# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001193125-25-171327
**Filing Date:** 2025-8
**Character Count:** 1315932
**Document Hash:** ff0ae99f5d4407f10b09d24d5ab51879
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-171327.hdr.sgml**: 20250801

**ACCESSION NUMBER**: 0001193125-25-171327

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250801

**DATE AS OF CHANGE**: 20250801

**EFFECTIVENESS DATE**: 20250801

**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:** 251175156

**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 Financial Square Government Fund (Series ID: S000009242)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000025196 | Institutional Shares         | FGTXX           |
| C000025197 | Administration Shares        | FOAXX           |
| C000025198 | Service Shares               | FOSXX           |
| C000025199 | Preferred Shares             | GPGXX           |
| C000025200 | Select Shares                | GSGXX           |
| C000025201 | Capital Shares               | GCGXX           |
| C000088802 | Cash Management Shares       | GVCXX           |
| C000088803 | Premier Shares               | GGPXX           |
| C000088804 | Resource Shares              | GVRXX           |
| C000166882 | Class A Shares               | FSOXX           |
| C000166883 | Class C Shares               | FSGXX           |
| C000167141 | Class R6 Shares              | FGGXX           |
| C000214495 | Drexel Hamilton Class Shares | VETXX           |
| C000229774 | Seelaus Class Shares         | WMNXX           |
| C000229775 | Loop Class Shares            | LDIXX           |
| C000237844 | Class D Shares               | GSAXX           |

### Goldman Sachs Financial Square Treasury Solutions Fund (Series ID: S000009243)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000025203 | Institutional Shares   | FEDXX           |
| C000025204 | Administration Shares  | FVAXX           |
| C000025205 | Service Shares         | FVSXX           |
| C000025206 | Preferred Shares       | GPFXX           |
| C000025207 | Select Shares          | GSFXX           |
| C000025208 | Capital Shares         | GCFXX           |
| C000088805 | Cash Management Shares | GFCXX           |
| C000088806 | Premier Shares         | GFPXX           |

### Goldman Sachs Investor Tax-Exempt Money Market Fund (Series ID: S000009244)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000025210 | Class I Shares        | FTXXX           |
| C000025211 | Administration Shares | FEAXX           |
| C000025212 | Service Shares        | FESXX           |
| C000025213 | Preferred Shares      | GPTXX           |
| C000166884 | Class A Shares        | FKIXX           |
| C000166885 | Class C Shares        | FCYXX           |

### Goldman Sachs Financial Square Treasury Obligations Fund (Series ID: S000009260)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000025302 | Institutional Shares   | FTOXX           |
| C000025303 | Administration Shares  | FGAXX           |
| C000025304 | Service Shares         | FYAXX           |
| C000025305 | Preferred Shares       | GPOXX           |
| C000025306 | Select Shares          | GSOXX           |
| C000025307 | Capital Shares         | GCTXX           |
| C000088819 | Premier Shares         | GTPXX           |
| C000088820 | Resource Shares        | GTRXX           |
| C000088821 | Cash Management Shares | GTOXX           |

### Goldman Sachs Financial Square Treasury Instruments Fund (Series ID: S000009261)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000025309 | Institutional Shares   | FTIXX           |
| C000025310 | Administration Shares  | FRAXX           |
| C000025311 | Service Shares         | FYSXX           |
| C000025312 | Preferred Shares       | GPIXX           |
| C000025313 | Select Shares          | GSIXX           |
| C000025314 | Capital Shares         | GCIXX           |
| C000088822 | Cash Management Shares | GICXX           |
| C000088823 | Premier Shares         | GIPXX           |
| C000229776 | Seelaus Class Shares   | WOMXX           |
| C000229777 | Loop Class Shares      | LEIXX           |
| C000240871 | Class D Shares         | FRDXX           |

### Goldman Sachs Financial Square Federal Instruments Fund (Series ID: S000051190)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000161175 | Institutional Shares   | FIRXX           |
| C000161176 | Administration Shares  | FIOXX           |
| C000161177 | Service Shares         | FILXX           |
| C000161178 | Preferred Shares       | FIHXX           |
| C000161180 | Capital Shares         | FIKXX           |
| C000161786 | Cash Management Shares | FIWXX           |
| C000240872 | Class D Shares         | FIDXX           |

### Goldman Sachs Investor Money Market Fund (Series ID: S000051191)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000161182 | Class I Shares         | FMJXX           |
| C000166000 | Class A Shares         | FMEXX           |
| C000166001 | Class C Shares         | FMGXX           |
| C000166002 | Administration Shares  | FMKXX           |
| C000172501 | Cash Management Shares | FHMXX           |
| C000172503 | Service Shares         | FHSXX           |
| C000240873 | Class D Shares         | FMDXX           |

### Goldman Sachs Investor Tax-Exempt California Money Market Fund (Series ID: S000086404)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000251955 | Administration Shares | ICBXX           |
| C000251956 | Class A Shares        | INCXX           |
| C000251957 | Preferred Shares      | ICPXX           |
| C000251958 | Service Shares        | ICSXX           |
| C000251959 | Class I Shares        | ICIXX           |

### Goldman Sachs Investor Tax-Exempt New York Money Market Fund (Series ID: S000086405)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000251960 | Administration Shares | INDXX           |
| C000251961 | Class A Shares        | INBXX           |
| C000251962 | Preferred Shares      | INPXX           |
| C000251963 | Service Shares        | INSXX           |
| C000251964 | Class I Shares        | INYXX           |

?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: November 30

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

The Semi-Annual Report to Shareholders for the Goldman Sachs Financial Square Federal Instruments Fund, Goldman Sachs Financial Square Government Fund, Goldman Sachs Financial Square Treasury Instruments Fund, Goldman Sachs Financial Square Treasury Obligations Fund, Goldman Sachs Financial Square Treasury Solutions Fund, Goldman Sachs Investor Money Market Fund, Goldman Sachs Investor Tax-Exempt California Money Market Fund, Goldman Sachs Investor Tax-Exempt Money Market Fund, and Goldman Sachs Investor Tax-Exempt New York Money Market Fund is filed herewith.

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Federal Instruments Fund

# Class D: FIDXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Federal Instruments Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 66.0% |
| U.S. Government Agency Securities | 35.1% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class D | $10 | 0.20%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$7,165,866,494

* # of Portfolio Holdings284

* Total Net Advisory Fees Paid$6,656,127

Goldman Sachs Financial Square Federal Instruments Fund

Class D

## Additional Information
If you wish 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 Financial Square Federal Instruments Fund

38150C333-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Class D

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Federal Instruments Fund

# Institutional Class: FIRXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Federal Instruments Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 66.0% |
| U.S. Government Agency Securities | 35.1% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $10 | 0.20%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$7,165,866,494

* # of Portfolio Holdings284

* Total Net Advisory Fees Paid$6,656,127

Goldman Sachs Financial Square Federal Instruments 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 Financial Square Federal Instruments Fund

38148U692-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Federal Instruments Fund

# Capital Class: FIKXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Federal Instruments Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 66.0% |
| U.S. Government Agency Securities | 35.1% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Capital | $18 | 0.35%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$7,165,866,494

* # of Portfolio Holdings284

* Total Net Advisory Fees Paid$6,656,127

Goldman Sachs Financial Square Federal Instruments Fund

Capital 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 Financial Square Federal Instruments Fund

38148U676-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Capital Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Federal Instruments Fund

# Service Class: FILXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Federal Instruments Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 66.0% |
| U.S. Government Agency Securities | 35.1% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $35 | 0.70%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$7,165,866,494

* # of Portfolio Holdings284

* Total Net Advisory Fees Paid$6,656,127

Goldman Sachs Financial Square Federal Instruments 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 Financial Square Federal Instruments Fund

38148U627-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Federal Instruments Fund

# Preferred Class: FIHXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Federal Instruments Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 66.0% |
| U.S. Government Agency Securities | 35.1% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Preferred | $15 | 0.30%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$7,165,866,494

* # of Portfolio Holdings284

* Total Net Advisory Fees Paid$6,656,127

Goldman Sachs Financial Square Federal Instruments Fund

Preferred 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 Financial Square Federal Instruments Fund

38148U650-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Preferred Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Federal Instruments Fund

# Administration Class: FIOXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Federal Instruments Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 66.0% |
| U.S. Government Agency Securities | 35.1% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administration | $23 | 0.45%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$7,165,866,494

* # of Portfolio Holdings284

* Total Net Advisory Fees Paid$6,656,127

Goldman Sachs Financial Square Federal Instruments Fund

Administration 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 Financial Square Federal Instruments Fund

38148U684-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Administration Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Federal Instruments Fund

# Cash Management Class: FIWXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Federal Instruments Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 66.0% |
| U.S. Government Agency Securities | 35.1% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Cash Management | $50 | 1.00%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$7,165,866,494

* # of Portfolio Holdings284

* Total Net Advisory Fees Paid$6,656,127

Goldman Sachs Financial Square Federal Instruments Fund

Cash Management 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 Financial Square Federal Instruments Fund

38148U668-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Cash Management Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Government Fund

# Class A: FSOXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Repurchase Agreements | 55.8% |
| U.S. Treasury Obligations | 36.4% |
| U.S. Government Agency Securities | 9.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $21 | 0.42%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$245,735,609,208

* # of Portfolio Holdings423

* Total Net Advisory Fees Paid$210,795,513

Goldman Sachs Financial Square Government 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 Financial Square Government Fund

38148U452-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Government Fund

# Class C: FSGXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Repurchase Agreements | 55.8% |
| U.S. Treasury Obligations | 36.4% |
| U.S. Government Agency Securities | 9.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $59 | 1.17%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$245,735,609,208

* # of Portfolio Holdings423

* Total Net Advisory Fees Paid$210,795,513

Goldman Sachs Financial Square Government 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 Financial Square Government Fund

38148U445-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Government Fund

# Class D: GSAXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Repurchase Agreements | 55.8% |
| U.S. Treasury Obligations | 36.4% |
| U.S. Government Agency Securities | 9.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class D | $9 | 0.17%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$245,735,609,208

* # of Portfolio Holdings423

* Total Net Advisory Fees Paid$210,795,513

Goldman Sachs Financial Square Government Fund

Class D

## Additional Information
If you wish 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 Financial Square Government Fund

38150C366-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Class D

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Government Fund

# Institutional Class: FGTXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Repurchase Agreements | 55.8% |
| U.S. Treasury Obligations | 36.4% |
| U.S. Government Agency Securities | 9.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $9 | 0.17%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$245,735,609,208

* # of Portfolio Holdings423

* Total Net Advisory Fees Paid$210,795,513

Goldman Sachs Financial Square Government 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 Financial Square Government Fund

38141W273-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Government Fund

# Capital Class: GCGXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Repurchase Agreements | 55.8% |
| U.S. Treasury Obligations | 36.4% |
| U.S. Government Agency Securities | 9.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Capital | $16 | 0.32%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$245,735,609,208

* # of Portfolio Holdings423

* Total Net Advisory Fees Paid$210,795,513

Goldman Sachs Financial Square Government Fund

Capital 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 Financial Square Government Fund

38143H506-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Capital Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Government Fund

# Service Class: FOSXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Repurchase Agreements | 55.8% |
| U.S. Treasury Obligations | 36.4% |
| U.S. Government Agency Securities | 9.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $34 | 0.67%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$245,735,609,208

* # of Portfolio Holdings423

* Total Net Advisory Fees Paid$210,795,513

Goldman Sachs Financial Square Government 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 Financial Square Government Fund

38141W257-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Government Fund

# Preferred Class: GPGXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Repurchase Agreements | 55.8% |
| U.S. Treasury Obligations | 36.4% |
| U.S. Government Agency Securities | 9.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Preferred | $14 | 0.27%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$245,735,609,208

* # of Portfolio Holdings423

* Total Net Advisory Fees Paid$210,795,513

Goldman Sachs Financial Square Government Fund

Preferred 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 Financial Square Government Fund

38141W240-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Preferred Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Government Fund

# Select Class: GSGXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Repurchase Agreements | 55.8% |
| U.S. Treasury Obligations | 36.4% |
| U.S. Government Agency Securities | 9.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Select | $10 | 0.20%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$245,735,609,208

* # of Portfolio Holdings423

* Total Net Advisory Fees Paid$210,795,513

Goldman Sachs Financial Square Government Fund

Select 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 Financial Square Government Fund

38142Y716-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Select Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Government Fund

# Administration Class: FOAXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Repurchase Agreements | 55.8% |
| U.S. Treasury Obligations | 36.4% |
| U.S. Government Agency Securities | 9.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administration | $21 | 0.42%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$245,735,609,208

* # of Portfolio Holdings423

* Total Net Advisory Fees Paid$210,795,513

Goldman Sachs Financial Square Government Fund

Administration 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 Financial Square Government Fund

38141W265-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Administration Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Government Fund

# Cash Management Class: GVCXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Repurchase Agreements | 55.8% |
| U.S. Treasury Obligations | 36.4% |
| U.S. Government Agency Securities | 9.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Cash Management | $49 | 0.97%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$245,735,609,208

* # of Portfolio Holdings423

* Total Net Advisory Fees Paid$210,795,513

Goldman Sachs Financial Square Government Fund

Cash Management 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 Financial Square Government Fund

38145C828-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Cash Management Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Government Fund

# Premier Class: GGPXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Repurchase Agreements | 55.8% |
| U.S. Treasury Obligations | 36.4% |
| U.S. Government Agency Securities | 9.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Premier | $26 | 0.52%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$245,735,609,208

* # of Portfolio Holdings423

* Total Net Advisory Fees Paid$210,795,513

Goldman Sachs Financial Square Government Fund

Premier 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 Financial Square Government Fund

38145C836-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Premier Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Government Fund

# Resource Class: GVRXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Repurchase Agreements | 55.8% |
| U.S. Treasury Obligations | 36.4% |
| U.S. Government Agency Securities | 9.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Resource | $41 | 0.82%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$245,735,609,208

* # of Portfolio Holdings423

* Total Net Advisory Fees Paid$210,795,513

Goldman Sachs Financial Square Government Fund

Resource 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 Financial Square Government Fund

38145C810-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Resource Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Government Fund

# Class R6: FGGXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Repurchase Agreements | 55.8% |
| U.S. Treasury Obligations | 36.4% |
| U.S. Government Agency Securities | 9.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $9 | 0.17%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$245,735,609,208

* # of Portfolio Holdings423

* Total Net Advisory Fees Paid$210,795,513

Goldman Sachs Financial Square Government 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 Financial Square Government Fund

38148U619-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Government Fund

# Drexel Hamilton Class: VETXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Repurchase Agreements | 55.8% |
| U.S. Treasury Obligations | 36.4% |
| U.S. Government Agency Securities | 9.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Drexel Hamilton | $9 | 0.17%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$245,735,609,208

* # of Portfolio Holdings423

* Total Net Advisory Fees Paid$210,795,513

Goldman Sachs Financial Square Government Fund

Drexel Hamilton 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 Financial Square Government Fund

38150C762-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Drexel Hamilton Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Government Fund

# Loop Class: LDIXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Repurchase Agreements | 55.8% |
| U.S. Treasury Obligations | 36.4% |
| U.S. Government Agency Securities | 9.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Loop | $9 | 0.17%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$245,735,609,208

* # of Portfolio Holdings423

* Total Net Advisory Fees Paid$210,795,513

Goldman Sachs Financial Square Government Fund

Loop 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 Financial Square Government Fund

38150C481-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Loop Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Government Fund

# Seelaus Class: WMNXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Repurchase Agreements | 55.8% |
| U.S. Treasury Obligations | 36.4% |
| U.S. Government Agency Securities | 9.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Seelaus | $9 | 0.17%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$245,735,609,208

* # of Portfolio Holdings423

* Total Net Advisory Fees Paid$210,795,513

Goldman Sachs Financial Square Government Fund

Seelaus 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 Financial Square Government Fund

38150C499-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Seelaus Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Treasury Instruments Fund

# Class D: FRDXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 108.2% |

---

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

---

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

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$95,477,342,715

* # of Portfolio Holdings242

* Total Net Advisory Fees Paid$85,193,388

Goldman Sachs Financial Square Treasury Instruments Fund

Class D

## Additional Information
If you wish 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 Financial Square Treasury Instruments Fund

38150C341-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Class D

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Treasury Instruments Fund

# Institutional Class: FTIXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 108.2% |

---

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

---

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

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$95,477,342,715

* # of Portfolio Holdings242

* Total Net Advisory Fees Paid$85,193,388

Goldman Sachs Financial Square Treasury Instruments 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 Financial Square Treasury Instruments Fund

38142B500-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Treasury Instruments Fund

# Capital Class: GCIXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 108.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Capital | $17 | 0.34%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$95,477,342,715

* # of Portfolio Holdings242

* Total Net Advisory Fees Paid$85,193,388

Goldman Sachs Financial Square Treasury Instruments Fund

Capital 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 Financial Square Treasury Instruments Fund

38143H407-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Capital Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Treasury Instruments Fund

# Service Class: FYSXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 108.2% |

---

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

---

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

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$95,477,342,715

* # of Portfolio Holdings242

* Total Net Advisory Fees Paid$85,193,388

Goldman Sachs Financial Square Treasury Instruments 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 Financial Square Treasury Instruments Fund

38142B708-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Treasury Instruments Fund

# Preferred Class: GPIXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 108.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Preferred | $15 | 0.29%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$95,477,342,715

* # of Portfolio Holdings242

* Total Net Advisory Fees Paid$85,193,388

Goldman Sachs Financial Square Treasury Instruments Fund

Preferred 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 Financial Square Treasury Instruments Fund

38142B807-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Preferred Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Treasury Instruments Fund

# Select Class: GSIXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 108.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Select | $11 | 0.22%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$95,477,342,715

* # of Portfolio Holdings242

* Total Net Advisory Fees Paid$85,193,388

Goldman Sachs Financial Square Treasury Instruments Fund

Select 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 Financial Square Treasury Instruments Fund

38142Y724-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Select Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Treasury Instruments Fund

# Administration Class: FRAXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 108.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administration | $22 | 0.44%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$95,477,342,715

* # of Portfolio Holdings242

* Total Net Advisory Fees Paid$85,193,388

Goldman Sachs Financial Square Treasury Instruments Fund

Administration 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 Financial Square Treasury Instruments Fund

38142B609-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Administration Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Treasury Instruments Fund

# Cash Management Class: GICXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 108.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Cash Management | $50 | 0.99%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$95,477,342,715

* # of Portfolio Holdings242

* Total Net Advisory Fees Paid$85,193,388

Goldman Sachs Financial Square Treasury Instruments Fund

Cash Management 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 Financial Square Treasury Instruments Fund

38145C729-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Cash Management Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Treasury Instruments Fund

# Premier Class: GIPXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 108.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Premier | $27 | 0.54%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$95,477,342,715

* # of Portfolio Holdings242

* Total Net Advisory Fees Paid$85,193,388

Goldman Sachs Financial Square Treasury Instruments Fund

Premier 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 Financial Square Treasury Instruments Fund

38145C737-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Premier Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Treasury Instruments Fund

# Loop Class: LEIXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 108.2% |

---

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

---

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

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$95,477,342,715

* # of Portfolio Holdings242

* Total Net Advisory Fees Paid$85,193,388

Goldman Sachs Financial Square Treasury Instruments Fund

Loop 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 Financial Square Treasury Instruments Fund

38150C465-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Loop Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Treasury Instruments Fund

# Seelaus Class: WOMXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 108.2% |

---

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

---

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

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$95,477,342,715

* # of Portfolio Holdings242

* Total Net Advisory Fees Paid$85,193,388

Goldman Sachs Financial Square Treasury Instruments Fund

Seelaus 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 Financial Square Treasury Instruments Fund

38150C473-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Seelaus Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Treasury Obligations Fund

# Institutional Class: FTOXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Obligations Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Repurchase Agreements | 58.3% |
| U.S. Treasury Obligations | 42.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $10 | 0.20%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$43,706,566,263

* # of Portfolio Holdings217

* Total Net Advisory Fees Paid$41,673,568

Goldman Sachs Financial Square Treasury Obligations 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 Financial Square Treasury Obligations Fund

38141W323-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Treasury Obligations Fund

# Capital Class: GCTXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Obligations Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Repurchase Agreements | 58.3% |
| U.S. Treasury Obligations | 42.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Capital | $18 | 0.35%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$43,706,566,263

* # of Portfolio Holdings217

* Total Net Advisory Fees Paid$41,673,568

Goldman Sachs Financial Square Treasury Obligations Fund

Capital 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 Financial Square Treasury Obligations Fund

38143H308-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Capital Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Treasury Obligations Fund

# Service Class: FYAXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Obligations Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Repurchase Agreements | 58.3% |
| U.S. Treasury Obligations | 42.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $35 | 0.70%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$43,706,566,263

* # of Portfolio Holdings217

* Total Net Advisory Fees Paid$41,673,568

Goldman Sachs Financial Square Treasury Obligations 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 Financial Square Treasury Obligations Fund

38141W299-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Treasury Obligations Fund

# Preferred Class: GPOXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Obligations Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Repurchase Agreements | 58.3% |
| U.S. Treasury Obligations | 42.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Preferred | $15 | 0.30%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$43,706,566,263

* # of Portfolio Holdings217

* Total Net Advisory Fees Paid$41,673,568

Goldman Sachs Financial Square Treasury Obligations Fund

Preferred 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 Financial Square Treasury Obligations Fund

38141W281-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Preferred Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Treasury Obligations Fund

# Select Class: GSOXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Obligations Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Repurchase Agreements | 58.3% |
| U.S. Treasury Obligations | 42.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Select | $11 | 0.22%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$43,706,566,263

* # of Portfolio Holdings217

* Total Net Advisory Fees Paid$41,673,568

Goldman Sachs Financial Square Treasury Obligations Fund

Select 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 Financial Square Treasury Obligations Fund

38142Y732-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Select Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Treasury Obligations Fund

# Administration Class: FGAXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Obligations Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Repurchase Agreements | 58.3% |
| U.S. Treasury Obligations | 42.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administration | $23 | 0.45%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$43,706,566,263

* # of Portfolio Holdings217

* Total Net Advisory Fees Paid$41,673,568

Goldman Sachs Financial Square Treasury Obligations Fund

Administration 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 Financial Square Treasury Obligations Fund

38141W315-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Administration Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Treasury Obligations Fund

# Cash Management Class: GTOXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Obligations Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Repurchase Agreements | 58.3% |
| U.S. Treasury Obligations | 42.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Cash Management | $50 | 1.00%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$43,706,566,263

* # of Portfolio Holdings217

* Total Net Advisory Fees Paid$41,673,568

Goldman Sachs Financial Square Treasury Obligations Fund

Cash Management 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 Financial Square Treasury Obligations Fund

38145C786-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Cash Management Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Treasury Obligations Fund

# Premier Class: GTPXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Obligations Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Repurchase Agreements | 58.3% |
| U.S. Treasury Obligations | 42.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Premier | $27 | 0.54%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$43,706,566,263

* # of Portfolio Holdings217

* Total Net Advisory Fees Paid$41,673,568

Goldman Sachs Financial Square Treasury Obligations Fund

Premier 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 Financial Square Treasury Obligations Fund

38145C794-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Premier Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Treasury Obligations Fund

# Resource Class: GTRXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Obligations Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Repurchase Agreements | 58.3% |
| U.S. Treasury Obligations | 42.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Resource | $43 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$43,706,566,263

* # of Portfolio Holdings217

* Total Net Advisory Fees Paid$41,673,568

Goldman Sachs Financial Square Treasury Obligations Fund

Resource 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 Financial Square Treasury Obligations Fund

38145C778-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Resource Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Treasury Solutions Fund

# Institutional Class: FEDXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Solutions Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 52.5% |
| Repurchase Agreements | 48.6% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $10 | 0.20%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$16,468,862,685

* # of Portfolio Holdings173

* Total Net Advisory Fees Paid$13,985,208

Goldman Sachs Financial Square Treasury Solutions 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 Financial Square Treasury Solutions Fund

38142B880-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Treasury Solutions Fund

# Capital Class: GCFXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Solutions Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 52.5% |
| Repurchase Agreements | 48.6% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Capital | $18 | 0.35%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$16,468,862,685

* # of Portfolio Holdings173

* Total Net Advisory Fees Paid$13,985,208

Goldman Sachs Financial Square Treasury Solutions Fund

Capital 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 Financial Square Treasury Solutions Fund

38143H605-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Capital Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Treasury Solutions Fund

# Service Class: FVSXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Solutions Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 52.5% |
| Repurchase Agreements | 48.6% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $35 | 0.70%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$16,468,862,685

* # of Portfolio Holdings173

* Total Net Advisory Fees Paid$13,985,208

Goldman Sachs Financial Square Treasury Solutions 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 Financial Square Treasury Solutions Fund

38142B864-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Treasury Solutions Fund

# Preferred Class: GPFXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Solutions Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 52.5% |
| Repurchase Agreements | 48.6% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Preferred | $15 | 0.30%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$16,468,862,685

* # of Portfolio Holdings173

* Total Net Advisory Fees Paid$13,985,208

Goldman Sachs Financial Square Treasury Solutions Fund

Preferred 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 Financial Square Treasury Solutions Fund

38142B856-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Preferred Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Treasury Solutions Fund

# Select Class: GSFXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Solutions Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 52.5% |
| Repurchase Agreements | 48.6% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Select | $12 | 0.23%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$16,468,862,685

* # of Portfolio Holdings173

* Total Net Advisory Fees Paid$13,985,208

Goldman Sachs Financial Square Treasury Solutions Fund

Select 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 Financial Square Treasury Solutions Fund

38142Y690-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Select Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Treasury Solutions Fund

# Administration Class: FVAXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Solutions Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 52.5% |
| Repurchase Agreements | 48.6% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administration | $23 | 0.45%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$16,468,862,685

* # of Portfolio Holdings173

* Total Net Advisory Fees Paid$13,985,208

Goldman Sachs Financial Square Treasury Solutions Fund

Administration 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 Financial Square Treasury Solutions Fund

38142B872-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Administration Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Treasury Solutions Fund

# Cash Management Class: GFCXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Solutions Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 52.5% |
| Repurchase Agreements | 48.6% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Cash Management | $50 | 1.00%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$16,468,862,685

* # of Portfolio Holdings173

* Total Net Advisory Fees Paid$13,985,208

Goldman Sachs Financial Square Treasury Solutions Fund

Cash Management 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 Financial Square Treasury Solutions Fund

38145C752-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Cash Management Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Financial Square Treasury Solutions Fund

# Premier Class: GFPXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Solutions Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 52.5% |
| Repurchase Agreements | 48.6% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Premier | $28 | 0.55%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$16,468,862,685

* # of Portfolio Holdings173

* Total Net Advisory Fees Paid$13,985,208

Goldman Sachs Financial Square Treasury Solutions Fund

Premier 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 Financial Square Treasury Solutions Fund

38145C760-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Premier Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Investor Money Market Fund

# Class A: FMEXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Investor Money Market Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Repurchase Agreements | 25.1% |
| Commercial Paper and Corporate Obligations | 17.3% |
| U.S. Treasury Obligations | 15.2% |
| Certificate of Deposit | 13.5% |
| Variable Rate Municipal Debt Obligations | 10.5% |
| Variable Rate Obligations | 8.5% |
| Time Deposits | 7.2% |
| Medium Term Notes | 1.2% |
| U.S. Government Agency Obligations | 1.1% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $22 | 0.43%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$11,364,957,558

* # of Portfolio Holdings420

* Total Net Advisory Fees Paid$8,749,538

Goldman Sachs Investor Money Market 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 Investor Money Market Fund

38148U593-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Investor Money Market Fund

# Class C: FMGXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Investor Money Market Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Repurchase Agreements | 25.1% |
| Commercial Paper and Corporate Obligations | 17.3% |
| U.S. Treasury Obligations | 15.2% |
| Certificate of Deposit | 13.5% |
| Variable Rate Municipal Debt Obligations | 10.5% |
| Variable Rate Obligations | 8.5% |
| Time Deposits | 7.2% |
| Medium Term Notes | 1.2% |
| U.S. Government Agency Obligations | 1.1% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $59 | 1.18%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$11,364,957,558

* # of Portfolio Holdings420

* Total Net Advisory Fees Paid$8,749,538

Goldman Sachs Investor Money Market 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 Investor Money Market Fund

38148U585-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Investor Money Market Fund

# Class D: FMDXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Investor Money Market Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Repurchase Agreements | 25.1% |
| Commercial Paper and Corporate Obligations | 17.3% |
| U.S. Treasury Obligations | 15.2% |
| Certificate of Deposit | 13.5% |
| Variable Rate Municipal Debt Obligations | 10.5% |
| Variable Rate Obligations | 8.5% |
| Time Deposits | 7.2% |
| Medium Term Notes | 1.2% |
| U.S. Government Agency Obligations | 1.1% |

---

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

---

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

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$11,364,957,558

* # of Portfolio Holdings420

* Total Net Advisory Fees Paid$8,749,538

Goldman Sachs Investor Money Market Fund

Class D

## Additional Information
If you wish 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 Investor Money Market Fund

38150C358-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Class D

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Investor Money Market Fund

# Class I: FMJXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Investor Money Market Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Repurchase Agreements | 25.1% |
| Commercial Paper and Corporate Obligations | 17.3% |
| U.S. Treasury Obligations | 15.2% |
| Certificate of Deposit | 13.5% |
| Variable Rate Municipal Debt Obligations | 10.5% |
| Variable Rate Obligations | 8.5% |
| Time Deposits | 7.2% |
| Medium Term Notes | 1.2% |
| U.S. Government Agency Obligations | 1.1% |

---

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

---

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

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$11,364,957,558

* # of Portfolio Holdings420

* Total Net Advisory Fees Paid$8,749,538

Goldman Sachs Investor Money Market Fund

Class I

## Additional Information
If you wish 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 Investor Money Market Fund

38148U577-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Class I

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Investor Money Market Fund

# Service Class: FHSXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Investor Money Market Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Repurchase Agreements | 25.1% |
| Commercial Paper and Corporate Obligations | 17.3% |
| U.S. Treasury Obligations | 15.2% |
| Certificate of Deposit | 13.5% |
| Variable Rate Municipal Debt Obligations | 10.5% |
| Variable Rate Obligations | 8.5% |
| Time Deposits | 7.2% |
| Medium Term Notes | 1.2% |
| U.S. Government Agency Obligations | 1.1% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $34 | 0.68%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$11,364,957,558

* # of Portfolio Holdings420

* Total Net Advisory Fees Paid$8,749,538

Goldman Sachs Investor Money Market 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 Investor Money Market Fund

38148U296-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Investor Money Market Fund

# Administration Class: FMKXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Investor Money Market Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Repurchase Agreements | 25.1% |
| Commercial Paper and Corporate Obligations | 17.3% |
| U.S. Treasury Obligations | 15.2% |
| Certificate of Deposit | 13.5% |
| Variable Rate Municipal Debt Obligations | 10.5% |
| Variable Rate Obligations | 8.5% |
| Time Deposits | 7.2% |
| Medium Term Notes | 1.2% |
| U.S. Government Agency Obligations | 1.1% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administration | $22 | 0.43%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$11,364,957,558

* # of Portfolio Holdings420

* Total Net Advisory Fees Paid$8,749,538

Goldman Sachs Investor Money Market Fund

Administration 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 Investor Money Market Fund

38148U569-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Administration Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Investor Money Market Fund

# Cash Management Class: FHMXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Investor Money Market Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Repurchase Agreements | 25.1% |
| Commercial Paper and Corporate Obligations | 17.3% |
| U.S. Treasury Obligations | 15.2% |
| Certificate of Deposit | 13.5% |
| Variable Rate Municipal Debt Obligations | 10.5% |
| Variable Rate Obligations | 8.5% |
| Time Deposits | 7.2% |
| Medium Term Notes | 1.2% |
| U.S. Government Agency Obligations | 1.1% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Cash Management | $49 | 0.98%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$11,364,957,558

* # of Portfolio Holdings420

* Total Net Advisory Fees Paid$8,749,538

Goldman Sachs Investor Money Market Fund

Cash Management 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 Investor Money Market Fund

38148U320-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Cash Management Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Investor Tax-Exempt California Money Market Fund

# Class A: INCXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt California Money Market Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Variable Rate Demand Note | 43.5% |
| Other Municipal Security | 24.9% |
| Non-Financial Company Commercial Paper | 18.9% |
| U.S. Treasury Debt | 7.4% |
| Tender Option Bond | 4.8% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $22 | 0.43%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$6,734,952

* # of Portfolio Holdings56

* Total Net Advisory Fees Paid$4,387

Goldman Sachs Investor Tax-Exempt California Money Market 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 Investor Tax-Exempt California Money Market Fund

38150C325-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Investor Tax-Exempt California Money Market Fund

# Class I: ICIXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt California Money Market Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Variable Rate Demand Note | 43.5% |
| Other Municipal Security | 24.9% |
| Non-Financial Company Commercial Paper | 18.9% |
| U.S. Treasury Debt | 7.4% |
| Tender Option Bond | 4.8% |

---

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

---

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

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$6,734,952

* # of Portfolio Holdings56

* Total Net Advisory Fees Paid$4,387

Goldman Sachs Investor Tax-Exempt California Money Market Fund

Class I

## Additional Information
If you wish 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 Investor Tax-Exempt California Money Market Fund

38150C317-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Class I

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Investor Tax-Exempt California Money Market Fund

# Service Class: ICSXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt California Money Market Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Variable Rate Demand Note | 43.5% |
| Other Municipal Security | 24.9% |
| Non-Financial Company Commercial Paper | 18.9% |
| U.S. Treasury Debt | 7.4% |
| Tender Option Bond | 4.8% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $34 | 0.68%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$6,734,952

* # of Portfolio Holdings56

* Total Net Advisory Fees Paid$4,387

Goldman Sachs Investor Tax-Exempt California Money Market 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 Investor Tax-Exempt California Money Market Fund

38150C283-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Investor Tax-Exempt California Money Market Fund

# Preferred Class: ICPXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt California Money Market Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Variable Rate Demand Note | 43.5% |
| Other Municipal Security | 24.9% |
| Non-Financial Company Commercial Paper | 18.9% |
| U.S. Treasury Debt | 7.4% |
| Tender Option Bond | 4.8% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Preferred | $14 | 0.28%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$6,734,952

* # of Portfolio Holdings56

* Total Net Advisory Fees Paid$4,387

Goldman Sachs Investor Tax-Exempt California Money Market Fund

Preferred 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 Investor Tax-Exempt California Money Market Fund

