS Energy Corp. |  | 400854 |
| 6805 | Consolidated Edison, Inc. |  | 682882 |
| 13976 | Dominion Energy, Inc. |  | 789924 |
| 3943 | DTE Energy Co. |  | 522290 |
| 57919 | NiSource, Inc. |  | 2336453 |
| 2182 | Northwestern Energy Group, Inc. |  | 111937 |
| 8197 | Public Service Enterprise Group, Inc. |  | 690023 |
| 9903 | Sempra |  | 750350 |
| 2168 | Unitil Corp. |  | 113061 |
| 6343 | WEC Energy Group, Inc. |  | 660941 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;12086204 |
| Office REITs – 0.0% | Office REITs – 0.0% | Office REITs – 0.0% | Office REITs – 0.0% |
| 5163 | Brandywine Realty Trust |  | 22149 |
| 2160 | BXP, Inc. |  | 145735 |
| 10878 | City Office REIT, Inc. |  | 58089 |
| 3289 | COPT Defense Properties |  | 90711 |
| 4823 | Cousins Properties, Inc. |  | 144835 |
| 2451 | Douglas Emmett, Inc. |  | 36863 |
| 2686 | Easterly Government Properties, Inc. |  | 59629 |
| 4083 | Empire State Realty Trust, Inc. Class A |  | 33032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21214 | Franklin Street Properties Corp. |  | 34791 |
| 3040 | Highwoods Properties, Inc. |  | 94514 |
| 2591 | JBG SMITH Properties |  | 44824 |
| 577 | Kilroy Realty Corp. |  | 19797 |
| 3379 | NET Lease Office Properties\* |  | 109986 |
| 6752 | Orion Properties, Inc. |  | 14382 |
| 2356 | Paramount Group, Inc.\* |  | 14372 |
| 4482 | Peakstone Realty Trust |  | 59207 |
| 1359 | Piedmont Realty Trust, Inc. |  | 9907 |
| 11102 | Postal Realty Trust, Inc. Class A |  | 163532 |
| 259 | SL Green Realty Corp. |  | 16032 |

---

&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 ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Office REITs – (continued) | Office REITs – (continued) | Office REITs – (continued) | Office REITs – (continued) |
| 4855 | Vornado Realty Trust | $| 185655 |
|  |  |  | 1358042 |
| Oil, Gas & Consumable Fuels – 1.1% | Oil, Gas & Consumable Fuels – 1.1% | Oil, Gas & Consumable Fuels – 1.1% | Oil, Gas & Consumable Fuels – 1.1% |
| 24479 | Aemetis, Inc.\*<sup>(a)</sup> |  | 60708 |
| 12746 | Amplify Energy Corp.\* |  | 40787 |
| 8113 | Antero Midstream Corp. |  | 153741 |
| 3556 | Antero Resources Corp.\* |  | 143236 |
| 1817 | APA Corp. |  | 33233 |
| 4338 | Ardmore Shipping Corp. |  | 41645 |
| 5348 | Berry Corp. |  | 14814 |
| 479 | California Resources Corp. |  | 21876 |
| 45 | Calumet, Inc.\* |  | 709 |
| 579 | Centrus Energy Corp. Class A\* |  | 106061 |
| 16964 | Cheniere Energy, Inc. |  | 4131073 |
| 77279 | Chevron Corp. |  | 11065580 |
| 141 | Chord Energy Corp. |  | 13656 |
| 608 | Civitas Resources, Inc. |  | 16732 |
| 4100 | CNX Resources Corp.\* |  | 138088 |
| 4999 | Comstock Resources, Inc.\* |  | 138322 |
| 19795 | ConocoPhillips |  | 1776403 |
| 160 | Core Natural Resources, Inc. |  | 11158 |
| 7586 | Coterra Energy, Inc. |  | 192533 |
| 174 | CVR Energy, Inc. |  | 4672 |
| 342 | Delek U.S. Holdings, Inc. |  | 7244 |
| 3001 | Devon Energy Corp. |  | 95462 |
| 3442 | DHT Holdings, Inc. |  | 37208 |
| 1512 | Diamondback Energy, Inc. |  | 207749 |
| 425 | Dorian LPG Ltd. |  | 10362 |
| 2221 | DT Midstream, Inc. |  | 244110 |
| 9086 | Empire Petroleum Corp.\* |  | 47974 |
| 313 | Energy Fuels, Inc.\* |  | 1800 |
| 8620 | EOG Resources, Inc. |  | 1031038 |
| 9 | Epsilon Energy Ltd. |  | 66 |
| 10051 | EQT Corp. |  | 586174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21664 | Evolution Petroleum Corp. |  | 101821 |
| 2970 | Excelerate Energy, Inc. Class A |  | 87080 |
| 3739 | Expand Energy Corp. |  | 437239 |
| 173160 | Exxon Mobil Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;18666648 |
| 2581 | FLEX LNG Ltd. |  | 56730 |
| 919 | Frontline PLC |  | 15081 |
| 22825 | FutureFuel Corp. |  | 88561 |
| 50243 | Gevo, Inc.\*<sup>(a)</sup> |  | 66321 |
| 2454 | Golar LNG Ltd. |  | 101080 |
| 11583 | Granite Ridge Resources, Inc. |  | 73784 |
| 2778 | Green Plains, Inc.\* |  | 16751 |
| 356 | Gulfport Energy Corp.\* |  | 71617 |
| 4326 | Hallador Energy Co.\* |  | 68481 |
| 3745 | Hess Corp. |  | 518832 |
| 599 | HF Sinclair Corp. |  | 24607 |
| 3333 | Infinity Natural Resources, Inc. Class A\* |  | 61027 |
| 470 | International Seaways, Inc. |  | 17146 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Oil, Gas & Consumable Fuels – (continued) | Oil, Gas & Consumable Fuels – (continued) | Oil, Gas & Consumable Fuels – (continued) |
| 34957 | Kinder Morgan, Inc. | $1027736 |
| 242 | Kinetik Holdings, Inc. | 10660 |
| 42 | Kolibri Global Energy, Inc.\* | 288 |
| 106 | Lightbridge Corp.\* | 1417 |
| 918 | Magnolia Oil & Gas Corp. Class A | 20637 |
| 4393 | Marathon Petroleum Corp. | 729721 |
| 549 | Matador Resources Co. | 26198 |
| 949 | Murphy Oil Corp. | 21353 |
| 2851 | Navigator Holdings Ltd. | 40342 |
| 753 | NextDecade Corp.\* | 6709 |
| 7109 | NextNRG, Inc.\* | 19692 |
| 31623 | Nordic American Tankers Ltd. | 83168 |
| 110 | Northern Oil & Gas, Inc. | 3119 |
| 8366 | Occidental Petroleum Corp. | 351456 |
| 9591 | ONEOK, Inc. | 782913 |
| 1278 | Ovintiv, Inc. | 48628 |
| 86 | Par Pacific Holdings, Inc.\* | 2282 |
| 1116 | Peabody Energy Corp. | 14977 |
| 1394 | Permian Resources Corp. | 18986 |
| 5535 | Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660325 |
| 531 | PrimeEnergy Resources Corp.\* | 77728 |
| 1347 | Range Resources Corp. | 54782 |
| 1652 | REX American Resources Corp.\* | 80469 |
| 683 | Riley Exploration Permian, Inc. | 17915 |
| &nbsp;&nbsp;&nbsp;&nbsp;25873 | Ring Energy, Inc.\* | 20543 |
| 1478 | Sable Offshore Corp.\* | 32486 |
| 10144 | SandRidge Energy, Inc. | 109758 |
| 523 | Scorpio Tankers, Inc. | 20465 |
| 7250 | SFL Corp. Ltd. | 60392 |
| 352 | Sitio Royalties Corp. Class A | 6470 |
| 25 | SM Energy Co. | 618 |
| 2017 | Summit Midstream Corp.\* | 49477 |
| 1643 | Talos Energy, Inc.\* | 13933 |
| 2131 | Tamboran Resources Corp.\* | 45433 |
| 4840 | Targa Resources Corp. | 842547 |
| 3656 | Teekay Corp. Ltd. | 30162 |
| 328 | Teekay Tankers Ltd. Class A | 13684 |
| 441 | Texas Pacific Land Corp. | 465868 |
| 2428 | Tsakos Energy Navigation Ltd.<sup>(a)</sup> | 46593 |
| 2396 | Uranium Energy Corp.\* | 16293 |
| 37993 | Ur-Energy, Inc.\*<sup>(a)</sup> | 39893 |
| 19022 | VAALCO Energy, Inc. | 68669 |
| 4114 | Valero Energy Corp. | 553004 |
| 651 | Venture Global, Inc. Class A | 10143 |
| 23 | Verde Clean Fuels, Inc.\* | 79 |
| 966 | Viper Energy, Inc. | 36834 |
| 3731 | Vitesse Energy, Inc. | 82418 |
| 31745 | W&T Offshore, Inc.<sup>(a)</sup> | 52379 |
| 74535 | Williams Cos., Inc. | 4681543 |

---

&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 ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Oil, Gas & Consumable Fuels – (continued) | Oil, Gas & Consumable Fuels – (continued) | Oil, Gas & Consumable Fuels – (continued) | Oil, Gas & Consumable Fuels – (continued) |
| 1329 | World Kinect Corp. | $| 37677 |
|  |  |  | 52285882 |
| Paper & Forest Products – 0.0% | Paper & Forest Products – 0.0% | Paper & Forest Products – 0.0% | Paper & Forest Products – 0.0% |
| 515 | Clearwater Paper Corp.\* |  | 14028 |
| 425 | Louisiana-Pacific Corp. |  | 36546 |
| 763 | Magnera Corp.\* |  | 9217 |
| 269 | Sylvamo Corp. |  | 13477 |
|  |  |  | 73268 |
| Passenger Airlines – 0.0% | Passenger Airlines – 0.0% | Passenger Airlines – 0.0% | Passenger Airlines – 0.0% |
| 2806 | Alaska Air Group, Inc.\* |  | 138841 |
| 191 | Allegiant Travel Co.\* |  | 10495 |
| 4793 | American Airlines Group, Inc.\* |  | 53777 |
| 11919 | Blade Air Mobility, Inc.\* |  | 48034 |
| 235 | Copa Holdings SA Class A |  | 25843 |
| 8205 | Delta Air Lines, Inc. |  | 403522 |
| 322 | Frontier Group Holdings, Inc.\* |  | 1169 |
| 9614 | Joby Aviation, Inc.\* |  | 101428 |
| 1069 | SkyWest, Inc.\* |  | 110075 |
| 6775 | Southwest Airlines Co. |  | 219781 |
| 5 | Spirit Aviation Holdings, Inc.\* |  | 25 |
| 684 | Sun Country Airlines Holdings, Inc.\* |  | 8037 |
| 5805 | United Airlines Holdings, Inc.\* |  | 462252 |
|  |  |  | 1583279 |
| Personal Products – 0.1% | Personal Products – 0.1% | Personal Products – 0.1% | Personal Products – 0.1% |
| 4042 | Beauty Health Co.\* |  | 7720 |
| 1187 | BellRing Brands, Inc.\* |  | 68763 |
| 5130 | Coty, Inc. Class A\* |  | 23854 |
| 2536 | Edgewell Personal Care Co. |  | 59368 |
| 98 | elf Beauty, Inc.\* |  | 12195 |
| 721 | Estee Lauder Cos., Inc. Class A |  | 58257 |
| 22 | FitLife Brands, Inc.\* |  | 286 |
| 1815 | Herbalife Ltd.\* |  | 15645 |
| 14149 | Honest Co., Inc.\* |  | 72018 |
| 468 | Interparfums, Inc. |  | 61453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181921 | Kenvue, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3807607 |
| 8111 | Lifevantage Corp.<sup>(a)</sup> |  | 106092 |
| 6409 | Medifast, Inc.\* |  | 90046 |
| 4801 | Nature's Sunshine Products, Inc.\* |  | 71007 |
| 1926 | Nu Skin Enterprises, Inc. Class A |  | 15389 |
| 9794 | Olaplex Holdings, Inc.\* |  | 13712 |
| 1879 | USANA Health Sciences, Inc.\* |  | 57366 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Personal Products – (continued) | Personal Products – (continued) | Personal Products – (continued) | Personal Products – (continued) |
| 9151 | Waldencast PLC Class A\* | $| 22420 |
|  |  |  | 4563198 |
| Pharmaceuticals – 1.4% | Pharmaceuticals – 1.4% | Pharmaceuticals – 1.4% | Pharmaceuticals – 1.4% |
| 28995 | Aclaris Therapeutics, Inc.\* |  | 41173 |
| 14494 | Alto Neuroscience, Inc.\*<sup>(a)</sup> |  | 31887 |
| 3293 | Alumis, Inc.\* |  | 9879 |
| 4873 | Amneal Pharmaceuticals, Inc.\* |  | 39423 |
| 510 | Amphastar Pharmaceuticals, Inc.\* |  | 11710 |
| 20585 | Amylyx Pharmaceuticals, Inc.\* |  | 131950 |
| 777 | ANI Pharmaceuticals, Inc.\* |  | 50699 |
| 15182 | Aquestive Therapeutics, Inc.\* |  | 50252 |
| 37 | Arvinas, Inc.\* |  | 272 |
| 38305 | Assertio Holdings, Inc.\* |  | 24561 |
| 4820 | ATAI Life Sciences NV\*<sup>(a)</sup> |  | 10556 |
| 23180 | Atea Pharmaceuticals, Inc.\* |  | 83448 |
| 5492 | Avadel Pharmaceuticals PLC\* |  | 48604 |
| 1614 | Axsome Therapeutics, Inc.\* |  | 168486 |
| 49 | Biote Corp. Class A\* |  | 197 |
| 120143 | Bristol-Myers Squibb Co. |  | 5561420 |
| 13448 | Cassava Sciences, Inc.\* |  | 24341 |
| 1533 | Collegium Pharmaceutical, Inc.\* |  | 45331 |
| 9491 | Contineum Therapeutics, Inc. Class A\* |  | 37679 |
| 3604 | Corcept Therapeutics, Inc.\* |  | 264534 |
| 9019 | CorMedix, Inc.\* |  | 111114 |
| 411 | Edgewise Therapeutics, Inc.\* |  | 5388 |
| 2525 | Elanco Animal Health, Inc.\* |  | 36057 |
| 38446 | Eli Lilly & Co. |  | 29969810 |
| 377 | Enliven Therapeutics, Inc.\* |  | 7563 |
| 27722 | Esperion Therapeutics, Inc.\* |  | 27290 |
| 7345 | Eton Pharmaceuticals, Inc.\* |  | 104666 |
| 6322 | Evolus, Inc.\* |  | 58226 |
| 1316 | EyePoint Pharmaceuticals, Inc.\* |  | 12384 |
| 24 | Fulcrum Therapeutics, Inc.\* |  | 165 |
| 1615 | Harmony Biosciences Holdings, Inc.\* |  | 51034 |
| 1595 | Harrow, Inc.\* |  | 48711 |
| 54730 | Ikena Oncology, Inc.\* |  | 73338 |
| 1356 | Indivior PLC\* |  | 19987 |
| 6191 | Innoviva, Inc.\* |  | 124377 |
| &nbsp;&nbsp;&nbsp;&nbsp;29066 | Jazz Pharmaceuticals PLC\* |  | 3084484 |
| 40956 | Johnson & Johnson |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6256029 |
| 68 | Journey Medical Corp.\* |  | 488 |
| 2191 | LENZ Therapeutics, Inc.\* |  | 64218 |
| 855 | Ligand Pharmaceuticals, Inc.\* |  | 97196 |
| 361 | Liquidia Corp.\* |  | 4498 |
| 1627 | Maze Therapeutics, Inc.\* |  | 19963 |
| 3201 | MBX Biosciences, Inc.\* |  | 36523 |
| 40 | MediWound Ltd.\* |  | 775 |

---

&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 ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Pharmaceuticals – (continued) | Pharmaceuticals – (continued) | Pharmaceuticals – (continued) | Pharmaceuticals – (continued) |
| 114958 | Merck & Co., Inc. | $| 9100075 |
| 1576 | Mind Medicine MindMed, Inc.\*<sup>(a)</sup> |  | 10228 |
| 4356 | Nektar Therapeutics\* |  | 112559 |
| 34942 | Neumora Therapeutics, Inc.\*<sup>(a)</sup> |  | 25623 |
| 111 | Nuvation Bio, Inc.\* |  | 217 |
| 7653 | Ocular Therapeutix, Inc.\* |  | 71020 |
| 24857 | Omeros Corp.\*<sup>(a)</sup> |  | 74571 |
| 2587 | Organon & Co. |  | 25042 |
| 958 | Pacira BioSciences, Inc.\* |  | 22896 |
| 1909 | Perrigo Co. PLC |  | 51009 |
| 304485 | Pfizer, Inc. |  | 7380716 |
| 6635 | Phathom Pharmaceuticals, Inc.\* |  | 63630 |
| 1178 | Phibro Animal Health Corp. Class A |  | 30086 |
| 18100 | Pliant Therapeutics, Inc.\* |  | 20996 |
| 2068 | Prestige Consumer Healthcare, Inc.\* |  | 165130 |
| 9600 | Royalty Pharma PLC Class A |  | 345888 |
| 16941 | scPharmaceuticals, Inc.\* |  | 64545 |
| 2967 | Septerna, Inc.\* |  | 31361 |
| 3984 | SIGA Technologies, Inc. |  | 25976 |
| 2496 | Supernus Pharmaceuticals, Inc.\* |  | 78674 |
| 2851 | Tarsus Pharmaceuticals, Inc.\* |  | 115494 |
| 5632 | Terns Pharmaceuticals, Inc.\* |  | 21007 |
| 3864 | Theravance Biopharma, Inc.\* |  | 42620 |
| 5129 | Third Harmonic Bio, Inc.\* |  | 27851 |
| 19385 | Trevi Therapeutics, Inc.\* |  | 106036 |
| 1643 | Tvardi Therapeutics, Inc.\* |  | 38331 |
| 12645 | Ventyx Biosciences, Inc.\* |  | 27060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84560 | Veru, Inc.\*<sup>(a)</sup> |  | 49197 |
| 15418 | Viatris, Inc. |  | 137683 |
| 558 | WaVe Life Sciences Ltd.\* |  | 3627 |
| 25829 | Xeris Biopharma Holdings, Inc.\* |  | 120621 |
| 13857 | Zevra Therapeutics, Inc.\* |  | 122080 |
| 9181 | Zoetis, Inc. |  | 1431777 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;66794312 |
| Professional Services – 0.4% | Professional Services – 0.4% | Professional Services – 0.4% | Professional Services – 0.4% |
| 3433 | Acuren Corp.\* |  | 37900 |
| 657 | Alight, Inc. Class A |  | 3719 |
| 260 | Amentum Holdings, Inc.\* |  | 6139 |
| 7781 | Asure Software, Inc.\* |  | 75943 |
| 21111 | Automatic Data Processing, Inc. |  | 6510632 |
| 3318 | Barrett Business Services, Inc. |  | 138327 |
| 1643 | BlackSky Technology, Inc.\* |  | 33813 |
| 1855 | Booz Allen Hamilton Holding Corp. |  | 193161 |
| 2702 | Broadridge Financial Solutions, Inc. |  | 656667 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Professional Services – (continued) | Professional Services – (continued) | Professional Services – (continued) |
| 428 | CACI International, Inc. |  |
|  | Class A\* | $204028 |
| 408 | CBIZ, Inc.\* | 29258 |
| 6983 | Clarivate PLC\* | 30027 |
| 658 | Concentrix Corp. | 34779 |
| 13469 | Conduent, Inc.\* | 35558 |
| 430 | CRA International, Inc. | 80569 |
| 2491 | CSG Systems International, Inc. | 162687 |
| 1313 | Dayforce, Inc.\* | 72727 |
| 6207 | DLH Holdings Corp.\* | 36249 |
| 3655 | Dun & Bradstreet Holdings, Inc. | 33224 |
| 2051 | Equifax, Inc. | 531968 |
| 5495 | ExlService Holdings, Inc.\* | 240626 |
| 1352 | Exponent, Inc. | 101008 |
| 495 | First Advantage Corp.\* | 8222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69183 | FiscalNote Holdings, Inc.\*<sup>(a)</sup> | 37110 |
| 7549 | Forrester Research, Inc.\* | 74735 |
| 2993 | Franklin Covey Co.\* | 68300 |
| 388 | FTI Consulting, Inc.\* | 62662 |
| 1531 | Heidrick & Struggles International, Inc. | 70059 |
| 5688 | HireQuest, Inc. | 56937 |
| 1260 | Huron Consulting Group, Inc.\* | 173300 |
| 4439 | IBEX Holdings Ltd.\* | 129175 |
| 255 | ICF International, Inc. | 21601 |
| 438 | Innodata, Inc.\* | 22434 |
| 800 | Insperity, Inc. | 48096 |
| 1672 | Jacobs Solutions, Inc. | 219784 |
| 682 | KBR, Inc. | 32695 |
| 4217 | Kelly Services, Inc. Class A | 49381 |
| 2345 | Kforce, Inc. | 96450 |
| 583 | Korn Ferry | 42751 |
| 1121 | Legalzoom.com, Inc.\* | 9988 |
| 2156 | Leidos Holdings, Inc. | 340131 |
| 640 | ManpowerGroup, Inc. | 25856 |
| 1086 | Maximus, Inc. | 76237 |
| 7672 | Mistras Group, Inc.\* | 61453 |
| 1399 | NV5 Global, Inc.\* | 32303 |
| 389 | Parsons Corp.\* | 27919 |
| 20687 | Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3009131 |
| 1219 | Paycom Software, Inc. | 282077 |
| 1170 | Paylocity Holding Corp.\* | 211992 |
| 8594 | Planet Labs PBC\* | 52423 |
| 28 | RCM Technologies, Inc.\* | 660 |
| 2430 | Resolute Holdings Management, Inc.\* | 77444 |
| 20366 | Resources Connection, Inc. | 109365 |
| 1198 | Robert Half, Inc. | 49178 |
| 821 | Science Applications International Corp. | 92453 |
| 5074 | Skillsoft Corp.\* | 81032 |
| 4066 | Spire Global, Inc.\* | 48385 |

---

&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 ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Professional Services – (continued) | Professional Services – (continued) | Professional Services – (continued) | Professional Services – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4287 | SS&C Technologies |  |  |
|  | Holdings, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354964 |
| 58 | TaskUS, Inc. Class A\* |  | 972 |
| 2672 | TransUnion |  | 235136 |
| 325 | TriNet Group, Inc. |  | 23770 |
| 9016 | TrueBlue, Inc.\* |  | 58424 |
| 3816 | TTEC Holdings, Inc.\* |  | 18355 |
| 2525 | UL Solutions, Inc. Class A |  | 183971 |
| 8879 | Upwork, Inc.\* |  | 119334 |
| 11430 | Verisk Analytics, Inc. |  | 3560445 |
| 2778 | Verra Mobility Corp.\* |  | 70533 |
| 1765 | Willdan Group, Inc.\* |  | 110330 |
| 1146 | WNS Holdings Ltd.\* |  | 72473 |
|  |  |  | 19859435 |
| Real Estate Management & Development – 0.1% | Real Estate Management & Development – 0.1% | Real Estate Management & Development – 0.1% | Real Estate Management & Development – 0.1% |
| 1271 | Anywhere Real Estate, Inc.\* |  | 4601 |
| 5745 | CBRE Group, Inc. Class A\* |  | 804989 |
| 31743 | Compass, Inc. Class A\* |  | 199346 |
| 5910 | CoStar Group, Inc.\* |  | 475164 |
| 34396 | Douglas Elliman, Inc.\* |  | 79799 |
| 1272 | eXp World Holdings, Inc. |  | 11575 |
| 29204 | Five Point Holdings LLC Class A\* |  | 160622 |
| 1707 | Forestar Group, Inc.\* |  | 34140 |
| 4861 | FRP Holdings, Inc.\* |  | 130712 |
| 422 | Howard Hughes Holdings, Inc.\* |  | 28485 |
| 921 | Jones Lang LaSalle, Inc.\* |  | 235573 |
| 7598 | Kennedy-Wilson Holdings, Inc. |  | 51666 |
| 1459 | Landbridge Co. LLC Class A |  | 98599 |
| 2881 | Marcus & Millichap, Inc. |  | 88476 |
| 4249 | Maui Land & Pineapple Co., Inc.\* |  | 77289 |
| 561 | Newmark Group, Inc. Class A |  | 6816 |
| 3694 | Offerpad Solutions, Inc.\* |  | 3362 |
| 3169 | RE/MAX Holdings, Inc. Class A\* |  | 25922 |
| 8605 | Real Brokerage, Inc.\* |  | 38809 |
| 6954 | Redfin Corp.\*<sup>(a)</sup> |  | 77815 |
| 6439 | RMR Group, Inc. Class A |  | 105278 |
| 1940 | Seaport Entertainment Group, Inc.\* |  | 36356 |
| 20167 | Seritage Growth Properties Class A\* |  | 62114 |
| 1718 | St. Joe Co. |  | 81949 |
| 13119 | Star Holdings\*<sup>(a)</sup> |  | 102459 |
| 2829 | Stratus Properties, Inc.\* |  | 53412 |
| 8112 | Tejon Ranch Co.\* |  | 137580 |
| 3785 | Transcontinental Realty Investors, Inc.\* |  | 161279 |
| 3298 | Zillow Group, Inc. Class C\* |  | 231025 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Real Estate Management & Development – (continued) | Real Estate Management & Development – (continued) | Real Estate Management & Development – (continued) | Real Estate Management & Development – (continued) |
| 1876 | Zillow Group, Inc. Class A\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128487 |
|  |  |  | 3733699 |
| Residential REITs – 0.1% | Residential REITs – 0.1% | Residential REITs – 0.1% | Residential REITs – 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5687 | American Homes 4 Rent Class A |  | 205130 |
| 13962 | Apartment Investment & Management Co. Class A |  | 120771 |
| 2241 | AvalonBay Communities, Inc. |  | 456043 |
| 7462 | BRT Apartments Corp. |  | 116706 |
| 1998 | Camden Property Trust |  | 225155 |
| 1578 | Centerspace |  | 94980 |
| 5 | Clipper Realty, Inc. |  | 18 |
| 5251 | Elme Communities |  | 83491 |
| 2589 | Equity LifeStyle Properties, Inc. |  | 159664 |
| 5553 | Equity Residential |  | 374772 |
| 976 | Essex Property Trust, Inc. |  | 276598 |
| 5319 | Independence Realty Trust, Inc. |  | 94093 |
| 7966 | Invitation Homes, Inc. |  | 261285 |
| 2308 | Mid-America Apartment Communities, Inc. |  | 341607 |
| 2434 | NexPoint Residential Trust, Inc. |  | 81101 |
| 2297 | Sun Communities, Inc. |  | 290547 |
| 4788 | UDR, Inc. |  | 195494 |
| 6864 | UMH Properties, Inc. |  | 115247 |
| 4804 | Veris Residential, Inc. |  | 71532 |
|  |  |  | 3564234 |
| Retail REITs – 0.1% | Retail REITs – 0.1% | Retail REITs – 0.1% | Retail REITs – 0.1% |
| 3212 | Acadia Realty Trust |  | 59647 |
| 2970 | Agree Realty Corp. |  | 216988 |
| 482 | Alexander's, Inc. |  | 108604 |
| 6373 | Brixmor Property Group, Inc. |  | 165953 |
| 2902 | CBL & Associates Properties, Inc. |  | 73682 |
| 3047 | Curbline Properties Corp. |  | 69563 |
| 602 | Federal Realty Investment Trust |  | 57184 |
| 14483 | FrontView REIT, Inc. |  | 173796 |
| 3360 | Getty Realty Corp. |  | 92870 |
| 3085 | InvenTrust Properties Corp. |  | 84529 |
| 10908 | Kimco Realty Corp. |  | 229286 |
| 2560 | Kite Realty Group Trust |  | 57984 |
| 5085 | NETSTREIT Corp. |  | 86089 |
| 2786 | NNN REIT, Inc. |  | 120300 |
| 3106 | Phillips Edison & Co., Inc. |  | 108803 |
| 15436 | Realty Income Corp. |  | 889268 |
| 3415 | Regency Centers Corp. |  | 243250 |
| 3021 | Saul Centers, Inc. |  | 103137 |
| 5551 | Simon Property Group, Inc. |  | 892379 |
| 3387 | SITE Centers Corp. |  | 38307 |
| 2586 | Tanger, Inc. |  | 79080 |

---

&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 ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Retail REITs – (continued) | Retail REITs – (continued) | Retail REITs – (continued) | Retail REITs – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3383 | Urban Edge Properties | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63127 |
| 8548 | Whitestone REIT |  | 106679 |
|  |  |  | 4120505 |
| Semiconductors & Semiconductor Equipment – 3.3% | Semiconductors & Semiconductor Equipment – 3.3% | Semiconductors & Semiconductor Equipment – 3.3% | Semiconductors & Semiconductor Equipment – 3.3% |
| 29641 | Advanced Micro Devices, Inc.\* |  | 4206058 |
| 2121 | Aehr Test Systems\*<sup>(a)</sup> |  | 27424 |
| 7 | Aeluma, Inc.\* |  | 115 |
| 229 | Ambarella, Inc.\* |  | 15129 |
| 7386 | Analog Devices, Inc. |  | 1758016 |
| 13508 | Applied Materials, Inc. |  | 2472910 |
| 1526 | Astera Labs, Inc.\* |  | 137981 |
| 8265 | Atomera, Inc.\*<sup>(a)</sup> |  | 41656 |
| 14 | Axcelis Technologies, Inc.\* |  | 976 |
| 10799 | AXT, Inc.\* |  | 22570 |
| 103636 | Broadcom, Inc. |  | 28567263 |
| 2130 | CEVA, Inc.\* |  | 46817 |
| 181 | Cirrus Logic, Inc.\* |  | 18870 |
| 477 | Cohu, Inc.\* |  | 9177 |
| 825 | Credo Technology Group Holding Ltd.\* |  | 76387 |
| 1051 | Enphase Energy, Inc.\* |  | 41672 |
| 257 | Entegris, Inc. |  | 20727 |
| 176 | First Solar, Inc.\* |  | 29135 |
| 328 | FormFactor, Inc.\* |  | 11286 |
| 58881 | GCT Semiconductor Holding, Inc.\*<sup>(a)</sup> |  | 87733 |
| 243 | GLOBALFOUNDRIES, Inc.\* |  | 9283 |
| 146 | Impinj, Inc.\* |  | 16216 |
| 419 | indie Semiconductor, Inc. Class A\*<sup>(a)</sup> |  | 1492 |
| 57808 | Intel Corp. |  | 1294899 |
| 7663 | KLA Corp. |  | 6864056 |
| 40010 | Kopin Corp.\* |  | 61215 |
| 256 | Kulicke & Soffa Industries, Inc. |  | 8858 |
| 73217 | Lam Research Corp. |  | 7126943 |
| 724 | Lattice Semiconductor Corp.\* |  | 35469 |
| 326 | MACOM Technology Solutions Holdings, Inc.\* |  | 46712 |
| 10436 | Marvell Technology, Inc. |  | 807746 |
| 59 | MaxLinear, Inc.\* |  | 838 |
| 3162 | Microchip Technology, Inc. |  | 222510 |
| 67773 | Micron Technology, Inc. |  | 8353022 |
| 94 | MKS, Inc. |  | 9340 |
| 686 | Monolithic Power Systems, Inc. |  | 501727 |
| 126 | Navitas Semiconductor Corp.\* |  | 825 |
| 1590 | NVE Corp. |  | 117040 |
| 526596 | NVIDIA Corp. |  | 83196902 |
| 1496 | ON Semiconductor Corp.\* |  | 78405 |
| 62 | Onto Innovation, Inc.\* |  | 6258 |
| 2357 | PDF Solutions, Inc.\* |  | 50393 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Semiconductors & Semiconductor Equipment – (continued) | Semiconductors & Semiconductor Equipment – (continued) | Semiconductors & Semiconductor Equipment – (continued) | Semiconductors & Semiconductor Equipment – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | Penguin Solutions, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2238 |
| 27 | Photronics, Inc.\* |  | 508 |
| 614 | Power Integrations, Inc. |  | 34323 |
| 256 | Qorvo, Inc.\* |  | 21737 |
| 18449 | QUALCOMM, Inc. |  | 2938188 |
| 612 | Rambus, Inc.\* |  | 39180 |
| 4914 | Rigetti Computing, Inc.\* |  | 58280 |
| 491 | Semtech Corp.\* |  | 22164 |
| 188 | Silicon Laboratories, Inc.\* |  | 27704 |
| 217 | SiTime Corp.\* |  | 46238 |
| 148 | SkyWater Technology, Inc.\* |  | 1456 |
| 547 | Skyworks Solutions, Inc. |  | 40762 |
| 19 | Synaptics, Inc.\* |  | 1232 |
| 391 | Teradyne, Inc. |  | 35159 |
| 47062 | Texas Instruments, Inc. |  | 9771012 |
| 17 | Ultra Clean Holdings, Inc.\* |  | 384 |
| 40 | Universal Display Corp. |  | 6178 |
| 6 | Veeco Instruments, Inc.\* |  | 122 |
|  |  |  | 159448916 |
| Software – 4.9% | Software – 4.9% | Software – 4.9% | Software – 4.9% |
| 12088 | 8x8, Inc.\* |  | 23692 |
| 5146 | A10 Networks, Inc. |  | 99575 |
| 3972 | ACI Worldwide, Inc.\* |  | 182355 |
| 536 | Adeia, Inc. |  | 7579 |
| 23954 | Adobe, Inc.\* |  | 9267324 |
| 203 | Agilysys, Inc.\* |  | 23272 |
| 89 | Airship AI Holdings, Inc.\* |  | 524 |
| 973 | Alarm.com Holdings, Inc.\* |  | 55043 |
| 1054 | Alkami Technology, Inc.\* |  | 31768 |
| 2319 | Amplitude, Inc. Class A\* |  | 28756 |
| 1244 | ANSYS, Inc.\* |  | 436918 |
| 255 | Appfolio, Inc. Class A\* |  | 58721 |
| 1055 | Appian Corp. Class A\* |  | 31502 |
| 5453 | AppLovin Corp. Class A\* |  | 1908986 |
| 9217 | Arteris, Inc.\* |  | 87838 |
| 699 | Asana, Inc. Class A\* |  | 9436 |
| 3481 | Atlassian Corp. Class A\* |  | 706956 |
| 4948 | AudioEye, Inc.\* |  | 57644 |
| 23432 | Aurora Innovation, Inc.\* |  | 122784 |
| 4910 | Autodesk, Inc.\* |  | 1519989 |
| 5724 | AvePoint, Inc.\* |  | 110530 |
| 2227 | Bentley Systems, Inc. Class B |  | 120191 |
| 416 | Bill Holdings, Inc.\* |  | 19244 |
| 879 | Bitdeer Technologies Group Class A\* |  | 10091 |
| 1023 | Blackbaud, Inc.\* |  | 65687 |
| 732 | BlackLine, Inc.\* |  | 41446 |
| 10886 | Blend Labs, Inc. Class A\* |  | 35924 |
| 2975 | Box, Inc. Class A\* |  | 101656 |
| 643 | Braze, Inc. Class A\* |  | 18068 |
| 682 | C3.ai, Inc. Class A\* |  | 16757 |
| 5774 | Cadence Design Systems, Inc.\* |  | 1779258 |