38150C275-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Preferred Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Investor Tax-Exempt California Money Market Fund

# Administration Class: ICBXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt California Money Market Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Variable Rate Demand Note | 43.5% |
| Other Municipal Security | 24.9% |
| Non-Financial Company Commercial Paper | 18.9% |
| U.S. Treasury Debt | 7.4% |
| Tender Option Bond | 4.8% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administration | $22 | 0.43%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$6,734,952

* # of Portfolio Holdings56

* Total Net Advisory Fees Paid$4,387

Goldman Sachs Investor Tax-Exempt California Money Market Fund

Administration 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 Investor Tax-Exempt California Money Market Fund

38150C291-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Administration Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Investor Tax-Exempt Money Market Fund

# Class A: FKIXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt Money Market Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Variable Rate Demand Note | 33.1% |
| Non-Financial Company Commercial Paper | 28.0% |
| Other Municipal Security | 14.5% |
| U.S. Treasury Obligations | 10.7% |
| Tender Option Bond | 8.9% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $22 | 0.43%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$2,808,146,206

* # of Portfolio Holdings193

* Total Net Advisory Fees Paid$2,128,358

Goldman Sachs Investor Tax-Exempt Money Market 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 Investor Tax-Exempt Money Market Fund

38148U353-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Investor Tax-Exempt Money Market Fund

# Class C: FCYXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt Money Market Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Variable Rate Demand Note | 33.1% |
| Non-Financial Company Commercial Paper | 28.0% |
| Other Municipal Security | 14.5% |
| U.S. Treasury Obligations | 10.7% |
| Tender Option Bond | 8.9% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $59 | 1.18%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$2,808,146,206

* # of Portfolio Holdings193

* Total Net Advisory Fees Paid$2,128,358

Goldman Sachs Investor Tax-Exempt Money Market 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 Investor Tax-Exempt Money Market Fund

38148U346-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Investor Tax-Exempt Money Market Fund

# Class I: FTXXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt Money Market Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Variable Rate Demand Note | 33.1% |
| Non-Financial Company Commercial Paper | 28.0% |
| Other Municipal Security | 14.5% |
| U.S. Treasury Obligations | 10.7% |
| Tender Option Bond | 8.9% |

---

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

---

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

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$2,808,146,206

* # of Portfolio Holdings193

* Total Net Advisory Fees Paid$2,128,358

Goldman Sachs Investor Tax-Exempt Money Market Fund

Class I

## Additional Information
If you wish 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 Investor Tax-Exempt Money Market Fund

38141W182-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Class I

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Investor Tax-Exempt Money Market Fund

# Service Class: FESXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt Money Market Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Variable Rate Demand Note | 33.1% |
| Non-Financial Company Commercial Paper | 28.0% |
| Other Municipal Security | 14.5% |
| U.S. Treasury Obligations | 10.7% |
| Tender Option Bond | 8.9% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $34 | 0.68%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$2,808,146,206

* # of Portfolio Holdings193

* Total Net Advisory Fees Paid$2,128,358

Goldman Sachs Investor Tax-Exempt Money Market 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 Investor Tax-Exempt Money Market Fund

38141W166-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Investor Tax-Exempt Money Market Fund

# Preferred Class: GPTXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt Money Market Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Variable Rate Demand Note | 33.1% |
| Non-Financial Company Commercial Paper | 28.0% |
| Other Municipal Security | 14.5% |
| U.S. Treasury Obligations | 10.7% |
| Tender Option Bond | 8.9% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Preferred | $14 | 0.28%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$2,808,146,206

* # of Portfolio Holdings193

* Total Net Advisory Fees Paid$2,128,358

Goldman Sachs Investor Tax-Exempt Money Market Fund

Preferred 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 Investor Tax-Exempt Money Market Fund

38141W158-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Preferred Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Investor Tax-Exempt Money Market Fund

# Administration Class: FEAXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt Money Market Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Variable Rate Demand Note | 33.1% |
| Non-Financial Company Commercial Paper | 28.0% |
| Other Municipal Security | 14.5% |
| U.S. Treasury Obligations | 10.7% |
| Tender Option Bond | 8.9% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administration | $22 | 0.43%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$2,808,146,206

* # of Portfolio Holdings193

* Total Net Advisory Fees Paid$2,128,358

Goldman Sachs Investor Tax-Exempt Money Market Fund

Administration 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 Investor Tax-Exempt Money Market Fund

38141W174-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Administration Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Investor Tax-Exempt New York Money Market Fund

# Class A: INBXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt New York Money Market Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Variable Rate Demand Note | 54.0% |
| Other Municipal Security | 17.4% |
| U.S. Treasury Debt | 13.3% |
| Tender Option Bond | 9.0% |
| Non-Financial Company Commercial Paper | 5.5% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $22 | 0.43%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$27,079,422

* # of Portfolio Holdings100

* Total Net Advisory Fees Paid$15,142

Goldman Sachs Investor Tax-Exempt New York Money Market 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 Investor Tax-Exempt New York Money Market Fund

38150C267-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Investor Tax-Exempt New York Money Market Fund

# Class I: INYXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt New York Money Market Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Variable Rate Demand Note | 54.0% |
| Other Municipal Security | 17.4% |
| U.S. Treasury Debt | 13.3% |
| Tender Option Bond | 9.0% |
| Non-Financial Company Commercial Paper | 5.5% |

---

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

---

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

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$27,079,422

* # of Portfolio Holdings100

* Total Net Advisory Fees Paid$15,142

Goldman Sachs Investor Tax-Exempt New York Money Market Fund

Class I

## Additional Information
If you wish 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 Investor Tax-Exempt New York Money Market Fund

38150C259-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Class I

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Investor Tax-Exempt New York Money Market Fund

# Service Class: INSXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt New York Money Market Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Variable Rate Demand Note | 54.0% |
| Other Municipal Security | 17.4% |
| U.S. Treasury Debt | 13.3% |
| Tender Option Bond | 9.0% |
| Non-Financial Company Commercial Paper | 5.5% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $34 | 0.68%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$27,079,422

* # of Portfolio Holdings100

* Total Net Advisory Fees Paid$15,142

Goldman Sachs Investor Tax-Exempt New York Money Market 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 Investor Tax-Exempt New York Money Market Fund

38150C234-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Investor Tax-Exempt New York Money Market Fund

# Preferred Class: INPXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt New York Money Market Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Variable Rate Demand Note | 54.0% |
| Other Municipal Security | 17.4% |
| U.S. Treasury Debt | 13.3% |
| Tender Option Bond | 9.0% |
| Non-Financial Company Commercial Paper | 5.5% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Preferred | $14 | 0.28%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$27,079,422

* # of Portfolio Holdings100

* Total Net Advisory Fees Paid$15,142

Goldman Sachs Investor Tax-Exempt New York Money Market Fund

Preferred 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 Investor Tax-Exempt New York Money Market Fund

38150C226-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Preferred Class

![Image](g892174i3a44a2eeef755228a10f.jpg)

Semi-Annual Shareholder Report

May 31, 2025

# Goldman Sachs Investor Tax-Exempt New York Money Market Fund

# Administration Class: INDXX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt New York Money Market Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 Allocation (%)** 

---

| | |
|:---|:---|
| Variable Rate Demand Note | 54.0% |
| Other Municipal Security | 17.4% |
| U.S. Treasury Debt | 13.3% |
| Tender Option Bond | 9.0% |
| Non-Financial Company Commercial Paper | 5.5% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administration | $22 | 0.43%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics (as of May 31, 2025)
* Total Net Assets$27,079,422

* # of Portfolio Holdings100

* Total Net Advisory Fees Paid$15,142

Goldman Sachs Investor Tax-Exempt New York Money Market Fund

Administration 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 Investor Tax-Exempt New York Money Market Fund

38150C242-SAR-0525&nbsp;&nbsp;&nbsp;&nbsp; Administration 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](g892174dsp001.jpg)

Goldman Sachs Funds Semi-Annual Financial Statements May 31, 2025 Financial Square FundsSM Goldman Sachs Financial Square Federal Instruments Fund Goldman Sachs Financial Square Government Fund Goldman Sachs Financial Square Treasury Instruments Fund Goldman Sachs Financial Square Treasury Obligations Fund Goldman Sachs Financial Square Treasury Solutions 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;

## Goldman Sachs Financial Square Funds

---

| | |
|:---|:---|
|  **Table of Contents** | **Page** |
|  **[Schedules of Investments](#fsq892174_20)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Financial Square Federal Instruments Fund](#fsq892174_1) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Financial Square Government Fund](#fsq892174_2) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Financial Square Treasury Instruments Fund](#fsq892174_3) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Financial Square Treasury Obligations Fund](#fsq892174_4) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Financial Square Treasury Solutions Fund](#fsq892174_5) | 30 |
|  **[Financial Statements](#fsq892174_30)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#fsq892174_6) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#fsq892174_7) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#fsq892174_8) | 38 |
|  **[Financial Highlights](#fsq892174_40)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Financial Square Federal Instruments Fund](#fsq892174_9) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Financial Square Government Fund](#fsq892174_10) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Financial Square Treasury Instruments Fund](#fsq892174_11) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Financial Square Treasury Obligations Fund](#fsq892174_12) | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Financial Square Treasury Solutions Fund](#fsq892174_13) | 84 |
|  **[Notes to Financial Statements](#fsq892174_14)** | 92 |

---

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

------

GOLDMAN SACHS FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

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

Schedule of Investments *May 31, 2025 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Government Agency Securities – 35.1% | U.S. Government Agency Securities – 35.1% | U.S. Government Agency Securities – 35.1% | U.S. Government Agency Securities – 35.1% |
| Federal Farm Credit Bank (Prime Rate - 3.035%) | Federal Farm Credit Bank (Prime Rate - 3.035%) | Federal Farm Credit Bank (Prime Rate - 3.035%) | Federal Farm Credit Bank (Prime Rate - 3.035%) |
| 6148000 | 4.465 %<sup>(a)</sup> | 01/13/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6148000 |
| Federal Farm Credit Bank (SOFR + 0.050%) | Federal Farm Credit Bank (SOFR + 0.050%) | Federal Farm Credit Bank (SOFR + 0.050%) | Federal Farm Credit Bank (SOFR + 0.050%) |
| 25000000 | 4.380 <sup>(a)</sup> | 05/14/26 | 25000000 |
| Federal Farm Credit Bank (SOFR + 0.070%) | Federal Farm Credit Bank (SOFR + 0.070%) | Federal Farm Credit Bank (SOFR + 0.070%) | Federal Farm Credit Bank (SOFR + 0.070%) |
| 4633000 | 4.400 <sup>(a)</sup> | 12/07/26 | 4633000 |
| Federal Farm Credit Bank (SOFR + 0.075%) | Federal Farm Credit Bank (SOFR + 0.075%) | Federal Farm Credit Bank (SOFR + 0.075%) | Federal Farm Credit Bank (SOFR + 0.075%) |
| 3706000 | 4.405 <sup>(a)</sup> | 11/16/26 | 3706000 |
| Federal Farm Credit Bank (SOFR + 0.080%) | Federal Farm Credit Bank (SOFR + 0.080%) | Federal Farm Credit Bank (SOFR + 0.080%) | Federal Farm Credit Bank (SOFR + 0.080%) |
| 5000000 | 4.410 <sup>(a)</sup> | 03/11/27 | 5000000 |
| Federal Farm Credit Bank (SOFR + 0.085%) | Federal Farm Credit Bank (SOFR + 0.085%) | Federal Farm Credit Bank (SOFR + 0.085%) | Federal Farm Credit Bank (SOFR + 0.085%) |
| 2197000 | 4.415 <sup>(a)</sup> | 08/07/26 | 2197000 |
| 12841000 | 4.415 <sup>(a)</sup> | 02/26/27 | 12841000 |
| Federal Farm Credit Bank (SOFR + 0.090%) | Federal Farm Credit Bank (SOFR + 0.090%) | Federal Farm Credit Bank (SOFR + 0.090%) | Federal Farm Credit Bank (SOFR + 0.090%) |
| 2118000 | 4.420 <sup>(a)</sup> | 02/24/27 | 2118000 |
| Federal Farm Credit Bank (SOFR + 0.095%) | Federal Farm Credit Bank (SOFR + 0.095%) | Federal Farm Credit Bank (SOFR + 0.095%) | Federal Farm Credit Bank (SOFR + 0.095%) |
| 8603000 | 4.425 <sup>(a)</sup> | 02/12/27 | 8603000 |
| Federal Farm Credit Bank (SOFR + 0.100%) | Federal Farm Credit Bank (SOFR + 0.100%) | Federal Farm Credit Bank (SOFR + 0.100%) | Federal Farm Credit Bank (SOFR + 0.100%) |
| 2429000 | 4.430 <sup>(a)</sup> | 02/09/27 | 2429000 |
| Federal Farm Credit Bank (SOFR + 0.105%) | Federal Farm Credit Bank (SOFR + 0.105%) | Federal Farm Credit Bank (SOFR + 0.105%) | Federal Farm Credit Bank (SOFR + 0.105%) |
| 4168000 | 4.435 <sup>(a)</sup> | 02/01/27 | 4168000 |
| 12500000 | 4.435 <sup>(a)</sup> | 03/05/27 | 12500000 |
| 7974000 | 4.435 <sup>(a)</sup> | 05/14/27 | 7974000 |
| Federal Farm Credit Bank (SOFR + 0.115%) | Federal Farm Credit Bank (SOFR + 0.115%) | Federal Farm Credit Bank (SOFR + 0.115%) | Federal Farm Credit Bank (SOFR + 0.115%) |
| 22070000 | 4.445 <sup>(a)</sup> | 01/28/27 | 22070000 |
| 11244000 | 4.445 <sup>(a)</sup> | 02/10/27 | 11244000 |
| 6567000 | 4.445 <sup>(a)</sup> | 05/06/27 | 6567000 |
| Federal Farm Credit Bank (SOFR + 0.125%) | Federal Farm Credit Bank (SOFR + 0.125%) | Federal Farm Credit Bank (SOFR + 0.125%) | Federal Farm Credit Bank (SOFR + 0.125%) |
| 5015000 | 4.455 <sup>(a)</sup> | 04/29/27 | 5015000 |
| Federal Farm Credit Bank (SOFR + 0.130%) | Federal Farm Credit Bank (SOFR + 0.130%) | Federal Farm Credit Bank (SOFR + 0.130%) | Federal Farm Credit Bank (SOFR + 0.130%) |
| 1744000 | 4.460 <sup>(a)</sup> | 08/13/25 | 1744000 |
| 4615000 | 4.460 <sup>(a)</sup> | 04/23/27 | 4615000 |
| Federal Farm Credit Bank (SOFR + 0.135%) | Federal Farm Credit Bank (SOFR + 0.135%) | Federal Farm Credit Bank (SOFR + 0.135%) | Federal Farm Credit Bank (SOFR + 0.135%) |
| 4003000 | 4.465 <sup>(a)</sup> | 12/18/26 | 4002925 |
| 2879000 | 4.465 <sup>(a)</sup> | 01/08/27 | 2879000 |
| Federal Farm Credit Bank (SOFR + 0.140%) | Federal Farm Credit Bank (SOFR + 0.140%) | Federal Farm Credit Bank (SOFR + 0.140%) | Federal Farm Credit Bank (SOFR + 0.140%) |
| 3877000 | 4.465 <sup>(a)</sup> | 09/03/26 | 3880497 |
| Federal Farm Credit Bank (SOFR + 0.145%) | Federal Farm Credit Bank (SOFR + 0.145%) | Federal Farm Credit Bank (SOFR + 0.145%) | Federal Farm Credit Bank (SOFR + 0.145%) |
| 1532000 | 4.475 <sup>(a)</sup> | 06/27/25 | 1532000 |
| 2517000 | 4.475 <sup>(a)</sup> | 07/30/25 | 2517000 |
| Federal Farm Credit Bank (SOFR + 0.160%) | Federal Farm Credit Bank (SOFR + 0.160%) | Federal Farm Credit Bank (SOFR + 0.160%) | Federal Farm Credit Bank (SOFR + 0.160%) |
| 5074000 | 4.490 <sup>(a)</sup> | 07/21/25 | 5074000 |
| Federal Farm Credit Bank (US Federal Funds Effective Rate + 0.155%) | Federal Farm Credit Bank (US Federal Funds Effective Rate + 0.155%) | Federal Farm Credit Bank (US Federal Funds Effective Rate + 0.155%) | Federal Farm Credit Bank (US Federal Funds Effective Rate + 0.155%) |
| 3139000 | 4.485 <sup>(a)</sup> | 06/27/25 | 3139000 |
| Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| 20000000 | 4.319 | 06/10/25 | 19978825 |
| 250000000 | 4.330 | 06/12/25 | 249675729 |
| 1609000 | 4.146 | 12/26/25 | 1571307 |
| 7545000 | 4.224 | 12/26/25 | 7368245 |
| 4654000 | 4.234 | 12/26/25 | 4544972 |
| 4874000 | 4.252 | 01/06/26 | 4752879 |
| Federal Home Loan Bank (SOFR - 0.005%) | Federal Home Loan Bank (SOFR - 0.005%) | Federal Home Loan Bank (SOFR - 0.005%) | Federal Home Loan Bank (SOFR - 0.005%) |
| 650000000 | 4.325 <sup>(a)</sup> | 06/06/25 | 650000000 |
| 125000000 | 4.325 <sup>(a)</sup> | 09/08/25 | 125000000 |
| 250000000 | 4.325 <sup>(a)</sup> | 09/23/25 | 250000000 |
| 200000000 | 4.325 <sup>(a)</sup> | 10/06/25 | 200000000 |
| Federal Home Loan Bank (SOFR - 0.015%) | Federal Home Loan Bank (SOFR - 0.015%) | Federal Home Loan Bank (SOFR - 0.015%) | Federal Home Loan Bank (SOFR - 0.015%) |
| 150000000 | 4.315 <sup>(a)</sup> | 06/23/25 | 150000000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Government Agency Securities – (continued) | U.S. Government Agency Securities – (continued) | U.S. Government Agency Securities – (continued) | U.S. Government Agency Securities – (continued) |
| Federal Home Loan Bank (SOFR + 0.000%) | Federal Home Loan Bank (SOFR + 0.000%) | Federal Home Loan Bank (SOFR + 0.000%) | Federal Home Loan Bank (SOFR + 0.000%) |
| $200000000 | 4.330 %<sup>(a)</sup> | 10/21/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000000 |
| Federal Home Loan Bank (SOFR + 0.005%) | Federal Home Loan Bank (SOFR + 0.005%) | Federal Home Loan Bank (SOFR + 0.005%) | Federal Home Loan Bank (SOFR + 0.005%) |
| 250000000 | 4.335 <sup>(a)</sup> | 09/05/25 | 250000000 |
| Federal Home Loan Bank (SOFR + 0.020%) | Federal Home Loan Bank (SOFR + 0.020%) | Federal Home Loan Bank (SOFR + 0.020%) | Federal Home Loan Bank (SOFR + 0.020%) |
| 1875000 | 4.350 <sup>(a)</sup> | 06/10/25 | 1875000 |
| Federal Home Loan Bank (SOFR + 0.030%) | Federal Home Loan Bank (SOFR + 0.030%) | Federal Home Loan Bank (SOFR + 0.030%) | Federal Home Loan Bank (SOFR + 0.030%) |
| 13000000 | 4.360 <sup>(a)</sup> | 02/19/26 | 13000000 |
| Federal Home Loan Bank (SOFR + 0.045%) | Federal Home Loan Bank (SOFR + 0.045%) | Federal Home Loan Bank (SOFR + 0.045%) | Federal Home Loan Bank (SOFR + 0.045%) |
| 6500000 | 4.375 <sup>(a)</sup> | 05/18/26 | 6500000 |
| Federal Home Loan Bank (SOFR + 0.050%) | Federal Home Loan Bank (SOFR + 0.050%) | Federal Home Loan Bank (SOFR + 0.050%) | Federal Home Loan Bank (SOFR + 0.050%) |
| 75000000 | 4.380 <sup>(a)</sup> | 05/14/26 | 75000000 |
| Federal Home Loan Bank (SOFR + 0.085%) | Federal Home Loan Bank (SOFR + 0.085%) | Federal Home Loan Bank (SOFR + 0.085%) | Federal Home Loan Bank (SOFR + 0.085%) |
| 8000000 | 4.415 <sup>(a)</sup> | 02/26/27 | 8000000 |
| Federal Home Loan Bank (SOFR + 0.090%) | Federal Home Loan Bank (SOFR + 0.090%) | Federal Home Loan Bank (SOFR + 0.090%) | Federal Home Loan Bank (SOFR + 0.090%) |
| 6500000 | 4.420 <sup>(a)</sup> | 02/12/27 | 6500000 |
| 13000000 | 4.420 <sup>(a)</sup> | 02/19/27 | 13000000 |
| Federal Home Loan Bank (SOFR + 0.100%) | Federal Home Loan Bank (SOFR + 0.100%) | Federal Home Loan Bank (SOFR + 0.100%) | Federal Home Loan Bank (SOFR + 0.100%) |
| 8140000 | 4.430 <sup>(a)</sup> | 10/21/26 | 8140000 |
| 4055000 | 4.430 <sup>(a)</sup> | 05/27/27 | 4055000 |
| Federal Home Loan Bank (SOFR + 0.110%) | Federal Home Loan Bank (SOFR + 0.110%) | Federal Home Loan Bank (SOFR + 0.110%) | Federal Home Loan Bank (SOFR + 0.110%) |
| 1290000 | 4.440 <sup>(a)</sup> | 02/12/27 | 1290000 |
| Federal Home Loan Bank (SOFR + 0.115%) | Federal Home Loan Bank (SOFR + 0.115%) | Federal Home Loan Bank (SOFR + 0.115%) | Federal Home Loan Bank (SOFR + 0.115%) |
| 3265000 | 4.445 <sup>(a)</sup> | 01/25/27 | 3265000 |
| Federal Home Loan Bank (SOFR + 0.130%) | Federal Home Loan Bank (SOFR + 0.130%) | Federal Home Loan Bank (SOFR + 0.130%) | Federal Home Loan Bank (SOFR + 0.130%) |
| 6785000 | 4.460 <sup>(a)</sup> | 04/16/27 | 6785000 |
| 4350000 | 4.460 <sup>(a)</sup> | 04/23/27 | 4350000 |
| Federal Home Loan Bank (SOFR + 0.135%) | Federal Home Loan Bank (SOFR + 0.135%) | Federal Home Loan Bank (SOFR + 0.135%) | Federal Home Loan Bank (SOFR + 0.135%) |
| 18775000 | 4.465 <sup>(a)</sup> | 01/06/27 | 18775000 |
| Federal Home Loan Bank (SOFR + 0.140%) | Federal Home Loan Bank (SOFR + 0.140%) | Federal Home Loan Bank (SOFR + 0.140%) | Federal Home Loan Bank (SOFR + 0.140%) |
| 6030000 | 4.465 <sup>(a)</sup> | 10/29/26 | 6035694 |
| Federal Home Loan Bank (SOFR + 0.150%) | Federal Home Loan Bank (SOFR + 0.150%) | Federal Home Loan Bank (SOFR + 0.150%) | Federal Home Loan Bank (SOFR + 0.150%) |
| 9640000 | 4.480 <sup>(a)</sup> | 06/06/25 | 9640000 |
| Federal Home Loan Bank (SOFR + 0.155%) | Federal Home Loan Bank (SOFR + 0.155%) | Federal Home Loan Bank (SOFR + 0.155%) | Federal Home Loan Bank (SOFR + 0.155%) |
| 8455000 | 4.485 <sup>(a)</sup> | 07/08/25 | 8455000 |
| Federal Home Loan Bank (SOFR + 0.160%) | Federal Home Loan Bank (SOFR + 0.160%) | Federal Home Loan Bank (SOFR + 0.160%) | Federal Home Loan Bank (SOFR + 0.160%) |
| 16170000 | 4.490 <sup>(a)</sup> | 07/10/25 | 16170000 |
| 14760000 | 4.490 <sup>(a)</sup> | 07/14/25 | 14760000 |
| 6445000 | 4.490 <sup>(a)</sup> | 07/25/25 | 6445000 |
| TOTAL U.S. GOVERNMENT AGENCY SECURITIES | TOTAL U.S. GOVERNMENT AGENCY SECURITIES | TOTAL U.S. GOVERNMENT AGENCY SECURITIES | $2516529073 |
| U.S. Treasury Obligations – 66.0% | U.S. Treasury Obligations – 66.0% | U.S. Treasury Obligations – 66.0% | U.S. Treasury Obligations – 66.0% |
| United States Treasury Bills | United States Treasury Bills | United States Treasury Bills | United States Treasury Bills |
| 19963200 | 4.280 <sup>(b)</sup> | 06/05/25 | 19956180 |
| 26678500 | 4.293 | 06/17/25 | 26628405 |
| 25321500 | 4.317 | 06/17/25 | 25273953 |
| 132348800 | 4.305 | 06/20/25 | 132054142 |
| 66653700 | 4.311 | 06/20/25 | 66505304 |
| 100000000 | 4.316 | 06/20/25 | 99777363 |
| 260544000 | 4.293 | 06/24/25 | 259841545 |
| 3500 | 4.312 | 06/24/25 | 3491 |
| 2761600 | 4.297 | 07/01/25 | 2751883 |
| 4830900 | 4.304 | 07/01/25 | 4813903 |
| 24965600 | 4.306 | 07/01/25 | 24877759 |
| 600 | 4.308 | 07/01/25 | 598 |
| 38893100 | 4.312 | 07/01/25 | 38756256 |
| 1500 | 4.313 | 07/01/25 | 1495 |
| 1000 | 4.317 | 07/01/25 | 996 |
| 100 | 4.330 | 07/01/25 | 100 |

---

&nbsp;&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 FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

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

Schedule of Investments (continued) *May 31, 2025 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) |
| $1318500 | 4.292% | 07/03/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313541 |
| 11684300 | 4.305 | 07/03/25 | 11640352 |
| 83113400 | 4.310 | 07/03/25 | 82800788 |
| 60169100 | 4.315 | 07/03/25 | 59942788 |
| 20900 | 4.297 | 07/08/25 | 16138 |
| 45538600 | 4.305 | 07/10/25 | 45329850 |
| 98914600 | 4.310 | 07/10/25 | 98461172 |
| 141506200 | 4.315 | 07/10/25 | 140857531 |
| 45171600 | 4.300 | 07/22/25 | 44902224 |
| 89319800 | 4.302 | 07/22/25 | 88787151 |
| 48324700 | 4.303 | 07/22/25 | 48036521 |
| 1699400 | 4.305 | 07/22/25 | 1689266 |
| 71784600 | 4.308 | 07/22/25 | 71356520 |
| 292950100 | 4.317 | 07/22/25 | 291203122 |
| 14226200 | 4.297 | 07/29/25 | 14130189 |
| 12868000 | 4.303 | 07/29/25 | 12781155 |
| 52814600 | 4.308 | 07/29/25 | 52458160 |
| 20560100 | 4.313 | 07/29/25 | 20421342 |
| 9550300 | 4.266 | 08/05/25 | 9478018 |
| 1273900 | 4.271 | 08/05/25 | 1264258 |
| 6222300 | 4.274 | 08/05/25 | 6175206 |
| 4543900 | 4.277 | 08/05/25 | 4509509 |
| 37770300 | 4.297 | 08/05/25 | 37484431 |
| 3655500 | 4.302 | 08/05/25 | 3627833 |
| 12193100 | 4.307 | 08/05/25 | 12100815 |
| 14473900 | 4.308 | 08/05/25 | 14364353 |
| 9325200 | 4.312 | 08/05/25 | 9254621 |
| 73434500 | 4.318 | 08/05/25 | 72878703 |
| 16583100 | 4.332 | 08/05/25 | 16457589 |
| 6148700 | 4.323 | 08/12/25 | 6096883 |
| 1809100 | 4.326 | 08/12/25 | 1793854 |
| 10110000 | 4.329 | 08/12/25 | 10024799 |
| 16183500 | 4.339 | 08/12/25 | 16047115 |
| 3269600 | 4.392 | 08/14/25 | 3240739 |
| 19489700 | 4.397 | 08/14/25 | 19317662 |
| 28623000 | 4.402 | 08/14/25 | 28370341 |
| 16288600 | 4.408 | 08/14/25 | 16144818 |
| 28467000 | 4.323 | 08/19/25 | 28203419 |
| 4084300 | 4.326 | 08/19/25 | 4046483 |
| 1770500 | 4.328 | 08/19/25 | 1754107 |
| 11461300 | 4.329 | 08/19/25 | 11355178 |
| 2529400 | 4.331 | 08/19/25 | 2505980 |
| 17935900 | 4.334 | 08/19/25 | 17769828 |
| 10234300 | 4.339 | 08/19/25 | 10139539 |
| 115960800 | 4.344 | 08/19/25 | 114887098 |
| 2546800 | 4.340 | 08/21/25 | 2522397 |
| 7460800 | 4.343 | 08/21/25 | 7389312 |
| 35925300 | 4.345 | 08/21/25 | 35581068 |
| 17823100 | 4.351 | 08/21/25 | 17652321 |
| 31993800 | 4.392 | 08/21/25 | 31687239 |
| 64212200 | 4.307 | 08/26/25 | 63568258 |
| 6713300 | 4.308 | 08/26/25 | 6645977 |
| 1500 | 4.309 | 08/26/25 | 1485 |
| 4114700 | 4.310 | 08/26/25 | 4073436 |
| 164836600 | 4.313 | 08/26/25 | 163183562 |
| 58732900 | 4.318 | 08/26/25 | 58143906 |
| 75187500 | 4.329 | 08/26/25 | 74433494 |
| 43388500 | 4.351 | 08/28/25 | 42937275 |
| 28587600 | 4.353 | 08/28/25 | 28290299 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) |
| $19153700 | 4.356% | 08/28/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18954508 |
| 39565100 | 4.361 | 08/28/25 | 39153637 |
| 17654700 | 4.307 | 09/02/25 | 17463321 |
| 38214900 | 4.308 | 09/02/25 | 37800647 |
| 38504700 | 4.317 | 09/02/25 | 38087305 |
| 5727300 | 4.323 | 09/02/25 | 5665216 |
| 820800 | 4.324 | 09/02/25 | 811902 |
| 6143700 | 4.329 | 09/02/25 | 6077102 |
| 35910300 | 4.356 <sup>(b)</sup> | 09/04/25 | 35524514 |
| 1953500 | 4.349 | 09/09/25 | 1930480 |
| 1953400 | 4.352 | 09/09/25 | 1930381 |
| 12325500 | 4.360 | 09/09/25 | 12180258 |
| 7705400 | 4.369 | 09/09/25 | 7614600 |
| 2258600 | 4.350 | 09/16/25 | 2230130 |
| 23522000 | 4.360 | 09/16/25 | 23225502 |
| 2508900 | 4.381 | 09/16/25 | 2477275 |
| 43832500 | 4.245 | 09/18/25 | 43288368 |
| 8440100 | 4.344 | 09/23/25 | 8327104 |
| 9167900 | 4.349 | 09/23/25 | 9045160 |
| 1469800 | 4.350 | 09/23/25 | 1450122 |
| 74019500 | 0.000 <sup>(b)</sup> | 09/30/25 | 72986969 |
| 40648300 | 4.213 | 10/02/25 | 40082811 |
| 1185500 | 4.224 | 10/02/25 | 1169008 |
| 1580700 | 4.239 | 10/02/25 | 1558710 |
| 6384700 | 4.187 | 10/16/25 | 6286127 |
| 4569600 | 4.189 | 10/16/25 | 4499050 |
| 11811000 | 4.194 | 10/16/25 | 11628651 |
| 1060600 | 4.200 | 10/16/25 | 1044225 |
| 43161800 | 4.203 | 10/16/25 | 42495428 |
| 563800 | 4.210 | 10/16/25 | 555096 |
| 37960600 | 4.208 | 10/30/25 | 37310331 |
| 2079300 | 4.220 | 10/30/25 | 2043681 |
| 3032100 | 4.226 | 10/30/25 | 2980160 |
| 181100 | 4.227 | 10/30/25 | 177998 |
| 563800 | 4.229 | 10/30/25 | 554142 |
| 378100 | 4.240 | 10/30/25 | 371623 |
| 276500 | 4.256 | 10/30/25 | 271764 |
| 1269000 | 4.272 | 10/30/25 | 1247262 |
| 1616800 | 4.279 | 10/30/25 | 1589104 |
| 2658800 | 4.290 | 10/30/25 | 2613254 |
| 1940400 | 4.296 | 10/30/25 | 1907161 |
| 2994400 | 4.302 | 10/30/25 | 2943106 |
| 778500 | 4.314 | 10/30/25 | 765164 |
| 598800 | 4.317 | 10/30/25 | 588543 |
| 4799500 | 4.320 | 10/30/25 | 4717284 |
| 3901200 | 4.326 | 10/30/25 | 3834372 |
| 57000000 | 4.337 | 10/30/25 | 56023584 |
| 1293700 | 4.256 | 11/13/25 | 1269330 |
| 612700 | 4.282 | 11/20/25 | 600532 |
| 8554700 | 4.292 | 11/20/25 | 8384799 |
| 8554700 | 4.295 | 11/20/25 | 8384799 |
| 336300 | 4.297 | 11/20/25 | 329621 |
| 486400 | 4.301 | 11/20/25 | 476740 |
| 23482200 | 4.310 | 11/20/25 | 23015832 |
| 354400 | 4.321 | 11/20/25 | 347361 |
| 765000 | 4.298 | 11/28/25 | 749092 |
| 1311400 | 4.304 | 11/28/25 | 1284129 |
| 7321800 | 4.308 | 11/28/25 | 7169543 |
| 55754700 | 4.309 | 11/28/25 | 54595280 |