---

&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 ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Software – (continued) | Software – (continued) | Software – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4382 | CCC Intelligent Solutions Holdings, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41235 |
| 3871 | Cerence, Inc.\* | 39523 |
| 5870 | Clear Secure, Inc. Class A | 162951 |
| 4730 | Clearwater Analytics Holdings, Inc. Class A\* | 103729 |
| 1045 | Commvault Systems, Inc.\* | 182175 |
| 1585 | Confluent, Inc. Class A\* | 39514 |
| 2455 | Consensus Cloud Solutions, Inc.\* | 56612 |
| 2034 | Core Scientific, Inc.\* | 34720 |
| 3575 | CoreCard Corp.\* | 103568 |
| 5377 | Crowdstrike Holdings, Inc. Class A\* | 2738560 |
| 26546 | CS Disco, Inc.\* | 116006 |
| 134 | Daily Journal Corp.\* | 56581 |
| 5685 | Datadog, Inc. Class A\* | 763666 |
| 4070 | Digimarc Corp.\* | 53765 |
| 3965 | Digital Turbine, Inc.\* | 23393 |
| 4634 | Docusign, Inc.\* | 360942 |
| 652 | Dolby Laboratories, Inc. Class A | 48418 |
| 4497 | Domo, Inc. Class B\* | 62823 |
| 5913 | Dropbox, Inc. Class A\* | 169112 |
| 5925 | D-Wave Quantum, Inc.\*<sup>(a)</sup> | 86742 |
| 4932 | Dynatrace, Inc.\* | 272296 |
| 13325 | eGain Corp.\* | 83281 |
| 615 | Elastic NV\* | 51863 |
| 2645 | EverCommerce, Inc.\* | 27772 |
| 2202 | Exodus Movement, Inc. Class A\* | 63484 |
| 43070 | Expensify, Inc. Class A\* | 111551 |
| 533 | Fair Isaac Corp.\* | 974303 |
| 430 | Five9, Inc.\* | 11386 |
| 14523 | Fortinet, Inc.\* | 1535372 |
| 1247 | Freshworks, Inc. Class A\* | 18593 |
| 115430 | Gen Digital, Inc. | 3393642 |
| 882 | Gitlab, Inc. Class A\* | 39787 |
| 1997 | Guidewire Software, Inc.\* | 470194 |
| 940 | HubSpot, Inc.\* | 523232 |
| 4047 | I3 Verticals, Inc. Class A\* | 111212 |
| 267 | Informatica, Inc. Class A\* | 6501 |
| 1852 | Intapp, Inc.\* | 95600 |
| 968 | InterDigital, Inc. | 217055 |
| 14557 | Intuit, Inc. | 11465530 |
| 3264 | Jamf Holding Corp.\* | 31041 |
| 191 | JFrog Ltd.\* | 8381 |
| 2338 | Klaviyo, Inc. Class A\* | 78510 |
| 1400 | Life360, Inc.\* | 91350 |
| 483 | LiveRamp Holdings, Inc.\* | 15958 |
| 566 | Manhattan Associates, Inc.\* | 111768 |
| 11 | Mercurity Fintech Holding, Inc.\* | 42 |
| 2638 | Meridianlink, Inc.\* | 42815 |
| 263166 | Microsoft Corp. | 130901400 |

---

---

| | | |
|:---|:---|:---|
| **&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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4171 | MicroStrategy, Inc. Class A\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686043 |
| 3258 | Mitek Systems, Inc.\* | 32254 |
| 594 | N-able, Inc.\* | 4811 |
| 353 | nCino, Inc.\* | 9873 |
| 364 | NCR Voyix Corp.\* | 4270 |
| 6312 | NextNav, Inc.\* | 95942 |
| 4398 | Nutanix, Inc. Class A\* | 336183 |
| 10461 | Olo, Inc. Class A\* | 93103 |
| 23194 | ON24, Inc.\* | 125943 |
| 4170 | OneSpan, Inc. | 69597 |
| 39 | Onestream, Inc.\* | 1104 |
| 8645 | Ooma, Inc.\* | 111520 |
| 82614 | Oracle Corp. | 18061899 |
| 237 | Pagaya Technologies Ltd. Class A\* | 5053 |
| 1835 | PagerDuty, Inc.\* | 28039 |
| 47436 | Palantir Technologies, Inc. Class A\* | 6466476 |
| 36713 | Palo Alto Networks, Inc.\* | 7512948 |
| 2824 | Pegasystems, Inc. | 152863 |
| 2214 | Porch Group, Inc.\* | 26103 |
| 820 | Procore Technologies, Inc.\* | 56104 |
| 1705 | Progress Software Corp. | 108847 |
| 2068 | PROS Holdings, Inc.\* | 32385 |
| 13143 | PTC, Inc.\* | 2265065 |
| 1299 | Q2 Holdings, Inc.\* | 121573 |
| 448 | Qualys, Inc.\* | 64006 |
| 1190 | Rapid7, Inc.\* | 27525 |
| 2151 | Red Violet, Inc. | 105829 |
| 32165 | Rekor Systems, Inc.\* | 37311 |
| 5708 | ReposiTrak, Inc. | 112162 |
| 511 | Rezolve AI PLC\* | 1571 |
| 23431 | Rimini Street, Inc.\* | 88335 |
| 802 | RingCentral, Inc. Class A\* | 22737 |
| 65465 | Roadzen, Inc.\* | 64156 |
| 6119 | Roper Technologies, Inc. | 3468494 |
| 1879 | Rubrik, Inc. Class A\* | 168340 |
| 43355 | Salesforce, Inc. | 11822475 |
| 4900 | Samsara, Inc. Class A\* | 194922 |
| 1512 | Sapiens International Corp. NV | 44226 |
| 1834 | SEMrush Holdings, Inc. Class A\* | 16598 |
| 1490 | SentinelOne, Inc. Class A\* | 27237 |
| 4664 | ServiceNow, Inc.\* | 4794965 |
| 54 | ServiceTitan, Inc. Class A\* | 5788 |
| 12297 | Silvaco Group, Inc.\* | 58042 |
| 6392 | SoundHound AI, Inc. Class A\* | 68586 |
| 3868 | SoundThinking, Inc.\* | 50497 |
| 1237 | Sprinklr, Inc. Class A\* | 10465 |
| 2073 | Sprout Social, Inc. Class A\* | 43346 |
| 524 | SPS Commerce, Inc.\* | 71311 |
| 61 | Synchronoss Technologies, Inc.\* | 418 |

---

&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 ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Software – (continued) | Software – (continued) | Software – (continued) | Software – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2990 | Synopsys, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532913 |
| 15062 | Telos Corp.\* |  | 47747 |
| 2029 | Tenable Holdings, Inc.\* |  | 68540 |
| 660 | Teradata Corp.\* |  | 14725 |
| 1416 | Terawulf, Inc.\* |  | 6202 |
| 919 | Tyler Technologies, Inc.\* |  | 544820 |
| 705 | UiPath, Inc. Class A\* |  | 9024 |
| 3145 | Unity Software, Inc.\* |  | 76109 |
| 21183 | Upland Software, Inc.\* |  | 41307 |
| 1576 | Varonis Systems, Inc.\* |  | 79982 |
| 82 | Verint Systems, Inc.\* |  | 1613 |
| 39106 | Veritone, Inc.\*<sup>(a)</sup> |  | 49274 |
| 740 | Vertex, Inc. Class A\* |  | 26148 |
| 1652 | Viant Technology, Inc. Class A\* |  | 21856 |
| 6117 | Weave Communications, Inc.\* |  | 50893 |
| 49582 | WM Technology, Inc.\* |  | 44425 |
| 4775 | Workday, Inc. Class A\* |  | 1146000 |
| 900 | Workiva, Inc.\* |  | 61605 |
| 11347 | Xperi, Inc.\* |  | 89755 |
| 10876 | Yext, Inc.\* |  | 92446 |
| 1253 | Zeta Global Holdings Corp. Class A\* |  | 19409 |
| 5119 | Zoom Communications, Inc.\* |  | 399180 |
| 2085 | Zscaler, Inc.\* |  | 654565 |
|  |  |  | 236833346 |
| Specialized REITs – 0.2% | Specialized REITs – 0.2% | Specialized REITs – 0.2% | Specialized REITs – 0.2% |
| 10607 | American Tower Corp. |  | 2344359 |
| 7040 | Crown Castle, Inc. |  | 723219 |
| 2680 | CubeSmart |  | 113900 |
| 5598 | Digital Realty Trust, Inc. |  | 975899 |
| 2667 | EPR Properties |  | 155379 |
| 1612 | Equinix, Inc. |  | 1282298 |
| 3206 | Extra Space Storage, Inc. |  | 472693 |
| 11432 | Farmland Partners, Inc. |  | 131582 |
| 3882 | Four Corners Property Trust, Inc. |  | 104465 |
| 4277 | Gaming & Leisure Properties, Inc. |  | 199650 |
| 12963 | Gladstone Land Corp. |  | 131834 |
| 4758 | Iron Mountain, Inc. |  | 488028 |
| 1512 | Lamar Advertising Co. Class A |  | 183496 |
| 2634 | Millrose Properties, Inc. |  | 75095 |
| 1039 | National Storage Affiliates Trust |  | 33238 |
| 2775 | Outfront Media, Inc. |  | 45288 |
| 1427 | PotlatchDeltic Corp. |  | 54754 |
| 2740 | Public Storage |  | 803971 |
| 3412 | Rayonier, Inc. |  | 75678 |
| 2253 | Safehold, Inc. |  | 35057 |
| 2043 | SBA Communications Corp. |  | 479778 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Specialized REITs – (continued) | Specialized REITs – (continued) | Specialized REITs – (continued) | Specialized REITs – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2638 | Smartstop Self Storage REIT, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95575 |
| 27850 | Uniti Group, Inc.\* |  | 120312 |
| 18889 | VICI Properties, Inc. |  | 615781 |
| 8188 | Weyerhaeuser Co. |  | 210350 |
|  |  |  | 9951679 |
| Specialty Retail – 0.8% | Specialty Retail – 0.8% | Specialty Retail – 0.8% | Specialty Retail – 0.8% |
| 11830 | 1-800-Flowers.com, Inc. Class A\*<sup>(a)</sup> |  | 58204 |
| 574 | Abercrombie & Fitch Co. Class A\* |  | 47556 |
| 451 | Academy Sports & Outdoors, Inc. |  | 20209 |
| 60 | Advance Auto Parts, Inc. |  | 2789 |
| 1302 | American Eagle Outfitters, Inc. |  | 12525 |
| 699 | America's Car-Mart, Inc.\* |  | 39172 |
| 405 | Arhaus, Inc.\* |  | 3511 |
| 1347 | Arko Corp. |  | 5698 |
| 150 | Asbury Automotive Group, Inc.\* |  | 35781 |
| 199 | AutoNation, Inc.\* |  | 39531 |
| 321 | AutoZone, Inc.\* |  | 1191626 |
| 66048 | BARK, Inc.\* |  | 58089 |
| 155 | Barnes & Noble Education, Inc.\* |  | 1824 |
| 844 | Bath & Body Works, Inc. |  | 25286 |
| 1288 | Best Buy Co., Inc. |  | 86463 |
| 3940 | Beyond, Inc.\* |  | 27107 |
| 194 | Boot Barn Holdings, Inc.\* |  | 29488 |
| 1975 | Buckle, Inc. |  | 89566 |
| 1609 | Build-A-Bear Workshop, Inc. |  | 82960 |
| 1107 | Burlington Stores, Inc.\* |  | 257533 |
| 2064 | Caleres, Inc. |  | 25222 |
| 339 | Camping World Holdings, Inc. Class A |  | 5827 |
| 1460 | CarMax, Inc.\* |  | 98127 |
| 2721 | Carvana Co.\* |  | 916868 |
| 19270 | Cato Corp. Class A |  | 54149 |
| 5981 | Chewy, Inc. Class A\* |  | 254910 |
| 8210 | Children's Place, Inc.\* |  | 36370 |
| 1864 | Citi Trends, Inc.\* |  | 62239 |
| 4917 | Designer Brands, Inc. Class A |  | 11702 |
| 39608 | Destination XL Group, Inc.\* |  | 43965 |
| 147 | Dick's Sporting Goods, Inc. |  | 29078 |
| 36678 | Duluth Holdings, Inc. Class B\* |  | 77024 |
| 37 | Envela Corp.\* |  | 226 |
| 25392 | EVgo, Inc.\* |  | 92681 |
| 122 | Five Below, Inc.\* |  | 16004 |
| 517 | Floor & Decor Holdings, Inc. Class A\* |  | 39271 |
| 723 | Foot Locker, Inc.\* |  | 17714 |
| 4975 | GameStop Corp. Class A\* |  | 121340 |

---

&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 ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Specialty Retail – (continued) | Specialty Retail – (continued) | Specialty Retail – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1802 | Gap, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39302 |
| 1067 | Genesco, Inc.\* | 21009 |
| 473 | Group 1 Automotive, Inc. | 206564 |
| 1682 | Guess?, Inc. | 20335 |
| 3882 | Haverty Furniture Cos., Inc. | 78999 |
| 45661 | Home Depot, Inc. | 16741149 |
| 3093 | J Jill, Inc. | 45282 |
| 3186 | Lands' End, Inc.\* | 34122 |
| 24721 | Leslie's, Inc.\* | 10380 |
| 416 | Lithia Motors, Inc. | 140533 |
| 9359 | Lowe's Cos., Inc. | 2076481 |
| 799 | MarineMax, Inc.\* | 20087 |
| 533 | Monro, Inc. | 7947 |
| 4412 | Murphy USA, Inc. | 1794802 |
| 271 | National Vision Holdings, Inc.\* | 6236 |
| 603 | ODP Corp.\* | 10932 |
| 233 | OneWater Marine, Inc. Class A\* | 3120 |
| 20000 | O'Reilly Automotive, Inc.\* | 1802600 |
| 325 | Penske Automotive Group, Inc. | 55838 |
| 3695 | Petco Health & Wellness Co., Inc.\* | 10457 |
| 13663 | PetMed Express, Inc.\* | 45361 |
| 9454 | RealReal, Inc.\* | 45285 |
| 360 | Revolve Group, Inc.\* | 7218 |
| 11952 | RH\* | 2259048 |
| 5531 | Ross Stores, Inc. | 705645 |
| 11641 | RumbleON, Inc. Class B\* | 26891 |
| 1585 | Sally Beauty Holdings, Inc.\* | 14677 |
| 998 | Shoe Carnival, Inc. | 18673 |
| 358 | Signet Jewelers Ltd. | 28479 |
| 5375 | Sleep Number Corp.\* | 36308 |
| 435 | Sonic Automotive, Inc. Class A | 34770 |
| 10385 | Sportsman's Warehouse Holdings, Inc.\* | 35828 |
| 2908 | Stitch Fix, Inc. Class A\* | 10760 |
| 9045 | ThredUp, Inc. Class A\* | 67747 |
| 19776 | Tile Shop Holdings, Inc.\* | 125775 |
| 58421 | TJX Cos., Inc. | 7214409 |
| 1131 | Torrid Holdings, Inc.\* | 3336 |
| 47923 | Tractor Supply Co. | 2528897 |
| 686 | Ulta Beauty, Inc.\* | 320925 |
| 915 | Upbound Group, Inc. | 22967 |
| 2073 | Urban Outfitters, Inc.\* | 150375 |
| 2492 | Valvoline, Inc.\* | 94372 |
| 1034 | Victoria's Secret & Co.\* | 19150 |
| 735 | Warby Parker, Inc. Class A\* | 16119 |
| 228 | Wayfair, Inc. Class A\* | 11660 |
| 1864 | Williams-Sonoma, Inc. | 304522 |
| 297 | Winmark Corp. | 112150 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Specialty Retail – (continued) | Specialty Retail – (continued) | Specialty Retail – (continued) | Specialty Retail – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3582 | Zumiez, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47497 |
|  |  |  | 41452654 |
| Technology Hardware, Storage & Peripherals – 2.3% | Technology Hardware, Storage & Peripherals – 2.3% | Technology Hardware, Storage & Peripherals – 2.3% | Technology Hardware, Storage & Peripherals – 2.3% |
| 544466 | Apple, Inc. |  | 111708089 |
| 7576 | CompoSecure, Inc. Class A\*<sup>(a)</sup> |  | 106746 |
| 1910 | CPI Card Group, Inc.\* |  | 45305 |
| 3057 | Dell Technologies, Inc. Class C |  | 374788 |
| 409 | Diebold Nixdorf, Inc.\* |  | 22659 |
| 4112 | Eastman Kodak Co.\* |  | 23233 |
| 13036 | Hewlett Packard Enterprise Co. |  | 266586 |
| 9006 | HP, Inc. |  | 220287 |
| 9591 | Immersion Corp. |  | 75577 |
| 4403 | IonQ, Inc.\* |  | 189197 |
| 2057 | NetApp, Inc. |  | 219173 |
| 2229 | Pure Storage, Inc. Class A\* |  | 128346 |
| 2086 | Quantum Computing, Inc.\* |  | 39989 |
| 2317 | Seagate Technology Holdings PLC |  | 334413 |
| 2186 | Super Micro Computer, Inc.\* |  | 107136 |
| 3044 | Turtle Beach Corp.\* |  | 42098 |
| 1658 | Western Digital Corp. |  | 106095 |
|  |  |  | 114009717 |
| Textiles, Apparel & Luxury Goods – 0.1% | Textiles, Apparel & Luxury Goods – 0.1% | Textiles, Apparel & Luxury Goods – 0.1% | Textiles, Apparel & Luxury Goods – 0.1% |
| 3849 | Amer Sports, Inc.\* |  | 149187 |
| 134 | Birkenstock Holding PLC\* |  | 6590 |
| 382 | Capri Holdings Ltd.\* |  | 6761 |
| 359 | Carter's, Inc. |  | 10817 |
| 399 | Columbia Sportswear Co. |  | 24371 |
| 320 | Crocs, Inc.\* |  | 32410 |
| 1455 | Deckers Outdoor Corp.\* |  | 149967 |
| 1492 | Ermenegildo Zegna NV |  | 12757 |
| 1547 | Figs, Inc. Class A\* |  | 8725 |
| 647 | G-III Apparel Group Ltd.\* |  | 14493 |
| 2014 | Hanesbrands, Inc.\* |  | 9224 |
| 519 | Kontoor Brands, Inc. |  | 34238 |
| 707 | Levi Strauss & Co. Class A |  | 13072 |
| 1752 | Lululemon Athletica, Inc.\* |  | 416240 |
| 5712 | Movado Group, Inc. |  | 87108 |
| 16603 | NIKE, Inc. Class B |  | 1179477 |
| 1253 | On Holding AG Class A\* |  | 65219 |
| 544 | Oxford Industries, Inc. |  | 21896 |
| 428 | PVH Corp. |  | 29361 |
| 796 | Ralph Lauren Corp. |  | 218327 |
| 549 | Rocky Brands, Inc. |  | 12182 |
| 497 | Skechers USA, Inc. Class A\* |  | 31361 |
| 327 | Steven Madden Ltd. |  | 7841 |
| 5786 | Superior Group of Cos., Inc. |  | 59596 |
| 5375 | Tapestry, Inc. |  | 471979 |
| 622 | Under Armour, Inc. Class A\* |  | 4248 |
| 620 | Under Armour, Inc. Class C\* |  | 4024 |

---

&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 ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Textiles, Apparel & Luxury Goods – (continued) | Textiles, Apparel & Luxury Goods – (continued) | Textiles, Apparel & Luxury Goods – (continued) | Textiles, Apparel & Luxury Goods – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11657 | Unifi, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60850 |
| 29896 | Vera Bradley, Inc.\* |  | 66070 |
| 1831 | VF Corp. |  | 21514 |
| 706 | Wolverine World Wide, Inc. |  | 12764 |
|  |  |  | 3242669 |
| Tobacco – 0.1% | Tobacco – 0.1% | Tobacco – 0.1% | Tobacco – 0.1% |
| 30573 | Altria Group, Inc. |  | 1792495 |
| 24051 | Ispire Technology, Inc.\* |  | 61571 |
| 27012 | Philip Morris International, Inc. |  | 4919695 |
| 2322 | Turning Point Brands, Inc. |  | 175938 |
| 3010 | Universal Corp. |  | 175302 |
|  |  |  | 7125001 |
| Trading Companies & Distributors – 0.1% | Trading Companies & Distributors – 0.1% | Trading Companies & Distributors – 0.1% | Trading Companies & Distributors – 0.1% |
| 2721 | AerCap Holdings NV |  | 318357 |
| 1006 | Air Lease Corp. |  | 58841 |
| 9332 | Alta Equipment Group, Inc. |  | 58978 |
| 522 | Applied Industrial Technologies, Inc. |  | 121339 |
| 151 | BlueLinx Holdings, Inc.\* |  | 11231 |
| 241 | Boise Cascade Co. |  | 20924 |
| 1746 | Core & Main, Inc. Class A\* |  | 105371 |
| 1182 | Distribution Solutions Group, Inc.\* |  | 32470 |
| 982 | DNOW, Inc.\* |  | 14563 |
| 1180 | DXP Enterprises, Inc.\* |  | 103427 |
| 2087 | EVI Industries, Inc. |  | 45559 |
| 25376 | Fastenal Co. |  | 1065792 |
| 2636 | Ferguson Enterprises, Inc. |  | 573989 |
| 1780 | FTAI Aviation Ltd. |  | 204771 |
| 460 | GATX Corp. |  | 70638 |
| 2611 | Global Industrial Co. |  | 70523 |
| 580 | GMS, Inc.\* |  | 63075 |
| 184 | Herc Holdings, Inc. |  | 24231 |
| 3633 | Hudson Technologies, Inc.\* |  | 29500 |
| 3001 | Karat Packaging, Inc. |  | 84508 |
| 595 | McGrath RentCorp |  | 68996 |
| 1781 | MRC Global, Inc.\* |  | 24418 |
| 644 | MSC Industrial Direct Co., Inc. Class A |  | 54753 |
| 4752 | NPK International, Inc.\* |  | 40440 |
| 162 | QXO, Inc.\* |  | 3489 |
| 1254 | Rush Enterprises, Inc. Class A |  | 64594 |
| 28 | Rush Enterprises, Inc. Class B |  | 1469 |
| 283 | SiteOne Landscape Supply, Inc.\* |  | 34226 |
| 600 | Titan Machinery, Inc.\* |  | 11886 |
| 265 | Transcat, Inc.\* |  | 22779 |
| 922 | United Rentals, Inc. |  | 694635 |
| 441 | Watsco, Inc. |  | 194754 |
| 138 | WESCO International, Inc. |  | 25558 |
| 468 | Willis Lease Finance Corp. |  | 66821 |
| 967 | WW Grainger, Inc. |  | 1005912 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Trading Companies & Distributors – (continued) | Trading Companies & Distributors – (continued) | Trading Companies & Distributors – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611 | Xometry, Inc. Class A\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54436 |
|  |  | 5447253 |
| Transportation Infrastructure\*<sup>(a)</sup> – 0.0% | Transportation Infrastructure\*<sup>(a)</sup> – 0.0% | Transportation Infrastructure\*<sup>(a)</sup> – 0.0% |
| 4250 | Sky Harbour Group Corp. | 41523 |
| Water Utilities – 0.0% | Water Utilities – 0.0% | Water Utilities – 0.0% |
| 1440 | American States Water Co. | 110390 |
| 3581 | American Water Works Co., Inc. | 498153 |
| 4296 | Artesian Resources Corp. Class A | 144174 |
| 17336 | Cadiz, Inc.\* | 51835 |
| 1871 | California Water Service Group | 85093 |
| 3541 | Consolidated Water Co. Ltd. | 106301 |
| 4951 | Essential Utilities, Inc. | 183880 |
| 15629 | Global Water Resources, Inc. | 159260 |
| 1655 | H2O America | 86010 |
| 1468 | Middlesex Water Co. | 79536 |
| 12490 | Pure Cycle Corp.\* | 133893 |
| 4772 | York Water Co. | 150795 |
|  |  | 1789320 |
| Wireless Telecommunication Services – 0.1% | Wireless Telecommunication Services – 0.1% | Wireless Telecommunication Services – 0.1% |
| 386 | Gogo, Inc.\* | 5666 |
| 9912 | Spok Holdings, Inc. | 175244 |
| 5784 | Telephone & Data Systems, Inc. | 205795 |
| 8495 | T-Mobile U.S., Inc. | 2024019 |
| 927 | U.S. Cellular Corp.\* | 59300 |
|  |  | 2470024 |
| **TOTAL COMMON STOCKS**<br> **(Cost $1,599,252,531)** | **TOTAL COMMON STOCKS**<br> **(Cost $1,599,252,531)** | $1861134729 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Obligations<sup>(d)</sup> – 3.1% | U.S. Treasury Obligations<sup>(d)</sup> – 3.1% | U.S. Treasury Obligations<sup>(d)</sup> – 3.1% | U.S. Treasury Obligations<sup>(d)</sup> – 3.1% |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| $150000000 | 0.000% | 07/01/25 | $&nbsp;&nbsp;&nbsp;&nbsp;149982670 |
| (Cost $150,000,000) | (Cost $150,000,000) | (Cost $150,000,000) | (Cost $150,000,000) |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Exchange Traded Funds – 34.0% | Exchange Traded Funds – 34.0% | Exchange Traded Funds – 34.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721000 | Financial Select Sector SPDR Fund | $&nbsp;&nbsp;&nbsp;&nbsp;90128770 |
| 1693900 | Goldman Sachs Access U.S. Preferred Stock & Hybrid ETF<sup>(e)</sup> | 85470298 |

---

&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 ABSOLUTE RETURN TRACKER 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;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Exchange Traded Funds – (continued) | Exchange Traded Funds – (continued) | Exchange Traded Funds – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107200 | Health Care Select Sector SPDR Fund | $&nbsp;&nbsp;&nbsp;&nbsp;14449488 |
| 1169000 | Industrial Select Sector SPDR Fund | 172450880 |
| 1252000 | iShares Convertible Bond ETF<sup>(a)</sup> | 112805200 |
| 6699227 | iShares Core MSCI Emerging Markets ETF | 402154597 |
| 61000 | iShares JP Morgan USD Emerging Markets Bond ETF | 5649820 |
| 5400 | Materials Select Sector SPDR Fund | 474174 |
| 3011214 | SPDR Blackstone Senior Loan ETF | 125236390 |
| 674422 | SPDR Bloomberg Convertible Securities ETF<sup>(a)</sup> | 55747723 |
| 737300 | Technology Select Sector SPDR Fund | 186706479 |
| 459700 | VanEck Fallen Angel High Yield Bond ETF | 13460016 |
| 184600 | Vanguard Real Estate ETF | 16440476 |
| 7487400 | Vanguard Short-Term Inflation-Protected Securities ETF | 376391598 |
| **TOTAL EXCHANGE TRADED FUNDS**<br> **(Cost $1,500,245,522)** | **TOTAL EXCHANGE TRADED FUNDS**<br> **(Cost $1,500,245,522)** | $1657565909 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(e)</sup> – 19.3% | Investment Company<sup>(e)</sup> – 19.3% | Investment Company<sup>(e)</sup> – 19.3% |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942771196 | 4.231% | $&nbsp;&nbsp;&nbsp;&nbsp;942771196 |
| (Cost $942,771,196) | (Cost $942,771,196) | (Cost $942,771,196) |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Securities Lending Reinvestment Vehicle<sup>(e)</sup> – 1.8% | Securities Lending Reinvestment Vehicle<sup>(e)</sup> – 1.8% | Securities Lending Reinvestment Vehicle<sup>(e)</sup> – 1.8% |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86833410 | 4.231% | $86833410 |
| (Cost $86,833,410) | (Cost $86,833,410) | (Cost $86,833,410) |
| **TOTAL INVESTMENTS – 96.3%**<br> **(Cost $4,279,102,659)** | **TOTAL INVESTMENTS – 96.3%**<br> **(Cost $4,279,102,659)** | $4698287914 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 3.7%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 3.7%** | 181609796 |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $4879897710 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |
| (a) | All or a portion of security is on loan. |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (c) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3. |
| (d) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (e) | Represents an affiliated issuer. |

---

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 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** |
|  JPMorgan Securities, Inc. | BRL | 36410000 | USD | 6296852 | 09/17/25 | $&nbsp;&nbsp;&nbsp;&nbsp;274404 |
|  | CAD | 18709999 | USD | 13750007 | 09/17/25 | 43970 |
|  | CHF | 17130000 | USD | 21217917 | 09/17/25 | 584904 |
|  | CZK | 237310000 | USD | 10957102 | 09/17/25 | 375948 |
|  | EUR | 25250000 | USD | 29040574 | 09/17/25 | 857847 |
|  | GBP | 26480000 | USD | 35927888 | 09/17/25 | 438201 |
|  | HUF | 3190260000 | USD | 8985446 | 09/17/25 | 379263 |

---

&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 ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized**<br> **Gain** |
|  JPMorgan Securities, Inc. (continued) | ILS | 26980000 | USD | 7747255 | 09/17/25 | $270788 |
|  | INR | &nbsp;&nbsp;&nbsp;&nbsp;622370000 | USD | 7213325 | 09/17/25 | 21783 |
|  | MXN | 161290000 | USD | 8308399 | 09/17/25 | 215842 |
|  | NOK | 96730000 | USD | 9578211 | 09/17/25 | 23215 |
|  | NZD | 19560000 | USD | 11834546 | 09/17/25 | 119705 |
|  | PLN | 39100000 | USD | 10422165 | 09/17/25 | 405700 |
|  | SEK | 79490000 | USD | 8348873 | 09/17/25 | 96513 |
|  | TWD | 151900000 | USD | 5187413 | 09/17/25 | 129911 |
|  | ZAR | 154540000 | USD | 8616598 | 09/17/25 | 62772 |
| TOTAL |  |  |  |  |  | $4300766 |

---

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** |
|  JPMorgan Securities, Inc. | PHP | 1252720000 | USD | 22393147 | 09/17/25 | $(186452) |

---

FUTURES CONTRACTS — At June 30, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Amount** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  **Long position contracts:** |  |  |  |  |
|  10 Year U.K. Long Gilt | 70 | 09/26/25 | $&nbsp;&nbsp;&nbsp;&nbsp;8938832 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18996) |
|  10 Year U.S. Treasury Notes | 558 | 09/19/25 | 62565750 | 264789 |
|  2 Year U.S. Treasury Notes | 277 | 09/30/25 | 57622492 | 9623 |
|  20 Year U.S. Treasury Bonds | 28 | 09/19/25 | 3233125 | 11409 |
|  3 Month SOFR | 204 | 12/15/26 | 49436850 | 49712 |
|  3 Month SOFR | 130 | 09/15/26 | 31466500 | 9544 |
|  3 Month SOFR | 239 | 03/16/27 | 57939575 | 64736 |
|  3 Month SOFR | 251 | 06/15/27 | 60839262 | 67453 |
|  3 Month SOFR | 229 | 09/14/27 | 55478113 | 63910 |
|  3M CORRA | 56 | 03/17/26 | 10036203 | (5) |
|  3M CORRA | 58 | 06/16/26 | 10397301 | 1933 |
|  3M Euribor | 48 | 12/15/25 | 13880970 | (9203) |
|  3M Euribor | 84 | 03/16/26 | 24296646 | (29726) |
|  3M Euribor | 127 | 09/14/26 | 36713644 | (33415) |
|  3M Euribor | 107 | 06/15/26 | 30944572 | (36980) |
|  3M Euribor | 134 | 12/14/26 | 38711581 | (30115) |
|  3M Euribor | 123 | 03/15/27 | 35508409 | (19540) |
|  3M Euribor | 102 | 06/14/27 | 29423470 | (13322) |
|  5 Year U.S. Treasury Notes | 542 | 09/30/25 | 59078000 | 351569 |
|  ASX 90 Day Bank Accepted Bills | 102 | 09/11/25 | 66586226 | 3424 |
|  ASX 90 Day Bank Accepted Bills | 194 | 12/11/25 | 126718771 | 13609 |
|  ASX 90 Day Bank Accepted Bills | 219 | 03/12/26 | 143076521 | 15438 |
|  Brent Crude | 6 | 07/31/25 | 400440 | 1848 |
|  CAC40 Index | 46 | 07/18/25 | 4156045 | 4389 |
|  Cattle Feeder | 18 | 08/28/25 | 2796075 | 203117 |
|  Coffee | 11 | 12/18/25 | 1215225 | (154699) |
|  Copper | 21 | 09/26/25 | 2668313 | 94967 |
|  Copper | 24 | 12/29/25 | 3088800 | 221696 |

---

&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 ABSOLUTE RETURN TRACKER 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;

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional**<br> **Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  Corn | 95 | 12/12/25 | $2021125 | $(98092) |
|  Cotton No.2 | 21 | 03/09/26 | 729330 | 2564 |
|  DAX Index | 12 | 09/19/25 | 8498561 | 203195 |
|  Dollar Index | 150 | 09/15/25 | 14473950 | (249486) |
|  E-Mini Nasdaq 100 Index | 69 | 09/19/25 | 31592685 | 1317231 |
|  Euro Stoxx 50 Index | 3527 | 09/19/25 | 221317243 | 1625347 |
|  Euro-Bobl | 314 | 09/08/25 | 43527067 | (166468) |
|  Euro-Schatz | 546 | 09/08/25 | 68979023 | (118621) |
|  French 10 Year Government Bonds | 905 | 09/08/25 | 132019055 | (294336) |
|  FTSE 100 Index | 830 | 09/19/25 | 100138706 | (779473) |
|  FTSE/JSE Top 40 Index | 99 | 09/18/25 | 5020474 | 43123 |
|  FTSE/MIB Index | 25 | 09/19/25 | 5867961 | 61816 |
|  Gasoil | 15 | 12/11/25 | 944625 | (42735) |
|  Gasoil | 21 | 08/12/25 | 1388100 | (65955) |
|  Gasoline RBOB | 17 | 09/30/25 | 1349746 | 68625 |
|  Gasoline RBOB | 3 | 07/31/25 | 261085 | 143 |
|  Gold | 37 | 08/27/25 | 12238490 | (233806) |
|  Hang Seng Index | 46 | 07/30/25 | 7056504 | (114359) |
|  HSCEI | 94 | 07/30/25 | 5190390 | (39543) |
|  IBEX 35 Index | 35 | 07/18/25 | 5739305 | 26840 |
|  ICE 3M Sonia Bonds | 38 | 03/17/26 | 12568770 | 6428 |
|  Ice 3M Sonia Index | 68 | 06/16/26 | 22526485 | 11969 |
|  Ice 3M Sonia Index | 80 | 09/15/26 | 26519592 | 16551 |
|  Ice 3M Sonia Index | 83 | 12/15/26 | 27519773 | 14710 |
|  Ice 3M Sonia Index | 83 | 03/16/27 | 27518349 | 16040 |
|  Ice 3M Sonia Index | 75 | 06/15/27 | 24858257 | 13533 |
|  Ice 3M Sonia Index | 66 | 09/14/27 | 21867339 | 12168 |
|  Japan 10 Year Government Bond | 4 | 09/12/25 | 3861533 | (3969) |
|  Lean Hogs | 22 | 08/14/25 | 946000 | 17589 |
|  Lean Hogs | 20 | 10/14/25 | 739200 | (14414) |
|  Live Cattle | 26 | 10/31/25 | 2185820 | 28166 |
|  LME Lead | 103 | 08/18/25 | 5244863 | (99577) |
|  LME Lead | 37 | 09/15/25 | 1891967 | (105006) |
|  LME Lead | 31 | 11/17/25 | 1594997 | (22828) |
|  LME Lead | 123 | 07/14/25 | 6235885 | 143706 |
|  LME Lead | 26 | 01/19/26 | 1347184 | 101449 |
|  LME Nickel | 74 | 08/18/25 | 6720166 | (803007) |
|  LME Nickel | 99 | 10/13/25 | 9061351 | (617862) |
|  LME Nickel | 61 | 11/17/25 | 5610352 | (404309) |
|  LME Nickel | 68 | 07/14/25 | 6144398 | (27555) |
|  LME Nickel | 47 | 01/19/26 | 4358544 | (86848) |
|  LME Nickel | 36 | 02/16/26 | 3350987 | 184014 |
|  LME Nickel | 19 | 04/13/26 | 1781687 | (63047) |
|  LME Nickel | 10 | 05/18/26 | 941810 | 3438 |
|  LME Primary Aluminum | 202 | 09/15/25 | 13130303 | (339249) |
|  LME Primary Aluminum | 167 | 10/13/25 | 10856169 | 25706 |
|  LME Primary Aluminum | 141 | 07/14/25 | 9157245 | 410362 |
|  LME Primary Aluminum | 90 | 01/19/26 | 5869103 | 425440 |
|  LME Primary Aluminum | 98 | 08/18/25 | 6367011 | 137813 |
|  LME Zinc | 211 | 08/18/25 | 14499340 | (1073724) |
|  LME Zinc | 109 | 09/15/25 | 7501053 | (906608) |
|  LME Zinc | 88 | 07/14/25 | 6048306 | 250346 |

---

&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 ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  LME Zinc | 134 | 10/13/25 | $9234543 | $(568521) |
|  LME Zinc | 46 | 12/15/25 | 3180417 | (145231) |
|  LME Zinc | 26 | 01/19/26 | 1799902 | (28356) |
|  LME Zinc | 12 | 05/18/26 | 834624 | 36732 |
|  Natural Gas | 34 | 03/27/26 | 1297780 | (10139) |
|  NY Harbor ULSD | 26 | 07/31/25 | 2485720 | (131711) |
|  NY Harbor ULSD | 9 | 02/27/26 | 817803 | 13952 |
|  S&P Toronto Stock Exchange 60 Index | 40 | 09/18/25 | 9399670 | 114918 |
|  Silver | 44 | 09/26/25 | 7957840 | (85033) |
|  Soybean Oil | 138 | 01/14/26 | 5197790 | (73799) |
|  Sugar 11 | 95 | 02/27/26 | 1802416 | (185770) |
|  TOPIX Futures | 440 | 09/11/25 | 87248359 | 2172251 |
|  VSTOXX Index | 630 | 07/16/25 | 1372901 | (114391) |
|  Wheat | 59 | 12/12/25 | 1637000 | (38983) |
|  WTI Crude | 35 | 07/22/25 | 2278850 | (113238) |
| Total |  |  |  | $347281 |
|  **Short position contracts:** |  |  |  |  |
|  3 Month SOFR | (30) | 06/16/26 | (7245000) | (16757) |
|  3 Month SOFR | (302) | 12/16/25 | (72472450) | (27814) |
|  3 Month SOFR | (204) | 03/17/26 | (49128300) | (89434) |
|  30 Year German Euro-Buxl | (33) | 09/08/25 | (4615705) | 30374 |
|  3M CORRA | (13) | 12/16/25 | (2326372) | (750) |
|  3M Euribor | (21) | 09/15/25 | (6067359) | (1858) |
|  5 Year German Euro-Bund | (560) | 09/08/25 | (85906527) | (64839) |
|  Australian 10 Year Government Bonds | (763) | 09/15/25 | (57558194) | 185084 |
|  Canada 10 Year Government Bonds | (1023) | 09/18/25 | (91651184) | (782272) |
|  CBOE Volatility Index | (48) | 07/16/25 | (898200) | 147407 |
|  CBOE Volatility Index | (213) | 08/20/25 | (4280789) | 147301 |
|  CBOE Volatility Index | (46) | 09/17/25 | (952255) | 46227 |
|  Coffee | (7) | 09/18/25 | (787763) | 42603 |
|  Corn | (384) | 09/12/25 | (7857600) | 361555 |
|  Cotton No.2 | (95) | 12/08/25 | (3236175) | (14579) |
|  E-Mini Russell 2000 Index | (60) | 09/19/25 | (6575100) | (219890) |
|  Euro BTP | (457) | 09/08/25 | (65137137) | (118706) |
|  Gasoil | (14) | 09/11/25 | (914200) | 27519 |
|  Gasoline RBOB | (10) | 08/29/25 | (857724) | 55580 |
|  Ice 3M Sonia Index | (35) | 12/16/25 | (11545871) | (15668) |
|  LME Lead | (152) | 08/18/25 | (7739992) | 1950 |
|  LME Lead | (37) | 09/15/25 | (1891967) | 6190 |
|  LME Lead | (123) | 07/14/25 | (6235885) | (243572) |
|  LME Lead | (31) | 11/17/25 | (1594997) | (7055) |
|  LME Lead | (26) | 01/19/26 | (1347184) | (32467) |
|  LME Nickel | (136) | 08/18/25 | (12350576) | 430426 |
|  LME Nickel | (99) | 10/13/25 | (9061351) | 542936 |
|  LME Nickel | (61) | 11/17/25 | (5610352) | 335834 |
|  LME Nickel | (68) | 07/14/25 | (6144398) | 104828 |
|  LME Nickel | (10) | 09/15/25 | (911750) | (3448) |
|  LME Nickel | (47) | 01/19/26 | (4358544) | 225647 |
|  LME Nickel | (36) | 02/16/26 | (3350987) | 48295 |
|  LME Nickel | (19) | 04/13/26 | (1781687) | (4548) |

---

&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 ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Short position contracts:** |  |  |  |  |
|  LME Primary Aluminum | (231) | 09/15/25 | $(15015347) | $91955 |
|  LME Primary Aluminum | (167) | 10/13/25 | (10856169) | 60853 |
|  LME Primary Aluminum | (141) | 07/14/25 | (9157245) | (799524) |
|  LME Primary Aluminum | (90) | 01/19/26 | (5869103) | (303257) |
|  LME Primary Aluminum | (56) | 08/18/25 | (3638292) | (172424) |
|  LME Zinc | (272) | 08/18/25 | (18691092) | 1500358 |
|  LME Zinc | (88) | 07/14/25 | (6048306) | (309199) |
|  LME Zinc | (120) | 09/15/25 | (8258040) | 568562 |
|  LME Zinc | (134) | 10/13/25 | (9234543) | 150924 |
|  LME Zinc | (46) | 12/15/25 | (3180417) | 146238 |
|  LME Zinc | (26) | 01/19/26 | (1799902) | 19147 |
|  MSCI EAFE Index | (16) | 09/19/25 | (2145360) | (971) |
|  MSCI Emerging Markets Index | (189) | 09/19/25 | (11656575) | (226920) |
|  Natural Gas | (1) | 07/29/25 | (34560) | 4052 |
|  Natural Gas | (26) | 08/27/25 | (907400) | 46988 |
|  NY Harbor ULSD | (8) | 08/29/25 | (756605) | 27228 |
|  Omxs30 Index | (71) | 07/18/25 | (1870890) | (40498) |
|  S&P 500 E-Mini Index | (500) | 09/19/25 | (156343750) | (5518019) |
|  S&P Mid 400 Emini | (129) | 09/19/25 | (40318950) | (597674) |
|  Soybean Oil | (74) | 11/14/25 | (3799900) | 27516 |
|  Soybean Oil | (86) | 12/12/25 | (2648460) | 43667 |
|  Sugar 11 | (198) | 09/30/25 | (3592512) | 124984 |
|  Wheat | (150) | 09/12/25 | (4019051) | 89742 |
| Total |  |  |  | $(3970173) |
| TOTAL FUTURES CONTRACTS |  |  |  | $(3622892) |

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SWAP CONTRACTS — At June 30, 2025, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>June 30,<br>2025<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount**<br> (000s) | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Purchased:** |  |  |  |  |  |  |  |
|  CDX.NA.IG Index 44 | (1.000)% | 51.030% | 06/20/30 | $430050 | $(9655550) | $(8343673) | $(1311877) |
|  ICE CD ITXEB 43 | (1.000) | 54.450 | 06/20/30 | 157600 | (4024107) | (3750470) | (273637) |
|  **Protection Sold:** |  |  |  |  |  |  |  |
|  CDX.NA.HY Index 43 | 5.000 | 3.186 | 06/20/30 | $198900 | 15241265 | 10814721 | 4426544 |
|  ICE CD ITXEX 43 | 5.000 | 282.250 | 06/20/30 | 176350 | 19682211 | 15682331 | 3999880 |
| TOTAL |  |  |  |  | $21243819 | $14402909 | $&nbsp;&nbsp;&nbsp;&nbsp;6840910 |

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&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

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|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **39** |

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GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

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Consolidated Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

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ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index<sup>(a)</sup>** | **Financing Rate<br>Paid/(Received)**<br> **by the Fund** | **Counterparty** | **Termination**<br> **Date<sup>#</sup>** | **Notional<br>Amount<br>(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
|  Russell 1000 TR Index | 12M SOFR+0.700% | BofA Securities LLC | 02/17/26 | $682071 | $(18337302) |
|  CIEQDUV5 Index | 12M SOFR+0.350 | Citibank NA | 09/12/25 | 1929 | 1619 |
|  CIEQDUV5 Index | 0.000 | Citibank NA | 03/11/26 | 20010 | 16796 |
|  CIEQDUV5 Index | 12M SOFR | Citibank NA | 06/10/26 | 12553 | 10536 |
|  M1WO Index | 12M SOFR+0.410 | Citibank NA | 11/12/25 | 29491 | (634689) |
|  Russell 1000 TR Index | 12M SOFR+0.660 | Citibank NA | 08/15/25 | 286861 | (7716632) |
|  AMZX index | 12M SOFR+0.730 | JPMorgan Securities, Inc. | 09/03/25 | 5088 | (22074) |
|  BCOMRS Index | 0.000 | JPMorgan Securities, Inc. | 05/29/26 | 11601 | (362086) |
|  JPGSMARB Index | 12M SOFR+0.890 | JPMorgan Securities, Inc. | 07/30/25-04/09/26 | 36390 | 169583 |
|  M1WO Index | 12M SOFR+0.600 | JPMorgan Securities, Inc. | 12/10/25 | 88122 | (1889994) |
|  M1WO Index | 12M SOFR+0.160 | JPMorgan Securities, Inc. | 04/09/26 | 9475 | (204832) |
|  M1WO Index | 12M SOFR+0.230 | JPMorgan Securities, Inc. | 05/11/26 | 10931 | (236005) |
|  Russell 1000 TR Index | 12M SOFR+0.680 | JPMorgan Securities, Inc. | 03/10/26 | 216820 | (5830827) |
|  JPOSSVHY Index | 0.000 | Raiffeisen Merano | 07/10/25 | 19827 | (33833) |
|  JPOSSVTY Index | 0.000 | Raiffeisen Merano | 07/10/25 | 21492 | 73005 |
| TOTAL |  |  |  |  | $(34996735) |

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&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made monthly.

# The Fund pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars). 

\* There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2025, the Fund had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  CBOE Volatility Index | $27.000 | 07/16/2025 | 410 | $1107000 | $13735 | $129203 | $(115468) |
|  CBOE Volatility Index | 23.000 | 08/20/2025 | 510 | 1173000 | 86700 | 136151 | (49451) |
|  CBOE Volatility Index | 24.000 | 09/17/2025 | 460 | 1104000 | 97060 | 130295 | (33235) |
| Total purchased option contracts |  |  | 1380 | $3384000 | $197495 | $395649 | $(198154) |
|  **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  Euro Stoxx 50 Index | 5650.000 | 07/04/2025 | (21) | (11865000) | (25) | (1688) | 1663 |
|  Euro Stoxx 50 Index | 5550.000 | 07/11/2025 | (21) | (11655000) | (297) | (2856) | 2559 |
|  Euro Stoxx 50 Index | 5475.000 | 07/18/2025 | (22) | (12045000) | (3239) | (2758) | (481) |
|  Euro Stoxx 50 Index | 5550.000 | 07/25/2025 | (21) | (11655000) | (1855) | (1726) | (129) |
|  FTSE 100 Index | 8975.000 | 07/18/2025 | (3) | (2692500) | (432) | (511) | 79 |
|  FTSE 100 Index | 9100.000 | 07/18/2025 | (4) | (3640000) | (137) | (558) | 421 |
|  FTSE 100 Index | 9150.000 | 07/18/2025 | (3) | (2745000) | (62) | (905) | 843 |
|  FTSE 100 Index | 9175.000 | 07/18/2025 | (1) | (917500) | (14) | (247) | 233 |
|  FTSE 100 Index | 9200.000 | 07/18/2025 | (6) | (5520000) | (82) | (275) | 193 |
|  FTSE 100 Index | 9075.000 | 08/15/2025 | (1) | (907500) | (247) | (259) | 12 |
|  Nikkei 225 Index | 40000.000 | 07/11/2025 | (2) | (8000000) | (12152) | (1890) | (10262) |

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| **40** | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Nikkei 225 Index | $40125.000 | 07/11/2025 | (2) | $(8025000) | $(10972) | $(1609) | $(9363) |
|  Nikkei 225 Index | 40250.000 | 07/11/2025 | (4) | (16100000) | (19860) | (4855) | (15005) |
|  Nikkei 225 Index | 40375.000 | 07/11/2025 | (1) | (4037500) | (4444) | (3452) | (992) |
|  Nikkei 225 Index | 40500.000 | 07/11/2025 | (3) | (12150000) | (12083) | (1285) | (10798) |
|  Nikkei 225 Index | 40750.000 | 07/11/2025 | (2) | (8150000) | (6389) | (461) | (5928) |
|  Nikkei 225 Index | 41500.000 | 08/08/2025 | (2) | (8300000) | (8541) | (6824) | (1717) |
|  Nikkei 225 Index | 41750.000 | 08/08/2025 | (1) | (4175000) | (3681) | (627) | (3054) |
|  S&P 500 Index | 6225.000 | 07/02/2025 | (20) | (12450000) | (21300) | (28806) | 7506 |
|  S&P 500 Index | 6250.000 | 07/03/2025 | (11) | (6875000) | (10945) | (9353) | (1592) |
|  S&P 500 Index | 6300.000 | 07/09/2025 | (9) | (5670000) | (9765) | (9846) | 81 |
|  S&P 500 Index | 6275.000 | 07/16/2025 | (9) | (5647500) | (31455) | (10841) | (20614) |
|  S&P 500 Index | 6350.000 | 07/23/2025 | (9) | (5715000) | (22500) | (9531) | (12969) |
|  |  |  | (178) | $(168937500) | $(180477) | $(101163) | $(79314) |
|  **Puts** |  |  |  |  |  |  |  |
|  Euro Stoxx 50 Index | 5225.000 | 07/04/2025 | (42) | (21945000) | (4156) | (12707) | 8551 |
|  Euro Stoxx 50 Index | 5000.000 | 07/11/2025 | (42) | (21000000) | (1781) | (10037) | 8256 |
|  Euro Stoxx 50 Index | 4925.000 | 07/18/2025 | (43) | (21177500) | (3444) | (15164) | 11720 |
|  Euro Stoxx 50 Index | 5100.000 | 07/25/2025 | (42) | (21420000) | (13111) | (13536) | 425 |
|  FTSE 100 Index | 8350.000 | 07/18/2025 | (6) | (5010000) | (741) | (3335) | 2594 |
|  FTSE 100 Index | 8375.000 | 07/18/2025 | (1) | (837500) | (130) | (645) | 515 |
|  FTSE 100 Index | 8475.000 | 07/18/2025 | (8) | (6780000) | (1483) | (3698) | 2215 |
|  FTSE 100 Index | 8500.000 | 07/18/2025 | (10) | (8500000) | (2059) | (3524) | 1465 |
|  FTSE 100 Index | 8600.000 | 07/18/2025 | (7) | (6020000) | (2258) | (4642) | 2384 |
|  FTSE 100 Index | 8350.000 | 08/15/2025 | (2) | (1670000) | (851) | (929) | 78 |
|  Nikkei 225 Index | 34125.000 | 07/11/2025 | (4) | (13650000) | (500) | (8803) | 8303 |
|  Nikkei 225 Index | 34750.000 | 07/11/2025 | (8) | (27800000) | (1111) | (13881) | 12770 |
|  Nikkei 225 Index | 35125.000 | 07/11/2025 | (4) | (14050000) | (611) | (6786) | 6175 |
|  Nikkei 225 Index | 36125.000 | 07/11/2025 | (5) | (18062500) | (1042) | (17195) | 16153 |
|  Nikkei 225 Index | 36750.000 | 07/11/2025 | (4) | (14700000) | (1056) | (9023) | 7967 |
|  Nikkei 225 Index | 37250.000 | 07/11/2025 | (3) | (11175000) | (1021) | (1444) | 423 |
|  Nikkei 225 Index | 35750.000 | 08/08/2025 | (2) | (7150000) | (1944) | (6359) | 4415 |
|  Nikkei 225 Index | 36125.000 | 08/08/2025 | (3) | (10837500) | (3333) | (3699) | 366 |
|  S&P 500 Index | 5700.000 | 07/02/2025 | (41) | (23370000) | (308) | (116835) | 116527 |
|  S&P 500 Index | 5970.000 | 07/02/2025 | (23) | (13731000) | (403) | (22627) | 22224 |
|  S&P 500 Index | 6045.000 | 07/03/2025 | (23) | (13903500) | (3335) | (13587) | 10252 |
|  S&P 500 Index | 5800.000 | 07/09/2025 | (17) | (9860000) | (1615) | (45980) | 44365 |
|  S&P 500 Index | 5675.000 | 07/16/2025 | (17) | (9647500) | (5440) | (51358) | 45918 |
|  S&P 500 Index | 5850.000 | 07/23/2025 | (17) | (9945000) | (22015) | (50010) | 27995 |
|  |  |  | (374) | $(312242000) | $(73748) | $(435804) | $362056 |
| Total written option contracts |  |  | (552) | $(481179500) | $(254225) | $(536967) | $282742 |
| TOTAL |  |  | 828 | $(477795500) | $(56730) | $(141318) | $84588 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **41** |

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GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

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| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| BRL | —Brazil Real |
| CAD | —Canadian Dollar |
| CHF | —Swiss Franc |
| CZK | —Czech Republic Koruna |
| EUR | —Euro |
| GBP | —British Pound |
| HUF | —Hungarian Forint |
| ILS | —Israeli Shekel |
| INR | —Indian Rupee |
| MXN | —Mexican Peso |
| NOK | —Norwegian Krone |
| NZD | —New Zealand Dollar |
| PHP | —Philippines Peso |
| PLN | —Polish Zloty |
| SEK | —Swedish Krona |
| TWD | —Taiwan Dollar |
| USD | —U.S. Dollar |
| ZAR | —South African Rand |
| Investment Abbreviations: | Investment Abbreviations: |
| ETF | —Exchange Traded Fund |
| LLC | —Limited Liability Company |
| LP | —Limited Partnership |
| MSCI | —Morgan Stanley Capital International |
| PLC | —Public Limited Company |
| RB | —Revenue Bond |
| REIT | —Real Estate Investment Trust |

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| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| CDX.NA.HY Ind 43 | —CDX North America High Yield Index 43 |
| CDX.NA.IG Ind 44 | —CDX North America Investment Grade Index 44 |
| ICE | —Inter-Continental Exchange |
| ICE CD ITXEB | —iTraxx Europe Index |
| ICE CD ITXEX | —iTraxx Europe Crossover Index |
| SOFR | —Secured Overnight Financing Rate |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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|:---|:---|
| **42** | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS COMMODITY STRATEGY FUND

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Consolidated Schedule of Investments *June 30, 2025 (Unaudited)*

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| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(a)</sup> – 7.2% | Investment Company<sup>(a)</sup> – 7.2% | Investment Company<sup>(a)</sup> – 7.2% |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;24187733 | 4.231% | $24187733 |
| (Cost $24,187,733) | (Cost $24,187,733) |  |

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Short-term Investments<sup>(b)</sup> – 91.6% | Short-term Investments<sup>(b)</sup> – 91.6% | Short-term Investments<sup>(b)</sup> – 91.6% | Short-term Investments<sup>(b)</sup> – 91.6% |
| U.S. Treasury Obligations – 91.6% | U.S. Treasury Obligations – 91.6% | U.S. Treasury Obligations – 91.6% | U.S. Treasury Obligations – 91.6% |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| $67300000 | 0.000% | 07/17/25 | $67176213 |
| 25400000 | 0.000 <sup>(c)</sup> | 07/31/25 | 25312228 |
| 105100000 | 0.000 <sup>(c)</sup> | 09/04/25 | 104291790 |
| 2400000 | 0.000 <sup>(c)</sup> | 11/20/25 | 2360829 |
| 78600000 | 0.000 <sup>(c)</sup> | 11/28/25 | 77248259 |
| 32000000 | 0.000 | 12/04/25 | 31430326 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $307,837,669)** | **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $307,837,669)** | **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $307,837,669)** | $307819645 |
| **TOTAL INVESTMENTS – 98.8%**<br> **(Cost $332,025,402)** | **TOTAL INVESTMENTS – 98.8%**<br> **(Cost $332,025,402)** | **TOTAL INVESTMENTS – 98.8%**<br> **(Cost $332,025,402)** | $332007378 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2%** | 4170876 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $336178254 |

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The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents an affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Issued with a zero coupon. Income is recognized through the accretion of discount.

&nbsp;&nbsp;&nbsp;&nbsp;(c) All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2025, the Fund had the following futures contracts:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Amount** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  **Long position contracts:** |  |  |  |  |
|  Brent Crude | 140 | 11/28/25 | $9067800 | $143637 |
|  Coffee | 27 | 12/18/25 | 2982825 | (775581) |
|  Copper | 44 | 12/29/25 | 5662800 | 354528 |
|  Corn | 424 | 12/12/25 | 9020600 | (377249) |
|  Cotton No.2 | 46 | 12/08/25 | 1566990 | (18974) |
|  FCOJ-A | 1 | 09/10/25 | 33690 | (7583) |
|  FCOJ-A | 2 | 11/07/25 | 67680 | (8224) |
|  Gasoline RBOB | 27 | 10/31/25 | 2090189 | 98604 |
|  Gold | 51 | 12/29/25 | 17150790 | 902049 |
|  Lean Hogs | 44 | 12/12/25 | 1474440 | 28819 |
|  Live Cattle | 30 | 12/31/25 | 2527800 | (2969) |
|  LME Lead | 11 | 09/15/25 | 562477 | (7599) |
|  LME Lead | 11 | 11/17/25 | 565966 | 28470 |
|  LME Lead | 12 | 07/14/25 | 608379 | 16872 |
|  LME Nickel | 20 | 11/17/25 | 1839460 | (58069) |
|  LME Nickel | 20 | 07/14/25 | 1807176 | (46439) |
|  LME Nickel | 54 | 09/15/25 | 4923449 | (481349) |
|  LME Primary Aluminum | 85 | 09/15/25 | 5525127 | (218112) |
|  LME Primary Aluminum | 90 | 07/14/25 | 5845050 | 185406 |
|  LME Primary Aluminum | 89 | 11/17/25 | 5791742 | 328196 |
|  LME Zinc | 26 | 09/15/25 | 1789242 | (98120) |
|  LME Zinc | 27 | 07/14/25 | 1855730 | (111668) |

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| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **43** |

---

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Amount** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  **Long position contracts:** |  |  |  |  |
|  LME Zinc | 27 | 11/17/25 | $1864404 | $81845 |
|  Low Sulphur Gas Oil | 39 | 11/12/25 | 2495025 | 218241 |
|  Natural Gas | 195 | 09/26/25 | 7006350 | (400769) |
|  Natural Gas | 344 | 07/29/25 | 11888640 | (1159262) |
|  NY Harbor ULSD | 21 | 10/31/25 | 1957687 | 174992 |
|  Silver | 26 | 12/29/25 | 4759820 | 394914 |
|  Soybean | 128 | 11/14/25 | 6572800 | (6067) |
|  Soybean Meal | 67 | 12/12/25 | 1938310 | (192753) |
|  Soybean Oil | 81 | 12/12/25 | 2563650 | 444273 |
|  Sugar 11 | 94 | 09/30/25 | 1705536 | (54624) |
|  Sugar 11 | 142 | 02/27/26 | 2694138 | (91428) |
|  Wheat | 104 | 12/12/25 | 2892000 | (74681) |
|  WTI Crude | 125 | 07/22/25 | 8138750 | 348126 |
| Total |  |  |  | $(442548) |
|  **Short position contracts:** |  |  |  |  |
|  Cocoa | (2) | 12/15/25 | (165980) | (3450) |
|  LME Lead | (11) | 09/15/25 | (562477) | (29324) |
|  LME Lead | (12) | 07/14/25 | (608379) | 8752 |
|  LME Nickel | (20) | 07/14/25 | (1807176) | 187428 |
|  LME Nickel | (54) | 09/15/25 | (4923449) | 357581 |
|  LME Primary Aluminum | (85) | 09/15/25 | (5525128) | (347118) |
|  LME Primary Aluminum | (90) | 07/14/25 | (5845050) | 221611 |
|  LME Zinc | (27) | 07/14/25 | (1855730) | 98734 |
|  LME Zinc | (26) | 09/15/25 | (1789242) | (79762) |
|  Natural Gas | (199) | 12/29/25 | (9655480) | 436838 |
|  WTI Crude | (100) | 10/21/25 | (6206000) | (505464) |
| Total |  |  |  | $345826 |
| TOTAL FUTURES CONTRACTS |  |  |  | $(96722) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **44** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS COMMODITY STRATEGY 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;

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At June 30, 2025, the Fund had the following swap contracts:

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS<sup>#</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/**<br> **Index<sup>(a)</sup>** | **Financing Rate**<br> **Paid/(Received)**<br> **by the Fund** | **Counterparty** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
|  CRB 3M Forward Index | 1 mo. U.S. Treasury Bill Rate +0.11% | Citibank NA | 10/31/25 | $99400 | $(11422) |
|  CRB Future Index | 1 mo. U.S. Treasury Bill Rate +0.24 | Citibank NA | 01/30/26 | 4372 | (537) |
|  CRB 3M Forward Index | 1 mo. U.S. Treasury Bill Rate +0.12 | Merrill Lynch International Bank Ltd. | 10/31/25 | 67487 | (7777) |
|  CRB Future Index | 1 mo. U.S. Treasury Bill Rate +0.25 | Merrill Lynch International Bank Ltd. | 01/30/26 | 29686 | (3619) |
|  CRB 3M Forward Index | 1 mo. U.S. Treasury Bill Rate +0.12 | RBC Dominion Securities, Inc. | 10/31/25 | 26921 | (3106) |
| TOTAL |  |  |  |  | $(26461) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made monthly.