---

&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 FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) |
| $2185600 | 4.312 %<sup>(b)</sup> | 11/28/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140150 |
| 1092800 | 4.317 <sup>(b)</sup> | 11/28/25 | 1070075 |
| 72177300 | 4.304 | 12/26/25 | 70480011 |
| 943100 | 4.238 | 01/22/26 | 918327 |
| 6306100 | 4.249 | 01/22/26 | 6140454 |
| 37382400 | 4.254 | 01/22/26 | 36400453 |
| 50078600 | 4.166 | 03/19/26 | 48481656 |
| 35000000 | 4.029 | 04/16/26 | 33815270 |
| 38563300 | 4.149 | 05/14/26 | 37102490 |
| United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note |
| 77330900 | 4.424 | 07/31/25 | 77330340 |
| 18072100 | 4.426 | 07/31/25 | 18071969 |
| 6747300 | 4.427 | 07/31/25 | 6747251 |
| 45214600 | 4.428 | 07/31/25 | 45214273 |
| 36482400 | 4.429 | 07/31/25 | 36482136 |
| 19388300 | 4.430 | 07/31/25 | 19388160 |
| 54542000 | 4.431 | 07/31/25 | 54541605 |
| 4527500 | 4.432 | 07/31/25 | 4527467 |
| 8538300 | 4.987 | 07/31/25 | 8473936 |
| 12389900 | 4.989 | 07/31/25 | 12296501 |
| 9757800 | 5.075 | 07/31/25 | 9684243 |
| 2166500 | 4.275 | 08/15/25 | 2156451 |
| 6348800 | 4.281 | 08/15/25 | 6319353 |
| 12955200 | 4.285 | 08/15/25 | 12895111 |
| 1418200 | 4.288 | 08/15/25 | 1411622 |
| 282900 | 4.289 | 08/15/25 | 282191 |
| 4704200 | 4.290 | 08/15/25 | 4692408 |
| 4044000 | 4.292 | 08/15/25 | 4025243 |
| 8743500 | 4.296 | 08/15/25 | 8702945 |
| 952700 | 4.299 | 08/15/25 | 950312 |
| 6175600 | 4.301 | 08/15/25 | 6146956 |
| 380300 | 4.394 | 08/15/25 | 379347 |
| 4925100 | 4.460 | 08/15/25 | 4912754 |
| 7112800 | 4.472 | 10/31/25 | 7111133 |
| 22712400 | 4.473 | 10/31/25 | 22707078 |
| 36859300 | 4.474 | 10/31/25 | 36850664 |
| 30487000 | 4.478 | 10/31/25 | 30479857 |
| 2622200 | 4.164 | 11/30/25 | 2605784 |
| 1754600 | 4.185 | 11/30/25 | 1760406 |
| 649300 | 4.192 | 11/30/25 | 637263 |
| 3996300 | 4.200 | 11/30/25 | 4009524 |
| 4193700 | 4.211 | 12/31/25 | 4193362 |
| 7595300 | 4.216 | 12/31/25 | 7475315 |
| 3481500 | 4.226 | 12/31/25 | 3481219 |
| 6963100 | 4.231 | 12/31/25 | 6886954 |
| 2089000 | 4.240 | 12/31/25 | 2088832 |
| 3481500 | 4.251 | 12/31/25 | 3405634 |
| 1392600 | 4.274 | 12/31/25 | 1362254 |
| 6277300 | 4.276 | 12/31/25 | 6276794 |
| 2795800 | 4.281 | 12/31/25 | 2795575 |
| 2795800 | 4.283 | 12/31/25 | 2795575 |
| 5361500 | 4.291 | 12/31/25 | 5361068 |
| 1740800 | 4.300 | 12/31/25 | 1740660 |
| 1392600 | 4.312 | 12/31/25 | 1392488 |
| 3481600 | 4.315 | 12/31/25 | 3481319 |
| 6769100 | 4.227 | 01/31/26 | 6685406 |
| 8448600 | 4.228 | 01/31/26 | 8238111 |
| 39719000 | 4.542 | 01/31/26 | 39725373 |
| 69999900 | 4.543 | 01/31/26 | 70011132 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) |
| $— | 843200 | 4.545% | 01/31/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843335 |
|  | 91971500 | 4.546 | 01/31/26 | 91986257 |
|  | 8125800 | 4.036 | 03/31/26 | 7908995 |
|  | 1460600 | 4.044 | 03/31/26 | 1421630 |
|  | 2587200 | 4.051 | 03/31/26 | 2595500 |
|  | 3285000 | 4.062 | 03/31/26 | 3197353 |
|  | 3961800 | 4.122 | 03/31/26 | 3974510 |
|  | 3961800 | 4.123 | 03/31/26 | 3856095 |
|  | 1584700 | 4.132 | 03/31/26 | 1589784 |
|  | 3610600 | 3.860 | 04/30/26 | 3509723 |
|  | 5993400 | 3.863 | 04/30/26 | 6042355 |
|  | 13885000 | 3.865 | 04/30/26 | 13497067 |
|  | 6735700 | 3.875 | 04/30/26 | 6547511 |
|  | 4281000 | 3.894 | 04/30/26 | 4315968 |
|  | 6735700 | 3.955 | 04/30/26 | 6547511 |
|  | 23626600 | 3.960 | 04/30/26 | 23819588 |
|  | 7004800 | 3.966 | 04/30/26 | 7062017 |
|  | 1949900 | 3.976 | 04/30/26 | 1965827 |
|  | 7799600 | 4.014 | 04/30/26 | 7863309 |
|  | 4875500 | 4.022 | 04/30/26 | 4739283 |
|  | 4202900 | 3.938 | 05/15/26 | 4190741 |
|  | 4475800 | 3.904 | 05/31/26 | 4338915 |
|  | 1558300 | 3.934 | 05/31/26 | 1510642 |
|  | 3387300 | 4.197 | 06/30/26 | 3269677 |
|  | 17273800 | 4.479 | 07/31/26 | 17278544 |
|  | 10933000 | 4.490 | 07/31/26 | 10936003 |
|  | 21733300 | 4.503 | 10/31/26 | 21740318 |
|  | 1500800 | 4.505 | 10/31/26 | 1501285 |
|  | 9966500 | 4.506 | 10/31/26 | 9969718 |
| United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) |
|  | 61142100 | 4.460 <sup>(a)</sup> | 04/30/27 | 61159325 |
| TOTAL U.S. TREASURY OBLIGATIONS | TOTAL U.S. TREASURY OBLIGATIONS | TOTAL U.S. TREASURY OBLIGATIONS | TOTAL U.S. TREASURY OBLIGATIONS | $4729782615 |
| TOTAL INVESTMENTS - 101.1% | TOTAL INVESTMENTS - 101.1% | TOTAL INVESTMENTS - 101.1% | TOTAL INVESTMENTS - 101.1% | $7246311688 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.1)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.1)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.1)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.1)%** | (80445194) |
| NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% | $7165866494 |

---

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

---

| | |
|:---|:---|
| (a) | Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on May 31, 2025. |
| (b) | All or a portion represents a forward commitment. |
| Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.<br> Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities. | Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.<br> Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities. |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| Prime | —Federal Reserve Bank Prime Loan Rate US |
| SOFR | —Secured Overnight Financing Rate |
| T-Bill | —Treasury Bill |

---

&nbsp;&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 FINANCIAL SQUARE GOVERNMENT FUND

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

Schedule of Investments *May 31, 2025 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Government Agency Securities – 9.2% | U.S. Government Agency Securities – 9.2% | U.S. Government Agency Securities – 9.2% | U.S. Government Agency Securities – 9.2% |
| Federal Farm Credit Bank (Prime Rate - 2.990%) | Federal Farm Credit Bank (Prime Rate - 2.990%) | Federal Farm Credit Bank (Prime Rate - 2.990%) | Federal Farm Credit Bank (Prime Rate - 2.990%) |
| $237679000 | 4.510% | 06/18/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237679000 |
| Federal Farm Credit Bank (Prime Rate - 3.025%) | Federal Farm Credit Bank (Prime Rate - 3.025%) | Federal Farm Credit Bank (Prime Rate - 3.025%) | Federal Farm Credit Bank (Prime Rate - 3.025%) |
| 112926000 | 4.472 | 03/18/26 | 112955467 |
| Federal Farm Credit Bank (Prime Rate - 3.030%) | Federal Farm Credit Bank (Prime Rate - 3.030%) | Federal Farm Credit Bank (Prime Rate - 3.030%) | Federal Farm Credit Bank (Prime Rate - 3.030%) |
| 127409000 | 4.468 <sup>(a)</sup> | 04/17/26 | 127418094 |
| 211586000 | 4.470 <sup>(a)</sup> | 04/17/26 | 211601101 |
| Federal Farm Credit Bank (Prime Rate - 3.035%) | Federal Farm Credit Bank (Prime Rate - 3.035%) | Federal Farm Credit Bank (Prime Rate - 3.035%) | Federal Farm Credit Bank (Prime Rate - 3.035%) |
| 142400000 | 4.465 | 04/29/26 | 142400000 |
| 240706000 | 4.465 | 01/13/27 | 240706000 |
| Federal Farm Credit Bank (Prime Rate - 3.040%) | Federal Farm Credit Bank (Prime Rate - 3.040%) | Federal Farm Credit Bank (Prime Rate - 3.040%) | Federal Farm Credit Bank (Prime Rate - 3.040%) |
| 120598000 | 4.460 | 05/21/26 | 120598000 |
| 38108000 | 4.460 | 05/28/26 | 38108000 |
| 99052000 | 4.460 | 06/12/26 | 99052000 |
| Federal Farm Credit Bank (Prime Rate - 3.060%) | Federal Farm Credit Bank (Prime Rate - 3.060%) | Federal Farm Credit Bank (Prime Rate - 3.060%) | Federal Farm Credit Bank (Prime Rate - 3.060%) |
| 142042000 | 4.440 | 03/24/26 | 142042000 |
| Federal Farm Credit Bank (Prime Rate - 3.070%) | Federal Farm Credit Bank (Prime Rate - 3.070%) | Federal Farm Credit Bank (Prime Rate - 3.070%) | Federal Farm Credit Bank (Prime Rate - 3.070%) |
| 189843000 | 4.430 | 01/02/26 | 189843000 |
| 188864000 | 4.430 | 01/29/26 | 188864000 |
| Federal Farm Credit Bank (SOFR + 0.070%) | Federal Farm Credit Bank (SOFR + 0.070%) | Federal Farm Credit Bank (SOFR + 0.070%) | Federal Farm Credit Bank (SOFR + 0.070%) |
| 168112000 | 4.400 | 12/07/26 | 168112000 |
| Federal Farm Credit Bank (SOFR + 0.075%) | Federal Farm Credit Bank (SOFR + 0.075%) | Federal Farm Credit Bank (SOFR + 0.075%) | Federal Farm Credit Bank (SOFR + 0.075%) |
| 134490000 | 4.405 | 11/16/26 | 134490000 |
| Federal Farm Credit Bank (SOFR + 0.080%) | Federal Farm Credit Bank (SOFR + 0.080%) | Federal Farm Credit Bank (SOFR + 0.080%) | Federal Farm Credit Bank (SOFR + 0.080%) |
| 212154000 | 4.410 | 03/11/27 | 212154000 |
| Federal Farm Credit Bank (SOFR + 0.085%) | Federal Farm Credit Bank (SOFR + 0.085%) | Federal Farm Credit Bank (SOFR + 0.085%) | Federal Farm Credit Bank (SOFR + 0.085%) |
| 80467000 | 4.415 | 08/07/26 | 80467000 |
| 465909000 | 4.415 | 02/26/27 | 465909000 |
| Federal Farm Credit Bank (SOFR + 0.090%) | Federal Farm Credit Bank (SOFR + 0.090%) | Federal Farm Credit Bank (SOFR + 0.090%) | Federal Farm Credit Bank (SOFR + 0.090%) |
| 76851000 | 4.420 | 02/24/27 | 76851000 |
| Federal Farm Credit Bank (SOFR + 0.095%) | Federal Farm Credit Bank (SOFR + 0.095%) | Federal Farm Credit Bank (SOFR + 0.095%) | Federal Farm Credit Bank (SOFR + 0.095%) |
| 351673000 | 4.425 | 07/17/26 | 351673000 |
| 312208000 | 4.425 | 02/12/27 | 312208000 |
| Federal Farm Credit Bank (SOFR + 0.100%) | Federal Farm Credit Bank (SOFR + 0.100%) | Federal Farm Credit Bank (SOFR + 0.100%) | Federal Farm Credit Bank (SOFR + 0.100%) |
| 81286000 | 4.430 | 02/09/27 | 81286000 |
| Federal Farm Credit Bank (SOFR + 0.105%) | Federal Farm Credit Bank (SOFR + 0.105%) | Federal Farm Credit Bank (SOFR + 0.105%) | Federal Farm Credit Bank (SOFR + 0.105%) |
| 88735000 | 4.435 | 03/18/26 | 88739895 |
| 245524000 | 4.435 | 05/26/26 | 245524000 |
| 325548000 | 4.435 | 02/01/27 | 325548000 |
| 480000000 | 4.435 | 03/05/27 | 480000000 |
| 267778000 | 4.435 | 05/14/27 | 267778000 |
| Federal Farm Credit Bank (SOFR + 0.110%) | Federal Farm Credit Bank (SOFR + 0.110%) | Federal Farm Credit Bank (SOFR + 0.110%) | Federal Farm Credit Bank (SOFR + 0.110%) |
| 89344000 | 4.440 | 03/13/26 | 89344000 |
| Federal Farm Credit Bank (SOFR + 0.115%) | Federal Farm Credit Bank (SOFR + 0.115%) | Federal Farm Credit Bank (SOFR + 0.115%) | Federal Farm Credit Bank (SOFR + 0.115%) |
| 33651000 | 4.445 | 04/08/26 | 33651000 |
| 1007535000 | 4.445 | 01/28/27 | 1007535000 |
| 418251000 | 4.445 | 02/10/27 | 418251000 |
| 386407000 | 4.445 | 05/06/27 | 386407000 |
| Federal Farm Credit Bank (SOFR + 0.120%) | Federal Farm Credit Bank (SOFR + 0.120%) | Federal Farm Credit Bank (SOFR + 0.120%) | Federal Farm Credit Bank (SOFR + 0.120%) |
| 123239000 | 4.450 | 07/15/26 | 123239000 |
| Federal Farm Credit Bank (SOFR + 0.125%) | Federal Farm Credit Bank (SOFR + 0.125%) | Federal Farm Credit Bank (SOFR + 0.125%) | Federal Farm Credit Bank (SOFR + 0.125%) |
| 133264000 | 4.455 | 06/10/26 | 133264000 |
| 132192000 | 4.455 | 06/15/26 | 132192000 |
| 266486000 | 4.455 | 06/18/26 | 266486000 |
| 320951000 | 4.455 | 08/06/26 | 320951000 |
| 540136000 | 4.455 | 09/21/26 | 540136000 |
| 437460000 | 4.455 | 04/29/27 | 437460000 |
| Federal Farm Credit Bank (SOFR + 0.130%) | Federal Farm Credit Bank (SOFR + 0.130%) | Federal Farm Credit Bank (SOFR + 0.130%) | Federal Farm Credit Bank (SOFR + 0.130%) |
| 158568000 | 4.460 | 08/13/25 | 158568000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Government Agency Securities – (continued) | U.S. Government Agency Securities – (continued) | U.S. Government Agency Securities – (continued) | U.S. Government Agency Securities – (continued) |
| 158440000 | 4.460% | 08/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158440000 |
| 378920000 | 4.460 | 04/23/27 | 378920000 |
| Federal Farm Credit Bank (SOFR + 0.135%) | Federal Farm Credit Bank (SOFR + 0.135%) | Federal Farm Credit Bank (SOFR + 0.135%) | Federal Farm Credit Bank (SOFR + 0.135%) |
| 153985000 | 4.465 | 12/18/26 | 153982124 |
| 206917000 | 4.465 | 01/08/27 | 206917000 |
| Federal Farm Credit Bank (SOFR + 0.140%) | Federal Farm Credit Bank (SOFR + 0.140%) | Federal Farm Credit Bank (SOFR + 0.140%) | Federal Farm Credit Bank (SOFR + 0.140%) |
| 45514000 | 4.470 | 08/26/26 | 45514000 |
| 142023000 | 4.465 | 09/03/26 | 142151090 |
| 155027000 | 4.470 | 09/04/26 | 155027000 |
| 91870000 | 4.470 | 09/09/26 | 91870000 |
| 340680000 | 4.470 | 10/09/26 | 340680000 |
| Federal Farm Credit Bank (SOFR + 0.145%) | Federal Farm Credit Bank (SOFR + 0.145%) | Federal Farm Credit Bank (SOFR + 0.145%) | Federal Farm Credit Bank (SOFR + 0.145%) |
| 71945000 | 4.475 | 06/27/25 | 71945000 |
| 114262000 | 4.475 | 07/30/25 | 114262000 |
| Federal Farm Credit Bank (SOFR + 0.160%) | Federal Farm Credit Bank (SOFR + 0.160%) | Federal Farm Credit Bank (SOFR + 0.160%) | Federal Farm Credit Bank (SOFR + 0.160%) |
| 237642000 | 4.490 | 07/21/25 | 237642000 |
| 358327000 | 4.490 | 08/04/25 | 358327000 |
| Federal Farm Credit Bank (SOFR + 0.195%) | Federal Farm Credit Bank (SOFR + 0.195%) | Federal Farm Credit Bank (SOFR + 0.195%) | Federal Farm Credit Bank (SOFR + 0.195%) |
| 215599000 | 4.525 | 06/02/25 | 215599000 |
| Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| 65333000 | 4.146 | 12/26/25 | 63802459 |
| 306333000 | 4.224 | 12/26/25 | 299156611 |
| 188995000 | 4.234 | 12/26/25 | 184567460 |
| 186917000 | 4.252 | 01/06/26 | 182272035 |
| Federal Home Loan Bank (SOFR + 0.020%) | Federal Home Loan Bank (SOFR + 0.020%) | Federal Home Loan Bank (SOFR + 0.020%) | Federal Home Loan Bank (SOFR + 0.020%) |
| 85485000 | 4.350 | 06/10/25 | 85485000 |
| Federal Home Loan Bank (SOFR + 0.045%) | Federal Home Loan Bank (SOFR + 0.045%) | Federal Home Loan Bank (SOFR + 0.045%) | Federal Home Loan Bank (SOFR + 0.045%) |
| 240325000 | 4.375 | 05/18/26 | 240325000 |
| Federal Home Loan Bank (SOFR + 0.085%) | Federal Home Loan Bank (SOFR + 0.085%) | Federal Home Loan Bank (SOFR + 0.085%) | Federal Home Loan Bank (SOFR + 0.085%) |
| 288120000 | 4.415 | 02/26/27 | 288120000 |
| Federal Home Loan Bank (SOFR + 0.090%) | Federal Home Loan Bank (SOFR + 0.090%) | Federal Home Loan Bank (SOFR + 0.090%) | Federal Home Loan Bank (SOFR + 0.090%) |
| 48040000 | 4.420 | 02/19/26 | 48040000 |
| 240275000 | 4.420 | 02/12/27 | 240275000 |
| 480435000 | 4.420 | 02/19/27 | 480435000 |
| Federal Home Loan Bank (SOFR + 0.100%) | Federal Home Loan Bank (SOFR + 0.100%) | Federal Home Loan Bank (SOFR + 0.100%) | Federal Home Loan Bank (SOFR + 0.100%) |
| 288045000 | 4.430 | 10/21/26 | 288045000 |
| 138730000 | 4.430 | 05/27/27 | 138730000 |
| Federal Home Loan Bank (SOFR + 0.110%) | Federal Home Loan Bank (SOFR + 0.110%) | Federal Home Loan Bank (SOFR + 0.110%) | Federal Home Loan Bank (SOFR + 0.110%) |
| 48075000 | 4.440 | 02/12/27 | 48075000 |
| Federal Home Loan Bank (SOFR + 0.115%) | Federal Home Loan Bank (SOFR + 0.115%) | Federal Home Loan Bank (SOFR + 0.115%) | Federal Home Loan Bank (SOFR + 0.115%) |
| 144580000 | 4.445 | 01/25/27 | 144580000 |
| Federal Home Loan Bank (SOFR + 0.130%) | Federal Home Loan Bank (SOFR + 0.130%) | Federal Home Loan Bank (SOFR + 0.130%) | Federal Home Loan Bank (SOFR + 0.130%) |
| 240035000 | 4.460 | 04/16/27 | 240035000 |
| 192775000 | 4.460 | 04/23/27 | 192775000 |
| Federal Home Loan Bank (SOFR + 0.135%) | Federal Home Loan Bank (SOFR + 0.135%) | Federal Home Loan Bank (SOFR + 0.135%) | Federal Home Loan Bank (SOFR + 0.135%) |
| 351805000 | 4.465 | 01/06/27 | 351805000 |
| Federal Home Loan Bank (SOFR + 0.140%) | Federal Home Loan Bank (SOFR + 0.140%) | Federal Home Loan Bank (SOFR + 0.140%) | Federal Home Loan Bank (SOFR + 0.140%) |
| 375825000 | 4.470 | 09/09/26 | 375825000 |
| 493740000 | 4.470 | 10/08/26 | 493740000 |
| 220875000 | 4.465 | 10/29/26 | 221083561 |
| Federal Home Loan Bank (SOFR + 0.150%) | Federal Home Loan Bank (SOFR + 0.150%) | Federal Home Loan Bank (SOFR + 0.150%) | Federal Home Loan Bank (SOFR + 0.150%) |
| 472510000 | 4.480 | 06/06/25 | 472510000 |
| Federal Home Loan Bank (SOFR + 0.155%) | Federal Home Loan Bank (SOFR + 0.155%) | Federal Home Loan Bank (SOFR + 0.155%) | Federal Home Loan Bank (SOFR + 0.155%) |
| 66690000 | 4.485 | 07/08/25 | 66690000 |
| Federal Home Loan Bank (SOFR + 0.160%) | Federal Home Loan Bank (SOFR + 0.160%) | Federal Home Loan Bank (SOFR + 0.160%) | Federal Home Loan Bank (SOFR + 0.160%) |
| 300265000 | 4.490 | 07/25/25 | 300265000 |
| 182005000 | 4.490 | 08/08/25 | 182005000 |
| Federal Home Loan Mortgage Corp. (SOFR + 0.115%) | Federal Home Loan Mortgage Corp. (SOFR + 0.115%) | Federal Home Loan Mortgage Corp. (SOFR + 0.115%) | Federal Home Loan Mortgage Corp. (SOFR + 0.115%) |
| 2048305000 | 4.445 | 05/05/27 | 2048304181 |

---

&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 FINANCIAL SQUARE GOVERNMENT FUND

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Government Agency Securities – (continued) | U.S. Government Agency Securities – (continued) | U.S. Government Agency Securities – (continued) | U.S. Government Agency Securities – (continued) |
| Federal Home Loan Mortgage Corp. (SOFR + 0.140%) | Federal Home Loan Mortgage Corp. (SOFR + 0.140%) | Federal Home Loan Mortgage Corp. (SOFR + 0.140%) | Federal Home Loan Mortgage Corp. (SOFR + 0.140%) |
| $404828000 | 4.470% | 09/04/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404828000 |
| 229714000 | 4.470 | 10/16/26 | 229714000 |
| 157650000 | 4.467 | 10/29/26 | 157735426 |
| Federal National Mortgage Association (SOFR + 0.120%) | Federal National Mortgage Association (SOFR + 0.120%) | Federal National Mortgage Association (SOFR + 0.120%) | Federal National Mortgage Association (SOFR + 0.120%) |
| 125225000 | 4.450 | 07/29/26 | 125225000 |
| Federal National Mortgage Association (SOFR + 0.135%) | Federal National Mortgage Association (SOFR + 0.135%) | Federal National Mortgage Association (SOFR + 0.135%) | Federal National Mortgage Association (SOFR + 0.135%) |
| 987275000 | 4.465 | 08/21/26 | 987263609 |
| Federal National Mortgage Association (SOFR + 0.140%) | Federal National Mortgage Association (SOFR + 0.140%) | Federal National Mortgage Association (SOFR + 0.140%) | Federal National Mortgage Association (SOFR + 0.140%) |
| 863397000 | 4.470 | 09/11/26 | 863397000 |
| U.S. International Development Finance Corp. | U.S. International Development Finance Corp. | U.S. International Development Finance Corp. | U.S. International Development Finance Corp. |
| 8918187 | 0.000 | 09/30/25 | 9173052 |
| U.S. International Development Finance Corp. (3 Mo. U.S. Treasury Bill Yield + 0.000%) | U.S. International Development Finance Corp. (3 Mo. U.S. Treasury Bill Yield + 0.000%) | U.S. International Development Finance Corp. (3 Mo. U.S. Treasury Bill Yield + 0.000%) | U.S. International Development Finance Corp. (3 Mo. U.S. Treasury Bill Yield + 0.000%) |
| 3350000 | 4.580 | 06/15/25 | 3350000 |
| 3250980 | 4.580 | 07/15/25 | 3250980 |
| 1894737 | 4.580 | 09/15/25 | 1894737 |
| 19750000 | 4.600 | 07/09/26 | 19750000 |
| 15745000 | 4.580 | 09/15/26 | 15745000 |
| 10903845 | 4.580 | 12/15/26 | 10903845 |
| 4374999 | 4.600 | 01/20/27 | 4374999 |
| 7872561 | 4.500 <sup>(a)</sup> | 06/20/27 | 7872561 |
| 13928569 | 4.500 | 09/20/27 | 13928569 |
| 18500001 | 4.580 | 06/20/28 | 18500001 |
| 26768955 | 4.580 | 11/15/28 | 26768955 |
| 26456604 | 4.600 | 01/15/30 | 26456604 |
| 36000000 | 4.580 | 03/15/30 | 36000000 |
| 22000000 | 4.580 | 10/15/30 | 22000000 |
| 8333333 | 4.580 | 08/15/31 | 8333333 |
| 11158080 | 4.590 | 09/02/31 | 11158080 |
| 31134800 | 4.590 | 09/30/31 | 31134800 |
| 18837211 | 4.590 | 12/20/31 | 18837211 |
| 38986379 | 4.580 | 12/15/33 | 38986379 |
| 14085000 | 4.600 | 01/20/35 | 14085000 |
| 15872000 | 4.600 | 04/20/35 | 15872000 |
| 3045568 | 4.500 | 09/20/38 | 3045568 |
| 34798335 | 4.500 | 07/07/40 | 34798335 |
| TOTAL U.S. GOVERNMENT AGENCY SECURITIES | TOTAL U.S. GOVERNMENT AGENCY SECURITIES | TOTAL U.S. GOVERNMENT AGENCY SECURITIES | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22702096122 |
| U.S. Treasury Obligations – 36.4% | U.S. Treasury Obligations – 36.4% | U.S. Treasury Obligations – 36.4% | U.S. Treasury Obligations – 36.4% |
| United States Treasury Bills | United States Treasury Bills | United States Treasury Bills | United States Treasury Bills |
| 1376164100 | 4.318 | 08/05/25 | 1365722882 |
| 145754100 | 4.323 | 08/05/25 | 144648236 |
| 822489400 | 4.370 | 08/12/25 | 815498241 |
| 2389922900 | 4.334 | 08/19/25 | 2367783701 |
| 511770100 | 4.339 | 08/19/25 | 507029286 |
| 4196934000 | 4.344 | 08/19/25 | 4158055442 |
| 457508900 | 4.382 | 08/21/25 | 453098581 |
| 1883161800 | 4.387 | 08/21/25 | 1865008393 |
| 1750229700 | 4.392 | 08/21/25 | 1733357739 |
| 291264000 | 4.318 | 08/26/25 | 288335781 |
| 233528800 | 4.321 | 08/26/25 | 231181021 |
| 1252690700 | 4.323 | 08/26/25 | 1240096788 |
| 4857528200 | 4.329 | 08/26/25 | 4808693093 |
| 107376900 | 4.330 | 08/28/25 | 106259882 |
| 184109000 | 4.335 | 08/28/25 | 182193755 |
| 824966100 | 4.345 | 08/28/25 | 816384160 |
| 600000000 | 4.350 | 08/28/25 | 593758333 |
| 260219900 | 4.351 | 08/28/25 | 257512890 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) |
| $364468900 | 4.361% | 08/28/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360677411 |
| 648440300 | 4.366 | 08/28/25 | 641694719 |
| 637898300 | 4.377 | 08/28/25 | 631262385 |
| 1724229500 | 4.303 | 09/02/25 | 1705542728 |
| 2836433800 | 4.308 | 09/02/25 | 2805693234 |
| 17533600 | 4.318 | 09/02/25 | 17343575 |
| 935466800 | 4.323 | 09/02/25 | 925328443 |
| 730771700 | 4.329 | 09/02/25 | 722851778 |
| 468922500 | 4.334 | 09/02/25 | 463840434 |
| 738844600 | 4.356 <sup>(b)</sup> | 09/04/25 | 730907151 |
| 114961200 | 4.313 | 09/09/25 | 113617359 |
| 2810542800 | 4.318 | 09/09/25 | 2777688900 |
| 105566100 | 4.323 | 09/09/25 | 104332083 |
| 381229800 | 4.360 | 09/09/25 | 376773406 |
| 256030800 | 4.369 | 09/09/25 | 253037923 |
| 799667600 | 4.360 | 09/16/25 | 789583449 |
| 77601800 | 4.381 | 09/16/25 | 76623208 |
| 385678000 | 4.245 | 09/18/25 | 380890236 |
| 123770600 | 4.334 | 09/23/25 | 122112805 |
| 90570800 | 4.339 | 09/23/25 | 89357686 |
| 2006919700 | 4.344 | 09/23/25 | 1980038831 |
| 37961200 | 4.349 | 09/23/25 | 37452744 |
| 2068813500 | 4.350 | 09/23/25 | 2041103619 |
| 73232100 | 4.337 <sup>(b)</sup> | 09/30/25 | 72210560 |
| 6042142100 | 4.339 <sup>(b)</sup> | 09/30/25 | 5957858197 |
| 487539400 | 4.213 | 10/02/25 | 480758492 |
| 40115100 | 4.224 | 10/02/25 | 39557162 |
| 1247518100 | 4.187 | 10/16/25 | 1228276505 |
| 157022900 | 4.189 | 10/16/25 | 154600994 |
| 188955400 | 4.192 | 10/16/25 | 186040971 |
| 1627942600 | 4.203 | 10/16/25 | 1602833375 |
| 1030244400 | 4.192 | 10/23/25 | 1013550699 |
| 228574800 | 4.197 | 10/23/25 | 224871058 |
| 24876200 | 4.187 | 10/30/25 | 24449905 |
| 1272146700 | 4.208 | 10/30/25 | 1250346343 |
| 156483600 | 4.220 | 10/30/25 | 153801992 |
| 123989800 | 4.226 | 10/30/25 | 121865028 |
| 14457100 | 4.227 | 10/30/25 | 14209354 |
| 23057400 | 4.229 | 10/30/25 | 22662273 |
| 28451400 | 4.240 | 10/30/25 | 27963838 |
| 11306900 | 4.256 | 10/30/25 | 11113137 |
| 1899009300 | 4.337 | 10/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866466606 |
| 54589600 | 4.256 | 11/13/25 | 53561268 |
| 709130900 | 4.282 | 11/20/25 | 695111502 |
| 13657700 | 4.297 | 11/20/25 | 13387690 |
| 42348700 | 4.301 | 11/20/25 | 41511473 |
| 30852700 | 4.321 | 11/20/25 | 30242747 |
| 127469400 | 4.293 | 11/28/25 | 124819651 |
| 341193200 | 4.298 | 11/28/25 | 334100702 |
| 27891600 | 4.304 | 11/28/25 | 27311808 |
| 155727800 | 4.308 | 11/28/25 | 152490634 |
| 1888280900 | 4.309 | 11/28/25 | 1849028571 |
| 46486000 | 4.312 <sup>(b)</sup> | 11/28/25 | 45519680 |
| 23243000 | 4.317 <sup>(b)</sup> | 11/28/25 | 22759840 |
| 2930887800 | 4.304 | 12/26/25 | 2861966341 |
| 38298300 | 4.238 | 01/22/26 | 37292138 |
| 1404416700 | 4.254 | 01/22/26 | 1367520279 |
| 1699485600 | 4.166 | 03/19/26 | 1645291133 |
| 1569445400 | 4.029 | 04/16/26 | 1516320551 |

---

&nbsp;&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 FINANCIAL SQUARE GOVERNMENT FUND