# The Fund pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars). 

\* There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **45** |

---

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Statements of Assets and Liabilities<sup>(a)</sup> *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Absolute Return<br>Tracker Fund** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity<br> Strategy**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund** |
| Assets: |  |  |
|  Investments in unaffiliated issuers, at value (cost $3,165,067,741 and $307,837,669, respectively)<sup>(b)</sup> | $3583213010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$307819645 |
|  Investments in affiliated issuers, at value (cost $1,027,201,508 and $24,187,733, respectively) | 1028241494 | 24187733 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 86833410 |  |
|  Purchased options, at value (premium paid $395,649 and $0, respectively) | 197495 |  |
|  Cash | 121185285 | 492250 |
|  Foreign currencies, at value (cost $0 and $0, respectively) | 57133 |  |
|  Unrealized gain on swap contracts | 271539 |  |
|  Unrealized gain on forward foreign currency exchange contracts | 4300766 |  |
|  Variation margin on futures contracts | 847655 |  |
|  Variation margin on swaps contracts | 803232 |  |
|  Unrealized gain on futures contracts | 5953149 | 1514895 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(c)</sup> | 131685260 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 64881099 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 29906003 | 1113138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from broker | 25392118 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 4053747 | 77593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 246681 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold on an extended-settlement basis | 96940 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 38370 | 33475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from broker - upfront payment |  | 5076939 |
|  Other assets | 249788 | 127833 |
|  **Total assets** | 5088454174 | 340443501 |
| Liabilities: |  |  |
|  Unrealized loss on swap contracts | 35268274 | 26461 |
|  Unrealized loss on futures contracts | 7167222 | 1477560 |
|  Written option contracts, at value (premium received $536,967 and $0, respectively) | 254225 |  |
|  Unrealized loss on forward foreign currency exchange contracts | 186452 |  |
|  Variation margin on futures contracts |  | 1238694 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 86833410 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 69682844 | 77593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 7191687 | 214329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 1165205 | 69595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 128231 | 9539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to broker | 116940 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to broker — upfront payment | 21392 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payable |  | 849538 |
|  Accrued expenses | 540582 | 301938 |
|  **Total liabilities** | 208556464 | 4265247 |
| Net Assets: |  |  |
|  Paid-in capital | 4570899045 | 345933583 |
|  Total distributable earnings (loss) | 308998665 | (9755329) |
|  **NET ASSETS** | $4879897710 | $336178254 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $39851937 | $18764059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 4294390 | 2760189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 2570126973 | 115794922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 1022246880 | 7975118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 1036396788 | 97087848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 994941 | 1988644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 205985801 | 91807474 |
|  Total Net Assets | $4879897710 | $336178254 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 4046615 | 2199720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 492112 | 355835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 249079379 | 13329625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 100647654 | 916569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 100641389 | 11144773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 105373 | 239710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 19968158 | 10543963 |
|  Net asset value, offering and redemption price per share:<sup>(d)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 9.85 | 8.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 8.73 | 7.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 10.32 | 8.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 10.16 | 8.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 10.30 | 8.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 9.44 | 8.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 10.32 | 8.71 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Statements of Assets and Liabilities for the Absolute Return Tracker and Commodity Strategy Fund are consolidated and include the balances of Cayman Commodity-ART LLC and Cayman Commodity-CSF, Ltd., respectively. Accordingly, all interfund balances and transactions have been eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes loaned securities having a market value of $85,318,267 and $0, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Segregated for initial margin and/or collateral as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Futures** | **Swaps** | **Options** |
|  Absolute Return Tracker Fund | $60045893 | $54826689 | $16812678 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maximum public offering price per share for Class A Shares of the Absolute Return Tracker and Commodity Strategy Funds is $10.42 and $8.93, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **46** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Statements of Operations<sup>(a)</sup> *For the Six Months Ended June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Absolute Return<br>Tracker Fund** | **Commodity<br>Strategy**<br> **Fund** |
| Investment Income: |  |  |
|  Dividends — unaffiliated issuers (net of tax withholding of $49,812 and $0, respectively) | $28130754 | $— |
|  Dividends — affiliated issuers | 15660147 | 496851 |
|  Interest | 3485605 | 6689083 |
|  Securities lending income, net of rebates received or paid to borrowers | 190649 |  |
|  **Total investment income** | 47467155 | 7185934 |
| Expenses: |  |  |
|  Management fees | 15011558 | 1002654 |
|  Transfer Agency fees<sup>(b)</sup> | 1423991 | 71001 |
|  Custody, accounting and administrative services | 463628 | 210566 |
|  Printing and mailing costs | 215419 | 96726 |
|  Registration fees | 93944 | 62779 |
|  Professional fees | 74911 | 91822 |
|  Distribution and Service (12b-1) fees<sup>(b)</sup> | 68969 | 40102 |
|  Prime broker fees | 32119 |  |
|  Trustee fees | 17849 | 13557 |
|  Service fees — Class C | 5674 | 3602 |
|  Other | 41918 | 10440 |
|  **Total expenses** | 17449980 | 1603249 |
|  Less — expense reductions | (1543430) | (537630) |
|  **Net expenses** | 15906550 | 1065619 |
|  **NET INVESTMENT INCOME** | 31560605 | 6120315 |
| Realized and unrealized gain (loss): |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (10458599) | (68780) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | (135218) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | 1224612 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (43219289) | 4867296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | (1464429) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 11514300 | 6954726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (6914914) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (357908) |  |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | 707384 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 238456269 | (144605) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | 57236 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (8712322) | 930111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 523116 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (44959518) | (22016) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (9695486) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | 756130 |  |
|  **Net realized and unrealized gain** | 127321364 | 12516732 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $158881969 | $18637047 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Statement of Operations for the Absolute Return Tracker Fund and Commodity Strategy Fund are consolidated and include the balances of a wholly-owned subsidiary, Cayman Commodity-ART, LLC and Cayman Commodity-CSF, Ltd., respectively. Accordingly, all interfund balances and transactions have been eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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** |
|  Absolute Return Tracker Fund | $49624 | $17021 | $2324 | $29775 | $3404 | $504298 | $707198 | $145763 | $697 | $32856 |
|  Commodity Strategy Fund | 24213 | 10807 | 5082 | 11622 | 1729 | 23200 | 4890 | 14457 | 1220 | 13883 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **47** |

---

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Statements of Changes in Net Assets<sup>(a)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** |
|  | **For the<br>Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>December 31, 2024** | **For the<br>Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **For the Fiscal**<br> **Year Ended<br>December 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $31560605 | $120860261 | $6120315 | $18773346 |
|  Net realized gain (loss) | (49811445) | 130946498 | 11753242 | 9629461 |
|  Net change in unrealized gain (loss) | 177132809 | 37711081 | 763490 | (6654142) |
|  **Net increase in net assets resulting from operations** | 158881969 | 289517840 | 18637047 | 21748665 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares |  | (325780) | (243402) | (768311) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares |  | (10241) | (29279) | (100272) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  | (28655307) | (1635658) | (4886441) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | (7701454) | (110389) | (436124) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares |  | (10828863) | (1391151) | (3999527) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares |  | (5911) | (24059) | (75553) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares |  | (2509999) | (1309690) | (4242762) |
|  **Total distributions to shareholders** |  | (50037555) | (4743628) | (14508990) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 886402858 | 1391875214 | 26505350 | 73209700 |
|  Reinvestment of distributions |  | 31791028 | 4080342 | 12499133 |
|  Cost of shares redeemed | (643009433) | (1316487087) | (41396131) | (344365287) |
|  **Net increase (decrease) in net assets resulting from share transactions** | 243393425 | 107179155 | (10810439) | (258656454) |
|  **TOTAL INCREASE (DECREASE)** | 402275394 | 346659440 | 3082980 | (251416779) |
| Net assets: |  |  |  |  |
|  Beginning of period | 4477622316 | 4130962876 | 333095274 | 584512053 |
|  End of period | $4879897710 | $4477622316 | $336178254 | $333095274 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Statements of Changes in Net Assets for the Absolute Return Tracker Fund and Commodity Strategy Fund are consolidated and include the balances of Cayman Commodity-ART LLC and Cayman Commodity-CSF, Ltd., respectively. Accordingly, all interfund balances and transactions have been eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **48** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Financial Highlights *Selected Share Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | <br> **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
|  | <br> **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | <br> **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $9.53 | $9.01 | $8.36 | $9.40 | $9.69 | $9.44 |
|  Net investment income (loss)<sup>(a)</sup> | 0.05 | 0.23 | 0.26 | 0.07 | (0.01) | (0.01) |
|  Net realized and unrealized gain (loss) | 0.27 | 0.37 | 0.61 | (0.69) | 0.59 | 0.32 |
|  Total from investment operations | 0.32 | 0.60 | 0.87 | (0.62) | 0.58 | 0.31 |
|  Distributions to shareholders from net investment income |  | (0.08) | (0.22) | (0.31) |  | (0.01) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.11) | (0.87) | (0.05) |
|  Total distributions |  | (0.08) | (0.22) | (0.42) | (0.87) | (0.06) |
|  Net asset value, end of period | $9.85 | $9.53 | $9.01 | $8.36 | $9.40 | $9.69 |
|  **Total return<sup>(b)</sup>** | 3.36% | 6.63% | 10.45% | (6.62)% | 6.09% | 3.29% |
|  Net assets, end of period (in 000s) | $39852 | $40435 | $42676 | $41001 | $57882 | $61642 |
|  Ratio of net expenses to average net assets | 1.01 %<sup>(c)</sup> | 0.99% | 0.97% | 1.00% | 1.04% | 0.96% |
|  Ratio of total expenses to average net assets | 1.07 %<sup>(c)</sup> | 1.07% | 1.09% | 1.09% | 1.09% | 1.11% |
|  Ratio of net investment income (loss) to average net assets | 1.00 %<sup>(c)</sup> | 2.47% | 2.92% | 0.80% | (0.10)% | (0.10)% |
|  Portfolio turnover rate<sup>(d)</sup> | 74% | 179% | 126% | 184% | 133% | 193% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **49** |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | <br> **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
|  | <br> **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | <br> **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $8.48 | $8.02 | $7.47 | $8.43 | $8.84 | $8.69 |
|  Net investment income (loss)<sup>(a)</sup> | 0.01 | 0.14 | 0.17 | 0.00 <sup>(b)</sup> | (0.08) | (0.07) |
|  Net realized and unrealized gain (loss) | 0.24 | 0.34 | 0.54 | (0.61) | 0.54 | 0.28 |
|  Total from investment operations | 0.25 | 0.48 | 0.71 | (0.61) | 0.46 | 0.21 |
|  Distributions to shareholders from net investment income |  | (0.02) | (0.16) | (0.24) |  | (0.01) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.11) | (0.87) | (0.05) |
|  Total distributions |  | (0.02) | (0.16) | (0.35) | (0.87) | (0.06) |
|  Net asset value, end of period | $8.73 | $8.48 | $8.02 | $7.47 | $8.43 | $8.84 |
|  **Total return<sup>(c)</sup>** | 2.95% | 5.97% | 9.45% | (7.23)% | 5.31% | 2.43% |
|  Net assets, end of period (in 000s) | $4294 | $4579 | $4497 | $5574 | $7973 | $9638 |
|  Ratio of net expenses to average net assets | 1.76 %<sup>(d)</sup> | 1.74% | 1.72% | 1.75% | 1.79% | 1.71% |
|  Ratio of total expenses to average net assets | 1.82 %<sup>(d)</sup> | 1.82% | 1.84% | 1.84% | 1.84% | 1.86% |
|  Ratio of net investment income (loss) to average net assets | 0.23 %<sup>(d)</sup> | 1.71% | 2.12% | 0.06% | (0.84)% | (0.84)% |
|  Portfolio turnover rate<sup>(e)</sup> | 74% | 179% | 126% | 184% | 133% | 193% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **50** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | <br> **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
|  | <br> **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | <br> **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $9.97 | $9.42 | $8.73 | $9.80 | $10.03 | $9.74 |
|  Net investment income<sup>(a)</sup> | 0.07 | 0.28 | 0.30 | 0.11 | 0.03 | 0.03 |
|  Net realized and unrealized gain (loss) | 0.28 | 0.38 | 0.65 | (0.72) | 0.61 | 0.32 |
|  Total from investment operations | 0.35 | 0.66 | 0.95 | (0.61) | 0.64 | 0.35 |
|  Distributions to shareholders from net investment income |  | (0.11) | (0.26) | (0.35) |  | (0.01) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.11) | (0.87) | (0.05) |
|  Total distributions |  | (0.11) | (0.26) | (0.46) | (0.87) | (0.06) |
|  Net asset value, end of period | $10.32 | $9.97 | $9.42 | $8.73 | $9.80 | $10.03 |
|  **Total return<sup>(b)</sup>** | 3.51% | 7.04% | 10.83% | (6.27)% | 6.48% | 3.60% |
|  Net assets, end of period (in 000s) | $2570127 | $2526607 | $2553196 | $2795272 | $2955943 | $2928949 |
|  Ratio of net expenses to average net assets | 0.65 %<sup>(c)</sup> | 0.63% | 0.61% | 0.63% | 0.68% | 0.58% |
|  Ratio of total expenses to average net assets | 0.71 %<sup>(c)</sup> | 0.71% | 0.72% | 0.72% | 0.72% | 0.73% |
|  Ratio of net investment income to average net assets | 1.36 %<sup>(c)</sup> | 2.83% | 3.25% | 1.23% | 0.30% | 0.28% |
|  Portfolio turnover rate<sup>(d)</sup> | 74% | 179% | 126% | 184% | 133% | 193% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **51** |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | <br> **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
|  | <br> **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | <br> **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $9.82 | $9.28 | $8.61 | $9.67 | $9.92 | $9.64 |
|  Net investment income<sup>(a)</sup> | 0.06 | 0.26 | 0.30 | 0.10 | 0.02 | 0.02 |
|  Net realized and unrealized gain (loss) | 0.28 | 0.38 | 0.62 | (0.71) | 0.60 | 0.32 |
|  Total from investment operations | 0.34 | 0.64 | 0.92 | (0.61) | 0.62 | 0.34 |
|  Distributions to shareholders from net investment income |  | (0.10) | (0.25) | (0.34) |  | (0.01) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.11) | (0.87) | (0.05) |
|  Total distributions |  | (0.10) | (0.25) | (0.45) | (0.87) | (0.06) |
|  Net asset value, end of period | $10.16 | $9.82 | $9.28 | $8.61 | $9.67 | $9.92 |
|  **Total return<sup>(b)</sup>** | 3.46% | 6.93% | 10.68% | (6.37)% | 6.35% | 3.54% |
|  Net assets, end of period (in 000s) | $1022247 | $741396 | $581118 | $248085 | $243761 | $246694 |
|  Ratio of net expenses to average net assets | 0.76 %<sup>(c)</sup> | 0.74% | 0.72% | 0.75% | 0.79% | 0.71% |
|  Ratio of total expenses to average net assets | 0.82 %<sup>(c)</sup> | 0.82% | 0.83% | 0.84% | 0.84% | 0.86% |
|  Ratio of net investment income to average net assets | 1.28 %<sup>(c)</sup> | 2.72% | 3.31% | 1.12% | 0.16% | 0.16% |
|  Portfolio turnover rate<sup>(d)</sup> | 74% | 179% | 126% | 184% | 133% | 193% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **52** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | <br> **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
|  | <br> **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | <br> **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $9.95 | $9.40 | $8.72 | $9.78 | $10.02 | $9.72 |
|  Net investment income<sup>(a)</sup> | 0.07 | 0.28 | 0.33 | 0.11 | 0.05 | 0.03 |
|  Net realized and unrealized gain (loss) | 0.28 | 0.38 | 0.61 | (0.71) | 0.58 | 0.33 |
|  Total from investment operations | 0.35 | 0.66 | 0.94 | (0.60) | 0.63 | 0.36 |
|  Distributions to shareholders from net investment income |  | (0.11) | (0.26) | (0.35) |  | (0.01) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.11) | (0.87) | (0.05) |
|  Total distributions |  | (0.11) | (0.26) | (0.46) | (0.87) | (0.06) |
|  Net asset value, end of period | $10.30 | $9.95 | $9.40 | $8.72 | $9.78 | $10.02 |
|  **Total return<sup>(b)</sup>** | 3.52% | 7.07% | 10.74% | (6.17)% | 6.38% | 3.71% |
|  Net assets, end of period (in 000s) | $1036397 | $942520 | $728607 | $169335 | $153588 | $9353 |
|  Ratio of net expenses to average net assets | 0.64 %<sup>(c)</sup> | 0.62% | 0.60% | 0.62% | 0.66% | 0.57% |
|  Ratio of total expenses to average net assets | 0.70 %<sup>(c)</sup> | 0.70% | 0.71% | 0.71% | 0.70% | 0.72% |
|  Ratio of net investment income to average net assets | 1.38 %<sup>(c)</sup> | 2.84% | 3.54% | 1.23% | 0.51% | 0.29% |
|  Portfolio turnover rate<sup>(d)</sup> | 74% | 179% | 126% | 184% | 133% | 193% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **53** |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | <br> **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
|  | <br> **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | <br> **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $9.15 | $8.66 | $8.04 | $9.06 | $9.40 | $9.18 |
|  Net investment income (loss)<sup>(a)</sup> | 0.04 | 0.20 | 0.22 | 0.05 | (0.03) | (0.03) |
|  Net realized and unrealized gain (loss) | 0.25 | 0.35 | 0.59 | (0.66) | 0.56 | 0.31 |
|  Total from investment operations | 0.29 | 0.55 | 0.81 | (0.61) | 0.53 | 0.28 |
|  Distributions to shareholders from net investment income |  | (0.06) | (0.19) | (0.30) |  | (0.01) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.11) | (0.87) | (0.05) |
|  Total distributions |  | (0.06) | (0.19) | (0.41) | (0.87) | (0.06) |
|  Net asset value, end of period | $9.44 | $9.15 | $8.66 | $8.04 | $9.06 | $9.40 |
|  **Total return<sup>(b)</sup>** | 3.17% | 6.40% | 10.11% | (6.79)% | 5.73% | 3.06% |
|  Net assets, end of period (in 000s) | $995 | $854 | $787 | $1486 | $1536 | $1562 |
|  Ratio of net expenses to average net assets | 1.26 %<sup>(c)</sup> | 1.24% | 1.22% | 1.25% | 1.29% | 1.21% |
|  Ratio of total expenses to average net assets | 1.32 %<sup>(c)</sup> | 1.32% | 1.34% | 1.34% | 1.34% | 1.36% |
|  Ratio of net investment income (loss) to average net assets | 0.77 %<sup>(c)</sup> | 2.26% | 2.63% | 0.60% | (0.33)% | (0.35)% |
|  Portfolio turnover rate<sup>(d)</sup> | 74% | 179% | 126% | 184% | 133% | 193% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **54** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | <br> **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
|  | <br> **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | <br> **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $9.97 | $9.41 | $8.73 | $9.79 | $10.02 | $9.73 |
|  Net investment income<sup>(a)</sup> | 0.07 | 0.28 | 0.30 | 0.11 | 0.03 | 0.03 |
|  Net realized and unrealized gain (loss) | 0.28 | 0.39 | 0.64 | (0.71) | 0.61 | 0.32 |
|  Total from investment operations | 0.35 | 0.67 | 0.94 | (0.60) | 0.64 | 0.35 |
|  Distributions to shareholders from net investment income |  | (0.11) | (0.26) | (0.35) |  | (0.01) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.11) | (0.87) | (0.05) |
|  Total distributions |  | (0.11) | (0.26) | (0.46) | (0.87) | (0.06) |
|  Net asset value, end of period | $10.32 | $9.97 | $9.41 | $8.73 | $9.79 | $10.02 |
|  **Total return<sup>(b)</sup>** | 3.51% | 7.17% | 10.72% | (6.16)% | 6.48% | 3.61% |
|  Net assets, end of period (in 000s) | $205986 | $221231 | $220082 | $222431 | $245233 | $211794 |
|  Ratio of net expenses to average net assets | 0.64 %<sup>(c)</sup> | 0.62% | 0.60% | 0.62% | 0.66% | 0.57% |
|  Ratio of total expenses to average net assets | 0.70 %<sup>(c)</sup> | 0.70% | 0.71% | 0.71% | 0.71% | 0.72% |
|  Ratio of net investment income to average net assets | 1.37 %<sup>(c)</sup> | 2.83% | 3.28% | 1.23% | 0.33% | 0.29% |
|  Portfolio turnover rate<sup>(d)</sup> | 74% | 179% | 126% | 184% | 133% | 193% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **55** |

---

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Financial Highlights *Selected Share Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | <br> **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
|  | <br> **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | <br> **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $8.19 | $8.06 | $9.30 | $8.90 | $7.79 | $10.17 |
|  Net investment income (loss)<sup>(a)</sup> | 0.14 | 0.35 | 0.34 | 0.05 | (0.09) | (0.03) |
|  Net realized and unrealized gain (loss) | 0.31 | 0.09 | (1.27) | 1.32 | 2.67 | (2.33) |
|  Total from investment operations | 0.45 | 0.44 | (0.93) | 1.37 | 2.58 | (2.36) |
|  Distributions to shareholders from net investment income | (0.11) | (0.31) | (0.31) | (0.97) | (1.47) | (0.02) |
|  Net asset value, end of period | $8.53 | $8.19 | $8.06 | $9.30 | $8.90 | $7.79 |
|  **Total return<sup>(b)</sup>** | 5.50% | 5.50% | (9.95)% | 15.36% | 33.03% | (23.16)% |
|  Net assets, end of period (in 000s) | $18764 | $19298 | $22253 | $35334 | $40183 | $15324 |
|  Ratio of net expenses to average net assets | 0.93 %<sup>(c)</sup> | 0.94% | 0.94% | 0.92% | 0.92% | 0.80% |
|  Ratio of total expenses to average net assets | 1.16 %<sup>(c)</sup> | 1.04% | 1.01% | 0.95% | 1.08% | 1.28% |
|  Ratio of net investment income (loss) to average net assets | 3.33 %<sup>(c)</sup> | 4.24% | 4.00% | 0.50% | (0.90)% | (0.39)% |
|  Portfolio turnover rate<sup>(d)</sup> | — %<sup>(e)</sup> | — %<sup>(e)</sup> | — %<sup>(e)</sup> | — %<sup>(e)</sup> | 83% | 70% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;(e) There were either no long-term purchases or no long-term sales for the six months ended June 30, 2025 and fiscal years ended December 31, 2024, December 31, 2023 and December 31, 2022, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **56** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | <br> **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
|  | <br> **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | <br> **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $7.46 | $7.37 | $8.52 | $8.25 | $7.32 | $9.61 |
|  Net investment income (loss)<sup>(a)</sup> | 0.10 | 0.26 | 0.26 | (0.01) | (0.15) | (0.08) |
|  Net realized and unrealized gain (loss) | 0.28 | 0.08 | (1.16) | 1.21 | 2.50 | (2.21) |
|  Total from investment operations | 0.38 | 0.34 | (0.90) | 1.20 | 2.35 | (2.29) |
|  Distributions to shareholders from net investment income | (0.08) | (0.25) | (0.25) | (0.93) | (1.42) |  |
|  Net asset value, end of period | $7.76 | $7.46 | $7.37 | $8.52 | $8.25 | $7.32 |
|  **Total return<sup>(b)</sup>** | 5.13% | 4.68% | (10.58)% | 14.51% | 32.04% | (23.77)% |
|  Net assets, end of period (in 000s) | $2760 | $2812 | $3496 | $6197 | $3125 | $1340 |
|  Ratio of net expenses to average net assets | 1.68 %<sup>(c)</sup> | 1.69% | 1.69% | 1.67% | 1.67% | 1.55% |
|  Ratio of total expenses to average net assets | 1.91 %<sup>(c)</sup> | 1.78% | 1.76% | 1.70% | 1.83% | 2.03% |
|  Ratio of net investment income (loss) to average net assets | 2.58 %<sup>(c)</sup> | 3.50% | 3.25% | (0.05)% | (1.65)% | (1.12)% |
|  Portfolio turnover rate<sup>(d)</sup> | — %<sup>(e)</sup> | — %<sup>(e)</sup> | — %<sup>(e)</sup> | — %<sup>(e)</sup> | 83% | 70% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;(e) There were either no long-term purchases or no long-term sales for the six months ended June 30, 2025 and fiscal years ended December 31, 2024, December 31, 2023 and December 31, 2022, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **57** |

---

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | <br> **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
|  | <br> **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | <br> **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $8.34 | $8.20 | $9.46 | $9.04 | $7.88 | $10.28 |
|  Net investment income (loss)<sup>(a)</sup> | 0.16 | 0.38 | 0.38 | 0.11 | (0.06) | (0.01) |
|  Net realized and unrealized gain (loss) | 0.32 | 0.10 | (1.30) | 1.32 | 2.71 | (2.36) |
|  Total from investment operations | 0.48 | 0.48 | (0.92) | 1.43 | 2.65 | (2.37) |
|  Distributions to shareholders from net investment income | (0.13) | (0.34) | (0.34) | (1.01) | (1.49) | (0.03) |
|  Net asset value, end of period | $8.69 | $8.34 | $8.20 | $9.46 | $9.04 | $7.88 |
|  **Total return<sup>(b)</sup>** | 5.69% | 5.88% | (9.65)% | 15.75% | 33.52% | (22.96)% |
|  Net assets, end of period (in 000s) | $115795 | $116126 | $253289 | $339164 | $206782 | $127172 |
|  Ratio of net expenses to average net assets | 0.60 %<sup>(c)</sup> | 0.61% | 0.61% | 0.59% | 0.59% | 0.47% |
|  Ratio of total expenses to average net assets | 0.83 %<sup>(c)</sup> | 0.70% | 0.68% | 0.62% | 0.75% | 0.96% |
|  Ratio of net investment income (loss) to average net assets | 3.66 %<sup>(c)</sup> | 4.60% | 4.36% | 1.04% | (0.57)% | (0.10)% |
|  Portfolio turnover rate<sup>(d)</sup> | — %<sup>(e)</sup> | — %<sup>(e)</sup> | — %<sup>(e)</sup> | — %<sup>(e)</sup> | 83% | 70% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;(e) There were either no long-term purchases or no long-term sales for the six months ended June 30, 2025 and fiscal years ended December 31, 2024, December 31, 2023 and December 31, 2022, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **58** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | <br> **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
|  | <br> **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | <br> **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $8.35 | $8.21 | $9.47 | $9.04 | $7.89 | $10.29 |
|  Net investment income (loss)<sup>(a)</sup> | 0.16 | 0.38 | 0.36 | 0.11 | (0.07) | (0.01) |
|  Net realized and unrealized gain (loss) | 0.31 | 0.09 | (1.29) | 1.32 | 2.71 | (2.37) |
|  Total from investment operations | 0.47 | 0.47 | (0.93) | 1.43 | 2.64 | (2.38) |
|  Distributions to shareholders from net investment income | (0.12) | (0.33) | (0.33) | (1.00) | (1.49) | (0.02) |
|  Net asset value, end of period | $8.70 | $8.35 | $8.21 | $9.47 | $9.04 | $7.89 |
|  **Total return<sup>(b)</sup>** | 5.64% | 5.76% | (9.78)% | 15.79% | 33.33% | (22.99)% |
|  Net assets, end of period (in 000s) | $7975 | $9042 | $22575 | $115918 | $33337 | $3115 |
|  Ratio of net expenses to average net assets | 0.68 %<sup>(c)</sup> | 0.69% | 0.69% | 0.67% | 0.67% | 0.55% |
|  Ratio of total expenses to average net assets | 0.91 %<sup>(c)</sup> | 0.78% | 0.75% | 0.70% | 0.81% | 1.02% |
|  Ratio of net investment income (loss) to average net assets | 3.58 %<sup>(c)</sup> | 4.53% | 4.14% | 1.01% | (0.66)% | (0.09)% |
|  Portfolio turnover rate<sup>(d)</sup> | — %<sup>(e)</sup> | — %<sup>(e)</sup> | — %<sup>(e)</sup> | — %<sup>(e)</sup> | 83% | 70% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;(e) There were either no long-term purchases or no long-term sales for the six months ended June 30, 2025 and fiscal years ended December 31, 2024, December 31, 2023 and December 31, 2022, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **59** |

---

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | <br> **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
|  | <br> **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | <br> **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $8.36 | $8.22 | $9.49 | $9.06 | $7.90 | $10.30 |
|  Net investment income (loss)<sup>(a)</sup> | 0.16 | 0.39 | 0.38 | 0.12 | (0.05) | (0.01) |
|  Net realized and unrealized gain (loss) | 0.32 | 0.09 | (1.30) | 1.32 | 2.70 | (2.36) |
|  Total from investment operations | 0.48 | 0.48 | (0.92) | 1.44 | 2.65 | (2.37) |
|  Distributions to shareholders from net investment income | (0.13) | (0.34) | (0.35) | (1.01) | (1.49) | (0.03) |
|  Net asset value, end of period | $8.71 | $8.36 | $8.22 | $9.49 | $9.06 | $7.90 |
|  **Total return<sup>(b)</sup>** | 5.68% | 5.87% | (9.71)% | 15.84% | 33.44% | (22.92)% |
|  Net assets, end of period (in 000s) | $97088 | $93669 | $117106 | $155511 | $94836 | $83227 |
|  Ratio of net expenses to average net assets | 0.59 %<sup>(c)</sup> | 0.60% | 0.60% | 0.58% | 0.58% | 0.46% |
|  Ratio of total expenses to average net assets | 0.82 %<sup>(c)</sup> | 0.69% | 0.67% | 0.61% | 0.75% | 0.96% |
|  Ratio of net investment income (loss) to average net assets | 3.67 %<sup>(c)</sup> | 4.59% | 4.36% | 1.14% | (0.55)% | (0.09)% |
|  Portfolio turnover rate<sup>(d)</sup> | — %<sup>(e)</sup> | — %<sup>(e)</sup> | — %<sup>(e)</sup> | — %<sup>(e)</sup> | 83% | 70% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;(e) There were either no long-term purchases or no long-term sales for the six months ended June 30, 2025 and fiscal years ended December 31, 2024, December 31, 2023 and December 31, 2022, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **60** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | <br> **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
|  | <br> **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | <br> **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $7.97 | $7.85 | $9.07 | $8.71 | $7.64 | $9.99 |
|  Net investment income (loss)<sup>(a)</sup> | 0.13 | 0.32 | 0.31 | 0.04 | (0.11) | (0.05) |
|  Net realized and unrealized gain (loss) | 0.30 | 0.09 | (1.24) | 1.27 | 2.62 | (2.29) |
|  Total from investment operations | 0.43 | 0.41 | (0.93) | 1.31 | 2.51 | (2.34) |
|  Distributions to shareholders from net investment income | (0.10) | (0.29) | (0.29) | (0.95) | (1.44) | (0.01) |
|  Net asset value, end of period | $8.30 | $7.97 | $7.85 | $9.07 | $8.71 | $7.64 |
|  **Total return<sup>(b)</sup>** | 5.40% | 5.26% | (10.19)% | 15.07% | 32.73% | (23.36)% |
|  Net assets, end of period (in 000s) | $1989 | $1994 | $2630 | $4208 | $3271 | $1903 |
|  Ratio of net expenses to average net assets | 1.18 %<sup>(c)</sup> | 1.19% | 1.19% | 1.17% | 1.17% | 1.05% |
|  Ratio of total expenses to average net assets | 1.41 %<sup>(c)</sup> | 1.28% | 1.26% | 1.20% | 1.33% | 1.54% |
|  Ratio of net investment income (loss) to average net assets | 3.08 %<sup>(c)</sup> | 4.00% | 3.77% | 0.33% | (1.15)% | (0.68)% |
|  Portfolio turnover rate<sup>(d)</sup> | — %<sup>(e)</sup> | — %<sup>(e)</sup> | — %<sup>(e)</sup> | — %<sup>(e)</sup> | 83% | 70% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;(e) There were either no long-term purchases or no long-term sales for the six months ended June 30, 2025 and fiscal years ended December 31, 2024, December 31, 2023 and December 31, 2022, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **61** |

---

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | <br> **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
|  | <br> **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | <br> **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $8.36 | $8.22 | $9.49 | $9.06 | $7.90 | $10.29 |
|  Net investment income (loss)<sup>(a)</sup> | 0.16 | 0.39 | 0.38 | 0.12 | (0.06) | — <sup>(b)</sup> |
|  Net realized and unrealized gain (loss) | 0.32 | 0.09 | (1.30) | 1.32 | 2.71 | (2.36) |
|  Total from investment operations | 0.48 | 0.48 | (0.92) | 1.44 | 2.65 | (2.36) |
|  Distributions to shareholders from net investment income | (0.13) | (0.34) | (0.35) | (1.01) | (1.49) | (0.03) |
|  Net asset value, end of period | $8.71 | $8.36 | $8.22 | $9.49 | $9.06 | $7.90 |
|  **Total return<sup>(c)</sup>** | 5.68% | 5.88% | (9.72)% | 15.84% | 33.46% | (22.84)% |
|  Net assets, end of period (in 000s) | $91807 | $90155 | $163164 | $299911 | $139858 | $684 |
|  Ratio of net expenses to average net assets | 0.59 %<sup>(d)</sup> | 0.60% | 0.60% | 0.58% | 0.58% | 0.45% |
|  Ratio of total expenses to average net assets | 0.82 %<sup>(d)</sup> | 0.69% | 0.67% | 0.61% | 0.72% | 0.94% |
|  Ratio of net investment income (loss) to average net assets | 3.67 %<sup>(d)</sup> | 4.60% | 4.34% | 1.04% | (0.57)% | (0.04)% |
|  Portfolio turnover rate<sup>(e)</sup> | — %<sup>(f)</sup> | — %<sup>(f)</sup> | — %<sup>(f)</sup> | — %<sup>(f)</sup> | 83% | 70% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;(f) There were either no long-term purchases or no long-term sales for the six months ended June 30, 2025 and fiscal years ended December 31, 2024, December 31, 2023 and December 31, 2022, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **62** | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS ALTERNATIVE FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Notes to Financial Statements *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs Trust (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund"), along with their corresponding share classes and respective diversification status under the Act:

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| | | |
|:---|:---|:---|
| **Fund** | **Share Classes Offered** | **Diversified/**<br> **Non-diversified** |
| Goldman Sachs Absolute Return Tracker Fund | A, C, Institutional, Investor, R6, R and P | Diversified |
| Goldman Sachs Commodity Strategy Fund | A, C, Institutional, Investor, R6, R and P | Diversified |

---

Class A Shares of the Absolute Return Tracker Fund are sold with a front-end sales charge of up to 5.50%. Class A Shares of the Commodity Strategy Fund are sold with a front-end sales charge of up to 4.50%. 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 management agreements (each, an "Agreement") with the Trust. Core Commodity Management, LLC ("Core Commodity" or the "Sub-Adviser") serves as a sub-adviser to the Commodity Strategy Fund. GSAM compensates the Sub-Adviser directly in accordance with the terms of the Sub-Advisory Agreement. The Commodity Strategy Fund is not charged any separate or additional investment advisory fees by the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Basis of Consolidation for Absolute Return Tracker Fund and Commodity Strategy Fund — Cayman Commodity-ART, LLC., and Cayman Commodity-CSF, LTD., (each a "Subsidiary" and collectively, the "Subsidiaries"), Cayman Islands exempted companies, are currently wholly-owned subsidiaries of the Absolute Return Tracker and Commodity Strategy Funds, respectively. The Subsidiaries act as investment vehicles for the Funds to enable the Funds to gain exposure to certain types of commodity-linked derivative instruments. The Funds are the sole shareholders of the Subsidiaries, and it is intended that each Fund will remain the sole shareholder and will continue to control its respective Subsidiary. All inter-fund balances and transactions have been eliminated in consolidation.

As of June 30, 2025, the Fund and Subsidiary net assets were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Fund Net Assets** | **Subsidiary Net Assets** | **% Represented by Subsidiary's Net Assets** |
| Goldman Sachs Absolute Return Tracker Fund | $4879897710 | $126632629 | 2.6% |
| Goldman Sachs Commodity Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;336178254 | &nbsp;&nbsp;&nbsp;&nbsp;66044972 | 20.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;C. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**63**

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GOLDMAN SACHS ALTERNATIVE FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 Consolidated Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds' investments in U.S. real estate investment trusts ("REITs") may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Consolidated Statements of Assets and Liabilities. Upfront payments are recognized over the contract's term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income.

&nbsp;&nbsp;&nbsp;&nbsp;D. 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;E. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

---

| | | |
|:---|:---|:---|
| **Fund** | **Income Distributions**<br> **Declared/Paid** | **Capital Gains Distributions**<br> **Declared/Paid** |
| Absolute Return Tracker Fund | Annually | Annually |
| Commodity Strategy Fund | Semi-Annually | Annually |

---

The Subsidiaries are classified as controlled foreign corporations under the Code. Therefore, the Funds are required to increase their taxable income by their share of their Subsidiaries' income. Net losses of a Subsidiary cannot be deducted by the Funds in the current period nor carried forward to offset taxable income in future periods. 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 Consolidated Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;F. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Consolidated Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**64**

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GOLDMAN SACHS ALTERNATIVE FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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;G. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment, is consistent with that presented within the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**65**

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GOLDMAN SACHS ALTERNATIVE FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Underlying Funds (including Money Market Funds) — Underlying funds ("Underlying Funds") include exchange-traded funds ("ETFs") and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds' shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's shareholder report.

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.

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 Consolidated Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Consolidated Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**66**

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GOLDMAN SACHS ALTERNATIVE FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

A *forward foreign currency exchange contract* is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member ("DCM"), acting in an agency capacity, and submitted to a central counterparty ("CCP") ("centrally cleared swaps"), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an 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.

A *credit default swap* is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund's investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**67**

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GOLDMAN SACHS ALTERNATIVE FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

A *total return swap* is an agreement that gives a Fund the right to receive or pay the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of securities or indices, or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, a Fund may also be required to pay the dollar value of that decline to the counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of June 30, 2025:

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| | | | |
|:---|:---|:---|:---|
| **ABSOLUTE RETURN TRACKER FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $101080 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 1528431 | 50976 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia and Oceania | 148440 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 7337097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406765 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 1851278070 | 107 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 283338 |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 149982670 |  |  |
|  Securities Lending Reinvestment Vehicle | 86833410 |  |  |
|  Exchange Traded Funds | 1657565909 |  |  |
|  Investment Company | 942771196 |  |  |
|  **Total** | $4697829641 | $457848 | $425 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**68**

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GOLDMAN SACHS ALTERNATIVE FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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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| | | | |
|:---|:---|:---|:---|
| **ABSOLUTE RETURN TRACKER FUND (continued)** |  |  |  |
| Derivative Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(b)</sup> | $— | $4300766 | $— |
|  Futures Contracts<sup>(b)</sup> | 14601301 |  |  |
|  Credit Default Swap Contracts<sup>(b)</sup> |  | 8426424 |  |
|  Total Return Swap Contracts<sup>(b)</sup> |  | 271539 |  |
|  Purchased Option Contracts | 197495 |  |  |
|  **Total** | $14798796 | $12998729 | $— |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(b)</sup> | $— | $(186452) | $— |
|  Futures Contracts<sup>(b)</sup> | (18224193) |  |  |
|  Credit Default Swap Contracts<sup>(b)</sup> |  | (1585514) |  |
|  Total Return Swap Contracts<sup>(b)</sup> |  | (35268274) |  |
|  Written Option Contracts | (254225) |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18478418) | $(37040240) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount shown represents unrealized gain (loss) at period end.

---

| | | | |
|:---|:---|:---|:---|
| **COMMODITY STRATEGY FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Investment Company | $24187733 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Short-term Investments | 307819645 |  |  |
|  **Total** | $332007378 | $— | $— |
| Derivative Type |  |  |  |
|  **Assets<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $5059916 | $— | $— |
|  **Liabilities<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $(5156638) | $— | $— |
|  Total Return Swap Contracts |  | (26461) |  |
|  **Total** | $(5156638) | $(26461) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Consolidated Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**69**

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 June 30, 2025. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** |  |  |  |
| **Risk** | **Consolidated Statements of Assets and<br>Liabilities** | **Assets** | **Consolidated Statements of Assets and<br>Liabilities** | **Liabilities** |
| Commodity | Variation margin on futures contracts | $7457250 <sup>(a)</sup> | Variation margin on futures contracts | $(8430175)<sup>(a)</sup> |
| Credit | Variation margin on swap contracts | 8426424 <sup>(a)</sup> | Variation margin on swap contracts | (1585514)<sup>(a)</sup> |
| Currency | Receivable for unrealized gain on forward foreign currency exchange contracts | 4300766 | Payable for unrealized loss on forward foreign currency exchange contracts | (186452) |
| Equity | Receivable for unrealized gain on swap contracts; Variation margin on futures contracts; Purchased options, at value | 6464050 <sup>(a)</sup> | Payable for unrealized loss on swap contracts; Variation margin on futures contracts; Written options, at value | (43558097)<sup>(a)(b)</sup> |
| Interest rate | Variation margin on futures contracts | 1149035 <sup>(a)</sup> | Variation margin on futures contracts | (1758420)<sup>(a)</sup> |
|  **Total** |  | $27797525 |  | $(55518658) |
| **Commodity Strategy Fund** | **Commodity Strategy Fund** |  |  |  |
| **Risk** | **Consolidated Statements of Assets and<br>Liabilities** | **Assets** | **Consolidated Statements of Assets and<br>Liabilities** | **Liabilities** |
| Commodity | Variation margin on futures contracts | $5059916 <sup>(a)</sup> | Variation margin on futures contracts | $(5156638)<sup>(a)</sup> |
| Equity |  |  | Payable for unrealized loss on swap contracts | (26461)<sup>(b)</sup> |
|  **Total** |  | $5059916 |  | $(5183099) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes unrealized gain (loss) on futures and centrally cleared swaps described in the Additional Investment Information sections of the the Consolidated Schedules of Investments. Only the variation margin as of June 30, 2025, is reported within the Consolidated Statements of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Aggregate of amounts include $35,268,274 for Absolute Return Tracker Fund and $26,461 for the Commodity Strategy Fund, which represents the payments to be made pursuant to bilateral agreements should counterparties exercise their "right to terminate" provisions based on, among others, the Fund's performance, their failure to pay on their obligations or failure to pledge collateral. Such amount does not include incremental charges directly associated with the close-out of the agreements. It also does not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Fund is entitled to a full return.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2025. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**70**

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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)

gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Consolidated Statements of Operations:

---

| | | | |
|:---|:---|:---|:---|
| **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** |  |
| **Risk** | **Consolidated Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Commodity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(4389213) | $1588324 |
| Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | 2840200 | 5688432 |
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | (6914914) | (9695486) |
| Equity | Net realized gain (loss) from futures contracts, swap contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased options and written options | (12820259) | (60655490) |
| Interest rate | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | (17575534) | 287246 |
|  **Total** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(38859720) | $(62786974) |
| **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** |  |
| **Risk** | **Consolidated Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Commodity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | $4867296 | $930111 |
| Equity | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | 6954726 | (22016) |
|  **Total** |  | $11822022 | $908095 |

---

For the six months ended June 30, 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** |
|  Absolute Return Tracker Fund | 26816 | $1047080784 | $2222019520 | 414167 | 52294 |
|  Commodity Strategy Fund | 3195 |  | 235611916 |  |  |

---

&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 six months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**71**

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

For the six months ended June 30, 2025, contractual and effective net management fees with GSAM were at the following rates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  |  | |
| **Fund** | **First<br>$1 billion** | **Next<br>$1 billion** | **Next<br>$3 billion** | **Next<br>$3 billion** | **Over<br>$8 billion** | **Effective Rate** | **Effective Net<br>Management<br>Rate<sup>^(a)</sup>** |
|  Absolute Return Tracker Fund | 0.70% | 0.63% | 0.60% | 0.59% | 0.53% | 0.63% | 0.60% |
|  Commodity Strategy Fund | 0.50 | 0.50 | 0.45 | 0.43 | 0.42 | 0.50 | 0.49 |

---

^ Effective Net Management Rate includes of management fee waivers of affiliated Underlying Funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Reflects combined management fees paid to GSAM under the Agreement and the Subsidiary Agreement (as defined below) after waivers.

GSAM also provides management services to the Subsidiaries pursuant to a Subsidiary Management Agreement (the "Subsidiary Agreement") and is entitled to a management fee accrued daily and paid monthly, equal to an annual percentage rate of 0.42% of each Subsidiary's average daily net assets. In consideration of the Subsidiaries' management fee, and for as long as the Subsidiary Agreement remains in effect, GSAM has contractually agreed to waive irrevocably a portion of each Fund's management fee in an amount equal to the management fee accrued and paid to GSAM by each Subsidiary under the Subsidiary Agreement. For the six months ended June 30, 2025, GSAM waived $265,756 and $159,238 of each Fund's management fee for the Absolute Return Tracker and Commodity Strategy Funds, respectively.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest. For the six months ended June 30, 2025, the management fee waived by GSAM was for each Fund as follows:

---

| | |
|:---|:---|
| **Fund** | **Management<br>Fee Waived** |
|  Absolute Return Tracker Fund | $700617 |
|  Commodity Strategy Fund | 18792 |

---

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A, Class C and Class R Shares of each applicable Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A, Class C or Class R Shares of the Funds, as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**72**

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Distribution and/or Service Plan Rates** | **Distribution and/or Service Plan Rates** | **Distribution and/or Service Plan Rates** |
|  | **Class A\*** | **Class C** | **Class R\*** |
|  Distribution and/or Service Plan | 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 and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on "service fees" imposed by the Financial Industry Regulatory Authority. 

&nbsp;&nbsp;&nbsp;&nbsp;C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares' front end sales charge and Class C Shares' CDSC. During the six months ended June 30, 2025, Goldman Sachs did not retain any of the Class C Shares' CDSC. During the six months ended June 30, 2025, Goldman Sachs retained the following amounts:

---

| | |
|:---|:---|
|  | **Front End<br>Sales Charge** |
| **Fund** | **Class A** |
|  Absolute Return Tracker Fund | $2149 |
|  Commodity Strategy Fund | 618 |

---

&nbsp;&nbsp;&nbsp;&nbsp;D. Service Plan — The Trust, on behalf of each 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: 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares of the Absolute Return Tracker Fund; 0.12% of the average daily net assets of Class A, Class C, Investor and Class R Shares of the Commodity Strategy Fund; 0.03% of the average daily net assets of Class R6 and P Shares; and 0.04% of the average daily net assets of Institutional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Absolute Return Tracker and Commodity Strategy Funds are 0.014% and 0.074%, respectively. These Other Expense limitations will remain in place through at least April 30, 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. The Subsidiaries also pay certain other expenses, including service and custody fees. GSAM has agreed to reduce or limit each Subsidiary's expenses (excluding management fees) to 0.004% of the Subsidiary's average daily net assets for the Absolute Return Tracker and Commodity Strategy Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**73**

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended June 30, 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** |
|  Absolute Return Tracker Fund | $966373 | $947 | $576110 | $1543430 |
|  Commodity Strategy Fund | 178030 | 52 | 359548 | 537630 |

---

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of June 30, 2025, the Funds participated in a $1,300,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2025, the Funds did not have any borrowings under the facility. Prior to April 14, 2025, the facility was $1,150,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — For the six months ended June 30, 2025, Goldman Sachs earned $235,286 and $0 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Absolute Return Tracker and Commodity Strategy Funds, respectively.

The table below shows the transactions in and earnings from investments in the Underlying Fund for the six months ended June 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Underlying<br>Fund** | **Beginning Value as of<br>December 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> **June 30,**<br> **2025** | **Shares as of<br>June 30,<br>2025** | **Dividend<br>Income** |
|  Absolute Return Tracker Fund | Goldman Sachs Access U.S. Preferred Stock & Hybrid ETF | $75573576 | $23185794 | $(13861238) | $(135218) | $707384 | $85470298 | 1693900 | $1844433 |
|  | Goldman Sachs Financial Square Government Fund — Institutional Shares | 486231739 | 2322255550 | (1865716093) |  |  | 942771196 | 942771196 | 13815714 |
|  Commodity Strategy Fund | Goldman Sachs Financial<br> Square Government Fund — Institutional Shares | 11079291 | 140247000 | (127138558) |  |  | 24187733 | 24187733 | 496851 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**74**

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases (Excluding U.S. Government and Agency Obligations)** | **Sales and Maturities of (Excluding U.S. Government and Agency Obligations)** |
| Absolute Return Tracker Fund | $2691529485 | $2957637499 |

---

For the six months ended June 30, 2025, there were no purchases and proceeds from sales and maturities of long-term securities for the Commodity Strategy Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission and the terms and conditions contained therein, the Absolute Return Tracker 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 Fund's securities lending procedures, the Fund receives 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 Fund, 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 Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Consolidated Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Absolute Return Tracker Fund invests the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund ("Government Money Market Fund"), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Fund by paying the Fund 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 Fund's 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 Fund's 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 Fund's overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of June 30, 2025, are disclosed as "Payable upon return of securities loaned" on the Consolidated Statements of Assets and Liabilities, where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**75**

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING (continued)

Both the Absolute Return Tracker Fund and GSAL received compensation relating to the lending of the Fund's securities. The amounts earned, if any, by the Fund for the six months ended June 30, 2025, are reported under Investment Income on the Consolidated Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** |  |
| **Fund** | **Earnings of GSAL**<br> **Relating to**<br> **Securities**<br> **Loaned** | **Amounts Received**<br> **by the Fund**<br> **from Lending to**<br> **Goldman Sachs** | **Amounts Payable to**<br> **Goldman Sachs**<br> **Upon Return of Securities Loaned as of June 30, 2025** |
| Absolute Return Tracker Fund | $23565 | $212194 | $22800533 |

---

The following table provides information about the Absolute Return Tracker Fund's investments in the Government Money Market Fund for the six months ended June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Beginning**<br> **Value as of December 31, 2024** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Purchases at cost** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Proceeds**<br> **from Sales** | **Ending Value as of**<br> **June 30, 2025** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares as of June 30, 2025** |
| Absolute Return Tracker Fund | $23455375 | $899201095 | $(835823060) | $86833410 | 86833410 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION

As of the Funds' most recent fiscal year end, December 31, 2024, the Funds' capital loss carryforwards and certain timing differences on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **Absolute Return Tracker Fund** | **Commodity Strategy Fund** |
|  Capital loss carryforwards: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | $— | $(3114668) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term |  | (18256290) |
|  Total capital loss carryforwards |  | (21370958) |
|  Timing differences (Real Estate Investment Trusts and Straddle Loss Deferral) | $(65680803) | $— |

---

As of June 30, 2025, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
|  | **Absolute Return<br>Tracker Fund** | **Commodity<br>Strategy Fund** |
| Tax Cost | $4357120269 | $330267441 |
| Gross unrealized gain | 460447999 | 1770116 |
| Gross unrealized loss | (119280354) | (30179) |
| Net unrealized gain | $341167645 | $1739937 |

---

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, net mark to market gains/(losses) on regulated options contracts, net mark to market gains/(losses) on foreign currency contracts, and differences in the tax treatment of passive foreign investment company investments, swap transactions, and underlying fund investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**76**

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GOLDMAN SACHS ALTERNATIVE FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION (continued)

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

Commodity Sector Risk — Exposure to the commodities markets may subject the Fund to greater volatility than investments in more traditional securities. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, business, political and regulatory developments. The prices of energy, industrial metals, precious metals, agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The commodity-linked investments in which the Subsidiaries enter into may involve counterparties in the financial services sector, and events affecting the financial services sector may cause the Subsidiaries', and therefore the Funds', share values to fluctuate.

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.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**77**

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GOLDMAN SACHS ALTERNATIVE FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of a Fund's investments, which would make it harder for the Fund to sell its investments at an advantageous time.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. ETFs are subject to risks that do not apply to conventional mutual funds, including, but not limited to, the following: (i) the market price of the ETF's shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF's shares may not develop or be maintained.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund's NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large Fund share purchases may adversely affect a Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Funds' investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**78**

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GOLDMAN SACHS ALTERNATIVE FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &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)

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.

Subsidiary Risk — The Subsidiaries are not registered under the Act and are not subject to all the investor protections of the Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Funds and/or the Subsidiaries to operate as described in the Prospectus and the SAI and could adversely affect the Funds.

Tax Risk — The Funds seek to gain exposure to the commodity markets through investments in the Subsidiaries. The tax treatment of the Funds' investments in the Subsidiaries could affect whether income derived from such investments is "qualifying income" under Subchapter M of the Code, or otherwise affect the character, timing and/or amount of the Funds' taxable income or any gains and distributions made by the Funds. If the IRS were to successfully assert that a Fund's income from such investments was not "qualifying income," the Funds may fail to qualify as regulated investment companies ("RIC") under Subchapter M of the Code if over 10% of their gross income was derived from these investments. If the Funds failed to qualify as RICs, they would be subject to federal and state income tax on all of their taxable income at regular corporate tax rates with no deduction for any distributions paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial losses for, Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. 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;

**79**

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GOLDMAN SACHS ALTERNATIVE FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Absolute Return Tracker Fund**  | **Absolute Return Tracker Fund**  | **Absolute Return Tracker Fund**  | **Absolute Return Tracker Fund**  |
|  | **For the Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **For the Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **December 31, 2024** | **For the Fiscal Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 710551 | $6839872 | 1903364 | $17779659 |
|  Reinvestment of distributions |  |  | 31100 | 296692 |
|  Shares redeemed | (904720) | (8751801) | (2432292) | (22805394) |
|  | (194169) | (1911929) | (497828) | (4729043) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 87821 | 759865 | 201235 | 1676190 |
|  Reinvestment of distributions |  |  | 901 | 7643 |
|  Shares redeemed | (135737) | (1167233) | (222574) | (1845114) |
|  | (47916) | (407368) | (20438) | (161281) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 31141146 | 314469347 | 72186420 | 708967973 |
|  Reinvestment of distributions |  |  | 2004720 | 19987067 |
|  Shares redeemed | (35424501) | (356862905) | (91950023) | (901286511) |
|  | (4283355) | (42393558) | (17758883) | (172331471) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 38153286 | 378434971 | 31022149 | 299487491 |
|  Reinvestment of distributions |  |  | 783417 | 7693150 |
|  Shares redeemed | (12991890) | (128093268) | (18954413) | (183577234) |
|  | 25161396 | 250341703 | 12851153 | 123603407 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 17823814 | 179852996 | 33913557 | 334359828 |
|  Reinvestment of distributions |  |  | 129705 | 1290566 |
|  Shares redeemed | (11889354) | (119482550) | (16854738) | (163541015) |
|  | 5934460 | 60370446 | 17188524 | 172109379 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 20567 | 191060 | 26126 | 238217 |
|  Reinvestment of distributions |  |  | 646 | 5911 |
|  Shares redeemed | (8450) | (77637) | (24460) | (217708) |
|  | 12117 | 113423 | 2312 | 26420 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 578592 | 5854747 | 3008783 | 29365856 |
|  Reinvestment of distributions |  |  | 251755 | 2509999 |
|  Shares redeemed | (2802598) | (28574039) | (4445724) | (43214111) |
|  | (2224006) | (22719292) | (1185186) | (11338256) |
|  **NET INCREASE** | 24358527 | $243393425 | 10579654 | $107179155 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**80**

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &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)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Commodity Strategy Fund**  | **Commodity Strategy Fund**  | **Commodity Strategy Fund**  | **Commodity Strategy Fund**  |
|  | **For the Six Months Ended<br>June 30, 2025**<br> (Unaudited) | **For the Six Months Ended<br>June 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended<br>December 31, 2024** | **For the Fiscal Year Ended<br>December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 156408 | $1354558 | 424356 | $3490209 |
|  Reinvestment of distributions | 26579 | 228583 | 86497 | 712737 |
|  Shares redeemed | (338845) | (2914508) | (916104) | (7525135) |
|  | (155858) | (1331367) | (405251) | (3322189) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 33374 | 263486 | 42146 | 313216 |
|  Reinvestment of distributions | 3701 | 28942 | 13194 | 99238 |
|  Shares redeemed | (58099) | (459399) | (153025) | (1154851) |
|  | (21024) | (166971) | (97685) | (742397) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 1256856 | 11023991 | 4822070 | 39675404 |
|  Reinvestment of distributions | 171337 | 1500911 | 519695 | 4358981 |
|  Shares redeemed | (2021302) | (17808732) | (22310476) | (183827761) |
|  | (593109) | (5283830) | (16968711) | (139793376) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 137690 | 1222170 | 258155 | 2141555 |
|  Reinvestment of distributions | 12587 | 110389 | 51511 | 433964 |
|  Shares redeemed | (315980) | (2797719) | (1976623) | (16522207) |
|  | (165703) | (1465160) | (1666957) | (13946688) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 1296345 | 11493454 | 2197749 | 18496124 |
|  Reinvestment of distributions | 99995 | 877953 | 306261 | 2576326 |
|  Shares redeemed | (1450811) | (12799935) | (5546015) | (46794510) |
|  | (54471) | (428528) | (3042005) | (25722060) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 25564 | 212691 | 47333 | 380442 |
|  Reinvestment of distributions | 2856 | 23874 | 9363 | 75125 |
|  Shares redeemed | (38800) | (324832) | (141560) | (1133496) |
|  | (10380) | (88267) | (84864) | (677929) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 106703 | 935000 | 1041843 | 8712750 |
|  Reinvestment of distributions | 149167 | 1309690 | 504028 | 4242762 |
|  Shares redeemed | (496385) | (4291006) | (10612179) | (87407327) |
|  | (240515) | (2046316) | (9066308) | (74451815) |
|  **NET DECREASE** | (1241060) | $(10810439) | (31331781) | $(258656454) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**81**

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

&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 and Sub-Advisory Agreement (Unaudited)</u> 

#### Background
The Goldman Sachs Absolute Return Tracker Fund and Goldman Sachs Commodity Strategy 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"). At the Annual Meeting, the Board also considered the sub-advisory agreement (the "Sub-Advisory Agreement" and, together with the Management Agreement, the "Agreements") between the Investment Adviser and CoreCommodity Management, LLC (the "Sub-Adviser") on behalf of the Commodity Strategy Fund.

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 two 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 and the Sub-Advisory 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 and the Sub-Adviser, including, as applicable, 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 the Sub-Adviser and the Sub-Adviser's 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 Agreements 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**82**

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GOLDMAN SACHS ALTERNATIVE FUNDS II

&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 and Sub-Advisory Agreement (Unaudited) (continued)</u> 

&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, (with respect to the Absolute Return Tracker Fund) securities lending, 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;(l) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; information on the Sub-Adviser's compensation arrangements; and the number and types of accounts managed by the portfolio managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the nature and quality of the services provided to the Fund by its unaffiliated service providers (as well as the Sub-Adviser), 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;(n) the Investment Adviser's and Sub-Adviser's processes and policies addressing various types of potential conflicts of interest; their approaches 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 Agreements at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Funds and the respective services of the Investment Adviser and its affiliates, and the Sub-Adviser, as applicable. 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. In addition, the Trustees periodically received written materials and oral presentations from the Sub-Adviser. 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. The Trustees reviewed a written response prepared by the Sub-Adviser to a similar request for information submitted to the Sub-Adviser by the Investment Adviser. 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 (including, with respect to the Commodity Strategy Fund, the Investment Adviser's oversight of the Sub-Adviser). 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 and the Sub-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. In addition, the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**83**

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GOLDMAN SACHS ALTERNATIVE FUNDS II

&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 and Sub-Advisory Agreement (Unaudited) (continued)</u> 

Trustees reviewed the Sub-Adviser oversight process that the Investment Adviser had employed, which included areas such as investment analytics, risk management and compliance.

#### 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 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. For the Absolute Return Tracker Fund, they noted the efforts of the Fund's portfolio management team to continue to enhance the investment models used in managing the Fund.

The Trustees observed that the Absolute Return Tracker 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 three-, five-, and ten-year periods and underperformed for the one-year period ended March 31, 2025. They also noted that the Absolute Return Tracker Fund had experienced a benchmark index change and certain portfolio management changes in 2022. The Trustees considered that the Commodity Strategy Fund's Institutional Shares had placed in the top half of the Fund's peer group for the one-and five-year periods, and in the fourth quartile for the three- and ten-year periods, 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 Sub-Adviser began sub-advising the Commodity Strategy Fund at the beginning of 2021. They further noted that the Commodity Strategy Fund had experienced certain portfolio management changes in 2024.

#### 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 and, with respect to the Commodity Strategy Fund, the fee rate payable by the Investment Adviser under the sub-advisory agreement with the Sub-Adviser. 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. With respect to each Fund, the Trustees noted that the Investment Adviser had agreed to waive a portion of its management fee in an amount equal to the entire management fee paid to the Investment Adviser as the investment adviser to the Fund's wholly-owned subsidiary. 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.

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**84**

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GOLDMAN SACHS ALTERNATIVE FUNDS II

&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 and Sub-Advisory Agreement (Unaudited) (continued)</u> 

#### 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.

#### 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** | **Absolute Return<br>Tracker Fund** | **Commodity<br>Strategy<br>Fund** |
|  First $1 billion | 0.70% |  |
|  Next $1 billion | 0.63 |  |
|  First $2 billion |  | 0.50% |
|  Next $3 billion | 0.60 | 0.45 |
|  Next $3 billion | 0.59 | 0.43 |
|  Over $8 billion | 0.53 | 0.42 |

---

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 for the Absolute Return Tracker Fund and to limit certain expenses of the Funds that exceed specified levels. 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 Absolute Return Tracker 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 & Co. LLC ("Goldman Sachs"); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (d) with respect to the Absolute Return Tracker Fund, fees earned by Goldman Sachs Agency Lending ("GSAL"), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Absolute Return Tracker Fund's cash collateral is invested); (e) the Investment Adviser's ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (f) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs' retention of certain fees as Fund Distributor; (h) 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; (i) 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; (j) 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 (k) the possibility that the working relationship

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**85**

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GOLDMAN SACHS ALTERNATIVE FUNDS II

&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 and Sub-Advisory Agreement (Unaudited) (continued)</u> 

between the Investment Adviser and the Funds' third-party service providers (including the Sub-Adviser) 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 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 Absolute Return Tracker Fund's ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Fund 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.

#### Sub-Advisory Agreement with CoreCommodity Management, LLC

#### Nature, Extent, and Quality of the Services Provided Under the Sub-Advisory Agreement
In evaluating the Sub-Advisory Agreement, the Trustees relied upon materials furnished and presentations made by the Investment Adviser and Sub-Adviser. In evaluating the nature, extent, and quality of services provided by the Sub-Adviser, the Trustees considered information on the services provided to the Fund by the Sub-Adviser, including information about the Sub-Adviser's (a) personnel and compensation structure; (b) track record in managing the Fund and other funds and/or accounts with investment strategies similar to those employed on behalf of the Fund; (c) policies and procedures in place to address potential conflicts of interest; and (d) compliance program and code of ethics. In this regard, they also considered assessments provided by the Investment Adviser of the Sub-Adviser, the Sub-Adviser's investment strategies and personnel, and its compliance program. The Trustees also considered information regarding the Sub-Adviser's business continuity planning and remote operations capabilities.

#### Costs of Services Provided
The Trustees reviewed the terms of the Sub-Advisory Agreement, including the schedule of fees payable to the Sub-Adviser. They considered the breakpoints in the sub-advisory fee rate payable under the Sub-Advisory Agreement. The Trustees noted that the compensation paid to the Sub-Adviser is paid by the Investment Adviser, not by the Fund. They also considered the expense limitations that substantially reduce the fees retained by the Investment Adviser, and that the retention of the Sub-Adviser does not directly increase the fees incurred by the Fund for advisory services. They considered the Investment Adviser's belief that the relationship between the management fees paid by the Fund and the sub-advisory fees paid by the Investment Adviser is appropriate given the level of services the Investment Adviser provides to the Fund and significant differences in cost drivers and risks associated with the respective services offered by the Investment Adviser and the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**86**

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GOLDMAN SACHS ALTERNATIVE FUNDS II

&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 and Sub-Advisory Agreement (Unaudited) (continued)</u> 

#### Conclusion
In connection with their consideration of the Sub-Advisory Agreement, the Trustees gave weight to various factors, but did not identify any particular factor as controlling their decision. After deliberation and consideration of the information provided, including the factors described above, the Trustees, including the Independent Trustees, unanimously concluded, in the exercise of their business judgment, that the sub-advisory fees paid by the Investment Adviser to the Sub-Adviser were reasonable in light of the factors considered, and that the Sub-Advisory Agreement should be approved and continued until June 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**87**

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![LOGO](g71875dsp122.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. SELSAT2SAR-25

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![LOGO](g209142dsp001.jpg)

Goldman Sachs Funds Semi-Annual Financial Statements June 30, 2025 Tax-Advantaged Equity Funds II Goldman Sachs International Equity Dividend and Premium Fund Goldman Sachs U.S. Equity Dividend and Premium Fund

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Goldman Sachs Tax-Advantaged Equity Funds II

#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
|  **[Schedules of Investments](#tae2209142_1)** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs International<br>Equity Dividend and Premium Fund](#tae2209142_2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs U.S. Equity<br>Dividend and Premium Fund](#tae2209142_3) | 8 |
|  **Financial Statements** | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tae2209142_5) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#tae2209142_6) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tae2209142_7) | 15 |
|  **[Financial Highlights](#tae2209142_8)** | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs International<br>Equity Dividend and Premium Fund](#tae2209142_9) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs U.S. Equity<br>Dividend and Premium Fund](#tae2209142_10) | 22 |
|  **[Notes to Financial Statements](#tae2209142_11)** | 28 |
|  **[Statement Regarding Basis for Approval of Investment Advisory Agreement](#tae2209142_12)** | 43 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 99.6% | Common Stocks – 99.6% | Common Stocks – 99.6% |
| Australia – 7.7% | Australia – 7.7% | Australia – 7.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34848 | ANZ Group Holdings Ltd. (Banks) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668273 |
| 65202 | APA Group (Gas Utilities) | 350576 |
| 79961 | BHP Group Ltd. (Metals & Mining) | 1923669 |
| 34221 | Coles Group Ltd. (Consumer Staples Distribution & Retail) | 469242 |
| 4110 | Commonwealth Bank of Australia (Banks) | 500221 |
| 24 | CSL Ltd. (Biotechnology) | 3791 |
| 38905 | Goodman Group (Industrial REITs) | 877098 |
| 125683 | Medibank Pvt Ltd. (Insurance) | 417381 |
| 85124 | National Australia Bank Ltd. (Banks) | 2206226 |
| 50500 | Origin Energy Ltd. (Electric Utilities) | 358951 |
| 341 | Pro Medicus Ltd. (Health Care Technology) | 63813 |
| 416 | Rio Tinto Ltd. (Metals & Mining) | 29449 |
| 30353 | Telstra Group Ltd. (Diversified Telecommunication Services) | 96784 |
| 82009 | Transurban Group (Transportation Infrastructure) | 754561 |
| 5953 | Wesfarmers Ltd. (Broadline Retail) | 332221 |
| 42396 | Westpac Banking Corp. (Banks) | 944860 |
| 67220 | Woodside Energy Group Ltd. (Oil, Gas & Consumable Fuels) | 1038341 |
|  |  | 11035457 |
| Austria – 0.7% | Austria – 0.7% | Austria – 0.7% |
| 18000 | OMV AG (Oil, Gas & Consumable Fuels) | 978861 |
| Belgium – 0.7% | Belgium – 0.7% | Belgium – 0.7% |
| 13960 | Ageas SA (Insurance) | 944361 |
| 540 | UCB SA (Pharmaceuticals) | 106249 |
|  |  | 1050610 |
| China – 0.2% | China – 0.2% | China – 0.2% |
| 90400 | ESR Group Ltd.\*<sup>(a)</sup> (Real Estate Management & Development) | 149017 |
| 52000 | SITC International Holdings Co. Ltd. (Marine Transportation) | 166600 |
|  |  | 315617 |
| Denmark – 2.2% | Denmark – 2.2% | Denmark – 2.2% |
| 337 | AP Moller - Maersk AS Class B (Marine Transportation) | 626718 |
| 4380 | Coloplast AS Class B (Health Care Equipment & Supplies) | 416989 |
| 6220 | Danske Bank AS (Banks) | 254049 |
| 26827 | Novo Nordisk AS Class B (Pharmaceuticals) | 1858950 |
| 2108 | Tryg AS (Insurance) | 54494 |
|  |  | 3211200 |
| Finland – 2.2% | Finland – 2.2% | Finland – 2.2% |
| 20276 | Kesko OYJ Class B (Consumer Staples Distribution & Retail) | 500091 |
| 10738 | Kone OYJ Class B (Machinery) | 707427 |