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

Schedule of Investments (continued) *May 31, 2025 (Unaudited)*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) |
| $| 1298720300 | 4.149% | 05/14/26 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249523689 |
| United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note |
|  | 59518600 | 4.275 | 08/15/25 |  | 59243286 |
|  | 429979700 | 4.285 | 08/15/25 |  | 427990751 |
|  | 12461200 | 4.287 | 08/15/25 |  | 12430755 |
|  | 11373400 | 4.289 | 08/15/25 |  | 11345613 |
|  | 575223300 | 4.290 | 08/15/25 |  | 573817943 |
|  | 134218900 | 4.292 | 08/15/25 |  | 133598046 |
|  | 352467600 | 4.296 | 08/15/25 |  | 350837197 |
|  | 38304500 | 4.299 | 08/15/25 |  | 38210916 |
|  | 15292400 | 4.394 | 08/15/25 |  | 15255038 |
|  | 204083900 | 4.460 | 08/15/25 |  | 203585292 |
|  | 68235200 | 4.185 | 11/30/25 |  | 68462307 |
|  | 54079600 | 4.200 | 11/30/25 |  | 54259593 |
|  | 161598300 | 4.211 | 12/31/25 |  | 161585279 |
|  | 291982100 | 4.216 | 12/31/25 |  | 287373644 |
|  | 134154100 | 4.226 | 12/31/25 |  | 134143290 |
|  | 268311900 | 4.231 | 12/31/25 |  | 265377709 |
|  | 80494900 | 4.240 | 12/31/25 |  | 80488414 |
|  | 134153900 | 4.251 | 12/31/25 |  | 131230519 |
|  | 53661600 | 4.274 | 12/31/25 |  | 52492247 |
|  | 241886300 | 4.276 | 12/31/25 |  | 241866809 |
|  | 107732400 | 4.281 | 12/31/25 |  | 107723719 |
|  | 107732300 | 4.283 | 12/31/25 |  | 107723619 |
|  | 206596900 | 4.291 | 12/31/25 |  | 206580253 |
|  | 67077200 | 4.300 | 12/31/25 |  | 67071795 |
|  | 53661700 | 4.312 | 12/31/25 |  | 53657376 |
|  | 134155100 | 4.315 | 12/31/25 |  | 134144290 |
|  | 266798900 | 4.227 | 01/31/26 |  | 263500181 |
|  | 332991500 | 4.228 | 01/31/26 |  | 324695312 |
|  | 264803900 | 4.036 | 03/31/26 |  | 257738192 |
|  | 56802300 | 4.044 | 03/31/26 |  | 55286656 |
|  | 92564300 | 4.051 | 03/31/26 |  | 92861946 |
|  | 133391300 | 4.062 | 03/31/26 |  | 129832047 |
|  | 134109300 | 4.122 | 03/31/26 |  | 134540537 |
|  | 134109300 | 4.123 | 03/31/26 |  | 130530889 |
|  | 53643800 | 4.132 | 03/31/26 |  | 53816295 |
|  | 59986500 | 3.863 | 04/30/26 |  | 60469592 |
|  | 175290700 | 3.875 | 04/30/26 |  | 170326835 |
|  | 42847500 | 3.894 | 04/30/26 |  | 43192566 |
|  | 192429700 | 3.955 | 04/30/26 |  | 186980495 |
|  | 803241300 | 3.960 | 04/30/26 |  | 809710086 |
|  | 235954800 | 3.966 | 04/30/26 |  | 237855027 |
|  | 67200900 | 3.976 | 04/30/26 |  | 67742093 |
|  | 268804100 | 4.014 | 04/30/26 |  | 270968874 |
|  | 158882200 | 4.022 | 04/30/26 |  | 154382990 |
|  | 141572900 | 3.938 | 05/15/26 |  | 141163337 |
|  | 149996700 | 3.904 | 05/31/26 |  | 145409298 |
|  | 52222200 | 3.934 | 05/31/26 |  | 50625070 |
|  | 114840600 | 4.197 | 06/30/26 |  | 110852793 |
| &nbsp;&nbsp; United States Treasury Floating Rate Note (3M USD T-Bill + 0.125%) | &nbsp;&nbsp; United States Treasury Floating Rate Note (3M USD T-Bill + 0.125%) | &nbsp;&nbsp; United States Treasury Floating Rate Note (3M USD T-Bill + 0.125%) | &nbsp;&nbsp; United States Treasury Floating Rate Note (3M USD T-Bill + 0.125%) | &nbsp;&nbsp; United States Treasury Floating Rate Note (3M USD T-Bill + 0.125%) | &nbsp;&nbsp; United States Treasury Floating Rate Note (3M USD T-Bill + 0.125%) |
|  | 316778600 | 4.426 <sup>(a)</sup> | 07/31/25 |  | 316766769 |
|  | 880593300 | 4.431 <sup>(a)</sup> | 07/31/25 |  | 880560412 |
| &nbsp;&nbsp; United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | &nbsp;&nbsp; United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | &nbsp;&nbsp; United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | &nbsp;&nbsp; United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | &nbsp;&nbsp; United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | &nbsp;&nbsp; United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) |
|  | 2927645100 | 4.460 | 04/30/27 |  | 2928427292 |
| &nbsp;&nbsp; United States Treasury Floating Rate Note (3M USD T-Bill + 0.170%) | &nbsp;&nbsp; United States Treasury Floating Rate Note (3M USD T-Bill + 0.170%) | &nbsp;&nbsp; United States Treasury Floating Rate Note (3M USD T-Bill + 0.170%) | &nbsp;&nbsp; United States Treasury Floating Rate Note (3M USD T-Bill + 0.170%) | &nbsp;&nbsp; United States Treasury Floating Rate Note (3M USD T-Bill + 0.170%) | &nbsp;&nbsp; United States Treasury Floating Rate Note (3M USD T-Bill + 0.170%) |
|  | 1039446700 | 4.478 | 10/31/25 |  | 1039104594 |
| &nbsp;&nbsp; United States Treasury Floating Rate Note (3M USD T-Bill + 0.182%) | &nbsp;&nbsp; United States Treasury Floating Rate Note (3M USD T-Bill + 0.182%) | &nbsp;&nbsp; United States Treasury Floating Rate Note (3M USD T-Bill + 0.182%) | &nbsp;&nbsp; United States Treasury Floating Rate Note (3M USD T-Bill + 0.182%) | &nbsp;&nbsp; United States Treasury Floating Rate Note (3M USD T-Bill + 0.182%) | &nbsp;&nbsp; United States Treasury Floating Rate Note (3M USD T-Bill + 0.182%) |
|  | 293100 | 4.490 | 07/31/26 |  | 292833 |

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) |
| United States Treasury Floating Rate Note (3M USD T-Bill + 0.205%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.205%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.205%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.205%) |
| $100145900 | 4.503 %<sup>(a)</sup> | 10/31/26 | $100151171 |
| 94517600 | 4.505 <sup>(a)</sup> | 10/31/26 | 94522574 |
| 1758992200 | 4.506 <sup>(a)</sup> | 10/31/26 | 1759084773 |
| United States Treasury Floating Rate Note (3M USD T-Bill + 0.245%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.245%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.245%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.245%) |
| 2155463700 | 4.542 <sup>(a)</sup> | 01/31/26 | 2155890125 |
| 2953119400 | 4.543 <sup>(a)</sup> | 01/31/26 | 2953703628 |
| 2620967000 | 4.546 <sup>(a)</sup> | 01/31/26 | 2621485517 |
| TOTAL U.S. TREASURY OBLIGATIONS | TOTAL U.S. TREASURY OBLIGATIONS | TOTAL U.S. TREASURY OBLIGATIONS | $89326534996 |
| TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | $112028631118 |
| Repurchase Agreements<sup>(c)</sup> – 55.8% | Repurchase Agreements<sup>(c)</sup> – 55.8% | Repurchase Agreements<sup>(c)</sup> – 55.8% | Repurchase Agreements<sup>(c)</sup> – 55.8% |
| Banco Santander, S.A. | Banco Santander, S.A. | Banco Santander, S.A. | Banco Santander, S.A. |
| 500000000 | 4.350 | 06/02/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000000 |
| Maturity Value: $500,181,250 | Maturity Value: $500,181,250 | Maturity Value: $500,181,250 | Maturity Value: $500,181,250 |
| Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
| Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 9.000%, due 05/01/26 to 01/01/55, Federal National Mortgage Association, 2.000% to 6.500%, due 02/01/35 to 09/01/57 and Government National Mortgage Association, 2.000% to 7.500%, due 12/20/35 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $515,186,683. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 9.000%, due 05/01/26 to 01/01/55, Federal National Mortgage Association, 2.000% to 6.500%, due 02/01/35 to 09/01/57 and Government National Mortgage Association, 2.000% to 7.500%, due 12/20/35 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $515,186,683. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 9.000%, due 05/01/26 to 01/01/55, Federal National Mortgage Association, 2.000% to 6.500%, due 02/01/35 to 09/01/57 and Government National Mortgage Association, 2.000% to 7.500%, due 12/20/35 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $515,186,683. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 9.000%, due 05/01/26 to 01/01/55, Federal National Mortgage Association, 2.000% to 6.500%, due 02/01/35 to 09/01/57 and Government National Mortgage Association, 2.000% to 7.500%, due 12/20/35 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $515,186,683. |
| Bank of America, National Association | Bank of America, National Association | Bank of America, National Association | Bank of America, National Association |
| 250000000 | 4.350 | 06/02/25 | $250000000 |
| Maturity Value: $250,090,625 | Maturity Value: $250,090,625 | Maturity Value: $250,090,625 | Maturity Value: $250,090,625 |
| Settlement Date: 05/30/25<br> Collateralized by Federal National Mortgage Association, 2.000% to 4.000%, due 07/01/45 to 05/01/51. The aggregate market value of the collateral, including accrued interest, was $257,499,999. | Settlement Date: 05/30/25<br> Collateralized by Federal National Mortgage Association, 2.000% to 4.000%, due 07/01/45 to 05/01/51. The aggregate market value of the collateral, including accrued interest, was $257,499,999. | Settlement Date: 05/30/25<br> Collateralized by Federal National Mortgage Association, 2.000% to 4.000%, due 07/01/45 to 05/01/51. The aggregate market value of the collateral, including accrued interest, was $257,499,999. | Settlement Date: 05/30/25<br> Collateralized by Federal National Mortgage Association, 2.000% to 4.000%, due 07/01/45 to 05/01/51. The aggregate market value of the collateral, including accrued interest, was $257,499,999. |
| 492000000 | 4.260 | 10/01/25 | $492000000 |
| Maturity Value: $502,479,600 | Maturity Value: $502,479,600 | Maturity Value: $502,479,600 | Maturity Value: $502,479,600 |
| Settlement Date: 04/04/25 | Settlement Date: 04/04/25 | Settlement Date: 04/04/25 | Settlement Date: 04/04/25 |
| Collateralized by Federal National Mortgage Association, 2.000% to 3.500%, due 11/01/40 to 08/01/51. The aggregate market value of the collateral, including accrued interest, was $506,760,001. | Collateralized by Federal National Mortgage Association, 2.000% to 3.500%, due 11/01/40 to 08/01/51. The aggregate market value of the collateral, including accrued interest, was $506,760,001. | Collateralized by Federal National Mortgage Association, 2.000% to 3.500%, due 11/01/40 to 08/01/51. The aggregate market value of the collateral, including accrued interest, was $506,760,001. | Collateralized by Federal National Mortgage Association, 2.000% to 3.500%, due 11/01/40 to 08/01/51. The aggregate market value of the collateral, including accrued interest, was $506,760,001. |
| 492000000 | 4.280 | 11/03/25 | $492000000 |
| Maturity Value: $502,645,787 | Maturity Value: $502,645,787 | Maturity Value: $502,645,787 | Maturity Value: $502,645,787 |
| Settlement Date: 05/05/25 | Settlement Date: 05/05/25 | Settlement Date: 05/05/25 | Settlement Date: 05/05/25 |
| Collateralized by Federal National Mortgage Association, 3.000% to 4.000%, due 04/01/42 to 11/01/49. The aggregate market value of the collateral, including accrued interest, was $506,760,000. | Collateralized by Federal National Mortgage Association, 3.000% to 4.000%, due 04/01/42 to 11/01/49. The aggregate market value of the collateral, including accrued interest, was $506,760,000. | Collateralized by Federal National Mortgage Association, 3.000% to 4.000%, due 04/01/42 to 11/01/49. The aggregate market value of the collateral, including accrued interest, was $506,760,000. | Collateralized by Federal National Mortgage Association, 3.000% to 4.000%, due 04/01/42 to 11/01/49. The aggregate market value of the collateral, including accrued interest, was $506,760,000. |
| 345000000 | 4.350 | 11/12/25 | $345000000 |
| Maturity Value: $352,670,500 | Maturity Value: $352,670,500 | Maturity Value: $352,670,500 | Maturity Value: $352,670,500 |
| Settlement Date: 05/12/25 | Settlement Date: 05/12/25 | Settlement Date: 05/12/25 | Settlement Date: 05/12/25 |
| Collateralized by Federal National Mortgage Association, 3.000% to 3.500%, due 09/01/42 to 11/01/47. The aggregate market value of the collateral, including accrued interest, was $355,350,000. | Collateralized by Federal National Mortgage Association, 3.000% to 3.500%, due 09/01/42 to 11/01/47. The aggregate market value of the collateral, including accrued interest, was $355,350,000. | Collateralized by Federal National Mortgage Association, 3.000% to 3.500%, due 09/01/42 to 11/01/47. The aggregate market value of the collateral, including accrued interest, was $355,350,000. | Collateralized by Federal National Mortgage Association, 3.000% to 3.500%, due 09/01/42 to 11/01/47. The aggregate market value of the collateral, including accrued interest, was $355,350,000. |
| 340000000 | 4.270 | 12/09/25 | $340000000 |
| Maturity Value: $348,630,144 | Maturity Value: $348,630,144 | Maturity Value: $348,630,144 | Maturity Value: $348,630,144 |
| Settlement Date: 05/09/25 | Settlement Date: 05/09/25 | Settlement Date: 05/09/25 | Settlement Date: 05/09/25 |
| Collateralized by Federal National Mortgage Association, 2.000% to 3.500%, due 08/01/40 to 08/01/51. The aggregate market value of the collateral, including accrued interest, was $350,200,000. | Collateralized by Federal National Mortgage Association, 2.000% to 3.500%, due 08/01/40 to 08/01/51. The aggregate market value of the collateral, including accrued interest, was $350,200,000. | Collateralized by Federal National Mortgage Association, 2.000% to 3.500%, due 08/01/40 to 08/01/51. The aggregate market value of the collateral, including accrued interest, was $350,200,000. | Collateralized by Federal National Mortgage Association, 2.000% to 3.500%, due 08/01/40 to 08/01/51. The aggregate market value of the collateral, including accrued interest, was $350,200,000. |

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

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

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------

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

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

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

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

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
| Bank of America, National Association – (continued) | Bank of America, National Association – (continued) | Bank of America, National Association – (continued) | Bank of America, National Association – (continued) | Bank of America, National Association – (continued) |
| $| 945000000 | 3.900% | 03/31/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945000000 |
|  Maturity Value: $981,547,875 | Maturity Value: $981,547,875 | Maturity Value: $981,547,875 | Maturity Value: $981,547,875 | Maturity Value: $981,547,875 |
|  Settlement Date: 04/08/25 | Settlement Date: 04/08/25 | Settlement Date: 04/08/25 | Settlement Date: 04/08/25 | Settlement Date: 04/08/25 |
|  Collateralized by Federal National Mortgage Association, 2.000% to 4.500%, due 05/01/40 to 09/01/50. The aggregate market value of the collateral, including accrued interest, was $973,349,998. | Collateralized by Federal National Mortgage Association, 2.000% to 4.500%, due 05/01/40 to 09/01/50. The aggregate market value of the collateral, including accrued interest, was $973,349,998. | Collateralized by Federal National Mortgage Association, 2.000% to 4.500%, due 05/01/40 to 09/01/50. The aggregate market value of the collateral, including accrued interest, was $973,349,998. | Collateralized by Federal National Mortgage Association, 2.000% to 4.500%, due 05/01/40 to 09/01/50. The aggregate market value of the collateral, including accrued interest, was $973,349,998. | Collateralized by Federal National Mortgage Association, 2.000% to 4.500%, due 05/01/40 to 09/01/50. The aggregate market value of the collateral, including accrued interest, was $973,349,998. |
| Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal |
|  | 494000000 | 4.360 | 09/08/25 | $494000000 |
|  Maturity Value: $517,811,896 | Maturity Value: $517,811,896 | Maturity Value: $517,811,896 | Maturity Value: $517,811,896 | Maturity Value: $517,811,896 |
|  Settlement Date: 08/06/24 | Settlement Date: 08/06/24 | Settlement Date: 08/06/24 | Settlement Date: 08/06/24 | Settlement Date: 08/06/24 |
|  Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.000%, due 11/01/31 to 06/01/55 and Federal National Mortgage Association, 2.000% to 6.000%, due 01/01/32 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $508,819,997. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.000%, due 11/01/31 to 06/01/55 and Federal National Mortgage Association, 2.000% to 6.000%, due 01/01/32 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $508,819,997. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.000%, due 11/01/31 to 06/01/55 and Federal National Mortgage Association, 2.000% to 6.000%, due 01/01/32 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $508,819,997. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.000%, due 11/01/31 to 06/01/55 and Federal National Mortgage Association, 2.000% to 6.000%, due 01/01/32 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $508,819,997. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.000%, due 11/01/31 to 06/01/55 and Federal National Mortgage Association, 2.000% to 6.000%, due 01/01/32 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $508,819,997. |
| Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC |
|  | 1685000000 | 4.330 <sup>(d)</sup> | 06/06/25 | $1685000000 |
|  Maturity Value: $1,709,117,503 | Maturity Value: $1,709,117,503 | Maturity Value: $1,709,117,503 | Maturity Value: $1,709,117,503 | Maturity Value: $1,709,117,503 |
|  Settlement Date: 02/07/25 | Settlement Date: 02/07/25 | Settlement Date: 02/07/25 | Settlement Date: 02/07/25 | Settlement Date: 02/07/25 |
|  Collateralized by a U.S. Treasury Bill, 0.000%, due 12/26/25, U.S. Treasury Bonds, 2.750% to 4.750%, due 08/15/43 to 08/15/54, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 2.125%, due 01/15/26 to 02/15/54, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.375%, due 07/15/27 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/26 to 08/15/53, U.S. Treasury Notes, 1.375% to 2.625%, due 08/31/26 to 02/15/30 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/44. The aggregate market value of the collateral, including accrued interest, was $1,724,028,926. | Collateralized by a U.S. Treasury Bill, 0.000%, due 12/26/25, U.S. Treasury Bonds, 2.750% to 4.750%, due 08/15/43 to 08/15/54, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 2.125%, due 01/15/26 to 02/15/54, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.375%, due 07/15/27 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/26 to 08/15/53, U.S. Treasury Notes, 1.375% to 2.625%, due 08/31/26 to 02/15/30 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/44. The aggregate market value of the collateral, including accrued interest, was $1,724,028,926. | Collateralized by a U.S. Treasury Bill, 0.000%, due 12/26/25, U.S. Treasury Bonds, 2.750% to 4.750%, due 08/15/43 to 08/15/54, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 2.125%, due 01/15/26 to 02/15/54, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.375%, due 07/15/27 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/26 to 08/15/53, U.S. Treasury Notes, 1.375% to 2.625%, due 08/31/26 to 02/15/30 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/44. The aggregate market value of the collateral, including accrued interest, was $1,724,028,926. | Collateralized by a U.S. Treasury Bill, 0.000%, due 12/26/25, U.S. Treasury Bonds, 2.750% to 4.750%, due 08/15/43 to 08/15/54, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 2.125%, due 01/15/26 to 02/15/54, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.375%, due 07/15/27 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/26 to 08/15/53, U.S. Treasury Notes, 1.375% to 2.625%, due 08/31/26 to 02/15/30 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/44. The aggregate market value of the collateral, including accrued interest, was $1,724,028,926. | Collateralized by a U.S. Treasury Bill, 0.000%, due 12/26/25, U.S. Treasury Bonds, 2.750% to 4.750%, due 08/15/43 to 08/15/54, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 2.125%, due 01/15/26 to 02/15/54, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.375%, due 07/15/27 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/26 to 08/15/53, U.S. Treasury Notes, 1.375% to 2.625%, due 08/31/26 to 02/15/30 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/44. The aggregate market value of the collateral, including accrued interest, was $1,724,028,926. |
|  | 840000000 | 4.330 <sup>(d)</sup> | 06/23/25 | $840000000 |
|  Maturity Value: $843,233,067 | Maturity Value: $843,233,067 | Maturity Value: $843,233,067 | Maturity Value: $843,233,067 | Maturity Value: $843,233,067 |
|  Settlement Date: 05/22/25 | Settlement Date: 05/22/25 | Settlement Date: 05/22/25 | Settlement Date: 05/22/25 | Settlement Date: 05/22/25 |
|  Collateralized by U.S. Treasury Inflation-Indexed Bonds, 0.750% to 2.375%, due 01/15/27 to 02/15/42, U.S. Treasury Inflation- Indexed Notes, 0.125% to 0.625%, due 01/15/26 to 07/15/32, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/34 to 08/15/53, U.S. Treasury Notes, 1.875% to 4.500%, due 08/15/25 to 02/15/32 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/53. The aggregate market value of the collateral, including accrued interest, was $857,212,216. | Collateralized by U.S. Treasury Inflation-Indexed Bonds, 0.750% to 2.375%, due 01/15/27 to 02/15/42, U.S. Treasury Inflation- Indexed Notes, 0.125% to 0.625%, due 01/15/26 to 07/15/32, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/34 to 08/15/53, U.S. Treasury Notes, 1.875% to 4.500%, due 08/15/25 to 02/15/32 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/53. The aggregate market value of the collateral, including accrued interest, was $857,212,216. | Collateralized by U.S. Treasury Inflation-Indexed Bonds, 0.750% to 2.375%, due 01/15/27 to 02/15/42, U.S. Treasury Inflation- Indexed Notes, 0.125% to 0.625%, due 01/15/26 to 07/15/32, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/34 to 08/15/53, U.S. Treasury Notes, 1.875% to 4.500%, due 08/15/25 to 02/15/32 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/53. The aggregate market value of the collateral, including accrued interest, was $857,212,216. | Collateralized by U.S. Treasury Inflation-Indexed Bonds, 0.750% to 2.375%, due 01/15/27 to 02/15/42, U.S. Treasury Inflation- Indexed Notes, 0.125% to 0.625%, due 01/15/26 to 07/15/32, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/34 to 08/15/53, U.S. Treasury Notes, 1.875% to 4.500%, due 08/15/25 to 02/15/32 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/53. The aggregate market value of the collateral, including accrued interest, was $857,212,216. | Collateralized by U.S. Treasury Inflation-Indexed Bonds, 0.750% to 2.375%, due 01/15/27 to 02/15/42, U.S. Treasury Inflation- Indexed Notes, 0.125% to 0.625%, due 01/15/26 to 07/15/32, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/34 to 08/15/53, U.S. Treasury Notes, 1.875% to 4.500%, due 08/15/25 to 02/15/32 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/53. The aggregate market value of the collateral, including accrued interest, was $857,212,216. |
|  | 550000000 | 4.330 <sup>(d)</sup> | 07/03/25 | $550000000 |
|  Maturity Value: $552,249,195 | Maturity Value: $552,249,195 | Maturity Value: $552,249,195 | Maturity Value: $552,249,195 | Maturity Value: $552,249,195 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by U.S. Treasury Inflation-Indexed Bonds, 0.625% to 2.125%, due 02/15/43 to 02/15/54 and U.S. Treasury Interest- Only Stripped Securities, 0.000%, due 02/15/29 to 08/15/52. The aggregate market value of the collateral, including accrued interest, was $561,202,428. | Collateralized by U.S. Treasury Inflation-Indexed Bonds, 0.625% to 2.125%, due 02/15/43 to 02/15/54 and U.S. Treasury Interest- Only Stripped Securities, 0.000%, due 02/15/29 to 08/15/52. The aggregate market value of the collateral, including accrued interest, was $561,202,428. | Collateralized by U.S. Treasury Inflation-Indexed Bonds, 0.625% to 2.125%, due 02/15/43 to 02/15/54 and U.S. Treasury Interest- Only Stripped Securities, 0.000%, due 02/15/29 to 08/15/52. The aggregate market value of the collateral, including accrued interest, was $561,202,428. | Collateralized by U.S. Treasury Inflation-Indexed Bonds, 0.625% to 2.125%, due 02/15/43 to 02/15/54 and U.S. Treasury Interest- Only Stripped Securities, 0.000%, due 02/15/29 to 08/15/52. The aggregate market value of the collateral, including accrued interest, was $561,202,428. | Collateralized by U.S. Treasury Inflation-Indexed Bonds, 0.625% to 2.125%, due 02/15/43 to 02/15/54 and U.S. Treasury Interest- Only Stripped Securities, 0.000%, due 02/15/29 to 08/15/52. The aggregate market value of the collateral, including accrued interest, was $561,202,428. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
| Barclays Bank PLC – (continued) | Barclays Bank PLC – (continued) | Barclays Bank PLC – (continued) | Barclays Bank PLC – (continued) | Barclays Bank PLC – (continued) |
| $| 1965000000 | 4.340 %<sup>(d)</sup> | 07/03/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1965000000 |
|  Maturity Value: $1,973,054,320 | Maturity Value: $1,973,054,320 | Maturity Value: $1,973,054,320 | Maturity Value: $1,973,054,320 | Maturity Value: $1,973,054,320 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by Federal Farm Credit Bank, 2.420% to 5.420%, due 08/12/33 to 11/01/41, Federal Home Loan Bank, 2.280% to 6.050%, due 03/10/32 to 11/18/41, Government National Mortgage Association, 2.000% to 6.500%, due 09/20/50 to 02/20/55, Tennessee Valley Authority, 4.875%, due 05/15/35, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.125%, due 01/15/32 to 01/15/33 and a U.S. Treasury Note, 1.250%, due 06/30/28. The aggregate market value of the collateral, including accrued interest, was $2,021,793,298. | Collateralized by Federal Farm Credit Bank, 2.420% to 5.420%, due 08/12/33 to 11/01/41, Federal Home Loan Bank, 2.280% to 6.050%, due 03/10/32 to 11/18/41, Government National Mortgage Association, 2.000% to 6.500%, due 09/20/50 to 02/20/55, Tennessee Valley Authority, 4.875%, due 05/15/35, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.125%, due 01/15/32 to 01/15/33 and a U.S. Treasury Note, 1.250%, due 06/30/28. The aggregate market value of the collateral, including accrued interest, was $2,021,793,298. | Collateralized by Federal Farm Credit Bank, 2.420% to 5.420%, due 08/12/33 to 11/01/41, Federal Home Loan Bank, 2.280% to 6.050%, due 03/10/32 to 11/18/41, Government National Mortgage Association, 2.000% to 6.500%, due 09/20/50 to 02/20/55, Tennessee Valley Authority, 4.875%, due 05/15/35, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.125%, due 01/15/32 to 01/15/33 and a U.S. Treasury Note, 1.250%, due 06/30/28. The aggregate market value of the collateral, including accrued interest, was $2,021,793,298. | Collateralized by Federal Farm Credit Bank, 2.420% to 5.420%, due 08/12/33 to 11/01/41, Federal Home Loan Bank, 2.280% to 6.050%, due 03/10/32 to 11/18/41, Government National Mortgage Association, 2.000% to 6.500%, due 09/20/50 to 02/20/55, Tennessee Valley Authority, 4.875%, due 05/15/35, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.125%, due 01/15/32 to 01/15/33 and a U.S. Treasury Note, 1.250%, due 06/30/28. The aggregate market value of the collateral, including accrued interest, was $2,021,793,298. | Collateralized by Federal Farm Credit Bank, 2.420% to 5.420%, due 08/12/33 to 11/01/41, Federal Home Loan Bank, 2.280% to 6.050%, due 03/10/32 to 11/18/41, Government National Mortgage Association, 2.000% to 6.500%, due 09/20/50 to 02/20/55, Tennessee Valley Authority, 4.875%, due 05/15/35, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.125%, due 01/15/32 to 01/15/33 and a U.S. Treasury Note, 1.250%, due 06/30/28. The aggregate market value of the collateral, including accrued interest, was $2,021,793,298. |
|  | 2540000000 | 4.330 <sup>(d)</sup> | 07/09/25 | $2540000000 |
|  Maturity Value: $2,595,296,516 | Maturity Value: $2,595,296,516 | Maturity Value: $2,595,296,516 | Maturity Value: $2,595,296,516 | Maturity Value: $2,595,296,516 |
|  Settlement Date: 01/09/25 | Settlement Date: 01/09/25 | Settlement Date: 01/09/25 | Settlement Date: 01/09/25 | Settlement Date: 01/09/25 |
|  Collateralized by U.S. Treasury Bills, 0.000%, due 07/10/25 to 08/07/25, U.S. Treasury Bonds, 2.000% to 4.750%, due 05/15/38 to 05/15/54 and U.S. Treasury Notes, 1.125% to 4.375%, due 07/31/26 to 09/30/29. The aggregate market value of the collateral, including accrued interest, was $2,598,212,577. | Collateralized by U.S. Treasury Bills, 0.000%, due 07/10/25 to 08/07/25, U.S. Treasury Bonds, 2.000% to 4.750%, due 05/15/38 to 05/15/54 and U.S. Treasury Notes, 1.125% to 4.375%, due 07/31/26 to 09/30/29. The aggregate market value of the collateral, including accrued interest, was $2,598,212,577. | Collateralized by U.S. Treasury Bills, 0.000%, due 07/10/25 to 08/07/25, U.S. Treasury Bonds, 2.000% to 4.750%, due 05/15/38 to 05/15/54 and U.S. Treasury Notes, 1.125% to 4.375%, due 07/31/26 to 09/30/29. The aggregate market value of the collateral, including accrued interest, was $2,598,212,577. | Collateralized by U.S. Treasury Bills, 0.000%, due 07/10/25 to 08/07/25, U.S. Treasury Bonds, 2.000% to 4.750%, due 05/15/38 to 05/15/54 and U.S. Treasury Notes, 1.125% to 4.375%, due 07/31/26 to 09/30/29. The aggregate market value of the collateral, including accrued interest, was $2,598,212,577. | Collateralized by U.S. Treasury Bills, 0.000%, due 07/10/25 to 08/07/25, U.S. Treasury Bonds, 2.000% to 4.750%, due 05/15/38 to 05/15/54 and U.S. Treasury Notes, 1.125% to 4.375%, due 07/31/26 to 09/30/29. The aggregate market value of the collateral, including accrued interest, was $2,598,212,577. |
|  | 845000000 | 4.330 <sup>(d)</sup> | 07/10/25 | $845000000 |
|  Maturity Value: $863,395,888 | Maturity Value: $863,395,888 | Maturity Value: $863,395,888 | Maturity Value: $863,395,888 | Maturity Value: $863,395,888 |
|  Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 |
|  Collateralized by U.S. Treasury Bonds, 1.250% to 4.625%, due 11/15/40 to 02/15/55 and U.S. Treasury Notes, 1.375% to 4.250%, due 06/30/26 to 09/30/31. The aggregate market value of the collateral, including accrued interest, was $864,366,003. | Collateralized by U.S. Treasury Bonds, 1.250% to 4.625%, due 11/15/40 to 02/15/55 and U.S. Treasury Notes, 1.375% to 4.250%, due 06/30/26 to 09/30/31. The aggregate market value of the collateral, including accrued interest, was $864,366,003. | Collateralized by U.S. Treasury Bonds, 1.250% to 4.625%, due 11/15/40 to 02/15/55 and U.S. Treasury Notes, 1.375% to 4.250%, due 06/30/26 to 09/30/31. The aggregate market value of the collateral, including accrued interest, was $864,366,003. | Collateralized by U.S. Treasury Bonds, 1.250% to 4.625%, due 11/15/40 to 02/15/55 and U.S. Treasury Notes, 1.375% to 4.250%, due 06/30/26 to 09/30/31. The aggregate market value of the collateral, including accrued interest, was $864,366,003. | Collateralized by U.S. Treasury Bonds, 1.250% to 4.625%, due 11/15/40 to 02/15/55 and U.S. Treasury Notes, 1.375% to 4.250%, due 06/30/26 to 09/30/31. The aggregate market value of the collateral, including accrued interest, was $864,366,003. |
|  Barclays Capital, Inc. | Barclays Capital, Inc. | Barclays Capital, Inc. | Barclays Capital, Inc. | Barclays Capital, Inc. |
|  | 40600000 | 4.340 | 06/02/25 | $40600000 |
|  Maturity Value: $40,614,684 | Maturity Value: $40,614,684 | Maturity Value: $40,614,684 | Maturity Value: $40,614,684 | Maturity Value: $40,614,684 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Note, 2.750%, due 08/15/32. The market value of the collateral, including accrued interest, was $41,412,076. | Collateralized by a U.S. Treasury Note, 2.750%, due 08/15/32. The market value of the collateral, including accrued interest, was $41,412,076. | Collateralized by a U.S. Treasury Note, 2.750%, due 08/15/32. The market value of the collateral, including accrued interest, was $41,412,076. | Collateralized by a U.S. Treasury Note, 2.750%, due 08/15/32. The market value of the collateral, including accrued interest, was $41,412,076. | Collateralized by a U.S. Treasury Note, 2.750%, due 08/15/32. The market value of the collateral, including accrued interest, was $41,412,076. |
|  BNP Paribas | BNP Paribas | BNP Paribas | BNP Paribas | BNP Paribas |
|  | 2470300000 | 4.350 | 06/02/25 | $2470300000 |
|  Maturity Value: $2,471,195,484 | Maturity Value: $2,471,195,484 | Maturity Value: $2,471,195,484 | Maturity Value: $2,471,195,484 | Maturity Value: $2,471,195,484 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 102.731%, due 06/01/26 to 06/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 05/01/26 to 06/01/55, Government National Mortgage Association, 2.000% to 8.000%, due 11/20/29 to 05/20/55, U.S. Treasury Bonds, 2.250% to 4.625%, due 05/15/44 to 02/15/54 and U.S. Treasury Notes, 0.625% to 3.875%, due 05/15/30 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $2,543,973,998. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 102.731%, due 06/01/26 to 06/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 05/01/26 to 06/01/55, Government National Mortgage Association, 2.000% to 8.000%, due 11/20/29 to 05/20/55, U.S. Treasury Bonds, 2.250% to 4.625%, due 05/15/44 to 02/15/54 and U.S. Treasury Notes, 0.625% to 3.875%, due 05/15/30 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $2,543,973,998. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 102.731%, due 06/01/26 to 06/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 05/01/26 to 06/01/55, Government National Mortgage Association, 2.000% to 8.000%, due 11/20/29 to 05/20/55, U.S. Treasury Bonds, 2.250% to 4.625%, due 05/15/44 to 02/15/54 and U.S. Treasury Notes, 0.625% to 3.875%, due 05/15/30 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $2,543,973,998. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 102.731%, due 06/01/26 to 06/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 05/01/26 to 06/01/55, Government National Mortgage Association, 2.000% to 8.000%, due 11/20/29 to 05/20/55, U.S. Treasury Bonds, 2.250% to 4.625%, due 05/15/44 to 02/15/54 and U.S. Treasury Notes, 0.625% to 3.875%, due 05/15/30 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $2,543,973,998. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 102.731%, due 06/01/26 to 06/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 05/01/26 to 06/01/55, Government National Mortgage Association, 2.000% to 8.000%, due 11/20/29 to 05/20/55, U.S. Treasury Bonds, 2.250% to 4.625%, due 05/15/44 to 02/15/54 and U.S. Treasury Notes, 0.625% to 3.875%, due 05/15/30 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $2,543,973,998. |

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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>9</sub>