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| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Finland (continued) | Finland (continued) | Finland (continued) | Finland (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28499 | Metso OYJ (Machinery) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369342 |
| 77713 | Nordea Bank Abp (Banks) |  | 1154506 |
| 5423 | Orion OYJ Class B (Pharmaceuticals) |  | 407991 |
| 3 | Stora Enso OYJ Class R (Paper & Forest Products) |  | 33 |
|  |  |  | 3139390 |
| France – 12.2% | France – 12.2% | France – 12.2% | France – 12.2% |
| 554 | Airbus SE (Aerospace & Defense) |  | 115897 |
| 14223 | Amundi SA<sup>(a)</sup> (Capital Markets) |  | 1152857 |
| 36191 | AXA SA (Insurance) |  | 1777160 |
| 19422 | BNP Paribas SA (Banks) |  | 1742186 |
| 21873 | Bouygues SA (Construction & Engineering) |  | 989200 |
| 1218 | Capgemini SE (IT Services) |  | 208566 |
| 56944 | Credit Agricole SA (Banks) |  | 1077283 |
| 12806 | Danone SA (Food Products) |  | 1047830 |
| 1065 | Dassault Systemes SE (Software) |  | 38597 |
| 64497 | Engie SA (Multi-Utilities) |  | 1515860 |
| 4124 | FDJ United<sup>(a)</sup> (Hotels, Restaurants & Leisure) |  | 161827 |
| 18051 | Getlink SE (Transportation Infrastructure) |  | 348457 |
| 120 | Hermes International SCA (Textiles, Apparel & Luxury Goods) |  | 325304 |
| 1669 | L'Oreal SA (Personal Products) |  | 714922 |
| 3497 | LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods) |  | 1830260 |
| 4048 | Orange SA (Diversified Telecommunication Services) |  | 61644 |
| 10383 | Orange SA ADR (Diversified Telecommunication Services) |  | 157718 |
| 3671 | Pernod Ricard SA (Beverages) |  | 366187 |
| 748 | Publicis Groupe SA (Media) |  | 84483 |
| 2275 | Rexel SA (Trading Companies & Distributors) |  | 70167 |
| 10227 | Sanofi SA (Pharmaceuticals) |  | 990114 |
| 548 | Sartorius Stedim Biotech (Life Sciences Tools & Services) |  | 131116 |
| 3834 | Schneider Electric SE (Electrical Equipment) |  | 1029371 |
| 1904 | TotalEnergies SE (Oil, Gas & Consumable Fuels) |  | 116378 |
| 5873 | TotalEnergies SE ADR (Oil, Gas & Consumable Fuels) |  | 360544 |
| 1660 | Unibail-Rodamco-Westfield\* (Retail REITs) |  | 159572 |
| 6333 | Vinci SA (Construction & Engineering) |  | 933930 |
|  |  |  | 17507430 |
| Germany – 8.9% | Germany – 8.9% | Germany – 8.9% | Germany – 8.9% |
| 1665 | Allianz SE (Insurance) |  | 675713 |
| 26638 | BASF SE (Chemicals) |  | 1317502 |

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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.<sub>1</sub>

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GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Germany (continued) | Germany (continued) | Germany (continued) | Germany (continued) |
| 1528 | CTS Eventim AG & Co. KGaA (Entertainment) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15589 | Daimler Truck Holding AG (Machinery) |  | 739604 |
| 14740 | Deutsche Post AG (Air Freight & Logistics) |  | 682755 |
| 39522 | Evonik Industries AG (Chemicals) |  | 816468 |
| 1241 | Heidelberg Materials AG (Construction Materials) |  | 292251 |
| 9400 | Infineon Technologies AG (Semiconductors & Semiconductor Equipment) |  | 401117 |
| 1337 | Knorr-Bremse AG (Machinery) |  | 129685 |
| 567 | MTU Aero Engines AG (Aerospace & Defense) |  | 251892 |
| 1425 | Nemetschek SE (Software) |  | 206615 |
| 39 | Rational AG (Machinery) |  | 32772 |
| 550 | Rheinmetall AG (Aerospace & Defense) |  | 1164734 |
| 9299 | SAP SE (Software) |  | 2843444 |
| 7615 | Siemens AG (Industrial Conglomerates) |  | 1955976 |
| 6675 | Siemens Energy AG\* (Electrical Equipment) |  | 780180 |
| 4920 | Siemens Healthineers AG<sup>(a)</sup> (Health Care Equipment & Supplies) |  | 273131 |
|  |  |  | 12753847 |
| Hong Kong – 1.6% | Hong Kong – 1.6% | Hong Kong – 1.6% | Hong Kong – 1.6% |
| 74600 | AIA Group Ltd. (Insurance) |  | 675760 |
| 54000 | Galaxy Entertainment Group Ltd. (Hotels, Restaurants & Leisure) |  | 240710 |
| 45000 | HKT Trust & HKT Ltd. (Diversified Telecommunication Services) |  | 67278 |
| 98 | Hong Kong & China Gas Co. Ltd. (Gas Utilities) |  | 82 |
| 12096 | Hong Kong Exchanges & Clearing Ltd. (Capital Markets) |  | 650602 |
| 300 | Jardine Matheson Holdings Ltd. (Industrial Conglomerates) |  | 14419 |
| 73368 | MTR Corp. Ltd. (Ground Transportation) |  | 263823 |
| 27245 | Sino Land Co. Ltd. (Real Estate Management & Development) |  | 29020 |
| 5500 | Sun Hung Kai Properties Ltd. (Real Estate Management & Development) |  | 63377 |
| 24500 | Techtronic Industries Co. Ltd. (Machinery) |  | 270332 |
|  |  |  | 2275403 |
| Israel – 0.4% | Israel – 0.4% | Israel – 0.4% | Israel – 0.4% |
| 13593 | Bank Hapoalim BM (Banks) |  | 261095 |
| 96 | CyberArk Software Ltd.\* (Software) |  | 39061 |
| 6559 | ICL Group Ltd. (Chemicals) |  | 45029 |
| 2785 | Mizrahi Tefahot Bank Ltd. (Banks) |  | 181671 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Israel (continued) | Israel (continued) | Israel (continued) | Israel (continued) |
| 1400 | Teva Pharmaceutical Industries Ltd. ADR\* (Pharmaceuticals) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23464 |
| 185 | Wix.com Ltd.\*<sup>(b)</sup> (IT Services) |  | 29315 |
|  |  |  | 579635 |
| Italy – 3.8% | Italy – 3.8% | Italy – 3.8% | Italy – 3.8% |
| 274 | Amplifon SpA (Health Care Providers & Services) |  | 6435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41885 | BPER Banca SpA (Banks) |  | 380160 |
| 146400 | Enel SpA (Electric Utilities) |  | 1389440 |
| 371650 | Intesa Sanpaolo SpA (Banks) |  | 2140857 |
| 1343 | Leonardo SpA (Aerospace & Defense) |  | 75781 |
| 19999 | Mediobanca Banca di Credito Finanziario SpA (Banks) |  | 465396 |
| 8467 | Moncler SpA (Textiles, Apparel & Luxury Goods) |  | 482970 |
| 2666 | Prysmian SpA (Electrical Equipment) |  | 188751 |
| 4530 | Recordati Industria Chimica e Farmaceutica SpA (Pharmaceuticals) |  | 284733 |
|  |  |  | 5414523 |
| Japan – 21.0% | Japan – 21.0% | Japan – 21.0% | Japan – 21.0% |
| 5400 | Advantest Corp. (Semiconductors & |  |  |
|  | Semiconductor Equipment) |  | 400307 |
| 16600 | Asahi Kasei Corp. (Chemicals) |  | 118171 |
| 9500 | Asics Corp. (Textiles, Apparel & Luxury Goods) |  | 242253 |
| 66300 | Astellas Pharma, Inc. (Pharmaceuticals) |  | 649140 |
| 3300 | Bandai Namco Holdings, Inc. (Leisure Products) |  | 118269 |
| 20200 | Bridgestone Corp. (Automobile Components) |  | 826022 |
| 31600 | Canon, Inc. (Technology Hardware, Storage & Peripherals) |  | 916517 |
| 5400 | Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals) |  | 281976 |
| 6000 | Dai-ichi Life Holdings, Inc. (Insurance) |  | 45616 |
| 12300 | Daiichi Sankyo Co. Ltd. (Pharmaceuticals) |  | 284967 |
| 3300 | Daito Trust Construction Co. Ltd. (Real Estate Management & Development) |  | 359431 |
| 109200 | Daiwa Securities Group, Inc. (Capital Markets) |  | 775541 |
| 2800 | Denso Corp. (Automobile Components) |  | 37787 |
| 1200 | Disco Corp. (Semiconductors & Semiconductor Equipment) |  | 355492 |
| 4800 | Eisai Co. Ltd. (Pharmaceuticals) |  | 137858 |
| 12000 | FANUC Corp. (Machinery) |  | 325767 |
| 1000 | Fast Retailing Co. Ltd. (Specialty Retail) |  | 342864 |
| 10400 | Fujikura Ltd. (Electrical Equipment) |  | 547096 |

---

&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 INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Japan (continued) | Japan (continued) | Japan (continued) |
| 700 | Hikari Tsushin, Inc. (Industrial Conglomerates) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29200 | Hitachi Ltd. (Industrial Conglomerates) | 848678 |
| 13900 | Honda Motor Co. Ltd. (Automobiles) | 134036 |
| 500 | Hoya Corp. (Health Care Equipment & Supplies) | 59381 |
| 8600 | Inpex Corp. (Oil, Gas & Consumable Fuels) | 120720 |
| 16300 | ITOCHU Corp. (Trading Companies & Distributors) | 853549 |
| 14600 | Japan Post Insurance Co. Ltd. (Insurance) | 330548 |
| 14000 | Japan Tobacco, Inc. (Tobacco) | 412432 |
| 12400 | Kajima Corp. (Construction & Engineering) | 323413 |
| 1700 | Kao Corp. (Personal Products) | 76169 |
| 200 | Keyence Corp. (Electronic Equipment, Instruments & Components) | 79966 |
| 22500 | Kirin Holdings Co. Ltd. (Beverages) | 315307 |
| 12500 | Komatsu Ltd. (Machinery) | 412419 |
| 500 | Lasertec Corp. (Semiconductors & Semiconductor Equipment) | 67030 |
| 4300 | M3, Inc. (Health Care Technology) | 59068 |
| 37000 | Marubeni Corp. (Trading Companies & Distributors) | 745855 |
| 30700 | Mitsubishi Corp. (Trading Companies & Distributors) | 613444 |
| 1900 | Mitsubishi Electric Corp. (Electrical Equipment) | 40867 |
| 13800 | Mitsubishi HC Capital, Inc. (Financial Services) | 101606 |
| 32700 | Mitsubishi Heavy Industries Ltd. (Machinery) | 818297 |
| 92400 | Mitsubishi UFJ Financial Group, Inc. (Banks) | 1259744 |
| 24200 | Mitsui & Co. Ltd. (Trading Companies & Distributors) | 493195 |
| 11800 | Mitsui OSK Lines Ltd. (Marine Transportation) | 394117 |
| 18100 | Mizuho Financial Group, Inc. (Banks) | 502455 |
| 9000 | MS&AD Insurance Group Holdings, Inc. (Insurance) | 201200 |
| 20700 | Murata Manufacturing Co. Ltd. (Electronic Equipment, Instruments & Components) | 305960 |
| 8100 | Nintendo Co. Ltd. (Entertainment) | 777841 |
| 1000 | Nippon Paint Holdings Co. Ltd. (Chemicals) | 8042 |
| 6200 | Nippon Yusen KK (Marine Transportation) | 223045 |
| 5400 | Nitto Denko Corp. (Chemicals) | 104282 |
| 5200 | Nomura Research Institute Ltd. (IT Services) | 207987 |
| 40700 | Obayashi Corp. (Construction & Engineering) | 616679 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Japan (continued) | Japan (continued) | Japan (continued) |
| 3200 | Obic Co. Ltd. (IT Services) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124432 |
| 200 | Olympus Corp. (Health Care Equipment & Supplies) | 2376 |
| 4000 | Otsuka Corp. (IT Services) | 81486 |
| 14700 | Panasonic Holdings Corp. (Household Durables) | 157280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11200 | Recruit Holdings Co. Ltd. (Professional Services) | 658634 |
| 5100 | Renesas Electronics Corp. (Semiconductors & Semiconductor Equipment) | 63094 |
| 14800 | Resona Holdings, Inc. (Banks) | 136690 |
| 3500 | Seiko Epson Corp. (Technology Hardware, Storage & Peripherals) | 45999 |
| 36500 | Sekisui House Ltd. (Household Durables) | 803340 |
| 4800 | Seven & i Holdings Co. Ltd. (Consumer Staples Distribution & Retail) | 77258 |
| 3600 | SG Holdings Co. Ltd. (Air Freight & Logistics) | 40097 |
| 3700 | Shimadzu Corp. (Electronic Equipment, Instruments & Components) | 91475 |
| 16400 | Shin-Etsu Chemical Co. Ltd. (Chemicals) | 541560 |
| 800 | Shiseido Co. Ltd. (Personal Products) | 14289 |
| 1161200 | SoftBank Corp. (Wireless Telecommunication Services) | 1798642 |
| 400 | SoftBank Group Corp. (Wireless Telecommunication Services) | 29082 |
| 5100 | Sompo Holdings, Inc. (Insurance) | 153687 |
| 30500 | Sony Group Corp. (Household Durables) | 793009 |
| 11800 | Sumitomo Corp. (Trading Companies & Distributors) | 304519 |
| 5000 | Sumitomo Electric Industries Ltd. (Automobile Components) | 107217 |
| 32900 | Sumitomo Mitsui Financial Group, Inc. (Banks) | 828453 |
| 3300 | Sysmex Corp. (Health Care Equipment & Supplies) | 57444 |
| 41200 | Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals) | 1271967 |
| 15000 | TDK Corp. (Electronic Equipment, Instruments & Components) | 175088 |
| 13000 | Tokio Marine Holdings, Inc. (Insurance) | 550953 |
| 5300 | Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment) | 1015000 |
| 300 | Tokyo Gas Co. Ltd. (Gas Utilities) | 9979 |
| 93900 | Toyota Motor Corp. (Automobiles) | 1617238 |
| 900 | Yaskawa Electric Corp. (Machinery) | 20352 |

---

&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 INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Japan (continued) | Japan (continued) | Japan (continued) | Japan (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22500 | ZOZO, Inc. (Specialty Retail) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243106 |
|  |  |  | 30292838 |
| Macau – 0.0% | Macau – 0.0% | Macau – 0.0% | Macau – 0.0% |
| 8000 | Sands China Ltd. (Hotels, Restaurants & Leisure) |  | 16720 |
| Netherlands – 3.6% | Netherlands – 3.6% | Netherlands – 3.6% | Netherlands – 3.6% |
| 1 | Akzo Nobel NV (Chemicals) |  | 70 |
| 450 | Argenx SE\* (Biotechnology) |  | 249112 |
| 600 | ASM International NV (Semiconductors & Semiconductor Equipment) |  | 384887 |
| 3046 | ASML Holding NV (Semiconductors |  |  |
|  | & Semiconductor Equipment) |  | 2440872 |
| 10888 | ASR Nederland NV (Insurance) |  | 723460 |
| 1017 | BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment) |  | 152096 |
| 42 | Heineken NV (Beverages) |  | 3664 |
| 53861 | Koninklijke KPN NV (Diversified Telecommunication Services) |  | 262744 |
| 7345 | Koninklijke Philips NV (Health Care Equipment & Supplies) |  | 176371 |
| 4249 | NN Group NV (Insurance) |  | 282725 |
| 6895 | Prosus NV (Broadline Retail) |  | 386854 |
| 5766 | Universal Music Group NV (Entertainment) |  | 187052 |
|  |  |  | 5249907 |
| New Zealand – 0.2% | New Zealand – 0.2% | New Zealand – 0.2% | New Zealand – 0.2% |
| 8510 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Supplies) |  | 186920 |
| 36465 | Meridian Energy Ltd. (Independent Power and Renewable Electricity Producers) |  | 131140 |
|  |  |  | 318060 |
| Norway – 0.9% | Norway – 0.9% | Norway – 0.9% | Norway – 0.9% |
| 15722 | Aker BP ASA (Oil, Gas & Consumable Fuels) |  | 401766 |
| 58 | Gjensidige Forsikring ASA (Insurance) |  | 1470 |
| 4040 | Kongsberg Gruppen ASA (Aerospace & Defense) |  | 156659 |
| 416 | Salmar ASA (Food Products) |  | 18028 |
| 45454 | Telenor ASA (Diversified Telecommunication Services) |  | 707819 |
|  |  |  | 1285742 |
| Portugal – 0.3% | Portugal – 0.3% | Portugal – 0.3% | Portugal – 0.3% |
| 26970 | EDP SA (Electric Utilities) |  | 117165 |
| 7432 | Galp Energia SGPS SA (Oil, Gas & Consumable Fuels) |  | 136049 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Portugal (continued) | Portugal (continued) | Portugal (continued) | Portugal (continued) |
| 9319 | Jeronimo Martins SGPS SA (Consumer Staples Distribution & Retail) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235938 |
|  |  |  | 489152 |
| Singapore – 1.6% | Singapore – 1.6% | Singapore – 1.6% | Singapore – 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23700 | DBS Group Holdings Ltd. (Banks) |  | 836659 |
| 6600 | Keppel Ltd. (Industrial Conglomerates) |  | 38541 |
| 2274 | Sea Ltd. ADR\* (Entertainment) |  | 363703 |
| 11900 | Singapore Exchange Ltd. (Capital Markets) |  | 139340 |
| 96800 | Singapore Technologies Engineering Ltd. (Aerospace & Defense) |  | 593547 |
| 121600 | Singapore Telecommunications Ltd. (Diversified Telecommunication Services) |  | 366598 |
|  |  |  | 2338388 |
| South Africa – 0.0% | South Africa – 0.0% | South Africa – 0.0% | South Africa – 0.0% |
| 878 | Anglo American PLC (Metals & Mining) |  | 25882 |
| 102 | Valterra Platinum Ltd.\* (Metals & Mining) |  | 4480 |
|  |  |  | 30362 |
| Spain – 3.0% | Spain – 3.0% | Spain – 3.0% | Spain – 3.0% |
| 36230 | Aena SME SA<sup>(a)</sup> (Transportation Infrastructure) |  | 967116 |
| 1047 | Amadeus IT Group SA (Hotels, Restaurants & Leisure) |  | 88454 |
| 101952 | CaixaBank SA (Banks) |  | 883395 |
| 6904 | Endesa SA (Electric Utilities) |  | 218685 |
| 31953 | Iberdrola SA (Electric Utilities) |  | 614713 |
| 12096 | Industria de Diseno Textil SA (Specialty Retail) |  | 631009 |
| 9652 | Redeia Corp. SA (Electric Utilities) |  | 206531 |
| 10540 | Repsol SA (Oil, Gas & Consumable Fuels) |  | 154162 |
| 117375 | Telefonica SA (Diversified Telecommunication Services) |  | 617754 |
|  |  |  | 4381819 |
| Sweden – 2.4% | Sweden – 2.4% | Sweden – 2.4% | Sweden – 2.4% |
| 7042 | Atlas Copco AB Class A (Machinery) |  | 113841 |
| 40761 | Atlas Copco AB Class B (Machinery) |  | 580134 |
| 1549 | EQT AB (Capital Markets) |  | 51963 |
| 18328 | H & M Hennes & Mauritz AB Class B (Specialty Retail) |  | 258134 |
| 2157 | Investment AB Latour Class B (Industrial Conglomerates) |  | 56891 |
| 4836 | Securitas AB Class B (Commercial Services & Supplies) |  | 72406 |
| 35604 | Swedbank AB Class A (Banks) |  | 943019 |
| 30260 | Tele2 AB Class B (Wireless Telecommunication Services) |  | 441718 |

---

&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 INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Sweden (continued) | Sweden (continued) | Sweden (continued) | Sweden (continued) |
| 37960 | Telefonaktiebolaget LM Ericsson Class B (Communications Equipment) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324381 |
| 177809 | Telia Co. AB (Diversified Telecommunication Services) |  | 639547 |
|  |  |  | 3482034 |
| Switzerland – 9.3% | Switzerland – 9.3% | Switzerland – 9.3% | Switzerland – 9.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9644 | ABB Ltd. (Electrical Equipment) |  | 577953 |
| 5414 | Cie Financiere Richemont SA Class A (Textiles, Apparel & Luxury Goods) |  | 1024506 |
| 299 | Geberit AG (Building Products) |  | 235476 |
| 10445 | Holcim AG (Construction Materials) |  | 775637 |
| 21848 | Nestle SA (Food Products) |  | 2172267 |
| 15605 | Novartis AG (Pharmaceuticals) |  | 1894090 |
| 468 | Partners Group Holding AG (Capital Markets) |  | 612297 |
| 6564 | Roche Holding AG (Pharmaceuticals) |  | 2142619 |
| 10717 | SGS SA (Professional Services) |  | 1088157 |
| 5513 | SIG Group AG (Containers & Packaging) |  | 101974 |
| 766 | Sonova Holding AG (Health Care Equipment & Supplies) |  | 228441 |
| 1075 | Straumann Holding AG (Health Care Equipment & Supplies) |  | 140706 |
| 3980 | Swiss Re AG (Insurance) |  | 688488 |
| 1651 | UBS Group AG (Capital Markets) |  | 56054 |
| 662 | VAT Group AG<sup>(a)</sup> (Machinery) |  | 280511 |
| 2007 | Zurich Insurance Group AG (Insurance) |  | 1404344 |
|  |  |  | 13423520 |
| United Arab Emirates – 0.3% | United Arab Emirates – 0.3% | United Arab Emirates – 0.3% | United Arab Emirates – 0.3% |
| 7315 | Experian PLC (Professional Services) |  | 377207 |
| United Kingdom – 15.3% | United Kingdom – 15.3% | United Kingdom – 15.3% | United Kingdom – 15.3% |
| 1429 | Ashtead Group PLC (Trading Companies & Distributors) |  | 91636 |
| 17478 | AstraZeneca PLC ADR (Pharmaceuticals) |  | 1221363 |
| 38835 | BAE Systems PLC (Aerospace & Defense) |  | 1007879 |
| 11966 | Barratt Redrow PLC (Household Durables) |  | 74931 |
| 2733 | BP PLC ADR (Oil, Gas & Consumable Fuels) |  | 81799 |
| 15806 | British American Tobacco PLC (Tobacco) |  | 751517 |
| 4415 | Coca-Cola Europacific Partners PLC (Beverages) |  | 409359 |
| 7932 | Compass Group PLC (Hotels, Restaurants & Leisure) |  | 268672 |
| 13945 | Diageo PLC (Beverages) |  | 351638 |
| 74513 | Evraz PLC\*<sup>(c)</sup> (Metals & Mining) |  |  |
| 31029 | GSK PLC ADR (Pharmaceuticals) |  | 1191514 |
| 88128 | HSBC Holdings PLC (Banks) |  | 1066012 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| United Kingdom (continued) | United Kingdom (continued) | United Kingdom (continued) |
| 32780 | HSBC Holdings PLC ADR<sup>(d)</sup> (Banks) | $&nbsp;&nbsp;&nbsp;&nbsp;1992696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9096 | Imperial Brands PLC (Tobacco) | 359384 |
| 19977 | Kingfisher PLC (Specialty Retail) | 79780 |
| 379782 | M&G PLC (Financial Services) | 1342421 |
| 46586 | National Grid PLC (Multi-Utilities) | 683820 |
| 182492 | Phoenix Group Holdings PLC (Insurance) | 1651028 |
| 3787 | Reckitt Benckiser Group PLC (Household Products) | 257997 |
| 17073 | RELX PLC (Professional Services) | 925317 |
| 1647 | Rentokil Initial PLC ADR (Commercial Services & Supplies) | 39528 |
| 32916 | Rio Tinto PLC ADR (Metals & Mining) | 1919990 |
| 6703 | Rolls-Royce Holdings PLC (Aerospace & Defense) | 88832 |
| 15392 | Segro PLC REIT (Industrial REITs) | 144087 |
| 68526 | Shell PLC (Oil, Gas & Consumable Fuels) | 2391868 |
| 44439 | SSE PLC (Electric Utilities) | 1118979 |
| 11639 | Unilever PLC ADR (Personal Products) | 711958 |
| 12312 | Unilever PLC (Personal Products) | 751492 |
| 94560 | Vodafone Group PLC ADR (Wireless Telecommunication Services) | 1008010 |
| 8707 | WPP PLC (Media) | 61306 |
|  |  | 22044813 |
| United States\* – 1.1% | United States\* – 1.1% | United States\* – 1.1% |
| 10445 | Amrize Ltd. (Construction Materials) | 521032 |
| 2939 | Qiagen NV (Life Sciences Tools & Services) | 141600 |
| 1155 | Spotify Technology SA<sup>(b)</sup> (Entertainment) | 886278 |
|  |  | 1548910 |
| TOTAL COMMON STOCKS<br>(Cost $98,911,972) | TOTAL COMMON STOCKS<br>(Cost $98,911,972) | $143541445 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Preferred Stocks – 0.6% | Preferred Stocks – 0.6% | Preferred Stocks – 0.6% |
| Germany – 0.6% | Germany – 0.6% | Germany – 0.6% |
|  Bayerische Motoren Werke AG (Automobiles) | Bayerische Motoren Werke AG (Automobiles) | Bayerische Motoren Werke AG (Automobiles) |
| 9829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.167% | $816258 |
|  Sartorius AG (Life Sciences Tools & Services) | Sartorius AG (Life Sciences Tools & Services) | Sartorius AG (Life Sciences Tools & Services) |
| 423 | 0.342 | 107737 |
| TOTAL PREFERRED STOCKS<br>(Cost $783,035) | TOTAL PREFERRED STOCKS<br>(Cost $783,035) | $923995 |

---

&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 INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Securities Lending Reinvestment Vehicle<sup>(e)</sup> –1.3% | Securities Lending Reinvestment Vehicle<sup>(e)</sup> –1.3% | Securities Lending Reinvestment Vehicle<sup>(e)</sup> –1.3% |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 1811738 | 4.231% | $1811738 |
| (Cost $1,811,738) | (Cost $1,811,738) |  |
| TOTAL INVESTMENTS – 101.5%<br>(Cost $101,506,745) | TOTAL INVESTMENTS – 101.5%<br>(Cost $101,506,745) | $146277178 |
|  **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (1.5)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (1.5)%** | (2189703) |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $144087475 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Exempt from registration under Rule 144A of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;(d) All or a portion of security is on loan.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents an affiliated issuer.

SECTOR ALLOCATION AS OF JUNE 30, 2025

---

| | |
|:---|:---|
| **Sector** | **% of Total <br>Market Value** |
|  Financials | 24.9% |
|  Industrials | 19.7 |
|  Health Care | 10.4 |
|  Consumer Discretionary | 8.6 |
|  Information Technology | 7.6 |
|  Consumer Staples | 6.9 |
|  Communication Services | 6.1 |
|  Materials | 5.9 |
|  Utilities | 4.7 |
|  Energy | 4.0 |
|  Real Estate | 1.2 |
|  | 100.0% |

---

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  Euro Stoxx 50 Index | 10 | 09/19/25 | $627494 | $3694 |
|  FTSE 100 Index | 2 | 09/19/25 | 241298 | (1637) |
|  MSCI SING Index | 1 | 07/30/25 | 32344 | 921 |
|  SPI 200 Index | 1 | 09/18/25 | 140466 | 361 |
|  TOPIX Futures | 2 | 09/11/25 | 396583 | 9537 |
| TOTAL FUTURES CONTRACTS |  |  |  | $12876 |

---

WRITTEN OPTIONS CONTRACTS — At June 30, 2025, the Fund had the following written options contracts:

EXCHANGE TRADED INDEX OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  Euro Stoxx 50 Index | $5300.00 | 09/19/2025 | (528) | $(279840000) | $(1031206) | $(972729) | $(58477) |
|  FTSE 100 Index | 8875.00 | 09/19/2025 | (77) | (68337500) | (130532) | (196489) | 65957 |
|  Nikkei 225 Index | 38750.00 | 09/12/2025 | (52) | (201500000) | (922607) | (354255) | (568352) |
| Total written option contracts |  |  | (657) | (549677500) | $(2084345) | $(1523473) | $(560872) |

---

&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 INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ADR | —American Depositary Receipt |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |
| SpA | —Stand-by Purchase Agreement |

---

&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 U.S. EQUITY DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 101.1% | Common Stocks – 101.1% | Common Stocks – 101.1% |
| Aerospace & Defense – 2.5% | Aerospace & Defense – 2.5% | Aerospace & Defense – 2.5% |
| 76565 | Boeing Co.\* | $16042664 |
| 82900 | General Electric Co. | 21337631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124677 | RTX Corp. | 18205336 |
| 21372 | TransDigm Group, Inc. | 32499118 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;88084749 |
| Air Freight & Logistics – 0.5% | Air Freight & Logistics – 0.5% | Air Freight & Logistics – 0.5% |
| 185969 | United Parcel Service, Inc. Class B | 18771711 |
| Automobiles\* – 1.7% | Automobiles\* – 1.7% | Automobiles\* – 1.7% |
| 190808 | Tesla, Inc. | 60612069 |
| Banks – 3.8% | Banks – 3.8% | Banks – 3.8% |
| 154698 | Citigroup, Inc. | 13167894 |
| 145364 | Columbia Banking System, Inc. | 3398610 |
| 6300 | Cullen/Frost Bankers, Inc. | 809802 |
| 7300 | First Hawaiian, Inc. | 182208 |
| 66000 | FNB Corp. | 962280 |
| 188441 | JPMorgan Chase & Co.<sup>(a)</sup> | 54630930 |
| 1092000 | KeyCorp | 19022640 |
| 87800 | PNC Financial Services Group, Inc. | 16367676 |
| 303899 | U.S. Bancorp | 13751430 |
| 600 | Webster Financial Corp. | 32760 |
| 144600 | Wells Fargo & Co. | 11585352 |
|  |  | 133911582 |
| Beverages – 1.1% | Beverages – 1.1% | Beverages – 1.1% |
| 342149 | Coca-Cola Co. | 24207042 |
| 120838 | PepsiCo, Inc. | 15955449 |
|  |  | 40162491 |
| Biotechnology – 1.8% | Biotechnology – 1.8% | Biotechnology – 1.8% |
| 167099 | AbbVie, Inc. | 31016917 |
| 46838 | Amgen, Inc. | 13077638 |
| 166400 | Gilead Sciences, Inc. | 18448768 |
| 3600 | Mirati Therapeutics, Inc.\*<sup>(b)</sup> | 2520 |
| 727 | Natera, Inc.\* | 122819 |
|  |  | 62668662 |
| Broadline Retail\* – 3.8% | Broadline Retail\* – 3.8% | Broadline Retail\* – 3.8% |
| 595868 | Amazon.com, Inc. | 130727481 |
| 718 | MercadoLibre, Inc. | 1876586 |
|  |  | 132604067 |
| Building Products – 0.0% | Building Products – 0.0% | Building Products – 0.0% |
| 1800 | Advanced Drainage Systems, Inc. | 206748 |
| Capital Markets – 3.4% | Capital Markets – 3.4% | Capital Markets – 3.4% |
| 84801 | ARES Management Corp. Class A | 14687533 |
| 16000 | Blackrock, Inc. | 16788000 |
| 102247 | Blackstone, Inc. | 15294106 |
| 83600 | Blue Owl Capital, Inc. | 1605956 |
| 23400 | Carlyle Group, Inc. | 1202760 |
| 4700 | Evercore, Inc. Class A | 1269094 |
| 823200 | Franklin Resources, Inc. | 19633320 |
| 296700 | Janus Henderson Group PLC | 11523828 |
| 44700 | Jefferies Financial Group, Inc. | 2444643 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Capital Markets – (continued) | Capital Markets – (continued) | Capital Markets – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165767 | Morgan Stanley | 23349940 |
| 4125 | Robinhood Markets, Inc. Class A\* | 386224 |
| 139138 | T. Rowe Price Group, Inc. | 13426817 |
|  |  | 121612221 |
| Chemicals – 1.1% | Chemicals – 1.1% | Chemicals – 1.1% |
| 700800 | Dow, Inc. | 18557184 |
| 67001 | Huntsman Corp. | 698150 |
| 353600 | LyondellBasell Industries NV Class A | 20459296 |
|  |  | 39714630 |
| Commercial Services & Supplies – 0.0% | Commercial Services & Supplies – 0.0% | Commercial Services & Supplies – 0.0% |
| 600 | MSA Safety, Inc. | 100518 |
| Communications Equipment – 1.0% | Communications Equipment – 1.0% | Communications Equipment – 1.0% |
| 489365 | Cisco Systems, Inc. | 33952144 |
| Construction & Engineering – 0.0% | Construction & Engineering – 0.0% | Construction & Engineering – 0.0% |
| 12625 | Everus Construction Group, Inc.\* | 802066 |
| 1200 | Valmont Industries, Inc. | 391884 |
|  |  | 1193950 |
| Consumer Finance – 0.7% | Consumer Finance – 0.7% | Consumer Finance – 0.7% |
| 70400 | American Express Co. | 22456192 |
| 5600 | OneMain Holdings, Inc. | 319200 |
| 17600 | SLM Corp. | 577104 |
| 18700 | SoFi Technologies, Inc.\* | 340527 |
|  |  | 23693023 |
| Consumer Staples Distribution & Retail – 2.0% | Consumer Staples Distribution & Retail – 2.0% | Consumer Staples Distribution & Retail – 2.0% |
| 29045 | Costco Wholesale Corp. | 28752807 |
| 110800 | Target Corp. | 10930420 |
| 312939 | Walmart, Inc. | 30599176 |
|  |  | 70282403 |
| Containers & Packaging – 0.9% | Containers & Packaging – 0.9% | Containers & Packaging – 0.9% |
| 1557800 | Amcor PLC | 14316182 |
| 341996 | International Paper Co. | 16015673 |
| 44400 | Sonoco Products Co. | 1934064 |
|  |  | 32265919 |
| Diversified Consumer Services – 0.0% | Diversified Consumer Services – 0.0% | Diversified Consumer Services – 0.0% |
| 13611 | ADT, Inc. | 115285 |
| 24800 | H&R Block, Inc. | 1361272 |
|  |  | 1476557 |
| Diversified REITs – 0.0% | Diversified REITs – 0.0% | Diversified REITs – 0.0% |
| 7100 | WP Carey, Inc. | 442898 |
| Diversified Telecommunication Services – 1.4% | Diversified Telecommunication Services – 1.4% | Diversified Telecommunication Services – 1.4% |
| 709692 | AT&T, Inc. | 20538487 |
| 671335 | Verizon Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29048665 |
|  |  | 49587152 |
| Electric Utilities – 1.8% | Electric Utilities – 1.8% | Electric Utilities – 1.8% |
| 243001 | Duke Energy Corp. | 28674118 |

---

&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 U.S. EQUITY DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Electric Utilities – (continued) | Electric Utilities – (continued) | Electric Utilities – (continued) |
| 193000 | OGE Energy Corp. | 8565340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270244 | Southern Co. | 24816507 |
|  |  | 62055965 |
| Electrical Equipment – 0.9% | Electrical Equipment – 0.9% | Electrical Equipment – 0.9% |
| 87562 | Eaton Corp. PLC | 31258758 |
| Electronic Equipment, Instruments & Components – 0.1% | Electronic Equipment, Instruments & Components – 0.1% | Electronic Equipment, Instruments & Components – 0.1% |
| 69300 | Avnet, Inc. | 3678444 |
| Entertainment\* – 1.3% | Entertainment\* – 1.3% | Entertainment\* – 1.3% |
| 32057 | Netflix, Inc. | 42928490 |
| 10758 | ROBLOX Corp. Class A | 1131742 |
| 3980 | Roku, Inc. | 349802 |
|  |  | 44410034 |
| Financial Services – 3.8% | Financial Services – 3.8% | Financial Services – 3.8% |
| 17776 | Affirm Holdings, Inc.\* | 1229033 |
| 75508 | Berkshire Hathaway, Inc. Class B\* | 36679521 |
| 7247 | Block, Inc.\* | 492289 |
| 110700 | Corebridge Financial, Inc. | 3929850 |
| 137600 | Equitable Holdings, Inc. | 7719360 |
| 61155 | Mastercard, Inc. Class A | 34365441 |
| 3800 | Shift4 Payments, Inc. Class A\* | 376618 |
| 129968 | Visa, Inc. Class A | 46145138 |
| 426993 | Western Union Co. | 3595281 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;134532531 |
| Food Products – 0.6% | Food Products – 0.6% | Food Products – 0.6% |
| 345500 | Conagra Brands, Inc. | 7072385 |
| 78000 | Flowers Foods, Inc. | 1246440 |
| 473600 | Kraft Heinz Co. | 12228352 |
|  |  | 20547177 |
| Gas Utilities – 0.0% | Gas Utilities – 0.0% | Gas Utilities – 0.0% |
| 50500 | MDU Resources Group, Inc. | 841835 |
| Ground Transportation – 0.9% | Ground Transportation – 0.9% | Ground Transportation – 0.9% |
| 100 | Avis Budget Group, Inc.\* | 16905 |
| 16500 | Ryder System, Inc. | 2623500 |
| 180985 | Uber Technologies, Inc.\* | 16885900 |
| 53012 | Union Pacific Corp. | 12197001 |
|  |  | 31723306 |
| Health Care Equipment & Supplies – 2.4% | Health Care Equipment & Supplies – 2.4% | Health Care Equipment & Supplies – 2.4% |
| 168592 | Abbott Laboratories | 22930198 |
| 30087 | Intuitive Surgical, Inc.\* | 16349576 |
| 323253 | Medtronic PLC | 28177964 |
| 3741 | Penumbra, Inc.\* | 960053 |
| 43654 | Stryker Corp. | 17270832 |
|  |  | 85688623 |
| Health Care Providers & Services – 1.2% | Health Care Providers & Services – 1.2% | Health Care Providers & Services – 1.2% |
| 232000 | CVS Health Corp. | 16003360 |
| 82905 | UnitedHealth Group, Inc. | 25863873 |
|  |  | 41867233 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care REITs – 0.6% | Health Care REITs – 0.6% | Health Care REITs – 0.6% |
| 6800 | Healthcare Realty Trust, Inc. | $107848 |
| 5 | Omega Healthcare Investors, Inc. | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126566 | Welltower, Inc. | 19456991 |
|  |  | 19565022 |
| Hotels, Restaurants & Leisure – 2.2% | Hotels, Restaurants & Leisure – 2.2% | Hotels, Restaurants & Leisure – 2.2% |
| 32250 | Aramark | 1350308 |
| 3200 | Booking Holdings, Inc. | 18525568 |
| 60000 | Darden Restaurants, Inc. | 13078200 |
| 18300 | DraftKings, Inc. Class A\* | 784887 |
| 20919 | Hyatt Hotels Corp. Class A | 2921338 |
| 700 | Marriott Vacations Worldwide Corp. | 50617 |
| 81400 | McDonald's Corp. | 23782638 |
| 165706 | Starbucks Corp. | 15183641 |
| 8000 | Travel & Leisure Co. | 412880 |
| 5400 | Vail Resorts, Inc. | 848502 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;76938579 |
| Household Durables – 0.0% | Household Durables – 0.0% | Household Durables – 0.0% |
| 12600 | Somnigroup International, Inc. | 857430 |
| 200 | TopBuild Corp.\* | 64748 |
|  |  | 922178 |
| Household Products – 1.3% | Household Products – 1.3% | Household Products – 1.3% |
| 96505 | Kimberly-Clark Corp. | 12441425 |
| 196579 | Procter & Gamble Co. | 31318966 |
| 26100 | Reynolds Consumer Products, Inc. | 559062 |
|  |  | 44319453 |
| Industrial Conglomerates – 0.6% | Industrial Conglomerates – 0.6% | Industrial Conglomerates – 0.6% |
| 85000 | Honeywell International, Inc. | 19794800 |
| Industrial REITs – 0.3% | Industrial REITs – 0.3% | Industrial REITs – 0.3% |
| 9200 | First Industrial Realty Trust, Inc. | 442796 |
| 111953 | Prologis, Inc. | 11768500 |
| 23 | Rexford Industrial Realty, Inc. | 818 |
|  |  | 12212114 |
| Insurance – 2.0% | Insurance – 2.0% | Insurance – 2.0% |
| 10300 | American Financial Group, Inc. | 1299963 |
| 255900 | Arch Capital Group Ltd. | 23299695 |
| 8800 | Axis Capital Holdings Ltd. | 913616 |
| 32300 | CNA Financial Corp. | 1502919 |
| 121281 | Fidelity National Financial, Inc. | 6799013 |
| 42600 | First American Financial Corp. | 2615214 |
| 3300 | Hanover Insurance Group, Inc. | 560571 |
| 381341 | Old Republic International Corp. | 14658748 |
| 152553 | Prudential Financial, Inc. | 16390294 |
| 13400 | Unum Group | 1082184 |
|  |  | 69122217 |
| Interactive Media & Services – 7.2% | Interactive Media & Services – 7.2% | Interactive Media & Services – 7.2% |
| 156601 | Alphabet, Inc. Class C | 27779451 |
| 618870 | Alphabet, Inc. Class A | 109063460 |

---

&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 U.S. EQUITY DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Interactive Media & Services – (continued) | Interactive Media & Services – (continued) | Interactive Media & Services – (continued) |
| 160394 | Meta Platforms, Inc. Class A | 118385208 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;255228119 |
| IT Services – 1.5% | IT Services – 1.5% | IT Services – 1.5% |
| 57439 | Accenture PLC Class A | 17167943 |
| 13500 | Amdocs Ltd. | 1231740 |
| 11128 | Cloudflare, Inc. Class A\* | 2179196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106645 | International Business Machines Corp. | 31436813 |
| 1 | Kyndryl Holdings, Inc.\* | 42 |
| 1 | Okta, Inc.\* | 100 |
|  |  | 52015834 |
| Leisure Products – 0.0% | Leisure Products – 0.0% | Leisure Products – 0.0% |
| 9300 | Brunswick Corp. | 513732 |
| Life Sciences Tools & Services – 0.6% | Life Sciences Tools & Services – 0.6% | Life Sciences Tools & Services – 0.6% |
| 15 | 10X Genomics, Inc. Class A\* | 173 |
| 4 | Azenta, Inc.\* | 123 |
| 8900 | Bruker Corp. | 366680 |
| 97768 | Danaher Corp. | 19313091 |
| 11505 | Repligen Corp.\* | 1430992 |
|  |  | 21111059 |
| Machinery – 1.2% | Machinery – 1.2% | Machinery – 1.2% |
| 59305 | Caterpillar, Inc. | 23022794 |
| 7000 | Flowserve Corp. | 366450 |
| 76568 | Illinois Tool Works, Inc. | 18931438 |
| 1600 | Lincoln Electric Holdings, Inc. | 331712 |
|  |  | 42652394 |
| Media – 0.3% | Media – 0.3% | Media – 0.3% |
| 320600 | Comcast Corp. Class A | 11442214 |
| 3500 | Trade Desk, Inc. Class A\* | 251965 |
|  |  | 11694179 |
| Metals & Mining – 0.2% | Metals & Mining – 0.2% | Metals & Mining – 0.2% |
| 60099 | Southern Copper Corp. | 6080216 |
| Multi-Utilities – 0.6% | Multi-Utilities – 0.6% | Multi-Utilities – 0.6% |
| 387652 | Dominion Energy, Inc. | 21910091 |
| Oil, Gas & Consumable Fuels – 3.3% | Oil, Gas & Consumable Fuels – 3.3% | Oil, Gas & Consumable Fuels – 3.3% |
| 190228 | Chevron Corp. | 27238748 |
| 5200 | DT Midstream, Inc. | 571532 |
| 454654 | Exxon Mobil Corp. | 49011701 |
| 505545 | Kinder Morgan, Inc. | 14863023 |
| 150000 | ONEOK, Inc. | 12244500 |
| 217400 | Williams Cos., Inc. | 13654894 |
|  |  | 117584398 |
| Personal Products – 0.3% | Personal Products – 0.3% | Personal Products – 0.3% |
| 484146 | Kenvue, Inc. | 10133176 |
| Pharmaceuticals – 3.5% | Pharmaceuticals – 3.5% | Pharmaceuticals – 3.5% |
| 293585 | Bristol-Myers Squibb Co. | 13590050 |
| 53262 | Eli Lilly & Co. | 41519327 |
| 207614 | Johnson & Johnson | 31713038 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Pharmaceuticals – (continued) | Pharmaceuticals – (continued) | Pharmaceuticals – (continued) | Pharmaceuticals – (continued) |
| 228942 | Merck & Co., Inc. | $| 18123049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808034 | Pfizer, Inc. |  | 19586744 |
|  |  |  | 124532208 |
| Professional Services – 1.3% | Professional Services – 1.3% | Professional Services – 1.3% | Professional Services – 1.3% |
| 59091 | Automatic Data Processing, Inc. |  | 18223665 |
| 20933 | Booz Allen Hamilton Holding Corp. |  | 2179753 |
| 31800 | ManpowerGroup, Inc. |  | 1284720 |
| 167200 | Paychex, Inc. |  | 24320912 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;46009050 |
| Residential REITs – 0.2% | Residential REITs – 0.2% | Residential REITs – 0.2% | Residential REITs – 0.2% |
| 179282 | American Homes 4 Rent Class A |  | 6466702 |
| 1193 | Sun Communities, Inc. |  | 150902 |
|  |  |  | 6617604 |
| Retail REITs – 0.0% | Retail REITs – 0.0% | Retail REITs – 0.0% | Retail REITs – 0.0% |
| 14300 | Brixmor Property Group, Inc. |  | 372372 |
| 8300 | NNN REIT, Inc. |  | 358394 |
|  |  |  | 730766 |
| Semiconductors & Semiconductor Equipment – 13.6% | Semiconductors & Semiconductor Equipment – 13.6% | Semiconductors & Semiconductor Equipment – 13.6% | Semiconductors & Semiconductor Equipment – 13.6% |
| 85131 | Advanced Micro Devices, Inc.\* |  | 12080089 |
| 70600 | Analog Devices, Inc. |  | 16804212 |
| 100900 | Applied Materials, Inc. |  | 18471763 |
| 353800 | Broadcom, Inc. |  | 97524970 |
| 200392 | Lam Research Corp. |  | 19506157 |
| 1759 | Marvell Technology, Inc. |  | 136147 |
| 1733686 | NVIDIA Corp.<sup>(a)</sup> |  | 273905051 |
| 120591 | QUALCOMM, Inc. |  | 19205323 |
| 120021 | Texas Instruments, Inc. |  | 24918760 |
|  |  |  | 482552472 |
| Software – 11.5% | Software – 11.5% | Software – 11.5% | Software – 11.5% |
| 400 | AppLovin Corp. Class A\* |  | 140032 |
| 7845 | Atlassian Corp. Class A\* |  | 1593241 |
| 2410 | Bill Holdings, Inc.\* |  | 111487 |
| 18629 | Confluent, Inc. Class A\* |  | 464421 |
| 26440 | Crowdstrike Holdings, Inc. Class A\* |  | 13466156 |
| 7415 | Datadog, Inc. Class A\* |  | 996057 |
| 4320 | Elastic NV\* |  | 364306 |
| 4929 | HubSpot, Inc.\* |  | 2743629 |
| 29220 | Intuit, Inc. |  | 23014549 |
| 538575 | Microsoft Corp.<sup>(a)</sup> |  | 267892591 |
| 151407 | Oracle Corp. |  | 33102112 |
| 176545 | Palantir Technologies, Inc. Class A\* |  | 24066614 |
| 81622 | Salesforce, Inc. |  | 22257503 |
| 4775 | SentinelOne, Inc. Class A\* |  | 87287 |
| 14177 | ServiceNow, Inc.\* |  | 14575090 |
| 33962 | Unity Software, Inc.\* |  | 821880 |
| 6989 | Zscaler, Inc.\* |  | 2194127 |
|  |  |  | 407891082 |

---

&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 U.S. EQUITY DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Specialized REITs – 0.7% | Specialized REITs – 0.7% | Specialized REITs – 0.7% |
| 50100 | American Tower Corp. | $11073102 |
| 17100 | CubeSmart | 726750 |
| 14101 | Equinix, Inc. | 11216923 |
| 27300 | Gaming & Leisure Properties, Inc. | 1274364 |
| 2 | Rayonier, Inc. | 44 |
|  |  | 24291183 |
| Specialty Retail – 2.1% | Specialty Retail – 2.1% | Specialty Retail – 2.1% |
| 18100 | Dick's Sporting Goods, Inc. | 3580361 |
| 13400 | Gap, Inc. | 292254 |
| 97997 | Home Depot, Inc. | 35929620 |
| 58291 | Lowe's Cos., Inc. | 12933024 |
| 9000 | Penske Automotive Group, Inc. | 1546290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114800 | TJX Cos., Inc. | 14176652 |
| 1400 | Wayfair, Inc. Class A\* | 71596 |
| 30800 | Williams-Sonoma, Inc. | 5031796 |
|  |  | 73561593 |
| Technology Hardware, Storage & Peripherals – 6.2% | Technology Hardware, Storage & Peripherals – 6.2% | Technology Hardware, Storage & Peripherals – 6.2% |
| 1067366 | Apple, Inc. | 218991482 |
| Textiles, Apparel & Luxury Goods – 0.0% | Textiles, Apparel & Luxury Goods – 0.0% | Textiles, Apparel & Luxury Goods – 0.0% |
| 6999 | Carter's, Inc. | 210880 |
| Tobacco – 0.8% | Tobacco – 0.8% | Tobacco – 0.8% |
| 266392 | Altria Group, Inc. | 15618563 |
| 76000 | Philip Morris International, Inc. | 13841880 |
|  |  | 29460443 |
| Trading Companies & Distributors – 0.3% | Trading Companies & Distributors – 0.3% | Trading Companies & Distributors – 0.3% |
| 78500 | MSC Industrial Direct Co., Inc. Class A | 6674070 |
| 10499 | Watsco, Inc. | 4636568 |
|  |  | 11310638 |
| TOTAL COMMON STOCKS<br>(Cost $2,257,738,393) | TOTAL COMMON STOCKS<br>(Cost $2,257,738,393) | $3575904362 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(c)</sup> –1.4% | Investment Company<sup>(c)</sup> –1.4% | Investment Company<sup>(c)</sup> –1.4% |
| Goldman Sachs Financial Square Government Fund —<br> Institutional Shares | Goldman Sachs Financial Square Government Fund —<br> Institutional Shares | Goldman Sachs Financial Square Government Fund —<br> Institutional Shares |
| 50499450 | 4.231% | $50499450 |
| (Cost $50,499,450) | (Cost $50,499,450) | (Cost $50,499,450) |
| TOTAL INVESTMENTS – 102.5%<br>(Cost $2,308,237,843) | TOTAL INVESTMENTS – 102.5%<br>(Cost $2,308,237,843) | $3626403812 |
| LIABILITIES IN EXCESS OF OTHER<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSETS – (2.5)%** | LIABILITIES IN EXCESS OF OTHER<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSETS – (2.5)%** | (87948167) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $3538455645 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  **Long position contracts:** |  |  |  |  |
|  S&P 500 E-Mini Index | 54 | 09/19/25 | $16885125 | $582150 |

---

&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 U.S. EQUITY DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

WRITTEN OPTIONS CONTRACTS — At June 30, 2025, the Fund had the following written options:

EXCHANGE TRADED INDEX OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  S&P 500 Index | $5680.00 | 07/31/2025 | (623) | $(353864000) | $(34492396) | $(11711154) | $(22781242) |
|  S&P 500 Index | 6020.00 | 08/29/2025 | (744) | (447888000) | (22297680) | (11716512) | (10581168) |
|  S&P 500 Index | 6310.00 | 09/30/2025 | (746) | (470726000) | (10831920) | (10974704) | 142784 |
| Total written option contracts |  |  | (2113) | (1272478000) | $(67621996) | $(34402370) | $(33219626) |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 12 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **International Equity<br>Dividend and Premium Fund** | **U.S. Equity<br>Dividend and Premium Fund** |
| Assets: |  |  |
|  Investments in unaffiliated issuers, at value (cost $99,695,007 and $2,257,738,393, respectively)<sup>(a)</sup>  | $144465440 | $3575904362 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 1811738 |  |
|  Investments in affiliated issuers, at value (cost $0 and $50,499,450, respectively) |  | 50499450 |
|  Cash |  | 4385706 |
|  Foreign currencies, at value (cost $2,890,017 and $0, respectively) | 2969805 |  |
|  Variation margin on futures contracts | 272 | 81026 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 1396772 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 249717 | 2221418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 17261 | 20725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 350 | 1503963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 10974704 |
|  Other assets | 36440 | 96539 |
|  **Total assets** | 150947795 | 3645687893 |
| Liabilities: |  |  |
|  Written option contracts, at value (premium received $1,523,473 and $34,402,370, respectively) | 2084345 | 67621996 |
|  Due to custodian (overdraft) | 314767 |  |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 2288105 | 3434243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 1811738 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 48010 | 911533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 2047 | 119739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  | 205249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income distributions |  | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to broker |  | 34448520 |
|  Accrued expenses | 311308 | 490927 |
|  **Total liabilities** | 6860320 | 107232248 |
| Net Assets: |  |  |
|  Paid-in capital | 178853525 | 2195080865 |
|  Total distributable earnings (loss) | (34766050) | 1343374780 |
|  **NET ASSETS** | $144087475 | $3538455645 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $1141697 | $225544271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 153427 | 57219604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 3384541 | 1577284074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 1944590 | 472628633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 70213539 | 400365392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 67249681 | 805413671 |
|  Total Net Assets | $144087475 | $3538455645 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 139632 | 12798491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 19564 | 3259613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 423955 | 89852827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 244463 | 26900073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 8794023 | 22821505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 8411466 | 45892358 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 8.18 | 17.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 7.84 | 17.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 7.98 | 17.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 7.95 | 17.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 7.98 | 17.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 8.00 | 17.55 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes loaned securities having a market value of $1,775,068 and $0, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Maximum public offering price per share for Class A Shares of the International Equity Dividend and Premium and U.S. Equity Dividend and Premium Funds is $8.66 and $18.65, 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 NAV or the original purchase price of the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>13</sub>

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Six Months Ended June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **International Equity<br>Dividend and Premium Fund** | **U.S. Equity<br>Dividend and Premium Fund** |
| Investment Income: |  |  |
| Dividends — unaffiliated issuers (net of tax withholding of $313,083 and $0, respectively) | $3595835 | $33535511 |
|  Dividends — affiliated issuers | 16153 | 894210 |
|  Securities lending income, net of rebates received or paid to borrowers | 5684 | 5 |
|  Non-cash dividends — unaffiliated issuers | 3911 |  |
|  Interest | 167 |  |
|  Other Income | 416819 |  |
|  **Total investment income** | 4038569 | 34429726 |
| Expenses: |  |  |
|  Management fees | 593567 | 11729645 |
|  Custody, accounting and administrative services | 83676 | 114901 |
|  Professional fees | 71452 | 50052 |
|  Registration fees | 44156 | 73141 |
|  Printing and mailing costs | 29592 | 99752 |
|  Transfer Agency fees<sup>(a)</sup>  | 23951 | 1030233 |
|  Trustee fees | 13369 | 16905 |
|  Distribution and Service (12b-1) fees<sup>(a)</sup>  | 1860 | 489581 |
|  Service fees — Class C | 166 | 75008 |
|  Other | 6648 | 37956 |
|  **Total expenses** | 868437 | 13717174 |
|  Less — expense reductions | (218155) | (1322195) |
|  **Net expenses** | 650282 | 12394979 |
|  **NET INVESTMENT INCOME** | 3388287 | 22034747 |
| Realized and unrealized gain (loss): |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 3654508 | 54752821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 403512 | (5938441) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | (1620426) | 12099989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 128118 |  |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 21485026 | 82577331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 17260 | 1118306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | (608261) | (40576188) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | 251300 |  |
|  **Net realized and unrealized gain** | 23711037 | 104033818 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $27099324 | $126068565 |

---

&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**  | **Transfer Agency Fees**  | **Transfer Agency Fees**  | **Transfer Agency Fees**  | **Transfer Agency Fees**  | **Transfer Agency Fees**  | **Transfer Agency Fees**  |
| **Fund** | **Class A** | **Class C** | **Class A** | **Class C** | **Institutional** | **Investor** | **Class R6** | **Class P** |
| International Equity Dividend and Premium Fund | $1363 | $497 | $817 | $99 | $654 | $1338 | $11617 | $9426 |
| U.S. Equity Dividend and Premium Fund | 264558 | 225023 | 158735 | 45005 | 303653 | 349642 | 56660 | 116538 |

---

&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 TAX-ADVANTAGED EQUITY FUNDS II

&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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** |
|  | **For the<br>Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>December 31, 2024** | **For the<br>Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>December 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $3388287 | $4799176 | $22034747 | $42482122 |
|  Net realized gain | 2565712 | 1106782 | 60914369 | 197994926 |
|  Net change in unrealized gain (loss) | 21145325 | (9015100) | 43119449 | 430148564 |
|  **Net increase (decrease) in net assets resulting from operations** | 27099324 | (3109142) | 126068565 | 670625612 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (23071) | (38796) | (1067494) | (13622078) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (2789) | (2051) | (70891) | (3897326) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (76271) | (118880) | (9914590) | (105625913) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (43255) | (41646) | (2850181) | (33396039) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (1739059) | (2528224) | (2489862) | (26735064) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (1496312) | (2052023) | (5081443) | (54682135) |
|  **Total distributions to shareholders** | (3380757) | (4781620) | (21474461) | (237958555) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 1579463 | 18378769 | 294309008 | 545220523 |
|  Reinvestment of distributions | 3349946 | 4732139 | 19896360 | 221102316 |
|  Cost of shares redeemed | (34914435) | (18103534) | (413466796) | (769374949) |
|  **Net increase (decrease) in net assets resulting from share transactions** | (29985026) | 5007374 | (99261428) | (3052110) |
|  **TOTAL INCREASE (DECREASE)** | (6266459) | (2883388) | 5332676 | 429614947 |
| Net assets: |  |  |  |  |
|  Beginning of period | 150353934 | 153237322 | 3533122969 | 3103508022 |
|  End of period | $144087475 | $150353934 | $3538455645 | $3533122969 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **15** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM 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 Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $6.95 | $7.33 | $6.55 | $7.59 | $7.16 | $7.28 |
|  Net investment income<sup>(a)</sup>  | 0.16 <sup>(b)</sup> | 0.20 | 0.24 <sup>(c)</sup> | 0.24 | 0.21 | 0.15 |
|  Net realized and unrealized gain (loss) | 1.24 | (0.38) | 0.77 | (1.02) | 0.42 | (0.11) |
|  Total from investment operations | 1.40 | (0.18) | 1.01 | (0.78) | 0.63 | 0.04 |
|  Distributions to shareholders from net investment income | (0.17) | (0.20) | (0.23) | (0.23) | (0.20) | (0.16) |
|  Distributions to shareholders from return of capital |  |  |  | (0.03) |  | — <sup>(d)</sup> |
|  Total distributions | (0.17) | (0.20) | (0.23) | (0.26) | (0.20) | (0.16) |
|  Net asset value, end of period | $8.18 | $6.95 | $7.33 | $6.55 | $7.59 | $7.16 |
|  **Total return<sup>(e)</sup>**  | 20.17% | (2.53)% | 15.91% | (10.29)% | 8.94% | 0.93% |
|  Net assets, end of period (in 000s) | $1142 | $1205 | $1667 | $1576 | $2170 | $2050 |
|  Ratio of net expenses to average net assets | 1.19 %<sup>(f)</sup> | 1.20% | 1.21% | 1.23% | 1.23% | 1.27% |
|  Ratio of total expenses to average net assets | 1.55 %<sup>(f)</sup> | 1.51% | 1.43% | 1.58% | 1.39% | 1.48% |
|  Ratio of net investment income to average net assets | 4.24 %<sup>(b)(f)</sup> | 2.75% | 3.45% | 3.63% | 2.85% | 2.39% |
|  Portfolio turnover rate<sup>(g)</sup>  | 16% | 12% | 18% | 26% | 17% | 34% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.28% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 16 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM 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 Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $6.68 | $7.04 | $6.30 | $7.32 | $6.90 | $7.02 |
|  Net investment income<sup>(a)</sup>  | 0.14 <sup>(b)</sup> | 0.14 | 0.19 <sup>(c)</sup> | 0.18 | 0.14 | 0.10 |
|  Net realized and unrealized gain (loss) | 1.16 | (0.36) | 0.73 | (0.98) | 0.42 | (0.11) |
|  Total from investment operations | 1.30 | (0.22) | 0.92 | (0.80) | 0.56 | (0.01) |
|  Distributions to shareholders from net investment income | (0.14) | (0.14) | (0.18) | (0.20) | (0.14) | (0.11) |
|  Distributions to shareholders from return of capital |  |  |  | (0.02) |  | — <sup>(d)</sup> |
|  Total distributions | (0.14) | (0.14) | (0.18) | (0.22) | (0.14) | (0.11) |
|  Net asset value, end of period | $7.84 | $6.68 | $7.04 | $6.30 | $7.32 | $6.90 |
|  **Total return<sup>(e)</sup>**  | 19.58% | (3.24)% | 14.99% | (10.99)% | 8.22% | 0.18% |
|  Net assets, end of period (in 000s) | $153 | $106 | $180 | $206 | $362 | $621 |
|  Ratio of net expenses to average net assets | 1.94 %<sup>(f)</sup> | 1.94% | 1.96% | 1.98% | 1.98% | 2.02% |
|  Ratio of total expenses to average net assets | 2.30 %<sup>(f)</sup> | 2.26% | 2.18% | 2.33% | 2.16% | 2.23% |
|  Ratio of net investment income to average net assets | 3.79 %<sup>(b)(f)</sup> | 1.99% | 2.85% | 2.77% | 1.91% | 1.63% |
|  Portfolio turnover rate<sup>(g)</sup>  | 16% | 12% | 18% | 26% | 17% | 34% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.28% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **17** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM 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 Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $6.79 | $7.16 | $6.41 | $7.43 | $7.01 | $7.14 |
|  Net investment income<sup>(a)</sup>  | 0.17 <sup>(b)</sup> | 0.23 | 0.25 <sup>(c)</sup> | 0.25 | 0.24 | 0.16 |
|  Net realized and unrealized gain (loss) | 1.20 | (0.38) | 0.75 | (1.00) | 0.41 | (0.10) |
|  Total from investment operations | 1.37 | (0.15) | 1.00 | (0.75) | 0.65 | 0.06 |
|  Distributions to shareholders from net investment income | (0.18) | (0.22) | (0.25) | (0.24) | (0.23) | (0.19) |
|  Distributions to shareholders from return of capital |  |  |  | (0.03) |  | — <sup>(d)</sup> |
|  Total distributions | (0.18) | (0.22) | (0.25) | (0.27) | (0.23) | (0.19) |
|  Net asset value, end of period | $7.98 | $6.79 | $7.16 | $6.41 | $7.43 | $7.01 |
|  **Total return<sup>(e)</sup>**  | 20.22% | (2.15)% | 16.15% | (9.99)% | 9.38% | 1.18% |
|  Net assets, end of period (in 000s) | $3385 | $2831 | $4248 | $3391 | $4417 | $4897 |
|  Ratio of net expenses to average net assets | 0.89 %<sup>(f)</sup> | 0.90% | 0.89% | 0.89% | 0.89% | 0.92% |
|  Ratio of total expenses to average net assets | 1.19 %<sup>(f)</sup> | 1.15% | 1.06% | 1.21% | 1.04% | 1.10% |
|  Ratio of net investment income to average net assets | 4.73 %<sup>(b)(f)</sup> | 3.20% | 3.71% | 3.90% | 3.19% | 2.51% |
|  Portfolio turnover rate<sup>(g)</sup>  | 16% | 12% | 18% | 26% | 17% | 34% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.28% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 18 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM 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 Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $6.76 | $7.14 | $6.39 | $7.41 | $7.00 | $7.12 |
|  Net investment income<sup>(a)</sup>  | 0.17 <sup>(b)</sup> | 0.22 | 0.26 <sup>(c)</sup> | 0.25 | 0.23 | 0.15 |
|  Net realized and unrealized gain (loss) | 1.20 | (0.38) | 0.74 | (1.00) | 0.40 | (0.09) |
|  Total from investment operations | 1.37 | (0.16) | 1.00 | (0.75) | 0.63 | 0.06 |
|  Distributions to shareholders from net investment income | (0.18) | (0.22) | (0.25) | (0.24) | (0.22) | (0.18) |
|  Distributions to shareholders from return of capital |  |  |  | (0.03) |  | — <sup>(d)</sup> |
|  Total distributions | (0.18) | (0.22) | (0.25) | (0.27) | (0.22) | (0.18) |
|  Net asset value, end of period | $7.95 | $6.76 | $7.14 | $6.39 | $7.41 | $7.00 |
|  **Total return<sup>(e)</sup>**  | 20.29% | (2.35)% | 16.13% | (10.09)% | 9.15% | 1.20% |
|  Net assets, end of period (in 000s) | $1945 | $1279 | $1296 | $1362 | $5313 | $4288 |
|  Ratio of net expenses to average net assets | 0.94 %<sup>(f)</sup> | 0.95% | 0.96% | 0.98% | 0.98% | 1.03% |
|  Ratio of total expenses to average net assets | 1.30 %<sup>(f)</sup> | 1.27% | 1.18% | 1.33% | 1.14% | 1.23% |
|  Ratio of net investment income to average net assets | 4.76 %<sup>(b)(f)</sup> | 3.06% | 3.82% | 3.81% | 3.09% | 2.39% |
|  Portfolio turnover rate<sup>(g)</sup>  | 16% | 12% | 18% | 26% | 17% | 34% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.28% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **19** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM 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 Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $6.79 | $7.16 | $6.41 | $7.43 | $7.01 | $7.13 |
|  Net investment income<sup>(a)</sup>  | 0.17 <sup>(b)</sup> | 0.22 | 0.25 <sup>(c)</sup> | 0.25 | 0.23 | 0.17 |
|  Net realized and unrealized gain (loss) | 1.20 | (0.37) | 0.76 | (1.00) | 0.42 | (0.10) |
| Total from investment operations | 1.37 | (0.15) | 1.01 | (0.75) | 0.65 | 0.07 |
|  Distributions to shareholders from net investment income | (0.18) | (0.22) | (0.26) | (0.24) | (0.23) | (0.19) |
|  Distributions to shareholders from return of capital |  |  |  | (0.03) |  | — <sup>(d)</sup> |
|  Total distributions | (0.18) | (0.22) | (0.26) | (0.27) | (0.23) | (0.19) |
|  Net asset value, end of period | $7.98 | $6.79 | $7.16 | $6.41 | $7.43 | $7.01 |
|  **Total return<sup>(e)</sup>**  | 20.23% | (2.14)% | 16.17% | (9.99)% | 9.38% | 1.34% |
|  Net assets, end of period (in 000s) | $70214 | $83857 | $76462 | $68864 | $91208 | $102041 |
|  Ratio of net expenses to average net assets | 0.88 %<sup>(f)</sup> | 0.89% | 0.88% | 0.88% | 0.88% | 0.90% |
|  Ratio of total expenses to average net assets | 1.18 %<sup>(f)</sup> | 1.15% | 1.05% | 1.20% | 1.02% | 1.10% |
|  Ratio of net investment income to average net assets | 4.59 %<sup>(b)(f)</sup> | 3.11% | 3.77% | 3.90% | 3.14% | 2.70% |
|  Portfolio turnover rate<sup>(g)</sup>  | 16% | 12% | 18% | 26% | 17% | 34% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.28% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 20 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM 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 Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $6.80 | $7.17 | $6.42 | $7.44 | $7.02 | $7.14 |
|  Net investment income<sup>(a)</sup>  | 0.17 <sup>(b)</sup> | 0.22 | 0.26 <sup>(c)</sup> | 0.25 | 0.23 | 0.17 |
|  Net realized and unrealized gain (loss) | 1.21 | (0.37) | 0.75 | (1.00) | 0.42 | (0.10) |
|  Total from investment operations | 1.38 | (0.15) | 1.01 | (0.75) | 0.65 | 0.07 |
|  Distributions to shareholders from net investment income | (0.18) | (0.22) | (0.26) | (0.24) | (0.23) | (0.19) |
|  Distributions to shareholders from return of capital |  |  |  | (0.03) |  | — <sup>(d)</sup> |
|  Total distributions | (0.18) | (0.22) | (0.26) | (0.27) | (0.23) | (0.19) |
|  Net asset value, end of period | $8.00 | $6.80 | $7.17 | $6.42 | $7.44 | $7.02 |
|  **Total return<sup>(e)</sup>**  | 20.35% | (2.14)% | 16.14% | (9.97)% | 9.37% | 1.33% |
|  Net assets, end of period (in 000s) | $67250 | $61076 | $69385 | $65048 | $81611 | $86949 |
|  Ratio of net expenses to average net assets | 0.88 %<sup>(f)</sup> | 0.89% | 0.88% | 0.88% | 0.88% | 0.90% |
|  Ratio of total expenses to average net assets | 1.18 %<sup>(f)</sup> | 1.14% | 1.05% | 1.20% | 1.02% | 1.10% |
|  Ratio of net investment income to average net assets | 4.66 %<sup>(b)(f)</sup> | 3.11% | 3.77% | 3.88% | 3.17% | 2.67% |
|  Portfolio turnover rate<sup>(g)</sup>  | 16% | 12% | 18% | 26% | 17% | 34% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.28% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **21** |