------

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

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

Schedule of Investments (continued) *May 31, 2025 (Unaudited)*

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
| BNP Paribas – (continued) | BNP Paribas – (continued) | BNP Paribas – (continued) | BNP Paribas – (continued) | BNP Paribas – (continued) |
| $| 1480000000 | 4.250 %<sup>(d)</sup> | 07/08/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480000000 |
|  Maturity Value: $1,511,624,734 | Maturity Value: $1,511,624,734 | Maturity Value: $1,511,624,734 | Maturity Value: $1,511,624,734 | Maturity Value: $1,511,624,734 |
|  Settlement Date: 01/08/25 | Settlement Date: 01/08/25 | Settlement Date: 01/08/25 | Settlement Date: 01/08/25 | Settlement Date: 01/08/25 |
|  Collateralized by Federal Farm Credit Bank, 2.310% to 4.070%, due 11/21/33 to 03/24/42, Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 03/01/27 to 06/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 06/01/25 to 05/01/55, Government National Mortgage Association, 2.000% to 8.000%, due 04/20/34 to 05/20/55, U.S. Treasury Bonds, 2.250% to 6.875%, due 08/15/25 to 08/15/46, a U.S. Treasury Inflation-Indexed Bond, 0.625%, due 02/15/43 and U.S. Treasury Notes, 2.375% to 4.250%, due 07/31/27 to 03/31/29. The aggregate market value of the collateral, including accrued interest, was $1,523,888,282. | Collateralized by Federal Farm Credit Bank, 2.310% to 4.070%, due 11/21/33 to 03/24/42, Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 03/01/27 to 06/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 06/01/25 to 05/01/55, Government National Mortgage Association, 2.000% to 8.000%, due 04/20/34 to 05/20/55, U.S. Treasury Bonds, 2.250% to 6.875%, due 08/15/25 to 08/15/46, a U.S. Treasury Inflation-Indexed Bond, 0.625%, due 02/15/43 and U.S. Treasury Notes, 2.375% to 4.250%, due 07/31/27 to 03/31/29. The aggregate market value of the collateral, including accrued interest, was $1,523,888,282. | Collateralized by Federal Farm Credit Bank, 2.310% to 4.070%, due 11/21/33 to 03/24/42, Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 03/01/27 to 06/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 06/01/25 to 05/01/55, Government National Mortgage Association, 2.000% to 8.000%, due 04/20/34 to 05/20/55, U.S. Treasury Bonds, 2.250% to 6.875%, due 08/15/25 to 08/15/46, a U.S. Treasury Inflation-Indexed Bond, 0.625%, due 02/15/43 and U.S. Treasury Notes, 2.375% to 4.250%, due 07/31/27 to 03/31/29. The aggregate market value of the collateral, including accrued interest, was $1,523,888,282. | Collateralized by Federal Farm Credit Bank, 2.310% to 4.070%, due 11/21/33 to 03/24/42, Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 03/01/27 to 06/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 06/01/25 to 05/01/55, Government National Mortgage Association, 2.000% to 8.000%, due 04/20/34 to 05/20/55, U.S. Treasury Bonds, 2.250% to 6.875%, due 08/15/25 to 08/15/46, a U.S. Treasury Inflation-Indexed Bond, 0.625%, due 02/15/43 and U.S. Treasury Notes, 2.375% to 4.250%, due 07/31/27 to 03/31/29. The aggregate market value of the collateral, including accrued interest, was $1,523,888,282. | Collateralized by Federal Farm Credit Bank, 2.310% to 4.070%, due 11/21/33 to 03/24/42, Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 03/01/27 to 06/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 06/01/25 to 05/01/55, Government National Mortgage Association, 2.000% to 8.000%, due 04/20/34 to 05/20/55, U.S. Treasury Bonds, 2.250% to 6.875%, due 08/15/25 to 08/15/46, a U.S. Treasury Inflation-Indexed Bond, 0.625%, due 02/15/43 and U.S. Treasury Notes, 2.375% to 4.250%, due 07/31/27 to 03/31/29. The aggregate market value of the collateral, including accrued interest, was $1,523,888,282. |
|  | 845000000 | 4.240 <sup>(d)</sup> | 07/10/25 | $845000000 |
|  Maturity Value: $863,013,526 | Maturity Value: $863,013,526 | Maturity Value: $863,013,526 | Maturity Value: $863,013,526 | Maturity Value: $863,013,526 |
|  Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 |
|  Collateralized by U.S. Treasury Bills, 0.000%, due 06/17/25 to 12/26/25, a U.S. Treasury Bond, 2.250%, due 02/15/52, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 1.500%, due 02/15/47 to 02/15/53, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 07/15/25 to 01/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/29 to 02/15/50, U.S. Treasury Notes, 0.375% to 4.375%, due 12/31/25 to 02/28/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 05/15/54. The aggregate market value of the collateral, including accrued interest, was $861,900,029. | Collateralized by U.S. Treasury Bills, 0.000%, due 06/17/25 to 12/26/25, a U.S. Treasury Bond, 2.250%, due 02/15/52, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 1.500%, due 02/15/47 to 02/15/53, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 07/15/25 to 01/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/29 to 02/15/50, U.S. Treasury Notes, 0.375% to 4.375%, due 12/31/25 to 02/28/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 05/15/54. The aggregate market value of the collateral, including accrued interest, was $861,900,029. | Collateralized by U.S. Treasury Bills, 0.000%, due 06/17/25 to 12/26/25, a U.S. Treasury Bond, 2.250%, due 02/15/52, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 1.500%, due 02/15/47 to 02/15/53, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 07/15/25 to 01/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/29 to 02/15/50, U.S. Treasury Notes, 0.375% to 4.375%, due 12/31/25 to 02/28/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 05/15/54. The aggregate market value of the collateral, including accrued interest, was $861,900,029. | Collateralized by U.S. Treasury Bills, 0.000%, due 06/17/25 to 12/26/25, a U.S. Treasury Bond, 2.250%, due 02/15/52, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 1.500%, due 02/15/47 to 02/15/53, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 07/15/25 to 01/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/29 to 02/15/50, U.S. Treasury Notes, 0.375% to 4.375%, due 12/31/25 to 02/28/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 05/15/54. The aggregate market value of the collateral, including accrued interest, was $861,900,029. | Collateralized by U.S. Treasury Bills, 0.000%, due 06/17/25 to 12/26/25, a U.S. Treasury Bond, 2.250%, due 02/15/52, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 1.500%, due 02/15/47 to 02/15/53, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 07/15/25 to 01/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/29 to 02/15/50, U.S. Treasury Notes, 0.375% to 4.375%, due 12/31/25 to 02/28/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 05/15/54. The aggregate market value of the collateral, including accrued interest, was $861,900,029. |
|  | 850000000 | 4.270 <sup>(d)</sup> | 07/14/25 | $850000000 |
|  Maturity Value: $868,349,137 | Maturity Value: $868,349,137 | Maturity Value: $868,349,137 | Maturity Value: $868,349,137 | Maturity Value: $868,349,137 |
|  Settlement Date: 01/13/25 | Settlement Date: 01/13/25 | Settlement Date: 01/13/25 | Settlement Date: 01/13/25 | Settlement Date: 01/13/25 |
|  Collateralized by a U.S. Treasury Inflation-Indexed Bond, 2.000%, due 01/15/26, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.375%, due 07/15/25 to 07/15/31, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/29 to 02/15/45, U.S. Treasury Notes, 1.625% to 3.875%, due 09/30/26 to 12/31/27 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 05/15/45. The aggregate market value of the collateral, including accrued interest, was $866,999,999. | Collateralized by a U.S. Treasury Inflation-Indexed Bond, 2.000%, due 01/15/26, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.375%, due 07/15/25 to 07/15/31, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/29 to 02/15/45, U.S. Treasury Notes, 1.625% to 3.875%, due 09/30/26 to 12/31/27 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 05/15/45. The aggregate market value of the collateral, including accrued interest, was $866,999,999. | Collateralized by a U.S. Treasury Inflation-Indexed Bond, 2.000%, due 01/15/26, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.375%, due 07/15/25 to 07/15/31, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/29 to 02/15/45, U.S. Treasury Notes, 1.625% to 3.875%, due 09/30/26 to 12/31/27 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 05/15/45. The aggregate market value of the collateral, including accrued interest, was $866,999,999. | Collateralized by a U.S. Treasury Inflation-Indexed Bond, 2.000%, due 01/15/26, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.375%, due 07/15/25 to 07/15/31, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/29 to 02/15/45, U.S. Treasury Notes, 1.625% to 3.875%, due 09/30/26 to 12/31/27 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 05/15/45. The aggregate market value of the collateral, including accrued interest, was $866,999,999. | Collateralized by a U.S. Treasury Inflation-Indexed Bond, 2.000%, due 01/15/26, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.375%, due 07/15/25 to 07/15/31, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/29 to 02/15/45, U.S. Treasury Notes, 1.625% to 3.875%, due 09/30/26 to 12/31/27 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 05/15/45. The aggregate market value of the collateral, including accrued interest, was $866,999,999. |
|  | 838000000 | 4.230 <sup>(d)</sup> | 08/14/25 | $838000000 |
|  Maturity Value: $853,065,145 | Maturity Value: $853,065,145 | Maturity Value: $853,065,145 | Maturity Value: $853,065,145 | Maturity Value: $853,065,145 |
|  Settlement Date: 03/14/25 | Settlement Date: 03/14/25 | Settlement Date: 03/14/25 | Settlement Date: 03/14/25 | Settlement Date: 03/14/25 |
|  Collateralized by a U.S. Treasury Bill, 0.000%, due 09/02/25, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 2.000%, due 01/15/26 to 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.750%, due 01/15/27 to 01/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/33 to 08/15/42, U.S. Treasury Notes, 0.375% to 5.000%, due 10/31/25 to 05/31/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/45 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $854,760,055. | Collateralized by a U.S. Treasury Bill, 0.000%, due 09/02/25, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 2.000%, due 01/15/26 to 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.750%, due 01/15/27 to 01/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/33 to 08/15/42, U.S. Treasury Notes, 0.375% to 5.000%, due 10/31/25 to 05/31/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/45 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $854,760,055. | Collateralized by a U.S. Treasury Bill, 0.000%, due 09/02/25, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 2.000%, due 01/15/26 to 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.750%, due 01/15/27 to 01/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/33 to 08/15/42, U.S. Treasury Notes, 0.375% to 5.000%, due 10/31/25 to 05/31/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/45 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $854,760,055. | Collateralized by a U.S. Treasury Bill, 0.000%, due 09/02/25, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 2.000%, due 01/15/26 to 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.750%, due 01/15/27 to 01/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/33 to 08/15/42, U.S. Treasury Notes, 0.375% to 5.000%, due 10/31/25 to 05/31/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/45 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $854,760,055. | Collateralized by a U.S. Treasury Bill, 0.000%, due 09/02/25, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 2.000%, due 01/15/26 to 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.750%, due 01/15/27 to 01/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/33 to 08/15/42, U.S. Treasury Notes, 0.375% to 5.000%, due 10/31/25 to 05/31/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/45 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $854,760,055. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
| BNP Paribas – (continued) | BNP Paribas – (continued) | BNP Paribas – (continued) | BNP Paribas – (continued) | BNP Paribas – (continued) |
| $| 1675000000 | 4.250 %<sup>(d)</sup> | 09/18/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675000000 |
|  Maturity Value: $1,711,384,736 | Maturity Value: $1,711,384,736 | Maturity Value: $1,711,384,736 | Maturity Value: $1,711,384,736 | Maturity Value: $1,711,384,736 |
|  Settlement Date: 03/18/25 | Settlement Date: 03/18/25 | Settlement Date: 03/18/25 | Settlement Date: 03/18/25 | Settlement Date: 03/18/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 8.000%, due 01/01/29 to 06/01/55, Federal National Mortgage Association, 1.500% to 8.000%, due 03/01/29 to 06/01/55, Government National Mortgage Association, 2.000% to 7.000%, due 03/20/36 to 05/20/55, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/40 and a U.S. Treasury Note, 4.250%, due 01/15/28. The aggregate market value of the collateral, including accrued interest, was $1,725,249,230. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 8.000%, due 01/01/29 to 06/01/55, Federal National Mortgage Association, 1.500% to 8.000%, due 03/01/29 to 06/01/55, Government National Mortgage Association, 2.000% to 7.000%, due 03/20/36 to 05/20/55, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/40 and a U.S. Treasury Note, 4.250%, due 01/15/28. The aggregate market value of the collateral, including accrued interest, was $1,725,249,230. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 8.000%, due 01/01/29 to 06/01/55, Federal National Mortgage Association, 1.500% to 8.000%, due 03/01/29 to 06/01/55, Government National Mortgage Association, 2.000% to 7.000%, due 03/20/36 to 05/20/55, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/40 and a U.S. Treasury Note, 4.250%, due 01/15/28. The aggregate market value of the collateral, including accrued interest, was $1,725,249,230. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 8.000%, due 01/01/29 to 06/01/55, Federal National Mortgage Association, 1.500% to 8.000%, due 03/01/29 to 06/01/55, Government National Mortgage Association, 2.000% to 7.000%, due 03/20/36 to 05/20/55, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/40 and a U.S. Treasury Note, 4.250%, due 01/15/28. The aggregate market value of the collateral, including accrued interest, was $1,725,249,230. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 8.000%, due 01/01/29 to 06/01/55, Federal National Mortgage Association, 1.500% to 8.000%, due 03/01/29 to 06/01/55, Government National Mortgage Association, 2.000% to 7.000%, due 03/20/36 to 05/20/55, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/40 and a U.S. Treasury Note, 4.250%, due 01/15/28. The aggregate market value of the collateral, including accrued interest, was $1,725,249,230. |
|  | 985000000 | 4.240 <sup>(d)</sup> | 11/10/25 | $985000000 |
|  Maturity Value: $1,006,462,059 | Maturity Value: $1,006,462,059 | Maturity Value: $1,006,462,059 | Maturity Value: $1,006,462,059 | Maturity Value: $1,006,462,059 |
|  Settlement Date: 05/09/25 | Settlement Date: 05/09/25 | Settlement Date: 05/09/25 | Settlement Date: 05/09/25 | Settlement Date: 05/09/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 11/01/39 to 06/01/55, Federal National Mortgage Association, 2.000% to 7.000%, due 05/01/35 to 05/01/55, Government National Mortgage Association, 2.000% to 7.500%, due 04/20/32 to 05/20/55, U.S. Treasury Bonds, 3.000% to 4.750%, due 02/15/36 to 08/15/44 and a U.S. Treasury Note, 4.250%, due 01/15/28. The aggregate market value of the collateral, including accrued interest, was $1,013,174,360. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 11/01/39 to 06/01/55, Federal National Mortgage Association, 2.000% to 7.000%, due 05/01/35 to 05/01/55, Government National Mortgage Association, 2.000% to 7.500%, due 04/20/32 to 05/20/55, U.S. Treasury Bonds, 3.000% to 4.750%, due 02/15/36 to 08/15/44 and a U.S. Treasury Note, 4.250%, due 01/15/28. The aggregate market value of the collateral, including accrued interest, was $1,013,174,360. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 11/01/39 to 06/01/55, Federal National Mortgage Association, 2.000% to 7.000%, due 05/01/35 to 05/01/55, Government National Mortgage Association, 2.000% to 7.500%, due 04/20/32 to 05/20/55, U.S. Treasury Bonds, 3.000% to 4.750%, due 02/15/36 to 08/15/44 and a U.S. Treasury Note, 4.250%, due 01/15/28. The aggregate market value of the collateral, including accrued interest, was $1,013,174,360. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 11/01/39 to 06/01/55, Federal National Mortgage Association, 2.000% to 7.000%, due 05/01/35 to 05/01/55, Government National Mortgage Association, 2.000% to 7.500%, due 04/20/32 to 05/20/55, U.S. Treasury Bonds, 3.000% to 4.750%, due 02/15/36 to 08/15/44 and a U.S. Treasury Note, 4.250%, due 01/15/28. The aggregate market value of the collateral, including accrued interest, was $1,013,174,360. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 11/01/39 to 06/01/55, Federal National Mortgage Association, 2.000% to 7.000%, due 05/01/35 to 05/01/55, Government National Mortgage Association, 2.000% to 7.500%, due 04/20/32 to 05/20/55, U.S. Treasury Bonds, 3.000% to 4.750%, due 02/15/36 to 08/15/44 and a U.S. Treasury Note, 4.250%, due 01/15/28. The aggregate market value of the collateral, including accrued interest, was $1,013,174,360. |
|  | 350000000 | 4.280 <sup>(d)</sup> | 11/28/25 | $350000000 |
|  Maturity Value: $357,614,834 | Maturity Value: $357,614,834 | Maturity Value: $357,614,834 | Maturity Value: $357,614,834 | Maturity Value: $357,614,834 |
|  Settlement Date: 05/29/25 | Settlement Date: 05/29/25 | Settlement Date: 05/29/25 | Settlement Date: 05/29/25 | Settlement Date: 05/29/25 |
|  Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.375%, due 07/15/33 and U.S. Treasury Notes, 0.625% to 3.750%, due 11/30/25 to 05/31/27. The aggregate market value of the collateral, including accrued interest, was $357,000,043. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.375%, due 07/15/33 and U.S. Treasury Notes, 0.625% to 3.750%, due 11/30/25 to 05/31/27. The aggregate market value of the collateral, including accrued interest, was $357,000,043. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.375%, due 07/15/33 and U.S. Treasury Notes, 0.625% to 3.750%, due 11/30/25 to 05/31/27. The aggregate market value of the collateral, including accrued interest, was $357,000,043. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.375%, due 07/15/33 and U.S. Treasury Notes, 0.625% to 3.750%, due 11/30/25 to 05/31/27. The aggregate market value of the collateral, including accrued interest, was $357,000,043. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.375%, due 07/15/33 and U.S. Treasury Notes, 0.625% to 3.750%, due 11/30/25 to 05/31/27. The aggregate market value of the collateral, including accrued interest, was $357,000,043. |
|  | 490000000 | 4.300 <sup>(d)</sup> | 11/28/25 | $490000000 |
|  Maturity Value: $500,710,579 | Maturity Value: $500,710,579 | Maturity Value: $500,710,579 | Maturity Value: $500,710,579 | Maturity Value: $500,710,579 |
|  Settlement Date: 05/29/25 | Settlement Date: 05/29/25 | Settlement Date: 05/29/25 | Settlement Date: 05/29/25 | Settlement Date: 05/29/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 09/01/35 to 06/01/55, Federal National Mortgage Association, 3.000% to 7.000%, due 07/01/32 to 06/01/55, Government National Mortgage Association, 2.000% to 7.000%, due 06/15/39 to 05/20/55, a U.S. Treasury Bond, 4.625%, due 05/15/44 and a U.S. Treasury Note, 2.750%, due 07/31/27. The aggregate market value of the collateral, including accrued interest, was $503,672,620. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 09/01/35 to 06/01/55, Federal National Mortgage Association, 3.000% to 7.000%, due 07/01/32 to 06/01/55, Government National Mortgage Association, 2.000% to 7.000%, due 06/15/39 to 05/20/55, a U.S. Treasury Bond, 4.625%, due 05/15/44 and a U.S. Treasury Note, 2.750%, due 07/31/27. The aggregate market value of the collateral, including accrued interest, was $503,672,620. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 09/01/35 to 06/01/55, Federal National Mortgage Association, 3.000% to 7.000%, due 07/01/32 to 06/01/55, Government National Mortgage Association, 2.000% to 7.000%, due 06/15/39 to 05/20/55, a U.S. Treasury Bond, 4.625%, due 05/15/44 and a U.S. Treasury Note, 2.750%, due 07/31/27. The aggregate market value of the collateral, including accrued interest, was $503,672,620. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 09/01/35 to 06/01/55, Federal National Mortgage Association, 3.000% to 7.000%, due 07/01/32 to 06/01/55, Government National Mortgage Association, 2.000% to 7.000%, due 06/15/39 to 05/20/55, a U.S. Treasury Bond, 4.625%, due 05/15/44 and a U.S. Treasury Note, 2.750%, due 07/31/27. The aggregate market value of the collateral, including accrued interest, was $503,672,620. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 09/01/35 to 06/01/55, Federal National Mortgage Association, 3.000% to 7.000%, due 07/01/32 to 06/01/55, Government National Mortgage Association, 2.000% to 7.000%, due 06/15/39 to 05/20/55, a U.S. Treasury Bond, 4.625%, due 05/15/44 and a U.S. Treasury Note, 2.750%, due 07/31/27. The aggregate market value of the collateral, including accrued interest, was $503,672,620. |
| BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. |
|  | 400000000 | 4.290 | 06/02/25 | $400000000 |
|  Maturity Value: $400,143,000 | Maturity Value: $400,143,000 | Maturity Value: $400,143,000 | Maturity Value: $400,143,000 | Maturity Value: $400,143,000 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by U.S. Treasury Bonds, 2.000% to 6.875%, due 08/15/25 to 02/15/50, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/26 to 08/15/53, U.S. Treasury Notes, 0.375% to 4.375%, due 12/31/25 to 08/15/26 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/28. The aggregate market value of the collateral, including accrued interest, was $406,740,012. | Collateralized by U.S. Treasury Bonds, 2.000% to 6.875%, due 08/15/25 to 02/15/50, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/26 to 08/15/53, U.S. Treasury Notes, 0.375% to 4.375%, due 12/31/25 to 08/15/26 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/28. The aggregate market value of the collateral, including accrued interest, was $406,740,012. | Collateralized by U.S. Treasury Bonds, 2.000% to 6.875%, due 08/15/25 to 02/15/50, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/26 to 08/15/53, U.S. Treasury Notes, 0.375% to 4.375%, due 12/31/25 to 08/15/26 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/28. The aggregate market value of the collateral, including accrued interest, was $406,740,012. | Collateralized by U.S. Treasury Bonds, 2.000% to 6.875%, due 08/15/25 to 02/15/50, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/26 to 08/15/53, U.S. Treasury Notes, 0.375% to 4.375%, due 12/31/25 to 08/15/26 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/28. The aggregate market value of the collateral, including accrued interest, was $406,740,012. | Collateralized by U.S. Treasury Bonds, 2.000% to 6.875%, due 08/15/25 to 02/15/50, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/26 to 08/15/53, U.S. Treasury Notes, 0.375% to 4.375%, due 12/31/25 to 08/15/26 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/28. The aggregate market value of the collateral, including accrued interest, was $406,740,012. |

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

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GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  BofA Securities, Inc. – (continued) | BofA Securities, Inc. – (continued) | BofA Securities, Inc. – (continued) | BofA Securities, Inc. – (continued) |  |
| $| 247000000 | 4.370 %<sup>(d)</sup> | 07/09/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247000000 |
|  Maturity Value: $252,426,934 | Maturity Value: $252,426,934 | Maturity Value: $252,426,934 | Maturity Value: $252,426,934 |  |
|  Settlement Date: 01/09/25 | Settlement Date: 01/09/25 | Settlement Date: 01/09/25 | Settlement Date: 01/09/25 |  |
|  Collateralized by Government National Mortgage Association, 2.000% to 8.000%, due 06/20/30 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $254,410,000. | Collateralized by Government National Mortgage Association, 2.000% to 8.000%, due 06/20/30 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $254,410,000. | Collateralized by Government National Mortgage Association, 2.000% to 8.000%, due 06/20/30 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $254,410,000. | Collateralized by Government National Mortgage Association, 2.000% to 8.000%, due 06/20/30 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $254,410,000. | Collateralized by Government National Mortgage Association, 2.000% to 8.000%, due 06/20/30 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $254,410,000. |
|  | 1675000000 | 4.380 <sup>(d)</sup> | 07/15/25 | $1675000000 |
|  Maturity Value: $1,693,748,838 | Maturity Value: $1,693,748,838 | Maturity Value: $1,693,748,838 | Maturity Value: $1,693,748,838 |  |
|  Settlement Date: 04/14/25 | Settlement Date: 04/14/25 | Settlement Date: 04/14/25 | Settlement Date: 04/14/25 |  |
|  Collateralized by Federal Farm Credit Bank, 0.900% to 4.525%, due 06/02/25 to 02/01/34, Federal Home Loan Bank, 0.650% to 4.000%, due 07/14/25 to 02/26/27, Federal Home Loan Mortgage Corp., 0.800% to 4.700%, due 10/28/26 to 04/01/36, Federal National Mortgage Association, 1.500%, due 06/01/36, Government National Mortgage Association, 2.000% to 7.500%, due 04/15/28 to 05/20/55 and Tennessee Valley Authority, 2.875%, due 02/01/27. The aggregate market value of the collateral, including accrued interest, was $1,720,874,382. | Collateralized by Federal Farm Credit Bank, 0.900% to 4.525%, due 06/02/25 to 02/01/34, Federal Home Loan Bank, 0.650% to 4.000%, due 07/14/25 to 02/26/27, Federal Home Loan Mortgage Corp., 0.800% to 4.700%, due 10/28/26 to 04/01/36, Federal National Mortgage Association, 1.500%, due 06/01/36, Government National Mortgage Association, 2.000% to 7.500%, due 04/15/28 to 05/20/55 and Tennessee Valley Authority, 2.875%, due 02/01/27. The aggregate market value of the collateral, including accrued interest, was $1,720,874,382. | Collateralized by Federal Farm Credit Bank, 0.900% to 4.525%, due 06/02/25 to 02/01/34, Federal Home Loan Bank, 0.650% to 4.000%, due 07/14/25 to 02/26/27, Federal Home Loan Mortgage Corp., 0.800% to 4.700%, due 10/28/26 to 04/01/36, Federal National Mortgage Association, 1.500%, due 06/01/36, Government National Mortgage Association, 2.000% to 7.500%, due 04/15/28 to 05/20/55 and Tennessee Valley Authority, 2.875%, due 02/01/27. The aggregate market value of the collateral, including accrued interest, was $1,720,874,382. | Collateralized by Federal Farm Credit Bank, 0.900% to 4.525%, due 06/02/25 to 02/01/34, Federal Home Loan Bank, 0.650% to 4.000%, due 07/14/25 to 02/26/27, Federal Home Loan Mortgage Corp., 0.800% to 4.700%, due 10/28/26 to 04/01/36, Federal National Mortgage Association, 1.500%, due 06/01/36, Government National Mortgage Association, 2.000% to 7.500%, due 04/15/28 to 05/20/55 and Tennessee Valley Authority, 2.875%, due 02/01/27. The aggregate market value of the collateral, including accrued interest, was $1,720,874,382. | Collateralized by Federal Farm Credit Bank, 0.900% to 4.525%, due 06/02/25 to 02/01/34, Federal Home Loan Bank, 0.650% to 4.000%, due 07/14/25 to 02/26/27, Federal Home Loan Mortgage Corp., 0.800% to 4.700%, due 10/28/26 to 04/01/36, Federal National Mortgage Association, 1.500%, due 06/01/36, Government National Mortgage Association, 2.000% to 7.500%, due 04/15/28 to 05/20/55 and Tennessee Valley Authority, 2.875%, due 02/01/27. The aggregate market value of the collateral, including accrued interest, was $1,720,874,382. |
|  | 1973000000 | 4.370 <sup>(d)</sup> | 07/28/25 | $1973000000 |
|  Maturity Value: $2,016,589,054 | Maturity Value: $2,016,589,054 | Maturity Value: $2,016,589,054 | Maturity Value: $2,016,589,054 |  |
|  Settlement Date: 01/27/25 | Settlement Date: 01/27/25 | Settlement Date: 01/27/25 | Settlement Date: 01/27/25 |  |
|  Collateralized by Federal Farm Credit Bank, 0.900% to 4.080%, due 06/15/26 to 09/20/38, Federal Home Loan Bank, 0.520% to 1.250%, due 01/28/26 to 12/21/26, Federal Home Loan Mortgage Corp., 0.750% to 5.500%, due 06/23/26 to 05/01/53, Federal National Mortgage Association, 0.550% to 6.250%, due 01/28/26 to 09/01/57 and Government National Mortgage Association, 1.500% to 8.000%, due 09/20/26 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $2,030,400,859. | Collateralized by Federal Farm Credit Bank, 0.900% to 4.080%, due 06/15/26 to 09/20/38, Federal Home Loan Bank, 0.520% to 1.250%, due 01/28/26 to 12/21/26, Federal Home Loan Mortgage Corp., 0.750% to 5.500%, due 06/23/26 to 05/01/53, Federal National Mortgage Association, 0.550% to 6.250%, due 01/28/26 to 09/01/57 and Government National Mortgage Association, 1.500% to 8.000%, due 09/20/26 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $2,030,400,859. | Collateralized by Federal Farm Credit Bank, 0.900% to 4.080%, due 06/15/26 to 09/20/38, Federal Home Loan Bank, 0.520% to 1.250%, due 01/28/26 to 12/21/26, Federal Home Loan Mortgage Corp., 0.750% to 5.500%, due 06/23/26 to 05/01/53, Federal National Mortgage Association, 0.550% to 6.250%, due 01/28/26 to 09/01/57 and Government National Mortgage Association, 1.500% to 8.000%, due 09/20/26 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $2,030,400,859. | Collateralized by Federal Farm Credit Bank, 0.900% to 4.080%, due 06/15/26 to 09/20/38, Federal Home Loan Bank, 0.520% to 1.250%, due 01/28/26 to 12/21/26, Federal Home Loan Mortgage Corp., 0.750% to 5.500%, due 06/23/26 to 05/01/53, Federal National Mortgage Association, 0.550% to 6.250%, due 01/28/26 to 09/01/57 and Government National Mortgage Association, 1.500% to 8.000%, due 09/20/26 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $2,030,400,859. | Collateralized by Federal Farm Credit Bank, 0.900% to 4.080%, due 06/15/26 to 09/20/38, Federal Home Loan Bank, 0.520% to 1.250%, due 01/28/26 to 12/21/26, Federal Home Loan Mortgage Corp., 0.750% to 5.500%, due 06/23/26 to 05/01/53, Federal National Mortgage Association, 0.550% to 6.250%, due 01/28/26 to 09/01/57 and Government National Mortgage Association, 1.500% to 8.000%, due 09/20/26 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $2,030,400,859. |
|  | 1973000000 | 4.380 <sup>(d)</sup> | 10/29/25 | $1973000000 |
|  Maturity Value: $2,039,013,310 | Maturity Value: $2,039,013,310 | Maturity Value: $2,039,013,310 | Maturity Value: $2,039,013,310 |  |
|  Settlement Date: 01/27/25 | Settlement Date: 01/27/25 | Settlement Date: 01/27/25 | Settlement Date: 01/27/25 |  |
|  Collateralized by Federal Farm Credit Bank, 4.375%, due 03/03/33, Federal Home Loan Bank, 3.930%, due 07/11/33, Federal Home Loan Mortgage Corp., 4.000% to 5.000%, due 10/01/48 to 06/01/54, Federal National Mortgage Association, 1.500% to 7.000%, due 02/01/36 to 04/01/55 and Government National Mortgage Association, 1.500% to 8.000%, due 05/15/28 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $2,032,055,401. | Collateralized by Federal Farm Credit Bank, 4.375%, due 03/03/33, Federal Home Loan Bank, 3.930%, due 07/11/33, Federal Home Loan Mortgage Corp., 4.000% to 5.000%, due 10/01/48 to 06/01/54, Federal National Mortgage Association, 1.500% to 7.000%, due 02/01/36 to 04/01/55 and Government National Mortgage Association, 1.500% to 8.000%, due 05/15/28 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $2,032,055,401. | Collateralized by Federal Farm Credit Bank, 4.375%, due 03/03/33, Federal Home Loan Bank, 3.930%, due 07/11/33, Federal Home Loan Mortgage Corp., 4.000% to 5.000%, due 10/01/48 to 06/01/54, Federal National Mortgage Association, 1.500% to 7.000%, due 02/01/36 to 04/01/55 and Government National Mortgage Association, 1.500% to 8.000%, due 05/15/28 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $2,032,055,401. | Collateralized by Federal Farm Credit Bank, 4.375%, due 03/03/33, Federal Home Loan Bank, 3.930%, due 07/11/33, Federal Home Loan Mortgage Corp., 4.000% to 5.000%, due 10/01/48 to 06/01/54, Federal National Mortgage Association, 1.500% to 7.000%, due 02/01/36 to 04/01/55 and Government National Mortgage Association, 1.500% to 8.000%, due 05/15/28 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $2,032,055,401. | Collateralized by Federal Farm Credit Bank, 4.375%, due 03/03/33, Federal Home Loan Bank, 3.930%, due 07/11/33, Federal Home Loan Mortgage Corp., 4.000% to 5.000%, due 10/01/48 to 06/01/54, Federal National Mortgage Association, 1.500% to 7.000%, due 02/01/36 to 04/01/55 and Government National Mortgage Association, 1.500% to 8.000%, due 05/15/28 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $2,032,055,401. |
|  <br> Citibank, National Association | <br> Citibank, National Association | <br> Citibank, National Association | <br> Citibank, National Association |  |
|  | 988000000 | 4.340 | 06/11/25 | $988000000 |
|  Maturity Value: $1,014,799,510 | Maturity Value: $1,014,799,510 | Maturity Value: $1,014,799,510 | Maturity Value: $1,014,799,510 |  |
|  Settlement Date: 10/29/24 | Settlement Date: 10/29/24 | Settlement Date: 10/29/24 | Settlement Date: 10/29/24 |  |
|  Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 7.000%, due 12/01/26 to 06/01/55, Federal National Mortgage Association, 1.500% to 6.500%, due 12/01/26 to 06/01/55 and Government National Mortgage Association, 2.000% to 7.000%, due 09/20/42 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $1,007,759,990. | Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 7.000%, due 12/01/26 to 06/01/55, Federal National Mortgage Association, 1.500% to 6.500%, due 12/01/26 to 06/01/55 and Government National Mortgage Association, 2.000% to 7.000%, due 09/20/42 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $1,007,759,990. | Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 7.000%, due 12/01/26 to 06/01/55, Federal National Mortgage Association, 1.500% to 6.500%, due 12/01/26 to 06/01/55 and Government National Mortgage Association, 2.000% to 7.000%, due 09/20/42 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $1,007,759,990. | Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 7.000%, due 12/01/26 to 06/01/55, Federal National Mortgage Association, 1.500% to 6.500%, due 12/01/26 to 06/01/55 and Government National Mortgage Association, 2.000% to 7.000%, due 09/20/42 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $1,007,759,990. | Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 7.000%, due 12/01/26 to 06/01/55, Federal National Mortgage Association, 1.500% to 6.500%, due 12/01/26 to 06/01/55 and Government National Mortgage Association, 2.000% to 7.000%, due 09/20/42 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $1,007,759,990. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. |
| $| 200000000 | 4.250% | 06/02/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000000 |
|  Maturity Value: $200,070,833 | Maturity Value: $200,070,833 | Maturity Value: $200,070,833 | Maturity Value: $200,070,833 |  |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |  |
|  Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27 and U.S. Treasury Notes, 0.500% to 4.125%, due 08/31/27 to 10/15/27. The aggregate market value of the collateral, including accrued interest, was $204,000,081. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27 and U.S. Treasury Notes, 0.500% to 4.125%, due 08/31/27 to 10/15/27. The aggregate market value of the collateral, including accrued interest, was $204,000,081. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27 and U.S. Treasury Notes, 0.500% to 4.125%, due 08/31/27 to 10/15/27. The aggregate market value of the collateral, including accrued interest, was $204,000,081. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27 and U.S. Treasury Notes, 0.500% to 4.125%, due 08/31/27 to 10/15/27. The aggregate market value of the collateral, including accrued interest, was $204,000,081. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27 and U.S. Treasury Notes, 0.500% to 4.125%, due 08/31/27 to 10/15/27. The aggregate market value of the collateral, including accrued interest, was $204,000,081. |
|  | 1000000000 | 4.340 | 06/02/25 | $1000000000 |
|  Maturity Value: $1,000,361,667 | Maturity Value: $1,000,361,667 | Maturity Value: $1,000,361,667 | Maturity Value: $1,000,361,667 |  |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |  |
|  Collateralized by a U.S. Treasury Bond, 6.250%, due 05/15/30, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 01/15/30 to 04/15/30 and U.S. Treasury Notes, 1.500% to 4.375%, due 07/31/26 to 04/30/30. The aggregate market value of the collateral, including accrued interest, was $1,020,000,092. | Collateralized by a U.S. Treasury Bond, 6.250%, due 05/15/30, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 01/15/30 to 04/15/30 and U.S. Treasury Notes, 1.500% to 4.375%, due 07/31/26 to 04/30/30. The aggregate market value of the collateral, including accrued interest, was $1,020,000,092. | Collateralized by a U.S. Treasury Bond, 6.250%, due 05/15/30, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 01/15/30 to 04/15/30 and U.S. Treasury Notes, 1.500% to 4.375%, due 07/31/26 to 04/30/30. The aggregate market value of the collateral, including accrued interest, was $1,020,000,092. | Collateralized by a U.S. Treasury Bond, 6.250%, due 05/15/30, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 01/15/30 to 04/15/30 and U.S. Treasury Notes, 1.500% to 4.375%, due 07/31/26 to 04/30/30. The aggregate market value of the collateral, including accrued interest, was $1,020,000,092. | Collateralized by a U.S. Treasury Bond, 6.250%, due 05/15/30, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 01/15/30 to 04/15/30 and U.S. Treasury Notes, 1.500% to 4.375%, due 07/31/26 to 04/30/30. The aggregate market value of the collateral, including accrued interest, was $1,020,000,092. |
|  | 1600000000 | 4.350 | 06/02/25 | $1600000000 |
|  Maturity Value: $1,600,580,000 | Maturity Value: $1,600,580,000 | Maturity Value: $1,600,580,000 | Maturity Value: $1,600,580,000 |  |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |  |
|  Collateralized by Government National Mortgage Association, 2.500% to 8.000%, due 02/20/54 to 07/20/54. The aggregate market value of the collateral, including accrued interest, was $1,632,000,885. | Collateralized by Government National Mortgage Association, 2.500% to 8.000%, due 02/20/54 to 07/20/54. The aggregate market value of the collateral, including accrued interest, was $1,632,000,885. | Collateralized by Government National Mortgage Association, 2.500% to 8.000%, due 02/20/54 to 07/20/54. The aggregate market value of the collateral, including accrued interest, was $1,632,000,885. | Collateralized by Government National Mortgage Association, 2.500% to 8.000%, due 02/20/54 to 07/20/54. The aggregate market value of the collateral, including accrued interest, was $1,632,000,885. | Collateralized by Government National Mortgage Association, 2.500% to 8.000%, due 02/20/54 to 07/20/54. The aggregate market value of the collateral, including accrued interest, was $1,632,000,885. |
|  | 423000000 | 4.400 | 06/18/25 | $423000000 |
|  Maturity Value: $429,204,000 | Maturity Value: $429,204,000 | Maturity Value: $429,204,000 | Maturity Value: $429,204,000 |  |
|  Settlement Date: 02/18/25 | Settlement Date: 02/18/25 | Settlement Date: 02/18/25 | Settlement Date: 02/18/25 |  |
|  Collateralized by Government National Mortgage Association, 2.500% to 7.500%, due 12/20/52 to 08/20/53. The aggregate market value of the collateral, including accrued interest, was $431,460,424. | Collateralized by Government National Mortgage Association, 2.500% to 7.500%, due 12/20/52 to 08/20/53. The aggregate market value of the collateral, including accrued interest, was $431,460,424. | Collateralized by Government National Mortgage Association, 2.500% to 7.500%, due 12/20/52 to 08/20/53. The aggregate market value of the collateral, including accrued interest, was $431,460,424. | Collateralized by Government National Mortgage Association, 2.500% to 7.500%, due 12/20/52 to 08/20/53. The aggregate market value of the collateral, including accrued interest, was $431,460,424. | Collateralized by Government National Mortgage Association, 2.500% to 7.500%, due 12/20/52 to 08/20/53. The aggregate market value of the collateral, including accrued interest, was $431,460,424. |
|  | 345000000 | 4.310 | 07/07/25 | $345000000 |
|  Maturity Value: $352,641,271 | Maturity Value: $352,641,271 | Maturity Value: $352,641,271 | Maturity Value: $352,641,271 |  |
|  Settlement Date: 01/03/25 | Settlement Date: 01/03/25 | Settlement Date: 01/03/25 | Settlement Date: 01/03/25 |  |
|  Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 7.000%, due 05/01/55 to 06/01/55 and Federal National Mortgage Association, 5.500% to 6.000%, due 05/01/55 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $351,900,936. | Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 7.000%, due 05/01/55 to 06/01/55 and Federal National Mortgage Association, 5.500% to 6.000%, due 05/01/55 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $351,900,936. | Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 7.000%, due 05/01/55 to 06/01/55 and Federal National Mortgage Association, 5.500% to 6.000%, due 05/01/55 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $351,900,936. | Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 7.000%, due 05/01/55 to 06/01/55 and Federal National Mortgage Association, 5.500% to 6.000%, due 05/01/55 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $351,900,936. | Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 7.000%, due 05/01/55 to 06/01/55 and Federal National Mortgage Association, 5.500% to 6.000%, due 05/01/55 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $351,900,936. |
|  | 445000000 | 4.320 | 07/09/25 | $445000000 |
|  Maturity Value: $454,665,400 | Maturity Value: $454,665,400 | Maturity Value: $454,665,400 | Maturity Value: $454,665,400 |  |
|  Settlement Date: 01/09/25 | Settlement Date: 01/09/25 | Settlement Date: 01/09/25 | Settlement Date: 01/09/25 |  |
|  Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 6.500%, due 05/01/55 to 06/01/55 and Federal National Mortgage Association, 2.000% to 7.000%, due 02/01/37 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $453,900,000. | Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 6.500%, due 05/01/55 to 06/01/55 and Federal National Mortgage Association, 2.000% to 7.000%, due 02/01/37 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $453,900,000. | Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 6.500%, due 05/01/55 to 06/01/55 and Federal National Mortgage Association, 2.000% to 7.000%, due 02/01/37 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $453,900,000. | Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 6.500%, due 05/01/55 to 06/01/55 and Federal National Mortgage Association, 2.000% to 7.000%, due 02/01/37 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $453,900,000. | Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 6.500%, due 05/01/55 to 06/01/55 and Federal National Mortgage Association, 2.000% to 7.000%, due 02/01/37 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $453,900,000. |
|  | 445000000 | 4.320 | 07/09/25 | $445000000 |
|  Maturity Value: $454,665,400 | Maturity Value: $454,665,400 | Maturity Value: $454,665,400 | Maturity Value: $454,665,400 |  |
|  Settlement Date: 01/09/25 | Settlement Date: 01/09/25 | Settlement Date: 01/09/25 | Settlement Date: 01/09/25 |  |
|  Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.000%, due 05/01/52 to 06/01/55 and Federal National Mortgage Association, 5.000% to 6.500%, due 05/01/40 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $453,900,128. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.000%, due 05/01/52 to 06/01/55 and Federal National Mortgage Association, 5.000% to 6.500%, due 05/01/40 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $453,900,128. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.000%, due 05/01/52 to 06/01/55 and Federal National Mortgage Association, 5.000% to 6.500%, due 05/01/40 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $453,900,128. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.000%, due 05/01/52 to 06/01/55 and Federal National Mortgage Association, 5.000% to 6.500%, due 05/01/40 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $453,900,128. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.000%, due 05/01/52 to 06/01/55 and Federal National Mortgage Association, 5.000% to 6.500%, due 05/01/40 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $453,900,128. |

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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>11</sub>

------

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

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

Schedule of Investments (continued) *May 31, 2025 (Unaudited)*

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) |
| $| 1480000000 | 4.350 %<sup>(d)</sup> | 07/15/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480000000 |
|  Maturity Value: $1,513,262,991 | Maturity Value: $1,513,262,991 | Maturity Value: $1,513,262,991 | Maturity Value: $1,513,262,991 |  |
|  Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 |  |
|  Collateralized by Government National Mortgage Association, 2.000% to 8.000%, due 04/20/53 to 09/20/54. The aggregate market value of the collateral, including accrued interest, was $1,509,600,877. | Collateralized by Government National Mortgage Association, 2.000% to 8.000%, due 04/20/53 to 09/20/54. The aggregate market value of the collateral, including accrued interest, was $1,509,600,877. | Collateralized by Government National Mortgage Association, 2.000% to 8.000%, due 04/20/53 to 09/20/54. The aggregate market value of the collateral, including accrued interest, was $1,509,600,877. | Collateralized by Government National Mortgage Association, 2.000% to 8.000%, due 04/20/53 to 09/20/54. The aggregate market value of the collateral, including accrued interest, was $1,509,600,877. | Collateralized by Government National Mortgage Association, 2.000% to 8.000%, due 04/20/53 to 09/20/54. The aggregate market value of the collateral, including accrued interest, was $1,509,600,877. |
|  | 2110000000 | 4.340 <sup>(d)</sup> | 07/18/25 | $2110000000 |
|  Maturity Value: $2,156,804,506 | Maturity Value: $2,156,804,506 | Maturity Value: $2,156,804,506 | Maturity Value: $2,156,804,506 |  |
|  Settlement Date: 01/15/25 | Settlement Date: 01/15/25 | Settlement Date: 01/15/25 | Settlement Date: 01/15/25 |  |
|  Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/27 and U.S. Treasury Notes, 0.625% to 4.625%, due 03/31/27 to 08/15/27. The aggregate market value of the collateral, including accrued interest, was $2,152,200,078. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/27 and U.S. Treasury Notes, 0.625% to 4.625%, due 03/31/27 to 08/15/27. The aggregate market value of the collateral, including accrued interest, was $2,152,200,078. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/27 and U.S. Treasury Notes, 0.625% to 4.625%, due 03/31/27 to 08/15/27. The aggregate market value of the collateral, including accrued interest, was $2,152,200,078. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/27 and U.S. Treasury Notes, 0.625% to 4.625%, due 03/31/27 to 08/15/27. The aggregate market value of the collateral, including accrued interest, was $2,152,200,078. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/27 and U.S. Treasury Notes, 0.625% to 4.625%, due 03/31/27 to 08/15/27. The aggregate market value of the collateral, including accrued interest, was $2,152,200,078. |
|  | 2960000000 | 4.350 <sup>(d)</sup> | 07/18/25 | $2960000000 |
|  Maturity Value: $3,025,810,649 | Maturity Value: $3,025,810,649 | Maturity Value: $3,025,810,649 | Maturity Value: $3,025,810,649 |  |
|  Settlement Date: 01/15/25 | Settlement Date: 01/15/25 | Settlement Date: 01/15/25 | Settlement Date: 01/15/25 |  |
|  Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 8.500%, due 02/01/28 to 04/01/36, Federal National Mortgage Association, 1.500% to 3.500%, due 11/01/31 to 05/01/36, Government National Mortgage Association, 2.500% to 8.000%, due 06/20/54 to 05/20/55 and U.S. Treasury Notes, 2.625% to 4.625%, due 10/15/26 to 02/15/29. The aggregate market value of the collateral, including accrued interest, was $3,019,200,018. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 8.500%, due 02/01/28 to 04/01/36, Federal National Mortgage Association, 1.500% to 3.500%, due 11/01/31 to 05/01/36, Government National Mortgage Association, 2.500% to 8.000%, due 06/20/54 to 05/20/55 and U.S. Treasury Notes, 2.625% to 4.625%, due 10/15/26 to 02/15/29. The aggregate market value of the collateral, including accrued interest, was $3,019,200,018. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 8.500%, due 02/01/28 to 04/01/36, Federal National Mortgage Association, 1.500% to 3.500%, due 11/01/31 to 05/01/36, Government National Mortgage Association, 2.500% to 8.000%, due 06/20/54 to 05/20/55 and U.S. Treasury Notes, 2.625% to 4.625%, due 10/15/26 to 02/15/29. The aggregate market value of the collateral, including accrued interest, was $3,019,200,018. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 8.500%, due 02/01/28 to 04/01/36, Federal National Mortgage Association, 1.500% to 3.500%, due 11/01/31 to 05/01/36, Government National Mortgage Association, 2.500% to 8.000%, due 06/20/54 to 05/20/55 and U.S. Treasury Notes, 2.625% to 4.625%, due 10/15/26 to 02/15/29. The aggregate market value of the collateral, including accrued interest, was $3,019,200,018. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 8.500%, due 02/01/28 to 04/01/36, Federal National Mortgage Association, 1.500% to 3.500%, due 11/01/31 to 05/01/36, Government National Mortgage Association, 2.500% to 8.000%, due 06/20/54 to 05/20/55 and U.S. Treasury Notes, 2.625% to 4.625%, due 10/15/26 to 02/15/29. The aggregate market value of the collateral, including accrued interest, was $3,019,200,018. |
|  | 420000000 | 4.400 | 07/21/25 | $420000000 |
|  Maturity Value: $427,751,333 | Maturity Value: $427,751,333 | Maturity Value: $427,751,333 | Maturity Value: $427,751,333 |  |
|  Settlement Date: 02/20/25 | Settlement Date: 02/20/25 | Settlement Date: 02/20/25 | Settlement Date: 02/20/25 |  |
|  Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.500%, due 05/01/55 and Federal National Mortgage Association, 5.500%, due 05/01/55. The aggregate market value of the collateral, including accrued interest, was $428,400,931. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.500%, due 05/01/55 and Federal National Mortgage Association, 5.500%, due 05/01/55. The aggregate market value of the collateral, including accrued interest, was $428,400,931. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.500%, due 05/01/55 and Federal National Mortgage Association, 5.500%, due 05/01/55. The aggregate market value of the collateral, including accrued interest, was $428,400,931. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.500%, due 05/01/55 and Federal National Mortgage Association, 5.500%, due 05/01/55. The aggregate market value of the collateral, including accrued interest, was $428,400,931. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.500%, due 05/01/55 and Federal National Mortgage Association, 5.500%, due 05/01/55. The aggregate market value of the collateral, including accrued interest, was $428,400,931. |
|  | 420000000 | 4.300 | 09/17/25 | $420000000 |
|  Maturity Value: $429,230,667 | Maturity Value: $429,230,667 | Maturity Value: $429,230,667 | Maturity Value: $429,230,667 |  |
|  Settlement Date: 03/17/25 | Settlement Date: 03/17/25 | Settlement Date: 03/17/25 | Settlement Date: 03/17/25 |  |
|  Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.000%, due 04/01/55 and Federal National Mortgage Association, 5.000% to 7.500%, due 04/01/55 to 05/01/55. The aggregate market value of the collateral, including accrued interest, was $428,400,993. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.000%, due 04/01/55 and Federal National Mortgage Association, 5.000% to 7.500%, due 04/01/55 to 05/01/55. The aggregate market value of the collateral, including accrued interest, was $428,400,993. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.000%, due 04/01/55 and Federal National Mortgage Association, 5.000% to 7.500%, due 04/01/55 to 05/01/55. The aggregate market value of the collateral, including accrued interest, was $428,400,993. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.000%, due 04/01/55 and Federal National Mortgage Association, 5.000% to 7.500%, due 04/01/55 to 05/01/55. The aggregate market value of the collateral, including accrued interest, was $428,400,993. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.000%, due 04/01/55 and Federal National Mortgage Association, 5.000% to 7.500%, due 04/01/55 to 05/01/55. The aggregate market value of the collateral, including accrued interest, was $428,400,993. |
|  | 685000000 | 4.340 <sup>(d)</sup> | 09/22/25 | $685000000 |
|  Maturity Value: $700,359,989 | Maturity Value: $700,359,989 | Maturity Value: $700,359,989 | Maturity Value: $700,359,989 |  |
|  Settlement Date: 03/20/25 | Settlement Date: 03/20/25 | Settlement Date: 03/20/25 | Settlement Date: 03/20/25 |  |
|  Collateralized by a U.S. Treasury Bond, 5.375%, due 02/15/31 and U.S. Treasury Notes, 1.125% to 4.875%, due 07/31/26 to 05/31/31. The aggregate market value of the collateral, including accrued interest, was $698,700,101. | Collateralized by a U.S. Treasury Bond, 5.375%, due 02/15/31 and U.S. Treasury Notes, 1.125% to 4.875%, due 07/31/26 to 05/31/31. The aggregate market value of the collateral, including accrued interest, was $698,700,101. | Collateralized by a U.S. Treasury Bond, 5.375%, due 02/15/31 and U.S. Treasury Notes, 1.125% to 4.875%, due 07/31/26 to 05/31/31. The aggregate market value of the collateral, including accrued interest, was $698,700,101. | Collateralized by a U.S. Treasury Bond, 5.375%, due 02/15/31 and U.S. Treasury Notes, 1.125% to 4.875%, due 07/31/26 to 05/31/31. The aggregate market value of the collateral, including accrued interest, was $698,700,101. | Collateralized by a U.S. Treasury Bond, 5.375%, due 02/15/31 and U.S. Treasury Notes, 1.125% to 4.875%, due 07/31/26 to 05/31/31. The aggregate market value of the collateral, including accrued interest, was $698,700,101. |
|  | 985000000 | 4.350 <sup>(d)</sup> | 09/22/25 | $985000000 |
|  Maturity Value: $1,007,137,869 | Maturity Value: $1,007,137,869 | Maturity Value: $1,007,137,869 | Maturity Value: $1,007,137,869 |  |
|  Settlement Date: 03/20/25 | Settlement Date: 03/20/25 | Settlement Date: 03/20/25 | Settlement Date: 03/20/25 |  |
|  Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 3.000%, due 04/01/36 to 12/01/36 and Federal National Mortgage Association, 1.500% to 6.500%, due 04/01/36 to 02/01/37. The aggregate market value of the collateral, including accrued interest, was $1,004,700,438. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 3.000%, due 04/01/36 to 12/01/36 and Federal National Mortgage Association, 1.500% to 6.500%, due 04/01/36 to 02/01/37. The aggregate market value of the collateral, including accrued interest, was $1,004,700,438. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 3.000%, due 04/01/36 to 12/01/36 and Federal National Mortgage Association, 1.500% to 6.500%, due 04/01/36 to 02/01/37. The aggregate market value of the collateral, including accrued interest, was $1,004,700,438. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 3.000%, due 04/01/36 to 12/01/36 and Federal National Mortgage Association, 1.500% to 6.500%, due 04/01/36 to 02/01/37. The aggregate market value of the collateral, including accrued interest, was $1,004,700,438. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 3.000%, due 04/01/36 to 12/01/36 and Federal National Mortgage Association, 1.500% to 6.500%, due 04/01/36 to 02/01/37. The aggregate market value of the collateral, including accrued interest, was $1,004,700,438. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) |
| $| 208000000 | 4.250% | 10/02/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208000000 |
|  Maturity Value: $212,469,111 | Maturity Value: $212,469,111 | Maturity Value: $212,469,111 | Maturity Value: $212,469,111 |  |
|  Settlement Date: 04/03/25 | Settlement Date: 04/03/25 | Settlement Date: 04/03/25 | Settlement Date: 04/03/25 |  |
|  Collateralized by Federal National Mortgage Association, 5.000% to 6.500%, due 05/01/55 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $212,160,258. | Collateralized by Federal National Mortgage Association, 5.000% to 6.500%, due 05/01/55 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $212,160,258. | Collateralized by Federal National Mortgage Association, 5.000% to 6.500%, due 05/01/55 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $212,160,258. | Collateralized by Federal National Mortgage Association, 5.000% to 6.500%, due 05/01/55 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $212,160,258. | Collateralized by Federal National Mortgage Association, 5.000% to 6.500%, due 05/01/55 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $212,160,258. |
|  | 208000000 | 4.250 | 10/02/25 | $208000000 |
|  Maturity Value: $212,469,111 | Maturity Value: $212,469,111 | Maturity Value: $212,469,111 | Maturity Value: $212,469,111 |  |
|  Settlement Date: 04/03/25 | Settlement Date: 04/03/25 | Settlement Date: 04/03/25 | Settlement Date: 04/03/25 |  |
|  Collateralized by Federal National Mortgage Association, 4.000% to 7.000%, due 06/01/40 to 04/01/55. The aggregate market value of the collateral, including accrued interest, was $212,160,882. | Collateralized by Federal National Mortgage Association, 4.000% to 7.000%, due 06/01/40 to 04/01/55. The aggregate market value of the collateral, including accrued interest, was $212,160,882. | Collateralized by Federal National Mortgage Association, 4.000% to 7.000%, due 06/01/40 to 04/01/55. The aggregate market value of the collateral, including accrued interest, was $212,160,882. | Collateralized by Federal National Mortgage Association, 4.000% to 7.000%, due 06/01/40 to 04/01/55. The aggregate market value of the collateral, including accrued interest, was $212,160,882. | Collateralized by Federal National Mortgage Association, 4.000% to 7.000%, due 06/01/40 to 04/01/55. The aggregate market value of the collateral, including accrued interest, was $212,160,882. |
|  | 208000000 | 4.250 | 10/02/25 | $208000000 |
|  Maturity Value: $212,469,111 | Maturity Value: $212,469,111 | Maturity Value: $212,469,111 | Maturity Value: $212,469,111 |  |
|  Settlement Date: 04/03/25 | Settlement Date: 04/03/25 | Settlement Date: 04/03/25 | Settlement Date: 04/03/25 |  |
|  Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.500%, due 05/01/55 to 06/01/55 and Federal National Mortgage Association, 4.500% to 6.000%, due 05/01/55. The aggregate market value of the collateral, including accrued interest, was $212,160,843. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.500%, due 05/01/55 to 06/01/55 and Federal National Mortgage Association, 4.500% to 6.000%, due 05/01/55. The aggregate market value of the collateral, including accrued interest, was $212,160,843. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.500%, due 05/01/55 to 06/01/55 and Federal National Mortgage Association, 4.500% to 6.000%, due 05/01/55. The aggregate market value of the collateral, including accrued interest, was $212,160,843. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.500%, due 05/01/55 to 06/01/55 and Federal National Mortgage Association, 4.500% to 6.000%, due 05/01/55. The aggregate market value of the collateral, including accrued interest, was $212,160,843. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.500%, due 05/01/55 to 06/01/55 and Federal National Mortgage Association, 4.500% to 6.000%, due 05/01/55. The aggregate market value of the collateral, including accrued interest, was $212,160,843. |
|  | 2960000000 | 4.350 <sup>(d)</sup> | 10/10/25 | $2960000000 |
|  Maturity Value: $3,046,555,309 | Maturity Value: $3,046,555,309 | Maturity Value: $3,046,555,309 | Maturity Value: $3,046,555,309 |  |
|  Settlement Date: 02/10/25 | Settlement Date: 02/10/25 | Settlement Date: 02/10/25 | Settlement Date: 02/10/25 |  |
|  Collateralized by Government National Mortgage Association, 2.000% to 7.500%, due 11/20/51 to 04/20/55. The aggregate market value of the collateral, including accrued interest, was $3,019,200,679. | Collateralized by Government National Mortgage Association, 2.000% to 7.500%, due 11/20/51 to 04/20/55. The aggregate market value of the collateral, including accrued interest, was $3,019,200,679. | Collateralized by Government National Mortgage Association, 2.000% to 7.500%, due 11/20/51 to 04/20/55. The aggregate market value of the collateral, including accrued interest, was $3,019,200,679. | Collateralized by Government National Mortgage Association, 2.000% to 7.500%, due 11/20/51 to 04/20/55. The aggregate market value of the collateral, including accrued interest, was $3,019,200,679. | Collateralized by Government National Mortgage Association, 2.000% to 7.500%, due 11/20/51 to 04/20/55. The aggregate market value of the collateral, including accrued interest, was $3,019,200,679. |
|  | 420000000 | 4.290 | 10/31/25 | $420000000 |
|  Maturity Value: $433,663,650 | Maturity Value: $433,663,650 | Maturity Value: $433,663,650 | Maturity Value: $433,663,650 |  |
|  Settlement Date: 01/31/25 | Settlement Date: 01/31/25 | Settlement Date: 01/31/25 | Settlement Date: 01/31/25 |  |
|  Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.000%, due 06/01/55 and Federal National Mortgage Association, 2.500% to 6.500%, due 06/01/40 to 06/01/62. The aggregate market value of the collateral, including accrued interest, was $428,400,273. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.000%, due 06/01/55 and Federal National Mortgage Association, 2.500% to 6.500%, due 06/01/40 to 06/01/62. The aggregate market value of the collateral, including accrued interest, was $428,400,273. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.000%, due 06/01/55 and Federal National Mortgage Association, 2.500% to 6.500%, due 06/01/40 to 06/01/62. The aggregate market value of the collateral, including accrued interest, was $428,400,273. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.000%, due 06/01/55 and Federal National Mortgage Association, 2.500% to 6.500%, due 06/01/40 to 06/01/62. The aggregate market value of the collateral, including accrued interest, was $428,400,273. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.000%, due 06/01/55 and Federal National Mortgage Association, 2.500% to 6.500%, due 06/01/40 to 06/01/62. The aggregate market value of the collateral, including accrued interest, was $428,400,273. |
|  | 343000000 | 4.380 | 11/28/25 | $343000000 |
|  Maturity Value: $350,636,895 | Maturity Value: $350,636,895 | Maturity Value: $350,636,895 | Maturity Value: $350,636,895 |  |
|  Settlement Date: 05/29/25 | Settlement Date: 05/29/25 | Settlement Date: 05/29/25 | Settlement Date: 05/29/25 |  |
|  Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 6.500%, due 05/01/55 to 06/01/55, Federal National Mortgage Association, 4.500% to 6.500%, due 05/01/55 to 06/01/55 and a U.S. Treasury Note, 4.250%, due 03/15/27. The aggregate market value of the collateral, including accrued interest, was $349,860,041. | Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 6.500%, due 05/01/55 to 06/01/55, Federal National Mortgage Association, 4.500% to 6.500%, due 05/01/55 to 06/01/55 and a U.S. Treasury Note, 4.250%, due 03/15/27. The aggregate market value of the collateral, including accrued interest, was $349,860,041. | Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 6.500%, due 05/01/55 to 06/01/55, Federal National Mortgage Association, 4.500% to 6.500%, due 05/01/55 to 06/01/55 and a U.S. Treasury Note, 4.250%, due 03/15/27. The aggregate market value of the collateral, including accrued interest, was $349,860,041. | Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 6.500%, due 05/01/55 to 06/01/55, Federal National Mortgage Association, 4.500% to 6.500%, due 05/01/55 to 06/01/55 and a U.S. Treasury Note, 4.250%, due 03/15/27. The aggregate market value of the collateral, including accrued interest, was $349,860,041. | Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 6.500%, due 05/01/55 to 06/01/55, Federal National Mortgage Association, 4.500% to 6.500%, due 05/01/55 to 06/01/55 and a U.S. Treasury Note, 4.250%, due 03/15/27. The aggregate market value of the collateral, including accrued interest, was $349,860,041. |
|  | 985000000 | 4.330 <sup>(d)</sup> | 01/05/26 | $985000000 |
|  Maturity Value: $1,017,698,723 | Maturity Value: $1,017,698,723 | Maturity Value: $1,017,698,723 | Maturity Value: $1,017,698,723 |  |
|  Settlement Date: 04/04/25 | Settlement Date: 04/04/25 | Settlement Date: 04/04/25 | Settlement Date: 04/04/25 |  |
|  Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.000%, due 12/01/40 to 09/01/51 and Federal National Mortgage Association, 1.500% to 5.000%, due 01/01/37 to 09/01/51. The aggregate market value of the collateral, including accrued interest, was $1,004,700,405. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.000%, due 12/01/40 to 09/01/51 and Federal National Mortgage Association, 1.500% to 5.000%, due 01/01/37 to 09/01/51. The aggregate market value of the collateral, including accrued interest, was $1,004,700,405. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.000%, due 12/01/40 to 09/01/51 and Federal National Mortgage Association, 1.500% to 5.000%, due 01/01/37 to 09/01/51. The aggregate market value of the collateral, including accrued interest, was $1,004,700,405. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.000%, due 12/01/40 to 09/01/51 and Federal National Mortgage Association, 1.500% to 5.000%, due 01/01/37 to 09/01/51. The aggregate market value of the collateral, including accrued interest, was $1,004,700,405. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.000%, due 12/01/40 to 09/01/51 and Federal National Mortgage Association, 1.500% to 5.000%, due 01/01/37 to 09/01/51. The aggregate market value of the collateral, including accrued interest, was $1,004,700,405. |