---

------

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM 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 Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $17.07 | $14.94 | $13.12 | $16.43 | $14.20 | $13.38 |
|  Net investment income<sup>(a)</sup>  | 0.08 | 0.16 | 0.18 | 0.17 | 0.15 | 0.18 |
|  Net realized and unrealized gain (loss) | 0.55 | 3.11 | 2.56 | (2.59) | 3.01 | 1.61 |
|  Total from investment operations | 0.63 | 3.27 | 2.74 | (2.42) | 3.16 | 1.79 |
|  Distributions to shareholders from net investment income | (0.08) | (0.16) | (0.19) | (0.17) | (0.15) | (0.19) |
|  Distributions to shareholders from net realized gains |  | (0.98) | (0.73) | (0.72) | (0.78) | (0.78) |
|  Distributions to shareholders from return of capital |  |  | — <sup>(b)</sup> |  |  | — <sup>(b)</sup> |
|  Total distributions | (0.08) | (1.14) | (0.92) | (0.89) | (0.93) | (0.97) |
|  Net asset value, end of period | $17.62 | $17.07 | $14.94 | $13.12 | $16.43 | $14.20 |
|  **Total return<sup>(c)</sup>**  | 3.74% | 21.88% | 21.04% | (14.84)% | 22.42% | 13.62% |
|  Net assets, end of period (in 000s) | $225544 | $217300 | $176352 | $151973 | $183895 | $135937 |
|  Ratio of net expenses to average net assets | 1.00 %<sup>(d)</sup> | 1.00% | 1.02% | 1.05% | 1.06% | 1.09% |
|  Ratio of total expenses to average net assets | 1.11 %<sup>(d)</sup> | 1.11% | 1.12% | 1.14% | 1.13% | 1.15% |
|  Ratio of net investment income to average net assets | 1.02 %<sup>(d)</sup> | 0.99% | 1.24% | 1.18% | 0.97% | 1.41% |
| Portfolio turnover rate<sup>(e)</sup> | 10% | 23% | 30% | 38% | 19% | 39% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 22 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM 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 Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $17.00 | $14.88 | $13.07 | $16.36 | $14.14 | $13.33 |
|  Net investment income<sup>(a)</sup>  | 0.02 | 0.04 | 0.07 | 0.06 | 0.04 | 0.08 |
|  Net realized and unrealized gain (loss) | 0.55 | 3.09 | 2.55 | (2.57) | 2.99 | 1.60 |
|  Total from investment operations | 0.57 | 3.13 | 2.62 | (2.51) | 3.03 | 1.68 |
|  Distributions to shareholders from net investment income | (0.02) | (0.03) | (0.08) | (0.06) | (0.03) | (0.09) |
|  Distributions to shareholders from net realized gains |  | (0.98) | (0.73) | (0.72) | (0.78) | (0.78) |
|  Distributions to shareholders from return of capital |  |  | — <sup>(b)</sup> |  |  | — <sup>(b)</sup> |
|  Total distributions | (0.02) | (1.01) | (0.81) | (0.78) | (0.81) | (0.87) |
|  Net asset value, end of period | $17.55 | $17.00 | $14.88 | $13.07 | $16.36 | $14.14 |
|  **Total return<sup>(c)</sup>**  | 3.36% | 20.96% | 20.12% | (15.48)% | 21.48% | 12.83% |
|  Net assets, end of period (in 000s) | $57220 | $63336 | $70396 | $72831 | $109023 | $118819 |
|  Ratio of net expenses to average net assets | 1.75 %<sup>(d)</sup> | 1.75% | 1.77% | 1.80% | 1.81% | 1.84% |
|  Ratio of total expenses to average net assets | 1.86 %<sup>(d)</sup> | 1.86% | 1.87% | 1.89% | 1.88% | 1.90% |
|  Ratio of net investment income to average net assets | 0.28 %<sup>(d)</sup> | 0.25% | 0.50% | 0.42% | 0.23% | 0.64% |
|  Portfolio turnover rate<sup>(e)</sup>  | 10% | 23% | 30% | 38% | 19% | 39% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **23** |

---

------

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM 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 Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $17.00 | $14.88 | $13.08 | $16.37 | $14.16 | $13.35 |
|  Net investment income<sup>(a)</sup>  | 0.11 | 0.22 | 0.23 | 0.22 | 0.21 | 0.23 |
|  Net realized and unrealized gain (loss) | 0.55 | 3.10 | 2.53 | (2.57) | 2.99 | 1.60 |
|  Total from investment operations | 0.66 | 3.32 | 2.76 | (2.35) | 3.20 | 1.83 |
|  Distributions to shareholders from net investment income | (0.11) | (0.22) | (0.23) | (0.22) | (0.21) | (0.24) |
|  Distributions to shareholders from net realized gains |  | (0.98) | (0.73) | (0.72) | (0.78) | (0.78) |
|  Distributions to shareholders from return of capital |  |  | — <sup>(b)</sup> |  |  | — <sup>(b)</sup> |
|  Total distributions | (0.11) | (1.20) | (0.96) | (0.94) | (0.99) | (1.02) |
|  Net asset value, end of period | $17.55 | $17.00 | $14.88 | $13.08 | $16.37 | $14.16 |
|  **Total return<sup>(c)</sup>**  | 3.90% | 22.28% | 21.34% | (14.53)% | 22.82% | 14.12% |
|  Net assets, end of period (in 000s) | $1577284 | $1569561 | $1325844 | $1122307 | $1329450 | $1252383 |
|  Ratio of net expenses to average net assets | 0.68 %<sup>(d)</sup> | 0.68% | 0.69% | 0.71% | 0.71% | 0.72% |
|  Ratio of total expenses to average net assets | 0.75 %<sup>(d)</sup> | 0.75% | 0.76% | 0.77% | 0.76% | 0.78% |
|  Ratio of net investment income to average net assets | 1.34 %<sup>(d)</sup> | 1.31% | 1.57% | 1.52% | 1.33% | 1.73% |
|  Portfolio turnover rate<sup>(e)</sup>  | 10% | 23% | 30% | 38% | 19% | 39% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 24 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM 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 Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $17.01 | $14.89 | $13.09 | $16.38 | $14.17 | $13.36 |
|  Net investment income<sup>(a)</sup>  | 0.11 | 0.20 | 0.21 | 0.21 | 0.19 | 0.21 |
|  Net realized and unrealized gain (loss) | 0.55 | 3.11 | 2.54 | (2.57) | 2.99 | 1.60 |
|  Total from investment operations | 0.66 | 3.31 | 2.75 | (2.36) | 3.18 | 1.81 |
|  Distributions to shareholders from net investment income | (0.10) | (0.21) | (0.22) | (0.21) | (0.19) | (0.22) |
|  Distributions to shareholders from net realized gains |  | (0.98) | (0.73) | (0.72) | (0.78) | (0.78) |
|  Distributions to shareholders from return of capital |  |  | — <sup>(b)</sup> |  |  | — <sup>(b)</sup> |
|  Total distributions | (0.10) | (1.19) | (0.95) | (0.93) | (0.97) | (1.00) |
|  Net asset value, end of period | $17.57 | $17.01 | $14.89 | $13.09 | $16.38 | $14.17 |
|  **Total return<sup>(c)</sup>**  | 3.93% | 22.18% | 21.23% | (14.60)% | 22.78% | 13.90% |
|  Net assets, end of period (in 000s) | $472629 | $495902 | $479421 | $409319 | $473054 | $402711 |
|  Ratio of net expenses to average net assets | 0.75 %<sup>(d)</sup> | 0.75% | 0.77% | 0.80% | 0.81% | 0.83% |
|  Ratio of total expenses to average net assets | 0.86 %<sup>(d)</sup> | 0.86% | 0.87% | 0.89% | 0.88% | 0.90% |
|  Ratio of net investment income to average net assets | 1.27 %<sup>(d)</sup> | 1.24% | 1.49% | 1.44% | 1.23% | 1.64% |
|  Portfolio turnover rate<sup>(e)</sup>  | 10% | 23% | 30% | 38% | 19% | 39% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **25** |

---

------

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM 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 Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $16.99 | $14.87 | $13.07 | $16.36 | $14.15 | $13.34 |
|  Net investment income<sup>(a)</sup>  | 0.11 | 0.22 | 0.23 | 0.22 | 0.21 | 0.23 |
|  Net realized and unrealized gain (loss) | 0.55 | 3.10 | 2.54 | (2.57) | 2.99 | 1.60 |
|  Total from investment operations | 0.66 | 3.32 | 2.77 | (2.35) | 3.20 | 1.83 |
|  Distributions to shareholders from net investment income | (0.11) | (0.22) | (0.24) | (0.22) | (0.21) | (0.24) |
|  Distributions to shareholders from net realized gains |  | (0.98) | (0.73) | (0.72) | (0.78) | (0.78) |
|  Distributions to shareholders from return of capital |  |  | — <sup>(b)</sup> |  |  | — <sup>(b)</sup> |
|  Total distributions | (0.11) | (1.20) | (0.97) | (0.94) | (0.99) | (1.02) |
|  Net asset value, end of period | $17.54 | $16.99 | $14.87 | $13.07 | $16.36 | $14.15 |
|  **Total return<sup>(c)</sup>**  | 3.91% | 22.31% | 21.36% | (14.53)% | 22.85% | 14.13% |
|  Net assets, end of period (in 000s) | $400365 | $379238 | $331528 | $304083 | $336827 | $208584 |
|  Ratio of net expenses to average net assets | 0.67 %<sup>(d)</sup> | 0.67% | 0.68% | 0.70% | 0.70% | 0.72% |
|  Ratio of total expenses to average net assets | 0.74 %<sup>(d)</sup> | 0.74% | 0.75% | 0.76% | 0.75% | 0.77% |
|  Ratio of net investment income to average net assets | 1.35 %<sup>(d)</sup> | 1.32% | 1.58% | 1.54% | 1.33% | 1.77% |
|  Portfolio turnover rate<sup>(e)</sup>  | 10% | 23% | 30% | 38% | 19% | 39% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 26 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM 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 Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended<br>June 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $17.00 | $14.88 | $13.07 | $16.37 | $14.15 | $13.34 |
|  Net investment income<sup>(a)</sup>  | 0.11 | 0.22 | 0.23 | 0.22 | 0.21 | 0.23 |
|  Net realized and unrealized gain (loss) | 0.55 | 3.10 | 2.55 | (2.58) | 3.00 | 1.60 |
|  Total from investment operations | 0.66 | 3.32 | 2.78 | (2.36) | 3.21 | 1.83 |
|  Distributions to shareholders from net investment income | (0.11) | (0.22) | (0.24) | (0.22) | (0.21) | (0.24) |
|  Distributions to shareholders from net realized gains |  | (0.98) | (0.73) | (0.72) | (0.78) | (0.78) |
|  Distributions to shareholders from return of capital |  |  | — <sup>(b)</sup> |  |  | — <sup>(b)</sup> |
|  Total distributions | (0.11) | (1.20) | (0.97) | (0.94) | (0.99) | (1.02) |
|  Net asset value, end of period | $17.55 | $17.00 | $14.88 | $13.07 | $16.37 | $14.15 |
|  **Total return<sup>(c)</sup>**  | 3.97% | 22.22% | 21.44% | (14.59)% | 22.93% | 14.05% |
|  Net assets, end of period (in 000s) | $805414 | $807786 | $719967 | $605229 | $703803 | $593220 |
|  Ratio of net expenses to average net assets | 0.67 %<sup>(d)</sup> | 0.67% | 0.68% | 0.70% | 0.70% | 0.72% |
|  Ratio of total expenses to average net assets | 0.74 %<sup>(d)</sup> | 0.74% | 0.75% | 0.76% | 0.75% | 0.77% |
|  Ratio of net investment income to average net assets | 1.35 %<sup>(d)</sup> | 1.32% | 1.58% | 1.53% | 1.34% | 1.76% |
|  Portfolio turnover rate<sup>(e)</sup>  | 10% | 23% | 30% | 38% | 19% | 39% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **27** |

---

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs Trust (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund"), along with their corresponding share classes and respective diversification status under the Act:

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| | | |
|:---|:---|:---|
| **Fund** | **Share Classes Offered** | **Diversified/ Non-diversified** |
| Goldman Sachs International Equity Dividend and Premium Fund and Goldman Sachs U.S. Equity Dividend and Premium Fund | A, C, Institutional, Investor, R6 and P | Diversified |

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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 and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to a management agreement (the "Agreement") with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds' investments in U.S. real estate investment trusts ("REITs") may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;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.

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

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&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;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:

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| | | |
|:---|:---|:---|
| **Fund** | **Income Distributions Declared/Paid** | **Capital Gains Distributions Declared/Paid** |
| International Equity Dividend and Premium Fund, U.S. Equity Dividend and Premium Fund | Quarterly | Annually |

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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 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 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;

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**29**

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&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)

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States ("U.S.") securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e., where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund ("Underlying Money Market Fund") are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund's accounting policies and investment holdings, please see the Underlying Money Market Fund's shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1

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30.0 ------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the 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;ii. 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;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of June 30, 2025:

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| | | | |
|:---|:---|:---|:---|
| **INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $4480 | $25882 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 622143 | 35573665 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia and Oceania | 131140 | 11222377 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 9487851 | 84924997 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 1407310 | 141600 |  |
|  Securities Lending Reinvestment Vehicle | 1811738 |  |  |
|  Preferred Stocks |  | 923995 |  |
|  **Total** | $13464662 | $132812516 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

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**31**

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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| | | | |
|:---|:---|:---|:---|
| **INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND (continued)** |  |  |  |
| Derivative Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets<sup>(b)</sup>**  |  |  |  |
|  Futures Contracts | $14513 | $— | $— |
|  **Liabilities** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $(1637) | $— | $— |
|  Written Option Contracts | (2084345) |  |  |
|  **Total** | $(2085982) | $— | $— |
| **U.S. EQUITY DIVIDEND AND PREMIUM FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $17167943 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 3556857313 |  | 2520 |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 1876586 |  |  |
|  Investment Company | 50499450 |  |  |
|  **Total** | $3626401292 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2520 |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $582150 | $— | $— |
|  **Liabilities** |  |  |  |
|  Written Option Contracts | $(67621996) | $— | $— |

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&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount shown represents unrealized gain (loss) at period end.

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 June 30, 2025. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure.

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| | | | | |
|:---|:---|:---|:---|:---|
| **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Equity | Variation margin on futures contracts | $14513 <sup>(a)</sup> | Variation margin on futures contracts; Written options, at value | $(2085982)<sup>(a)</sup> |

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Equity | Variation margin on futures contracts | $582150 <sup>(a)</sup> | Written options, at value | $(67621996) |

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&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes unrealized gain (loss) on futures contracts 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.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2025. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

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| | | | |
|:---|:---|:---|:---|
| **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts and written options | $(1216914) | $(591001) |
| **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts and written options | $6161548 | $(39457882) |

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For the six months ended June 30, 2025, the relevant values for each derivative type were as follows:

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| | | |
|:---|:---|:---|
|  | **Average Number of Contracts or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts or Shares/Units<sup>(a)</sup>** |
| **Fund** | **Futures**<br> **Contracts** | **Written**<br> **Options** |
| International Equity Dividend and Premium Fund | 41 | 8348 |
| U.S. Equity Dividend and Premium Fund | 74 | 196650 |

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&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent average number of contracts for futures contracts, or shares/units outstanding for written options, based on absolute values, which is indicative of volume for this derivative type, for the months that each Fund held such derivatives during the six months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

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**33**

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended June 30, 2025, contractual and effective net management fees with GSAM were at the following rates:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Contractual Management Rate** | **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>** |
|  International Equity Dividend and Premium Fund | 0.81% | 0.73% | 0.69% | 0.68% | 0.67% | 0.81% | 0.81% |
|  U.S. Equity Dividend and Premium Fund | 0.75 | 0.68 | 0.65 | 0.64 | 0.63 | 0.69 | 0.64\* |

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^ The Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any.

\* GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.64% as an annual percentage of the Fund's average daily net assets. This arrangement will remain in effect through at least April 30, 2026, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Trustees. 

The International Equity Dividend and Premium Fund and U.S. Equity Dividend and Premium Fund invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds' investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended June 30, 2025, GSAM waived $599 and $33,980 of the management fee for the International Equity Dividend and Premium Fund and U.S. Equity Dividend and Premium Fund, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A Shares of each applicable Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Funds, 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** |
|  | **Class A** | **Class C** |
|  Distribution and/or Service Plan | 0.25% | 0.75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares' front end sales charge and Class C Shares' CDSC. During the six months ended June 30, 2025, Goldman Sachs did not retain any of the Class C Shares' CDSC. During the six months ended June 30, 2025, Goldman Sachs retained the following amounts:

---

| | |
|:---|:---|
|  | **Front End**<br> **Sales Charge**  |
| **Fund** | **Class A** |
|  U.S. Equity Dividend and Premium Fund | $9787 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

34.0 ------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;D. 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: 0.15% of the average daily net assets of Class A, Class C and Investor Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional Shares.

Goldman Sachs has agreed to waive a portion of its transfer agency fee (a component of "Other Expenses") equal to 0.06% and 0.04% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the International Equity Dividend and Premium and U.S. Equity Dividend and Premium Funds, respectively. These arrangements will remain in effect through at least April 30, 2026, and prior to such date, Goldman Sachs may not terminate the arrangements 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 International Equity Dividend and Premium and U.S. Equity Dividend and Premium Funds are 0.044% and 0.004%, respectively. These Other Expense limitations will remain in place through at least April 30, 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.

Goldman Sachs may voluntarily waive a portion of any payments under a Fund's Distribution and Service Plan and Transfer Agency Agreement, and these waivers are in addition to what is stipulated in any contractual fee waiver arrangements (as applicable). These temporary waivers may be modified or terminated at any time at the option of Goldman Sachs without shareholder approval.

For the six months ended June 30, 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** |
|  International Equity Dividend and Premium Fund | $599 | $907 | $216649 | $&nbsp;&nbsp;&nbsp;&nbsp;218155 |
|  U.S. Equity Dividend and Premium Fund | 849176 | 148526 | 324493 | 1322195 |

---

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of June 30, 2025, the Funds participated in a $1,300,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**35**

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2025, the Funds did not have any borrowings under the facility. Prior to April 14, 2025, the facility was $1,150,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — For the six months ended June 30, 2025, Goldman Sachs earned $413 and $645 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the International Equity Dividend and Premium and U.S. Equity Dividend and Premium Funds, respectively.

As of June 30, 2025, the following Funds were the beneficial owners of 5% or more of total outstanding shares of the following 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund** | **Goldman Sachs**<br> **Enhanced Dividend**<br> **Global Equity**<br> **Portfolio** |
| International Equity Dividend and Premium Fund | 48% |
| U.S. Equity Dividend and Premium Fund | 8 |

---

The following table provides information about the Funds' investments in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Underlying Fund** | **Beginning Value as of<br>December 31,**<br> **2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Ending Value as of<br>June 30,**<br> **2025** | **Shares as of<br>June 30,<br>2025** | **Dividend<br>Income** |
|  International Equity Dividend and Premium Fund | Goldman Sachs Financial Square Government Fund — Institutional Shares | $— | $7361931 | $(7361931) | $— |  | $16153 |
|  U.S. Equity Dividend and Premium Fund | Goldman Sachs Financial Square Government Fund — Institutional Shares | 64380674 | 160928344 | (174809568) | 50499450 | 50499450 | 894210 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 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)** |
|  International Equity Dividend and Premium Fund | $23130633 | $46709066 |
|  U.S. Equity Dividend and Premium Fund | 340167684 | 397759788 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission ("SEC") and the terms and conditions contained therein, the U.S. Equity Dividend and Premium and International Equity Dividend and Premium Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending ("GSAL"), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds' securities lending procedures,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

36.0 ------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING (continued)

the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The U.S. Equity Dividend and Premium and International Equity Dividend and Premium Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund ("Government Money Market Fund"), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds' master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction's bankruptcy or insolvency laws. The Funds' loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds' overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of June 30, 2025, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and GSAL received compensation relating to the lending of the Funds' securities. The amounts earned, if any, by the Funds for the six months ended June 30, 2025, are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** |  |
| **Fund** | **Earnings of GSAL**<br> **Relating to**<br> **Securities**<br> **Loaned** | **Amounts Received**<br> **by the Fund**<br> **from Lending to**<br> **Goldman Sachs** | **Amounts Payable to**<br> **Goldman Sachs**<br> **Upon Return of**<br> **Securities Loaned as of<br>June 30, 2025** |
|  International Equity Dividend and Premium Fund | $775 | $6973 | $756888 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**37**

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING (continued)

The following table provides information about the Funds' investments in the Government Money Market Fund for the six months ended June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Beginning**<br> **Value as of<br>December 31, 2024** | **Purchases<br>at cost** | **Proceeds<br>from Sales** | **Ending**<br> **Value as of<br>June 30, 2025** | **Shares as of<br>June 30, 2025** |
|  International Equity Dividend and Premium Fund | $— | $20562788 | $(18751050) | $1811738 | 1811738 |

---

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION

As of the Funds' most recent fiscal year end, December 31, 2024, the Funds' capital loss carryforwards and certain timing differences on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **International Equity<br>Dividend and Premium Fund** | **U.S. Equity<br>Dividend and Premium Fund** |
|  Capital loss carryforwards: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | $(11082864) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | (70430818) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Total capital loss carryforwards | (81513682) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Timing differences (Real Estate Investment Trusts/Late Year Loss Deferral and Post October Capital Loss Deferral) | $(269279) | $(2474899) |

---

As of June 30, 2025, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
|  | **International Equity<br>Dividend and Premium Fund** | **U.S. Equity<br>Dividend and Premium Fund** |
|  Tax Cost | $101522040 | $2315943503 |
|  Gross unrealized gain | &nbsp;&nbsp;&nbsp;&nbsp;47726045 | 1403804030 |
|  Gross unrealized loss | &nbsp;&nbsp;&nbsp;&nbsp;(2970907) | &nbsp;&nbsp;&nbsp;&nbsp;(93343721) |
|  Net unrealized gain | $44755138 | $1310460309 |

---

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, net mark to market gains/(losses) on regulated options contracts and differences in the tax treatment of partnership investments and passive foreign investment company investments.

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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;9. OTHER RISKS (continued)

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 Risk — 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 the Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share 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 the 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 the Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

Investment Style Risk — Different investment styles (e.g., "growth", "value" or "quantitative") tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The 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 the Fund's expense ratio. Similarly, large Fund share purchases may adversely affect a Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Market Risk — The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, 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.

Option Writing Risk — Writing (selling) options may limit the opportunity to profit from an increase or decrease in the market value of a reference security in exchange for up-front cash (the premium) at the time of selling the option. In a sharp rising or falling market, the Fund could significantly underperform the market or other portfolios without an option writing strategy. The Fund could also experience a sudden, significant permanent loss due to dramatic movements in the market value of reference security, which may far exceed the premiums received for writing the option. Such significant losses could cause significant deteriorations in the Fund's NAV. Furthermore, the premium received from the Fund's option writing strategies may not fully protect it against market movements because the Fund will continue to bear the risk of movements in the value of its portfolio investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**39**

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

Stock Risk — Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

Tax-Managed Investment Risk — Because the Investment Adviser balances investment considerations and tax considerations, the pre-tax performance of the Goldman Sachs Tax-Advantaged Global Equity Portfolio may be lower than the performance of similar funds that are not tax-managed. This is because the Investment Adviser may choose not to make certain investments that may result in taxable distributions to the Goldman Sachs Tax-Advantaged Global Equity Portfolio. Even though tax managed strategies are being used, they may not reduce the amount of taxable income and capital gains distributed by the Goldman Sachs Tax-Advantaged Global Equity Portfolio to shareholders.

 <br> &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.

 <br> &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;

40.0 ------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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;12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** |
|  | **For the Six Months Ended** | **For the Six Months Ended** | | |
|  | **June 30, 2025** | **June 30, 2025** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **(Unaudited)** | **(Unaudited)** | **December 31, 2024** | **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Class A Shares** |  |  |  |  |
| Shares sold | 6927 | $53034 | 11133 | $82131 |
| Reinvestment of distributions | 2879 | 23071 | 5376 | 38754 |
| Shares redeemed | (43637) | (317812) | (70583) | (507519) |
|  | (33831) | (241707) | (54074) | (386634) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 3846 | 27256 | 5828 | 41717 |
| Reinvestment of distributions | 362 | 2789 | 298 | 2051 |
| Shares redeemed | (449) | (3314) | (15847) | (111925) |
|  | 3759 | 26731 | (9721) | (68157) |
| **Institutional Shares** |  |  |  |  |
| Shares sold | 82027 | 566227 | 57702 | 403035 |
| Reinvestment of distributions | 7079 | 55201 | 11400 | 80492 |
| Shares redeemed | (82236) | (607082) | (244986) | (1764582) |
|  | 6870 | 14346 | (175884) | (1281055) |
| **Investor Shares** |  |  |  |  |
| Shares sold | 103931 | 722079 | 38342 | 276556 |
| Reinvestment of distributions | 5559 | 43255 | 5929 | 41645 |
| Shares redeemed | (54042) | (395066) | (36746) | (260878) |
|  | 55448 | 370268 | 7525 | 57323 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold |  |  | 2022161 | 14129131 |
| Reinvestment of distributions | 222408 | 1729318 | 356913 | 2517174 |
| Shares redeemed | (3785358) | (27791723) | (699065) | (5100273) |
|  | (3562950) | (26062405) | 1680009 | 11546032 |
| **Class P Shares** |  |  |  |  |
| Shares sold | 27025 | 210867 | 477896 | 3446199 |
| Reinvestment of distributions | 191268 | 1496312 | 290445 | 2052023 |
| Shares redeemed | (792394) | (5799438) | (1455382) | (10358357) |
|  | (574101) | (4092259) | (687041) | (4860135) |
| **NET INCREASE (DECREASE)** | (4104805) | $(29985026) | 760814 | $5007374 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**41**

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** |
|  | **For the Six Months Ended** | **For the Six Months Ended** | | |
|  | **June 30, 2025** | **June 30, 2025** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **(Unaudited)** | **(Unaudited)** | **December 31, 2024** | **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Class A Shares** |  |  |  |  |
| Shares sold | 1247910 | $21133185 | 2511681 | $41933093 |
| Reinvestment of distributions | 56032 | 946787 | 694809 | 11986200 |
| Shares redeemed | (1237693) | (20667518) | (2278888) | (37864697) |
|  | 66249 | 1412454 | 927602 | 16054596 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 402190 | 6808205 | 550190 | 9069549 |
| Reinvestment of distributions | 3990 | 66345 | 211395 | 3637903 |
| Shares redeemed | (872199) | (14651467) | (1766767) | (29253766) |
|  | (466019) | (7776917) | (1005182) | (16546314) |
| **Institutional Shares** |  |  |  |  |
| Shares sold | 10675943 | 177977833 | 19349071 | 320371363 |
| Reinvestment of distributions | 539616 | 9079921 | 5664157 | 97257750 |
| Shares redeemed | (13695741) | (224445428) | (21771169) | (360048966) |
|  | (2480182) | (37387674) | 3242059 | 57580147 |
| **Investor Shares** |  |  |  |  |
| Shares sold | 3138487 | 52530734 | 6241629 | 102690207 |
| Reinvestment of distributions | 169369 | 2849928 | 1943482 | 33395887 |
| Shares redeemed | (5553913) | (91976663) | (11225780) | (185495852) |
|  | (2246057) | (36596001) | (3040669) | (49409758) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 1073001 | 17884093 | 1386887 | 22539308 |
| Reinvestment of distributions | 111279 | 1873436 | 1174478 | 20158805 |
| Shares redeemed | (685713) | (11671270) | (2528343) | (42445515) |
|  | 498567 | 8086259 | 33022 | 252598 |
| **Class P Shares** |  |  |  |  |
| Shares sold | 1071155 | 17974958 | 2969036 | 48617003 |
| Reinvestment of distributions | 301953 | 5079943 | 3184595 | 54665771 |
| Shares redeemed | (3011097) | (50054450) | (7011179) | (114266153) |
|  | (1637989) | (26999549) | (857548) | (10983379) |
| **NET DECREASE** | (6265431) | $(99261428) | (700716) | $(3052110) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

42.0 ------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&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)</u> 

#### Background
The Goldman Sachs International Equity Dividend and Premium Fund and Goldman Sachs U.S. Equity Dividend and Premium 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 two 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, portfolio trading, distribution and other services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**43**

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&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;(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;(l) information regarding commissions paid by the Fund and broker oversight, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

44.0 ------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&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> 

In 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 Funds' portfolio management team to continue to enhance the investment models used in managing the Funds.

The Trustees observed that the International Equity Dividend and Premium Fund's Institutional Shares had placed in the third quartile of the Fund's peer group for the one- and three-year periods and in the fourth quartile for the five- and ten-year periods, and had outperformed its 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 U.S. Equity Dividend and Premium 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 its benchmark index for the one-year period and underperformed for the three-, five-, and ten-year periods ended March 31, 2025.

#### 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.

#### 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**45**

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&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> 

---

| | | |
|:---|:---|:---|
| **Average Daily Net Assets** | **International Equity<br>Dividend and Premium Fund** | **U.S. Equity<br>Dividend and Premium Fund** |
|  First $1 billion | 0.81% | 0.75% |
|  Next $1 billion | 0.73 | 0.68 |
|  Next $3 billion | 0.69 | 0.65 |
|  Next $3 billion | 0.68 | 0.64 |
|  Over $8 billion | 0.67 | 0.63 |

---

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 with respect to the U.S. Equity Dividend and Premium Fund 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 its transfer agency fee for each Fund. 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 U.S. Equity Dividend and Premium 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) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (d) fees earned by Goldman Sachs Agency Lending ("GSAL"), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Funds' cash collateral is invested); (e) the Investment Adviser's ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (f) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs' retention of certain fees as Fund Distributor; (h) 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; (i) 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; (j) 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 (k) 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 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 Funds' 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

46.0 ------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&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> 

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;

**47**

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![LOGO](g209142dsp050.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. TAXADVSAR2-25

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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 control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a) Not applicable.

(b) Not applicable.

ITEM 19. EXHIBITS.

---

| | |
|:---|:---|
| (a)(1) | [Goldman Sachs Trust's Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant's Form N-CSR filed on August 26, 2022.](http://www.sec.gov/Archives/edgar/data/822977/000119312522230661/d320037dex99code.htm) |
| (a)(2) | Not Applicable. |
| (a)(3) | [Exhibit 99.CERT. Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.](d62330dex99cert.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.](d62330dex99906cert.htm) |
| (101) | Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |

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------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | Goldman Sachs Trust |
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs Trust |
| Date: | August 26, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs Trust |
| Date: | August 26, 2025 |
| By: | /s/ Joseph F. DiMaria |
|  | Joseph F. DiMaria |
|  | Principal Financial Officer |
|  | Goldman Sachs Trust |
| Date: | August 26, 2025 |

---

## Ex-99.Cert

**CERTIFICATIONS** 

(Section 302)

I, James A. McNamara, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: August 26, 2025

---

| |
|:---|
|  /s/ James A. McNamara |
|  James A. McNamara<br> Principal Executive Officer |

---

------

**CERTIFICATIONS** 

(Section 302)

I, Joseph F. DiMaria, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: August 26, 2025

---

| |
|:---|
|  /s/ Joseph F. DiMaria |
|  Joseph F. DiMaria<br> Principal Financial Officer |

---

## Exhibit 99.906

EX-99.906CERT

**Certification Under Section 906** 

**of the Sarbanes-Oxley Act of 2002** 

James A. McNamara, Principal Executive Officer, and Joseph F. DiMaria, Principal Financial Officer, of the Goldman Sachs Trust (the "Registrant"), each certify to the best of his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period
ended June 30, 2025 (the "Form N-CSR") fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Principal Executive Officer | Principal Financial Officer |
| Goldman Sachs Trust | Goldman Sachs Trust |
| /s/ James A. McNamara | /s/ Joseph F. DiMaria |
| James A. McNamara | Joseph F. DiMaria |
| Date: August 26, 2025 | Date: August 26, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.