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

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GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | Interest<br>Rate | Maturity<br>Date | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
| Credit Agricole Corporate and Investment Bank | Credit Agricole Corporate and Investment Bank | Credit Agricole Corporate and Investment Bank | Credit Agricole Corporate and Investment Bank | Credit Agricole Corporate and Investment Bank |
| $| 150000000 | 4.290% | 06/02/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000000 |
|  Maturity Value: $150,053,625 | Maturity Value: $150,053,625 | Maturity Value: $150,053,625 | Maturity Value: $150,053,625 |  |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |  |
|  Collateralized by U.S. Treasury Notes, 3.375% to 4.375%, due 07/31/26 to 11/15/34. The aggregate market value of the collateral, including accrued interest, was $153,000,023. | Collateralized by U.S. Treasury Notes, 3.375% to 4.375%, due 07/31/26 to 11/15/34. The aggregate market value of the collateral, including accrued interest, was $153,000,023. | Collateralized by U.S. Treasury Notes, 3.375% to 4.375%, due 07/31/26 to 11/15/34. The aggregate market value of the collateral, including accrued interest, was $153,000,023. | Collateralized by U.S. Treasury Notes, 3.375% to 4.375%, due 07/31/26 to 11/15/34. The aggregate market value of the collateral, including accrued interest, was $153,000,023. | Collateralized by U.S. Treasury Notes, 3.375% to 4.375%, due 07/31/26 to 11/15/34. The aggregate market value of the collateral, including accrued interest, was $153,000,023. |
|  | 300000000 | 4.350 | 06/02/25 | $300000000 |
|  Maturity Value: $300,108,750 | Maturity Value: $300,108,750 | Maturity Value: $300,108,750 | Maturity Value: $300,108,750 |  |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |  |
|  Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.500%, due 01/01/53 to 11/01/54 and Federal National Mortgage Association, 3.000% to 6.500%, due 06/01/52 to 03/01/55. The aggregate market value of the collateral, including accrued interest, was $309,000,000. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.500%, due 01/01/53 to 11/01/54 and Federal National Mortgage Association, 3.000% to 6.500%, due 06/01/52 to 03/01/55. The aggregate market value of the collateral, including accrued interest, was $309,000,000. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.500%, due 01/01/53 to 11/01/54 and Federal National Mortgage Association, 3.000% to 6.500%, due 06/01/52 to 03/01/55. The aggregate market value of the collateral, including accrued interest, was $309,000,000. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.500%, due 01/01/53 to 11/01/54 and Federal National Mortgage Association, 3.000% to 6.500%, due 06/01/52 to 03/01/55. The aggregate market value of the collateral, including accrued interest, was $309,000,000. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.500%, due 01/01/53 to 11/01/54 and Federal National Mortgage Association, 3.000% to 6.500%, due 06/01/52 to 03/01/55. The aggregate market value of the collateral, including accrued interest, was $309,000,000. |
|  | 1690000000 | 4.330 <sup>(d)</sup> | 07/10/25 | $1690000000 |
|  Maturity Value: $1,726,791,776 | Maturity Value: $1,726,791,776 | Maturity Value: $1,726,791,776 | Maturity Value: $1,726,791,776 |  |
|  Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 |  |
|  Collateralized by U.S. Treasury Bonds, 1.125% to 5.000%, due 05/15/37 to 08/15/51. The aggregate market value of the collateral, including accrued interest, was $1,723,800,057. | Collateralized by U.S. Treasury Bonds, 1.125% to 5.000%, due 05/15/37 to 08/15/51. The aggregate market value of the collateral, including accrued interest, was $1,723,800,057. | Collateralized by U.S. Treasury Bonds, 1.125% to 5.000%, due 05/15/37 to 08/15/51. The aggregate market value of the collateral, including accrued interest, was $1,723,800,057. | Collateralized by U.S. Treasury Bonds, 1.125% to 5.000%, due 05/15/37 to 08/15/51. The aggregate market value of the collateral, including accrued interest, was $1,723,800,057. | Collateralized by U.S. Treasury Bonds, 1.125% to 5.000%, due 05/15/37 to 08/15/51. The aggregate market value of the collateral, including accrued interest, was $1,723,800,057. |
|  | 3385000000 | 4.330 <sup>(d)</sup> | 07/10/25 | $3385000000 |
|  Maturity Value: $3,458,692,404 | Maturity Value: $3,458,692,404 | Maturity Value: $3,458,692,404 | Maturity Value: $3,458,692,404 |  |
|  Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 |  |
|  Collateralized by U.S. Treasury Inflation-Indexed Bonds, 0.250% to 1.000%, due 02/15/48 to 02/15/50 and U.S. Treasury Inflation- Indexed Notes, 0.125% to 2.375%, due 01/15/26 to 01/15/35. The aggregate market value of the collateral, including accrued interest, was $3,452,700,003. | Collateralized by U.S. Treasury Inflation-Indexed Bonds, 0.250% to 1.000%, due 02/15/48 to 02/15/50 and U.S. Treasury Inflation- Indexed Notes, 0.125% to 2.375%, due 01/15/26 to 01/15/35. The aggregate market value of the collateral, including accrued interest, was $3,452,700,003. | Collateralized by U.S. Treasury Inflation-Indexed Bonds, 0.250% to 1.000%, due 02/15/48 to 02/15/50 and U.S. Treasury Inflation- Indexed Notes, 0.125% to 2.375%, due 01/15/26 to 01/15/35. The aggregate market value of the collateral, including accrued interest, was $3,452,700,003. | Collateralized by U.S. Treasury Inflation-Indexed Bonds, 0.250% to 1.000%, due 02/15/48 to 02/15/50 and U.S. Treasury Inflation- Indexed Notes, 0.125% to 2.375%, due 01/15/26 to 01/15/35. The aggregate market value of the collateral, including accrued interest, was $3,452,700,003. | Collateralized by U.S. Treasury Inflation-Indexed Bonds, 0.250% to 1.000%, due 02/15/48 to 02/15/50 and U.S. Treasury Inflation- Indexed Notes, 0.125% to 2.375%, due 01/15/26 to 01/15/35. The aggregate market value of the collateral, including accrued interest, was $3,452,700,003. |
|  | 634000000 | 4.330 <sup>(d)</sup> | 09/18/25 | $634000000 |
|  Maturity Value: $649,479,994 | Maturity Value: $649,479,994 | Maturity Value: $649,479,994 | Maturity Value: $649,479,994 |  |
|  Settlement Date: 02/27/25 | Settlement Date: 02/27/25 | Settlement Date: 02/27/25 | Settlement Date: 02/27/25 |  |
|  Collateralized by U.S. Treasury Notes, 2.875% to 4.625%, due 06/15/25 to 12/31/29. The aggregate market value of the collateral, including accrued interest, was $646,680,015. | Collateralized by U.S. Treasury Notes, 2.875% to 4.625%, due 06/15/25 to 12/31/29. The aggregate market value of the collateral, including accrued interest, was $646,680,015. | Collateralized by U.S. Treasury Notes, 2.875% to 4.625%, due 06/15/25 to 12/31/29. The aggregate market value of the collateral, including accrued interest, was $646,680,015. | Collateralized by U.S. Treasury Notes, 2.875% to 4.625%, due 06/15/25 to 12/31/29. The aggregate market value of the collateral, including accrued interest, was $646,680,015. | Collateralized by U.S. Treasury Notes, 2.875% to 4.625%, due 06/15/25 to 12/31/29. The aggregate market value of the collateral, including accrued interest, was $646,680,015. |
|  | 1471000000 | 4.330 <sup>(d)</sup> | 09/25/25 | $1471000000 |
|  Maturity Value: $1,508,155,015 | Maturity Value: $1,508,155,015 | Maturity Value: $1,508,155,015 | Maturity Value: $1,508,155,015 |  |
|  Settlement Date: 02/27/25 | Settlement Date: 02/27/25 | Settlement Date: 02/27/25 | Settlement Date: 02/27/25 |  |
|  Collateralized by U.S. Treasury Bonds, 1.625% to 4.625%, due 05/15/42 to 05/15/54. The aggregate market value of the collateral, including accrued interest, was $1,500,420,018. | Collateralized by U.S. Treasury Bonds, 1.625% to 4.625%, due 05/15/42 to 05/15/54. The aggregate market value of the collateral, including accrued interest, was $1,500,420,018. | Collateralized by U.S. Treasury Bonds, 1.625% to 4.625%, due 05/15/42 to 05/15/54. The aggregate market value of the collateral, including accrued interest, was $1,500,420,018. | Collateralized by U.S. Treasury Bonds, 1.625% to 4.625%, due 05/15/42 to 05/15/54. The aggregate market value of the collateral, including accrued interest, was $1,500,420,018. | Collateralized by U.S. Treasury Bonds, 1.625% to 4.625%, due 05/15/42 to 05/15/54. The aggregate market value of the collateral, including accrued interest, was $1,500,420,018. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | Interest<br>Rate | Maturity<br>Date | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
| Daiwa Capital Markets America, Inc. | Daiwa Capital Markets America, Inc. | Daiwa Capital Markets America, Inc. | Daiwa Capital Markets America, Inc. | Daiwa Capital Markets America, Inc. |
| $| 2750000000 | 4.350% | 06/02/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000000 |
|  Maturity Value: $2,750,996,875 | Maturity Value: $2,750,996,875 | Maturity Value: $2,750,996,875 | Maturity Value: $2,750,996,875 |  |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |  |
|  Collateralized by Federal Farm Credit Bank, 3.980% to 4.650%, due 08/07/26 to 03/26/30, Federal Home Loan Bank, 0.000% to 4.125%, due 06/27/25 to 06/14/30, Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 11/01/27 to 06/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 10/01/27 to 06/01/55, Government National Mortgage Association, 2.000% to 7.500%, due 10/15/32 to 05/20/55, U.S. Treasury Bills, 0.000%, due 06/05/25 to 05/14/26, U.S. Treasury Bonds, 2.000% to 4.750%, due 05/15/41 to 05/15/55, a U.S. Treasury Inflation-Indexed Bond, 0.750%, due 02/15/42, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 04/15/27 to 01/15/35 and U.S. Treasury Notes, 0.375% to 4.875%, due 11/30/25 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $2,822,999,820. | Collateralized by Federal Farm Credit Bank, 3.980% to 4.650%, due 08/07/26 to 03/26/30, Federal Home Loan Bank, 0.000% to 4.125%, due 06/27/25 to 06/14/30, Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 11/01/27 to 06/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 10/01/27 to 06/01/55, Government National Mortgage Association, 2.000% to 7.500%, due 10/15/32 to 05/20/55, U.S. Treasury Bills, 0.000%, due 06/05/25 to 05/14/26, U.S. Treasury Bonds, 2.000% to 4.750%, due 05/15/41 to 05/15/55, a U.S. Treasury Inflation-Indexed Bond, 0.750%, due 02/15/42, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 04/15/27 to 01/15/35 and U.S. Treasury Notes, 0.375% to 4.875%, due 11/30/25 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $2,822,999,820. | Collateralized by Federal Farm Credit Bank, 3.980% to 4.650%, due 08/07/26 to 03/26/30, Federal Home Loan Bank, 0.000% to 4.125%, due 06/27/25 to 06/14/30, Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 11/01/27 to 06/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 10/01/27 to 06/01/55, Government National Mortgage Association, 2.000% to 7.500%, due 10/15/32 to 05/20/55, U.S. Treasury Bills, 0.000%, due 06/05/25 to 05/14/26, U.S. Treasury Bonds, 2.000% to 4.750%, due 05/15/41 to 05/15/55, a U.S. Treasury Inflation-Indexed Bond, 0.750%, due 02/15/42, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 04/15/27 to 01/15/35 and U.S. Treasury Notes, 0.375% to 4.875%, due 11/30/25 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $2,822,999,820. | Collateralized by Federal Farm Credit Bank, 3.980% to 4.650%, due 08/07/26 to 03/26/30, Federal Home Loan Bank, 0.000% to 4.125%, due 06/27/25 to 06/14/30, Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 11/01/27 to 06/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 10/01/27 to 06/01/55, Government National Mortgage Association, 2.000% to 7.500%, due 10/15/32 to 05/20/55, U.S. Treasury Bills, 0.000%, due 06/05/25 to 05/14/26, U.S. Treasury Bonds, 2.000% to 4.750%, due 05/15/41 to 05/15/55, a U.S. Treasury Inflation-Indexed Bond, 0.750%, due 02/15/42, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 04/15/27 to 01/15/35 and U.S. Treasury Notes, 0.375% to 4.875%, due 11/30/25 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $2,822,999,820. | Collateralized by Federal Farm Credit Bank, 3.980% to 4.650%, due 08/07/26 to 03/26/30, Federal Home Loan Bank, 0.000% to 4.125%, due 06/27/25 to 06/14/30, Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 11/01/27 to 06/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 10/01/27 to 06/01/55, Government National Mortgage Association, 2.000% to 7.500%, due 10/15/32 to 05/20/55, U.S. Treasury Bills, 0.000%, due 06/05/25 to 05/14/26, U.S. Treasury Bonds, 2.000% to 4.750%, due 05/15/41 to 05/15/55, a U.S. Treasury Inflation-Indexed Bond, 0.750%, due 02/15/42, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 04/15/27 to 01/15/35 and U.S. Treasury Notes, 0.375% to 4.875%, due 11/30/25 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $2,822,999,820. |
|  | 94117647 | 4.360 | 06/02/25 | $94117647 |
|  Maturity Value: $94,151,843 | Maturity Value: $94,151,843 | Maturity Value: $94,151,843 | Maturity Value: $94,151,843 |  |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |  |
|  Collateralized by a U.S. Treasury Note, 3.750%, due 12/31/30. The market value of the collateral, including accrued interest, was $96,000,000. | Collateralized by a U.S. Treasury Note, 3.750%, due 12/31/30. The market value of the collateral, including accrued interest, was $96,000,000. | Collateralized by a U.S. Treasury Note, 3.750%, due 12/31/30. The market value of the collateral, including accrued interest, was $96,000,000. | Collateralized by a U.S. Treasury Note, 3.750%, due 12/31/30. The market value of the collateral, including accrued interest, was $96,000,000. | Collateralized by a U.S. Treasury Note, 3.750%, due 12/31/30. The market value of the collateral, including accrued interest, was $96,000,000. |
|  | 151960784 | 4.360 | 06/02/25 | $151960784 |
|  Maturity Value: $152,015,997 | Maturity Value: $152,015,997 | Maturity Value: $152,015,997 | Maturity Value: $152,015,997 |  |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |  |
|  Collateralized by a U.S. Treasury Note, 2.750%, due 05/31/29. The market value of the collateral, including accrued interest, was $155,000,000. | Collateralized by a U.S. Treasury Note, 2.750%, due 05/31/29. The market value of the collateral, including accrued interest, was $155,000,000. | Collateralized by a U.S. Treasury Note, 2.750%, due 05/31/29. The market value of the collateral, including accrued interest, was $155,000,000. | Collateralized by a U.S. Treasury Note, 2.750%, due 05/31/29. The market value of the collateral, including accrued interest, was $155,000,000. | Collateralized by a U.S. Treasury Note, 2.750%, due 05/31/29. The market value of the collateral, including accrued interest, was $155,000,000. |
|  | 171541667 | 4.360 | 06/02/25 | $171541667 |
|  Maturity Value: $171,603,993 | Maturity Value: $171,603,993 | Maturity Value: $171,603,993 | Maturity Value: $171,603,993 |  |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |  |
|  Collateralized by a U.S. Treasury Note, 2.750%, due 02/15/28. The market value of the collateral, including accrued interest, was $174,972,500. | Collateralized by a U.S. Treasury Note, 2.750%, due 02/15/28. The market value of the collateral, including accrued interest, was $174,972,500. | Collateralized by a U.S. Treasury Note, 2.750%, due 02/15/28. The market value of the collateral, including accrued interest, was $174,972,500. | Collateralized by a U.S. Treasury Note, 2.750%, due 02/15/28. The market value of the collateral, including accrued interest, was $174,972,500. | Collateralized by a U.S. Treasury Note, 2.750%, due 02/15/28. The market value of the collateral, including accrued interest, was $174,972,500. |
|  | 209558824 | 4.360 | 06/02/25 | $209558823 |
|  Maturity Value: $209,634,963 | Maturity Value: $209,634,963 | Maturity Value: $209,634,963 | Maturity Value: $209,634,963 |  |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |  |
|  Collateralized by a U.S. Treasury Bond, 0.500%, due 04/30/27. The market value of the collateral, including accrued interest, was $213,750,000. | Collateralized by a U.S. Treasury Bond, 0.500%, due 04/30/27. The market value of the collateral, including accrued interest, was $213,750,000. | Collateralized by a U.S. Treasury Bond, 0.500%, due 04/30/27. The market value of the collateral, including accrued interest, was $213,750,000. | Collateralized by a U.S. Treasury Bond, 0.500%, due 04/30/27. The market value of the collateral, including accrued interest, was $213,750,000. | Collateralized by a U.S. Treasury Bond, 0.500%, due 04/30/27. The market value of the collateral, including accrued interest, was $213,750,000. |
|  | 214863971 | 4.360 | 06/02/25 | $214863971 |
|  Maturity Value: $214,942,038 | Maturity Value: $214,942,038 | Maturity Value: $214,942,038 | Maturity Value: $214,942,038 |  |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |  |
|  Collateralized by a U.S. Treasury Note, 2.375%, due 03/31/29. The market value of the collateral, including accrued interest, was $219,161,250. | Collateralized by a U.S. Treasury Note, 2.375%, due 03/31/29. The market value of the collateral, including accrued interest, was $219,161,250. | Collateralized by a U.S. Treasury Note, 2.375%, due 03/31/29. The market value of the collateral, including accrued interest, was $219,161,250. | Collateralized by a U.S. Treasury Note, 2.375%, due 03/31/29. The market value of the collateral, including accrued interest, was $219,161,250. | Collateralized by a U.S. Treasury Note, 2.375%, due 03/31/29. The market value of the collateral, including accrued interest, was $219,161,250. |
|  | 222985294 | 4.360 | 06/02/25 | $222985294 |
|  Maturity Value: $223,066,312 | Maturity Value: $223,066,312 | Maturity Value: $223,066,312 | Maturity Value: $223,066,312 |  |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |  |
|  Collateralized by a U.S. Treasury Note, 2.875%, due 04/30/29. The market value of the collateral, including accrued interest, was $227,445,000. | Collateralized by a U.S. Treasury Note, 2.875%, due 04/30/29. The market value of the collateral, including accrued interest, was $227,445,000. | Collateralized by a U.S. Treasury Note, 2.875%, due 04/30/29. The market value of the collateral, including accrued interest, was $227,445,000. | Collateralized by a U.S. Treasury Note, 2.875%, due 04/30/29. The market value of the collateral, including accrued interest, was $227,445,000. | Collateralized by a U.S. Treasury Note, 2.875%, due 04/30/29. The market value of the collateral, including accrued interest, was $227,445,000. |

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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>13</sub>

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GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

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

Schedule of Investments (continued) *May 31, 2025 (Unaudited)*

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Deutsche Bank Securities, Inc. | Deutsche Bank Securities, Inc. | Deutsche Bank Securities, Inc. | Deutsche Bank Securities, Inc. | Deutsche Bank Securities, Inc. |
| $| 210000000 | 4.260% | 06/02/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000000 |
|  Maturity Value: $210,074,550 | Maturity Value: $210,074,550 | Maturity Value: $210,074,550 | Maturity Value: $210,074,550 |  |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |  |
|  Collateralized by U.S. Treasury Bonds, 1.375% to 4.625%, due 05/15/39 to 05/15/54. The aggregate market value of the collateral, including accrued interest, was $214,200,038. | Collateralized by U.S. Treasury Bonds, 1.375% to 4.625%, due 05/15/39 to 05/15/54. The aggregate market value of the collateral, including accrued interest, was $214,200,038. | Collateralized by U.S. Treasury Bonds, 1.375% to 4.625%, due 05/15/39 to 05/15/54. The aggregate market value of the collateral, including accrued interest, was $214,200,038. | Collateralized by U.S. Treasury Bonds, 1.375% to 4.625%, due 05/15/39 to 05/15/54. The aggregate market value of the collateral, including accrued interest, was $214,200,038. | Collateralized by U.S. Treasury Bonds, 1.375% to 4.625%, due 05/15/39 to 05/15/54. The aggregate market value of the collateral, including accrued interest, was $214,200,038. |
|  | 250000000 | 4.340 | 06/02/25 | $250000000 |
|  Maturity Value: $250,090,417 | Maturity Value: $250,090,417 | Maturity Value: $250,090,417 | Maturity Value: $250,090,417 |  |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |  |
|  Collateralized by U.S. Treasury Bonds, 2.000% to 4.500%, due 02/15/36 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $255,000,035. | Collateralized by U.S. Treasury Bonds, 2.000% to 4.500%, due 02/15/36 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $255,000,035. | Collateralized by U.S. Treasury Bonds, 2.000% to 4.500%, due 02/15/36 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $255,000,035. | Collateralized by U.S. Treasury Bonds, 2.000% to 4.500%, due 02/15/36 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $255,000,035. | Collateralized by U.S. Treasury Bonds, 2.000% to 4.500%, due 02/15/36 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $255,000,035. |
|  | 2030000000 | 4.350 | 06/02/25 | $2030000000 |
|  Maturity Value: $2,030,735,875 | Maturity Value: $2,030,735,875 | Maturity Value: $2,030,735,875 | Maturity Value: $2,030,735,875 |  |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |  |
|  Collateralized by U.S. Treasury Notes, 0.250% to 4.625%, due 09/30/25 to 02/15/35. The aggregate market value of the collateral, including accrued interest, was $2,070,600,019. | Collateralized by U.S. Treasury Notes, 0.250% to 4.625%, due 09/30/25 to 02/15/35. The aggregate market value of the collateral, including accrued interest, was $2,070,600,019. | Collateralized by U.S. Treasury Notes, 0.250% to 4.625%, due 09/30/25 to 02/15/35. The aggregate market value of the collateral, including accrued interest, was $2,070,600,019. | Collateralized by U.S. Treasury Notes, 0.250% to 4.625%, due 09/30/25 to 02/15/35. The aggregate market value of the collateral, including accrued interest, was $2,070,600,019. | Collateralized by U.S. Treasury Notes, 0.250% to 4.625%, due 09/30/25 to 02/15/35. The aggregate market value of the collateral, including accrued interest, was $2,070,600,019. |
|  <br> Federal Reserve Bank of New York | <br> Federal Reserve Bank of New York | <br> Federal Reserve Bank of New York | <br> Federal Reserve Bank of New York | <br> Federal Reserve Bank of New York |
|  | 1800000000 | 4.250 | 06/02/25 | $1800000000 |
|  Maturity Value: $1,800,637,500 | Maturity Value: $1,800,637,500 | Maturity Value: $1,800,637,500 | Maturity Value: $1,800,637,500 |  |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |  |
|  Collateralized by U.S. Treasury Notes, 1.625%, due 08/15/29 to 05/15/31. The aggregate market value of the collateral, including accrued interest, was $1,800,637,522. | Collateralized by U.S. Treasury Notes, 1.625%, due 08/15/29 to 05/15/31. The aggregate market value of the collateral, including accrued interest, was $1,800,637,522. | Collateralized by U.S. Treasury Notes, 1.625%, due 08/15/29 to 05/15/31. The aggregate market value of the collateral, including accrued interest, was $1,800,637,522. | Collateralized by U.S. Treasury Notes, 1.625%, due 08/15/29 to 05/15/31. The aggregate market value of the collateral, including accrued interest, was $1,800,637,522. | Collateralized by U.S. Treasury Notes, 1.625%, due 08/15/29 to 05/15/31. The aggregate market value of the collateral, including accrued interest, was $1,800,637,522. |
|  <br> Fixed Income Clearing Corporation / BNP Paribas | <br> Fixed Income Clearing Corporation / BNP Paribas | <br> Fixed Income Clearing Corporation / BNP Paribas | <br> Fixed Income Clearing Corporation / BNP Paribas | <br> Fixed Income Clearing Corporation / BNP Paribas |
|  | 2500000000 | 4.340 | 06/02/25 | $2500000000 |
|  Maturity Value: $2,500,904,167 | Maturity Value: $2,500,904,167 | Maturity Value: $2,500,904,167 | Maturity Value: $2,500,904,167 |  |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |  |
|  Collateralized by a U.S. Treasury Bill, 0.000%, due 10/09/25, U.S. Treasury Bonds, 1.125% to 6.125%, due 11/15/27 to 11/15/54, a U.S. Treasury Floating Rate Note, 4.506%, due 10/31/26 and U.S. Treasury Notes, 0.625% to 4.625%, due 06/15/25 to 11/15/34. The aggregate market value of the collateral, including accrued interest, was $2,550,000,016. | Collateralized by a U.S. Treasury Bill, 0.000%, due 10/09/25, U.S. Treasury Bonds, 1.125% to 6.125%, due 11/15/27 to 11/15/54, a U.S. Treasury Floating Rate Note, 4.506%, due 10/31/26 and U.S. Treasury Notes, 0.625% to 4.625%, due 06/15/25 to 11/15/34. The aggregate market value of the collateral, including accrued interest, was $2,550,000,016. | Collateralized by a U.S. Treasury Bill, 0.000%, due 10/09/25, U.S. Treasury Bonds, 1.125% to 6.125%, due 11/15/27 to 11/15/54, a U.S. Treasury Floating Rate Note, 4.506%, due 10/31/26 and U.S. Treasury Notes, 0.625% to 4.625%, due 06/15/25 to 11/15/34. The aggregate market value of the collateral, including accrued interest, was $2,550,000,016. | Collateralized by a U.S. Treasury Bill, 0.000%, due 10/09/25, U.S. Treasury Bonds, 1.125% to 6.125%, due 11/15/27 to 11/15/54, a U.S. Treasury Floating Rate Note, 4.506%, due 10/31/26 and U.S. Treasury Notes, 0.625% to 4.625%, due 06/15/25 to 11/15/34. The aggregate market value of the collateral, including accrued interest, was $2,550,000,016. | Collateralized by a U.S. Treasury Bill, 0.000%, due 10/09/25, U.S. Treasury Bonds, 1.125% to 6.125%, due 11/15/27 to 11/15/54, a U.S. Treasury Floating Rate Note, 4.506%, due 10/31/26 and U.S. Treasury Notes, 0.625% to 4.625%, due 06/15/25 to 11/15/34. The aggregate market value of the collateral, including accrued interest, was $2,550,000,016. |
|  <br> Fixed Income Clearing Corporation / Bank of New York Mellon (The) | <br> Fixed Income Clearing Corporation / Bank of New York Mellon (The) | <br> Fixed Income Clearing Corporation / Bank of New York Mellon (The) | <br> Fixed Income Clearing Corporation / Bank of New York Mellon (The) | <br> Fixed Income Clearing Corporation / Bank of New York Mellon (The) |
|  | 5000000000 | 4.300 | 06/02/25 | $5000000000 |
|  Maturity Value: $5,001,791,667 | Maturity Value: $5,001,791,667 | Maturity Value: $5,001,791,667 | Maturity Value: $5,001,791,667 |  |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |  |
|  Collateralized by U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 04/15/27 to 10/15/29. The aggregate market value of the collateral, including accrued interest, was $5,100,000,074. | Collateralized by U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 04/15/27 to 10/15/29. The aggregate market value of the collateral, including accrued interest, was $5,100,000,074. | Collateralized by U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 04/15/27 to 10/15/29. The aggregate market value of the collateral, including accrued interest, was $5,100,000,074. | Collateralized by U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 04/15/27 to 10/15/29. The aggregate market value of the collateral, including accrued interest, was $5,100,000,074. |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Fixed Income Clearing Corporation / Bank of New York Mellon (The) – (continued) | Fixed Income Clearing Corporation / Bank of New York Mellon (The) – (continued) | Fixed Income Clearing Corporation / Bank of New York Mellon (The) – (continued) | Fixed Income Clearing Corporation / Bank of New York Mellon (The) – (continued) | Fixed Income Clearing Corporation / Bank of New York Mellon (The) – (continued) |
| $| 1650000000 | 4.360% | 06/02/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650000000 |
|  Maturity Value: $1,650,599,500 | Maturity Value: $1,650,599,500 | Maturity Value: $1,650,599,500 | Maturity Value: $1,650,599,500 |  |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |  |
|  Collateralized by Federal Agricultural Mortgage Corp., 4.350% to 5.350%, due 06/17/25 to 05/25/29, Federal Farm Credit Bank, 0.900% to 5.125%, due 10/10/25 to 10/10/28, Federal Farm Credit Bank Funding Corp., 0.000%, due 06/13/25 to 07/15/25, Federal Farm Floating Rate, 4.580%, due 08/05/25, Federal Home Loan Bank, 0.820% to 5.000%, due 08/26/25 to 04/04/30, Federal Home Loan Mortgage Corp., 0.540% to 5.000%, due 08/28/25 to 11/07/29, Federal National Mortgage Association, 4.250% to 5.000%, due 07/24/28 to 11/26/29 and a U.S. Treasury Inflation-Indexed Note, 0.625%, due 01/15/26. The aggregate market value of the collateral, including accrued interest, was $1,683,000,032. | Collateralized by Federal Agricultural Mortgage Corp., 4.350% to 5.350%, due 06/17/25 to 05/25/29, Federal Farm Credit Bank, 0.900% to 5.125%, due 10/10/25 to 10/10/28, Federal Farm Credit Bank Funding Corp., 0.000%, due 06/13/25 to 07/15/25, Federal Farm Floating Rate, 4.580%, due 08/05/25, Federal Home Loan Bank, 0.820% to 5.000%, due 08/26/25 to 04/04/30, Federal Home Loan Mortgage Corp., 0.540% to 5.000%, due 08/28/25 to 11/07/29, Federal National Mortgage Association, 4.250% to 5.000%, due 07/24/28 to 11/26/29 and a U.S. Treasury Inflation-Indexed Note, 0.625%, due 01/15/26. The aggregate market value of the collateral, including accrued interest, was $1,683,000,032. | Collateralized by Federal Agricultural Mortgage Corp., 4.350% to 5.350%, due 06/17/25 to 05/25/29, Federal Farm Credit Bank, 0.900% to 5.125%, due 10/10/25 to 10/10/28, Federal Farm Credit Bank Funding Corp., 0.000%, due 06/13/25 to 07/15/25, Federal Farm Floating Rate, 4.580%, due 08/05/25, Federal Home Loan Bank, 0.820% to 5.000%, due 08/26/25 to 04/04/30, Federal Home Loan Mortgage Corp., 0.540% to 5.000%, due 08/28/25 to 11/07/29, Federal National Mortgage Association, 4.250% to 5.000%, due 07/24/28 to 11/26/29 and a U.S. Treasury Inflation-Indexed Note, 0.625%, due 01/15/26. The aggregate market value of the collateral, including accrued interest, was $1,683,000,032. | Collateralized by Federal Agricultural Mortgage Corp., 4.350% to 5.350%, due 06/17/25 to 05/25/29, Federal Farm Credit Bank, 0.900% to 5.125%, due 10/10/25 to 10/10/28, Federal Farm Credit Bank Funding Corp., 0.000%, due 06/13/25 to 07/15/25, Federal Farm Floating Rate, 4.580%, due 08/05/25, Federal Home Loan Bank, 0.820% to 5.000%, due 08/26/25 to 04/04/30, Federal Home Loan Mortgage Corp., 0.540% to 5.000%, due 08/28/25 to 11/07/29, Federal National Mortgage Association, 4.250% to 5.000%, due 07/24/28 to 11/26/29 and a U.S. Treasury Inflation-Indexed Note, 0.625%, due 01/15/26. The aggregate market value of the collateral, including accrued interest, was $1,683,000,032. | Collateralized by Federal Agricultural Mortgage Corp., 4.350% to 5.350%, due 06/17/25 to 05/25/29, Federal Farm Credit Bank, 0.900% to 5.125%, due 10/10/25 to 10/10/28, Federal Farm Credit Bank Funding Corp., 0.000%, due 06/13/25 to 07/15/25, Federal Farm Floating Rate, 4.580%, due 08/05/25, Federal Home Loan Bank, 0.820% to 5.000%, due 08/26/25 to 04/04/30, Federal Home Loan Mortgage Corp., 0.540% to 5.000%, due 08/28/25 to 11/07/29, Federal National Mortgage Association, 4.250% to 5.000%, due 07/24/28 to 11/26/29 and a U.S. Treasury Inflation-Indexed Note, 0.625%, due 01/15/26. The aggregate market value of the collateral, including accrued interest, was $1,683,000,032. |
|  | 8900000000 | 4.360 | 06/02/25 | $8900000000 |
|  Maturity Value: $8,903,233,666 | Maturity Value: $8,903,233,666 | Maturity Value: $8,903,233,666 | Maturity Value: $8,903,233,666 |  |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |  |
|  Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.000%, due 03/01/40 to 01/01/55 and Federal National Mortgage Association, 1.500% to 7.000%, due 10/01/31 to 09/01/62. The aggregate market value of the collateral, including accrued interest, was $9,078,000,327. | Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.000%, due 03/01/40 to 01/01/55 and Federal National Mortgage Association, 1.500% to 7.000%, due 10/01/31 to 09/01/62. The aggregate market value of the collateral, including accrued interest, was $9,078,000,327. | Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.000%, due 03/01/40 to 01/01/55 and Federal National Mortgage Association, 1.500% to 7.000%, due 10/01/31 to 09/01/62. The aggregate market value of the collateral, including accrued interest, was $9,078,000,327. | Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.000%, due 03/01/40 to 01/01/55 and Federal National Mortgage Association, 1.500% to 7.000%, due 10/01/31 to 09/01/62. The aggregate market value of the collateral, including accrued interest, was $9,078,000,327. | Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.000%, due 03/01/40 to 01/01/55 and Federal National Mortgage Association, 1.500% to 7.000%, due 10/01/31 to 09/01/62. The aggregate market value of the collateral, including accrued interest, was $9,078,000,327. |
|  <br> Fixed Income Clearing Corporation / Morgan Stanley & Co. LLC | <br> Fixed Income Clearing Corporation / Morgan Stanley & Co. LLC | <br> Fixed Income Clearing Corporation / Morgan Stanley & Co. LLC | <br> Fixed Income Clearing Corporation / Morgan Stanley & Co. LLC | <br> Fixed Income Clearing Corporation / Morgan Stanley & Co. LLC |
|  | 7000000000 | 4.350 | 06/02/25 | $7000000000 |
|  Maturity Value: $7,002,537,500 | Maturity Value: $7,002,537,500 | Maturity Value: $7,002,537,500 | Maturity Value: $7,002,537,500 |  |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |  |
|  Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 8.500%, due 07/01/26 to 06/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 06/01/25 to 09/01/61, U.S. Treasury Bonds, 4.500% to 4.750%, due 08/15/39 to 02/15/45 and U.S. Treasury Notes, 3.375% to 3.750%, due 09/15/27 to 12/31/28. The aggregate market value of the collateral, including accrued interest, was $7,140,000,002. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 8.500%, due 07/01/26 to 06/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 06/01/25 to 09/01/61, U.S. Treasury Bonds, 4.500% to 4.750%, due 08/15/39 to 02/15/45 and U.S. Treasury Notes, 3.375% to 3.750%, due 09/15/27 to 12/31/28. The aggregate market value of the collateral, including accrued interest, was $7,140,000,002. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 8.500%, due 07/01/26 to 06/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 06/01/25 to 09/01/61, U.S. Treasury Bonds, 4.500% to 4.750%, due 08/15/39 to 02/15/45 and U.S. Treasury Notes, 3.375% to 3.750%, due 09/15/27 to 12/31/28. The aggregate market value of the collateral, including accrued interest, was $7,140,000,002. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 8.500%, due 07/01/26 to 06/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 06/01/25 to 09/01/61, U.S. Treasury Bonds, 4.500% to 4.750%, due 08/15/39 to 02/15/45 and U.S. Treasury Notes, 3.375% to 3.750%, due 09/15/27 to 12/31/28. The aggregate market value of the collateral, including accrued interest, was $7,140,000,002. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 8.500%, due 07/01/26 to 06/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 06/01/25 to 09/01/61, U.S. Treasury Bonds, 4.500% to 4.750%, due 08/15/39 to 02/15/45 and U.S. Treasury Notes, 3.375% to 3.750%, due 09/15/27 to 12/31/28. The aggregate market value of the collateral, including accrued interest, was $7,140,000,002. |
|  <br> Fixed Income Clearing Corporation / State Street Bank and Trust Company | <br> Fixed Income Clearing Corporation / State Street Bank and Trust Company | <br> Fixed Income Clearing Corporation / State Street Bank and Trust Company | <br> Fixed Income Clearing Corporation / State Street Bank and Trust Company | <br> Fixed Income Clearing Corporation / State Street Bank and Trust Company |
|  | 800000000 | 4.340 | 06/02/25 | $800000000 |
|  Maturity Value: $800,289,333 | Maturity Value: $800,289,333 | Maturity Value: $800,289,333 | Maturity Value: $800,289,333 |  |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |  |
|  Collateralized by a U.S. Treasury Bond, 4.375%, due 05/15/41. The market value of the collateral, including accrued interest, was $816,000,000. | Collateralized by a U.S. Treasury Bond, 4.375%, due 05/15/41. The market value of the collateral, including accrued interest, was $816,000,000. | Collateralized by a U.S. Treasury Bond, 4.375%, due 05/15/41. The market value of the collateral, including accrued interest, was $816,000,000. | Collateralized by a U.S. Treasury Bond, 4.375%, due 05/15/41. The market value of the collateral, including accrued interest, was $816,000,000. | Collateralized by a U.S. Treasury Bond, 4.375%, due 05/15/41. The market value of the collateral, including accrued interest, was $816,000,000. |
|  | 2200000000 | 4.340 | 06/02/25 | $2200000000 |
|  Maturity Value: $2,200,795,667 | Maturity Value: $2,200,795,667 | Maturity Value: $2,200,795,667 | Maturity Value: $2,200,795,667 |  |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |  |
|  Collateralized by U.S. Treasury Bonds, 1.125% to 4.375%, due 08/15/40 to 05/15/41. The aggregate market value of the collateral, including accrued interest, was $2,244,000,000. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.375%, due 08/15/40 to 05/15/41. The aggregate market value of the collateral, including accrued interest, was $2,244,000,000. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.375%, due 08/15/40 to 05/15/41. The aggregate market value of the collateral, including accrued interest, was $2,244,000,000. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.375%, due 08/15/40 to 05/15/41. The aggregate market value of the collateral, including accrued interest, was $2,244,000,000. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.375%, due 08/15/40 to 05/15/41. The aggregate market value of the collateral, including accrued interest, was $2,244,000,000. |

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

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GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
| Fixed Income Clearing Corporation / State Street Bank and Trust<br> Company – (continued) | Fixed Income Clearing Corporation / State Street Bank and Trust<br> Company – (continued) | Fixed Income Clearing Corporation / State Street Bank and Trust<br> Company – (continued) | Fixed Income Clearing Corporation / State Street Bank and Trust<br> Company – (continued) | Fixed Income Clearing Corporation / State Street Bank and Trust<br> Company – (continued) |
| $| 1000000000 | 4.350% | 06/02/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000000 |
|  Maturity Value: $1,000,362,500 | Maturity Value: $1,000,362,500 | Maturity Value: $1,000,362,500 | Maturity Value: $1,000,362,500 | Maturity Value: $1,000,362,500 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 7.000%, due 05/01/37 to 04/01/55 and Federal National Mortgage Association, 1.500% to 7.500%, due 11/01/31 to 11/01/61. The aggregate market value of the collateral, including accrued interest, was $1,026,489,752. | Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 7.000%, due 05/01/37 to 04/01/55 and Federal National Mortgage Association, 1.500% to 7.500%, due 11/01/31 to 11/01/61. The aggregate market value of the collateral, including accrued interest, was $1,026,489,752. | Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 7.000%, due 05/01/37 to 04/01/55 and Federal National Mortgage Association, 1.500% to 7.500%, due 11/01/31 to 11/01/61. The aggregate market value of the collateral, including accrued interest, was $1,026,489,752. | Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 7.000%, due 05/01/37 to 04/01/55 and Federal National Mortgage Association, 1.500% to 7.500%, due 11/01/31 to 11/01/61. The aggregate market value of the collateral, including accrued interest, was $1,026,489,752. | Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 7.000%, due 05/01/37 to 04/01/55 and Federal National Mortgage Association, 1.500% to 7.500%, due 11/01/31 to 11/01/61. The aggregate market value of the collateral, including accrued interest, was $1,026,489,752. |
|  <br> HSBC Bank PLC | <br> HSBC Bank PLC | <br> HSBC Bank PLC | <br> HSBC Bank PLC | <br> HSBC Bank PLC |
|  | 1424000000 | 4.340 | 06/11/25 | $1424000000 |
|  Maturity Value: $1,463,312,699 | Maturity Value: $1,463,312,699 | Maturity Value: $1,463,312,699 | Maturity Value: $1,463,312,699 | Maturity Value: $1,463,312,699 |
|  Settlement Date: 10/25/24 | Settlement Date: 10/25/24 | Settlement Date: 10/25/24 | Settlement Date: 10/25/24 | Settlement Date: 10/25/24 |
|  Collateralized by a U.S. Treasury Bill, 0.000%, due 12/26/25, U.S. Treasury Bonds, 1.625% to 4.500%, due 05/15/38 to 02/15/53, U.S. Treasury Inflation-Indexed Bonds, 0.625% to 3.875%, due 01/15/28 to 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 07/15/26 to 01/15/35, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 0.500% to 5.000%, due 08/31/25 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $1,453,005,381. | Collateralized by a U.S. Treasury Bill, 0.000%, due 12/26/25, U.S. Treasury Bonds, 1.625% to 4.500%, due 05/15/38 to 02/15/53, U.S. Treasury Inflation-Indexed Bonds, 0.625% to 3.875%, due 01/15/28 to 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 07/15/26 to 01/15/35, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 0.500% to 5.000%, due 08/31/25 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $1,453,005,381. | Collateralized by a U.S. Treasury Bill, 0.000%, due 12/26/25, U.S. Treasury Bonds, 1.625% to 4.500%, due 05/15/38 to 02/15/53, U.S. Treasury Inflation-Indexed Bonds, 0.625% to 3.875%, due 01/15/28 to 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 07/15/26 to 01/15/35, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 0.500% to 5.000%, due 08/31/25 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $1,453,005,381. | Collateralized by a U.S. Treasury Bill, 0.000%, due 12/26/25, U.S. Treasury Bonds, 1.625% to 4.500%, due 05/15/38 to 02/15/53, U.S. Treasury Inflation-Indexed Bonds, 0.625% to 3.875%, due 01/15/28 to 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 07/15/26 to 01/15/35, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 0.500% to 5.000%, due 08/31/25 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $1,453,005,381. | Collateralized by a U.S. Treasury Bill, 0.000%, due 12/26/25, U.S. Treasury Bonds, 1.625% to 4.500%, due 05/15/38 to 02/15/53, U.S. Treasury Inflation-Indexed Bonds, 0.625% to 3.875%, due 01/15/28 to 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 07/15/26 to 01/15/35, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 0.500% to 5.000%, due 08/31/25 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $1,453,005,381. |
|  <br> HSBC Securities (USA), Inc. | <br> HSBC Securities (USA), Inc. | <br> HSBC Securities (USA), Inc. | <br> HSBC Securities (USA), Inc. | <br> HSBC Securities (USA), Inc. |
|  | 600000000 | 4.350 | 06/02/25 | $600000000 |
|  Maturity Value: $600,217,500 | Maturity Value: $600,217,500 | Maturity Value: $600,217,500 | Maturity Value: $600,217,500 |  |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |  |
|  Collateralized by Federal Farm Credit Bank, 1.950% to 4.490%, due 11/21/33 to 04/04/42, Federal Home Loan Bank, 4.625%, due 09/11/26, Federal Home Loan Mortgage Corp., 0.375% to 7.000%, due 09/23/25 to 06/01/55, Federal National Mortgage Association, 1.500% to 7.000%, due 01/01/27 to 03/01/57, Government National Mortgage Association, 2.500% to 7.500%, due 11/20/35 to 04/20/55, Tennessee Valley Authority, 0.000%, due 01/15/37, U.S. Treasury Bonds, 3.000% to 3.875%, due 02/15/43 to 05/15/45 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 05/15/49. The aggregate market value of the collateral, including accrued interest, was $616,487,917. | Collateralized by Federal Farm Credit Bank, 1.950% to 4.490%, due 11/21/33 to 04/04/42, Federal Home Loan Bank, 4.625%, due 09/11/26, Federal Home Loan Mortgage Corp., 0.375% to 7.000%, due 09/23/25 to 06/01/55, Federal National Mortgage Association, 1.500% to 7.000%, due 01/01/27 to 03/01/57, Government National Mortgage Association, 2.500% to 7.500%, due 11/20/35 to 04/20/55, Tennessee Valley Authority, 0.000%, due 01/15/37, U.S. Treasury Bonds, 3.000% to 3.875%, due 02/15/43 to 05/15/45 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 05/15/49. The aggregate market value of the collateral, including accrued interest, was $616,487,917. | Collateralized by Federal Farm Credit Bank, 1.950% to 4.490%, due 11/21/33 to 04/04/42, Federal Home Loan Bank, 4.625%, due 09/11/26, Federal Home Loan Mortgage Corp., 0.375% to 7.000%, due 09/23/25 to 06/01/55, Federal National Mortgage Association, 1.500% to 7.000%, due 01/01/27 to 03/01/57, Government National Mortgage Association, 2.500% to 7.500%, due 11/20/35 to 04/20/55, Tennessee Valley Authority, 0.000%, due 01/15/37, U.S. Treasury Bonds, 3.000% to 3.875%, due 02/15/43 to 05/15/45 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 05/15/49. The aggregate market value of the collateral, including accrued interest, was $616,487,917. | Collateralized by Federal Farm Credit Bank, 1.950% to 4.490%, due 11/21/33 to 04/04/42, Federal Home Loan Bank, 4.625%, due 09/11/26, Federal Home Loan Mortgage Corp., 0.375% to 7.000%, due 09/23/25 to 06/01/55, Federal National Mortgage Association, 1.500% to 7.000%, due 01/01/27 to 03/01/57, Government National Mortgage Association, 2.500% to 7.500%, due 11/20/35 to 04/20/55, Tennessee Valley Authority, 0.000%, due 01/15/37, U.S. Treasury Bonds, 3.000% to 3.875%, due 02/15/43 to 05/15/45 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 05/15/49. The aggregate market value of the collateral, including accrued interest, was $616,487,917. | Collateralized by Federal Farm Credit Bank, 1.950% to 4.490%, due 11/21/33 to 04/04/42, Federal Home Loan Bank, 4.625%, due 09/11/26, Federal Home Loan Mortgage Corp., 0.375% to 7.000%, due 09/23/25 to 06/01/55, Federal National Mortgage Association, 1.500% to 7.000%, due 01/01/27 to 03/01/57, Government National Mortgage Association, 2.500% to 7.500%, due 11/20/35 to 04/20/55, Tennessee Valley Authority, 0.000%, due 01/15/37, U.S. Treasury Bonds, 3.000% to 3.875%, due 02/15/43 to 05/15/45 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 05/15/49. The aggregate market value of the collateral, including accrued interest, was $616,487,917. |
|  | 961000000 | 4.330 | 06/11/25 | $961000000 |
|  Maturity Value: $987,585,002 | Maturity Value: $987,585,002 | Maturity Value: $987,585,002 | Maturity Value: $987,585,002 | Maturity Value: $987,585,002 |
|  Settlement Date: 10/24/24 | Settlement Date: 10/24/24 | Settlement Date: 10/24/24 | Settlement Date: 10/24/24 | Settlement Date: 10/24/24 |
|  Collateralized by a U.S. Treasury Bond, 4.625%, due 11/15/44, U.S. Treasury Floating Rate Notes, 4.451% to 4.546%, due 10/31/25 to 10/31/26, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 3.625%, due 04/15/28 to 02/15/51, U.S. Treasury Inflation- Indexed Notes, 0.125% to 0.750%, due 10/15/25 to 07/15/31, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/28 to 02/15/29, a U.S. Treasury Note, 4.125%, due 06/15/26 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/25 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $980,573,716. | Collateralized by a U.S. Treasury Bond, 4.625%, due 11/15/44, U.S. Treasury Floating Rate Notes, 4.451% to 4.546%, due 10/31/25 to 10/31/26, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 3.625%, due 04/15/28 to 02/15/51, U.S. Treasury Inflation- Indexed Notes, 0.125% to 0.750%, due 10/15/25 to 07/15/31, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/28 to 02/15/29, a U.S. Treasury Note, 4.125%, due 06/15/26 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/25 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $980,573,716. | Collateralized by a U.S. Treasury Bond, 4.625%, due 11/15/44, U.S. Treasury Floating Rate Notes, 4.451% to 4.546%, due 10/31/25 to 10/31/26, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 3.625%, due 04/15/28 to 02/15/51, U.S. Treasury Inflation- Indexed Notes, 0.125% to 0.750%, due 10/15/25 to 07/15/31, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/28 to 02/15/29, a U.S. Treasury Note, 4.125%, due 06/15/26 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/25 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $980,573,716. | Collateralized by a U.S. Treasury Bond, 4.625%, due 11/15/44, U.S. Treasury Floating Rate Notes, 4.451% to 4.546%, due 10/31/25 to 10/31/26, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 3.625%, due 04/15/28 to 02/15/51, U.S. Treasury Inflation- Indexed Notes, 0.125% to 0.750%, due 10/15/25 to 07/15/31, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/28 to 02/15/29, a U.S. Treasury Note, 4.125%, due 06/15/26 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/25 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $980,573,716. | Collateralized by a U.S. Treasury Bond, 4.625%, due 11/15/44, U.S. Treasury Floating Rate Notes, 4.451% to 4.546%, due 10/31/25 to 10/31/26, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 3.625%, due 04/15/28 to 02/15/51, U.S. Treasury Inflation- Indexed Notes, 0.125% to 0.750%, due 10/15/25 to 07/15/31, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/28 to 02/15/29, a U.S. Treasury Note, 4.125%, due 06/15/26 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/25 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $980,573,716. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | Maturity<br>Date | Amortized Cost |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
| HSBC Securities (USA), Inc. – (continued) | HSBC Securities (USA), Inc. – (continued) | HSBC Securities (USA), Inc. – (continued) | HSBC Securities (USA), Inc. – (continued) | HSBC Securities (USA), Inc. – (continued) |
| $| 3210000000 | 4.340% | 06/11/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3210000000 |
|  Maturity Value: $3,299,006,200 | Maturity Value: $3,299,006,200 | Maturity Value: $3,299,006,200 | Maturity Value: $3,299,006,200 |  |
|  Settlement Date: 10/24/24 | Settlement Date: 10/24/24 | Settlement Date: 10/24/24 | Settlement Date: 10/24/24 |  |
|  Collateralized by Federal Farm Credit Bank, 1.400% to 5.060%, due 05/28/30 to 08/24/46, Federal Home Loan Bank, 1.600% to 5.900%, due 09/04/26 to 09/25/45, Federal Home Loan Mortgage Corp., 0.000% to 8.000%, due 08/28/25 to 06/01/55, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 07/15/25 to 07/15/32, Federal National Mortgage Association, 0.000% to 7.500%, due 06/17/25 to 06/01/63, Federal National Mortgage Association Stripped Securities, 0.000%, due 11/15/25 to 07/15/37, Government National Mortgage Association, 2.000% to 8.000%, due 02/20/31 to 05/20/55, Tennessee Valley Authority, 0.000%, due 06/15/35 to 01/15/38, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/40 to 11/15/53 and a U.S. Treasury Note, 4.250%, due 01/31/30. The aggregate market value of the collateral, including accrued interest, was $3,300,928,139. | Collateralized by Federal Farm Credit Bank, 1.400% to 5.060%, due 05/28/30 to 08/24/46, Federal Home Loan Bank, 1.600% to 5.900%, due 09/04/26 to 09/25/45, Federal Home Loan Mortgage Corp., 0.000% to 8.000%, due 08/28/25 to 06/01/55, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 07/15/25 to 07/15/32, Federal National Mortgage Association, 0.000% to 7.500%, due 06/17/25 to 06/01/63, Federal National Mortgage Association Stripped Securities, 0.000%, due 11/15/25 to 07/15/37, Government National Mortgage Association, 2.000% to 8.000%, due 02/20/31 to 05/20/55, Tennessee Valley Authority, 0.000%, due 06/15/35 to 01/15/38, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/40 to 11/15/53 and a U.S. Treasury Note, 4.250%, due 01/31/30. The aggregate market value of the collateral, including accrued interest, was $3,300,928,139. | Collateralized by Federal Farm Credit Bank, 1.400% to 5.060%, due 05/28/30 to 08/24/46, Federal Home Loan Bank, 1.600% to 5.900%, due 09/04/26 to 09/25/45, Federal Home Loan Mortgage Corp., 0.000% to 8.000%, due 08/28/25 to 06/01/55, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 07/15/25 to 07/15/32, Federal National Mortgage Association, 0.000% to 7.500%, due 06/17/25 to 06/01/63, Federal National Mortgage Association Stripped Securities, 0.000%, due 11/15/25 to 07/15/37, Government National Mortgage Association, 2.000% to 8.000%, due 02/20/31 to 05/20/55, Tennessee Valley Authority, 0.000%, due 06/15/35 to 01/15/38, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/40 to 11/15/53 and a U.S. Treasury Note, 4.250%, due 01/31/30. The aggregate market value of the collateral, including accrued interest, was $3,300,928,139. | Collateralized by Federal Farm Credit Bank, 1.400% to 5.060%, due 05/28/30 to 08/24/46, Federal Home Loan Bank, 1.600% to 5.900%, due 09/04/26 to 09/25/45, Federal Home Loan Mortgage Corp., 0.000% to 8.000%, due 08/28/25 to 06/01/55, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 07/15/25 to 07/15/32, Federal National Mortgage Association, 0.000% to 7.500%, due 06/17/25 to 06/01/63, Federal National Mortgage Association Stripped Securities, 0.000%, due 11/15/25 to 07/15/37, Government National Mortgage Association, 2.000% to 8.000%, due 02/20/31 to 05/20/55, Tennessee Valley Authority, 0.000%, due 06/15/35 to 01/15/38, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/40 to 11/15/53 and a U.S. Treasury Note, 4.250%, due 01/31/30. The aggregate market value of the collateral, including accrued interest, was $3,300,928,139. | Collateralized by Federal Farm Credit Bank, 1.400% to 5.060%, due 05/28/30 to 08/24/46, Federal Home Loan Bank, 1.600% to 5.900%, due 09/04/26 to 09/25/45, Federal Home Loan Mortgage Corp., 0.000% to 8.000%, due 08/28/25 to 06/01/55, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 07/15/25 to 07/15/32, Federal National Mortgage Association, 0.000% to 7.500%, due 06/17/25 to 06/01/63, Federal National Mortgage Association Stripped Securities, 0.000%, due 11/15/25 to 07/15/37, Government National Mortgage Association, 2.000% to 8.000%, due 02/20/31 to 05/20/55, Tennessee Valley Authority, 0.000%, due 06/15/35 to 01/15/38, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/40 to 11/15/53 and a U.S. Treasury Note, 4.250%, due 01/31/30. The aggregate market value of the collateral, including accrued interest, was $3,300,928,139. |
|  <br> Ing Financial Markets LLC | <br> Ing Financial Markets LLC | <br> Ing Financial Markets LLC | <br> Ing Financial Markets LLC |  |
|  | 600000000 | 4.350 | 06/02/25 | $600000000 |
|  Maturity Value: $600,217,500 | Maturity Value: $600,217,500 | Maturity Value: $600,217,500 | Maturity Value: $600,217,500 |  |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |  |
|  Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 5.500%, due 11/01/52 to 12/01/54 and Federal National Mortgage Association, 2.000% to 5.500%, due 04/01/51 to 12/01/54. The aggregate market value of the collateral, including accrued interest, was $612,000,000. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 5.500%, due 11/01/52 to 12/01/54 and Federal National Mortgage Association, 2.000% to 5.500%, due 04/01/51 to 12/01/54. The aggregate market value of the collateral, including accrued interest, was $612,000,000. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 5.500%, due 11/01/52 to 12/01/54 and Federal National Mortgage Association, 2.000% to 5.500%, due 04/01/51 to 12/01/54. The aggregate market value of the collateral, including accrued interest, was $612,000,000. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 5.500%, due 11/01/52 to 12/01/54 and Federal National Mortgage Association, 2.000% to 5.500%, due 04/01/51 to 12/01/54. The aggregate market value of the collateral, including accrued interest, was $612,000,000. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 5.500%, due 11/01/52 to 12/01/54 and Federal National Mortgage Association, 2.000% to 5.500%, due 04/01/51 to 12/01/54. The aggregate market value of the collateral, including accrued interest, was $612,000,000. |
|  <br> J.P. Morgan Securities LLC | <br> J.P. Morgan Securities LLC | <br> J.P. Morgan Securities LLC | <br> J.P. Morgan Securities LLC |  |
|  | 250000000 | 4.230 | 06/02/25 | $250000000 |
|  Maturity Value: $250,088,125 | Maturity Value: $250,088,125 | Maturity Value: $250,088,125 | Maturity Value: $250,088,125 |  |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |  |
|  Collateralized by Federal Farm Credit Bank, 2.090% to 4.490%, due 11/17/36 to 06/18/40, Federal Home Loan Mortgage Corp., 3.500% to 6.000%, due 05/01/35 to 04/01/55 and Federal National Mortgage Association Stripped Security, 0.000%, due 05/15/30. The aggregate market value of the collateral, including accrued interest, was $256,271,870. | Collateralized by Federal Farm Credit Bank, 2.090% to 4.490%, due 11/17/36 to 06/18/40, Federal Home Loan Mortgage Corp., 3.500% to 6.000%, due 05/01/35 to 04/01/55 and Federal National Mortgage Association Stripped Security, 0.000%, due 05/15/30. The aggregate market value of the collateral, including accrued interest, was $256,271,870. | Collateralized by Federal Farm Credit Bank, 2.090% to 4.490%, due 11/17/36 to 06/18/40, Federal Home Loan Mortgage Corp., 3.500% to 6.000%, due 05/01/35 to 04/01/55 and Federal National Mortgage Association Stripped Security, 0.000%, due 05/15/30. The aggregate market value of the collateral, including accrued interest, was $256,271,870. | Collateralized by Federal Farm Credit Bank, 2.090% to 4.490%, due 11/17/36 to 06/18/40, Federal Home Loan Mortgage Corp., 3.500% to 6.000%, due 05/01/35 to 04/01/55 and Federal National Mortgage Association Stripped Security, 0.000%, due 05/15/30. The aggregate market value of the collateral, including accrued interest, was $256,271,870. | Collateralized by Federal Farm Credit Bank, 2.090% to 4.490%, due 11/17/36 to 06/18/40, Federal Home Loan Mortgage Corp., 3.500% to 6.000%, due 05/01/35 to 04/01/55 and Federal National Mortgage Association Stripped Security, 0.000%, due 05/15/30. The aggregate market value of the collateral, including accrued interest, was $256,271,870. |
|  | 27400000 | 4.340 | 06/02/25 | $27400000 |
|  Maturity Value: $27,409,910 | Maturity Value: $27,409,910 | Maturity Value: $27,409,910 | Maturity Value: $27,409,910 |  |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |  |
|  Collateralized by U.S. Treasury Notes, 1.125% to 1.625%, due 11/30/26 to 02/29/28. The aggregate market value of the collateral, including accrued interest, was $27,958,145. | Collateralized by U.S. Treasury Notes, 1.125% to 1.625%, due 11/30/26 to 02/29/28. The aggregate market value of the collateral, including accrued interest, was $27,958,145. | Collateralized by U.S. Treasury Notes, 1.125% to 1.625%, due 11/30/26 to 02/29/28. The aggregate market value of the collateral, including accrued interest, was $27,958,145. | Collateralized by U.S. Treasury Notes, 1.125% to 1.625%, due 11/30/26 to 02/29/28. The aggregate market value of the collateral, including accrued interest, was $27,958,145. | Collateralized by U.S. Treasury Notes, 1.125% to 1.625%, due 11/30/26 to 02/29/28. The aggregate market value of the collateral, including accrued interest, was $27,958,145. |
|  | 3445000000 | 4.350 <sup>(d)</sup> | 06/12/25 | $3445000000 |
|  Maturity Value: $3,457,488,121 | Maturity Value: $3,457,488,121 | Maturity Value: $3,457,488,121 | Maturity Value: $3,457,488,121 |  |
|  Settlement Date: 05/13/25 | Settlement Date: 05/13/25 | Settlement Date: 05/13/25 | Settlement Date: 05/13/25 |  |
|  Collateralized by Federal Farm Credit Bank, 2.020% to 5.440%, due 11/14/30 to 07/02/40, Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 07/01/34 to 06/01/55 and Government National Mortgage Association, 2.500% to 7.500%, due 01/20/28 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $3,556,133,461. | Collateralized by Federal Farm Credit Bank, 2.020% to 5.440%, due 11/14/30 to 07/02/40, Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 07/01/34 to 06/01/55 and Government National Mortgage Association, 2.500% to 7.500%, due 01/20/28 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $3,556,133,461. | Collateralized by Federal Farm Credit Bank, 2.020% to 5.440%, due 11/14/30 to 07/02/40, Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 07/01/34 to 06/01/55 and Government National Mortgage Association, 2.500% to 7.500%, due 01/20/28 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $3,556,133,461. | Collateralized by Federal Farm Credit Bank, 2.020% to 5.440%, due 11/14/30 to 07/02/40, Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 07/01/34 to 06/01/55 and Government National Mortgage Association, 2.500% to 7.500%, due 01/20/28 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $3,556,133,461. | Collateralized by Federal Farm Credit Bank, 2.020% to 5.440%, due 11/14/30 to 07/02/40, Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 07/01/34 to 06/01/55 and Government National Mortgage Association, 2.500% to 7.500%, due 01/20/28 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $3,556,133,461. |

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

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GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

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

Schedule of Investments (continued) *May 31, 2025 (Unaudited)*

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  J.P. Morgan Securities LLC – (continued) | J.P. Morgan Securities LLC – (continued) | J.P. Morgan Securities LLC – (continued) | J.P. Morgan Securities LLC – (continued) | J.P. Morgan Securities LLC – (continued) |
| $| 985000000 | 4.350 %<sup>(d)</sup> | 06/13/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985000000 |
|  Maturity Value: $995,949,914 | Maturity Value: $995,949,914 | Maturity Value: $995,949,914 | Maturity Value: $995,949,914 | Maturity Value: $995,949,914 |
|  Settlement Date: 03/13/25 | Settlement Date: 03/13/25 | Settlement Date: 03/13/25 | Settlement Date: 03/13/25 | Settlement Date: 03/13/25 |
|  Collateralized by Federal Farm Credit Bank, 4.980%, due 06/09/42, Federal Home Loan Bank, 4.030% to 4.080%, due 05/25/33 to 09/27/35, Federal Home Loan Mortgage Corp., 2.500% to 7.000%, due 05/01/31 to 05/01/55, Federal National Mortgage Association, 2.000% to 7.000%, due 03/01/30 to 05/01/56 and Government National Mortgage Association, 2.000% to 7.500%, due 04/20/27 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $1,018,211,495. | Collateralized by Federal Farm Credit Bank, 4.980%, due 06/09/42, Federal Home Loan Bank, 4.030% to 4.080%, due 05/25/33 to 09/27/35, Federal Home Loan Mortgage Corp., 2.500% to 7.000%, due 05/01/31 to 05/01/55, Federal National Mortgage Association, 2.000% to 7.000%, due 03/01/30 to 05/01/56 and Government National Mortgage Association, 2.000% to 7.500%, due 04/20/27 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $1,018,211,495. | Collateralized by Federal Farm Credit Bank, 4.980%, due 06/09/42, Federal Home Loan Bank, 4.030% to 4.080%, due 05/25/33 to 09/27/35, Federal Home Loan Mortgage Corp., 2.500% to 7.000%, due 05/01/31 to 05/01/55, Federal National Mortgage Association, 2.000% to 7.000%, due 03/01/30 to 05/01/56 and Government National Mortgage Association, 2.000% to 7.500%, due 04/20/27 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $1,018,211,495. | Collateralized by Federal Farm Credit Bank, 4.980%, due 06/09/42, Federal Home Loan Bank, 4.030% to 4.080%, due 05/25/33 to 09/27/35, Federal Home Loan Mortgage Corp., 2.500% to 7.000%, due 05/01/31 to 05/01/55, Federal National Mortgage Association, 2.000% to 7.000%, due 03/01/30 to 05/01/56 and Government National Mortgage Association, 2.000% to 7.500%, due 04/20/27 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $1,018,211,495. | Collateralized by Federal Farm Credit Bank, 4.980%, due 06/09/42, Federal Home Loan Bank, 4.030% to 4.080%, due 05/25/33 to 09/27/35, Federal Home Loan Mortgage Corp., 2.500% to 7.000%, due 05/01/31 to 05/01/55, Federal National Mortgage Association, 2.000% to 7.000%, due 03/01/30 to 05/01/56 and Government National Mortgage Association, 2.000% to 7.500%, due 04/20/27 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $1,018,211,495. |
|  | 840000000 | 4.350 <sup>(d)</sup> | 07/10/25 | $840000000 |
|  Maturity Value: $858,371,495 | Maturity Value: $858,371,495 | Maturity Value: $858,371,495 | Maturity Value: $858,371,495 | Maturity Value: $858,371,495 |
|  Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 |
|  Collateralized by Federal Farm Credit Bank, 2.900%, due 12/09/41, Federal Home Loan Mortgage Corp., 0.000% to 7.500%, due 12/17/29 to 05/01/55, Federal Home Loan Mortgage Corp. Stripped Security, 0.000%, due 07/15/32, Federal National Mortgage Association, 6.500%, due 02/01/55, Government National Mortgage Association, 3.000% to 7.500%, due 01/20/34 to 05/20/55 and Tennessee Valley Authority, 2.875%, due 02/01/27. The aggregate market value of the collateral, including accrued interest, was $866,470,081. | Collateralized by Federal Farm Credit Bank, 2.900%, due 12/09/41, Federal Home Loan Mortgage Corp., 0.000% to 7.500%, due 12/17/29 to 05/01/55, Federal Home Loan Mortgage Corp. Stripped Security, 0.000%, due 07/15/32, Federal National Mortgage Association, 6.500%, due 02/01/55, Government National Mortgage Association, 3.000% to 7.500%, due 01/20/34 to 05/20/55 and Tennessee Valley Authority, 2.875%, due 02/01/27. The aggregate market value of the collateral, including accrued interest, was $866,470,081. | Collateralized by Federal Farm Credit Bank, 2.900%, due 12/09/41, Federal Home Loan Mortgage Corp., 0.000% to 7.500%, due 12/17/29 to 05/01/55, Federal Home Loan Mortgage Corp. Stripped Security, 0.000%, due 07/15/32, Federal National Mortgage Association, 6.500%, due 02/01/55, Government National Mortgage Association, 3.000% to 7.500%, due 01/20/34 to 05/20/55 and Tennessee Valley Authority, 2.875%, due 02/01/27. The aggregate market value of the collateral, including accrued interest, was $866,470,081. | Collateralized by Federal Farm Credit Bank, 2.900%, due 12/09/41, Federal Home Loan Mortgage Corp., 0.000% to 7.500%, due 12/17/29 to 05/01/55, Federal Home Loan Mortgage Corp. Stripped Security, 0.000%, due 07/15/32, Federal National Mortgage Association, 6.500%, due 02/01/55, Government National Mortgage Association, 3.000% to 7.500%, due 01/20/34 to 05/20/55 and Tennessee Valley Authority, 2.875%, due 02/01/27. The aggregate market value of the collateral, including accrued interest, was $866,470,081. | Collateralized by Federal Farm Credit Bank, 2.900%, due 12/09/41, Federal Home Loan Mortgage Corp., 0.000% to 7.500%, due 12/17/29 to 05/01/55, Federal Home Loan Mortgage Corp. Stripped Security, 0.000%, due 07/15/32, Federal National Mortgage Association, 6.500%, due 02/01/55, Government National Mortgage Association, 3.000% to 7.500%, due 01/20/34 to 05/20/55 and Tennessee Valley Authority, 2.875%, due 02/01/27. The aggregate market value of the collateral, including accrued interest, was $866,470,081. |
|  | 987000000 | 4.350 <sup>(d)</sup> | 07/28/25 | $987000000 |
|  Maturity Value: $1,008,586,506 | Maturity Value: $1,008,586,506 | Maturity Value: $1,008,586,506 | Maturity Value: $1,008,586,506 | Maturity Value: $1,008,586,506 |
|  Settlement Date: 01/28/25 | Settlement Date: 01/28/25 | Settlement Date: 01/28/25 | Settlement Date: 01/28/25 | Settlement Date: 01/28/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 05/01/34 to 06/01/55, Federal National Mortgage Association, 2.000% to 7.000%, due 04/01/40 to 07/01/60 and Government National Mortgage Association, 5.000% to 5.500%, due 04/20/55 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $1,020,521,971. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 05/01/34 to 06/01/55, Federal National Mortgage Association, 2.000% to 7.000%, due 04/01/40 to 07/01/60 and Government National Mortgage Association, 5.000% to 5.500%, due 04/20/55 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $1,020,521,971. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 05/01/34 to 06/01/55, Federal National Mortgage Association, 2.000% to 7.000%, due 04/01/40 to 07/01/60 and Government National Mortgage Association, 5.000% to 5.500%, due 04/20/55 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $1,020,521,971. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 05/01/34 to 06/01/55, Federal National Mortgage Association, 2.000% to 7.000%, due 04/01/40 to 07/01/60 and Government National Mortgage Association, 5.000% to 5.500%, due 04/20/55 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $1,020,521,971. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 05/01/34 to 06/01/55, Federal National Mortgage Association, 2.000% to 7.000%, due 04/01/40 to 07/01/60 and Government National Mortgage Association, 5.000% to 5.500%, due 04/20/55 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $1,020,521,971. |
|  | 1974000000 | 4.350 <sup>(d)</sup> | 08/06/25 | $1974000000 |
|  Maturity Value: $2,017,173,013 | Maturity Value: $2,017,173,013 | Maturity Value: $2,017,173,013 | Maturity Value: $2,017,173,013 | Maturity Value: $2,017,173,013 |
|  Settlement Date: 02/06/25 | Settlement Date: 02/06/25 | Settlement Date: 02/06/25 | Settlement Date: 02/06/25 | Settlement Date: 02/06/25 |
|  Collateralized by Federal Farm Credit Bank, 1.950% to 5.130%, due 05/22/28 to 12/22/45, Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 04/01/33 to 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/40, Federal National Mortgage Association Stripped Security, 0.000%, due 02/06/37 and Government National Mortgage Association, 2.000% to 7.500%, due 09/20/30 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $2,040,589,175. | Collateralized by Federal Farm Credit Bank, 1.950% to 5.130%, due 05/22/28 to 12/22/45, Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 04/01/33 to 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/40, Federal National Mortgage Association Stripped Security, 0.000%, due 02/06/37 and Government National Mortgage Association, 2.000% to 7.500%, due 09/20/30 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $2,040,589,175. | Collateralized by Federal Farm Credit Bank, 1.950% to 5.130%, due 05/22/28 to 12/22/45, Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 04/01/33 to 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/40, Federal National Mortgage Association Stripped Security, 0.000%, due 02/06/37 and Government National Mortgage Association, 2.000% to 7.500%, due 09/20/30 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $2,040,589,175. | Collateralized by Federal Farm Credit Bank, 1.950% to 5.130%, due 05/22/28 to 12/22/45, Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 04/01/33 to 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/40, Federal National Mortgage Association Stripped Security, 0.000%, due 02/06/37 and Government National Mortgage Association, 2.000% to 7.500%, due 09/20/30 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $2,040,589,175. | Collateralized by Federal Farm Credit Bank, 1.950% to 5.130%, due 05/22/28 to 12/22/45, Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 04/01/33 to 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/40, Federal National Mortgage Association Stripped Security, 0.000%, due 02/06/37 and Government National Mortgage Association, 2.000% to 7.500%, due 09/20/30 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $2,040,589,175. |
|  Joint Account I | Joint Account I | Joint Account I | Joint Account I | Joint Account I |
|  | 1525000000 | 4.340 | 06/02/25 | $1525000000 |
|  Maturity Value: $1,525,551,542 | Maturity Value: $1,525,551,542 | Maturity Value: $1,525,551,542 | Maturity Value: $1,525,551,542 | Maturity Value: $1,525,551,542 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Joint Account III | Joint Account III | Joint Account III | Joint Account III | Joint Account III |
|  | 1172000000 | 4.353 | 06/02/25 | $1172000000 |
|  Maturity Value: $1,172,425,117 | Maturity Value: $1,172,425,117 | Maturity Value: $1,172,425,117 | Maturity Value: $1,172,425,117 | Maturity Value: $1,172,425,117 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Mizuho Securities USA LLC | Mizuho Securities USA LLC | Mizuho Securities USA LLC | Mizuho Securities USA LLC | Mizuho Securities USA LLC |
| $| 1400000000 | 4.350% | 06/02/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000000 |
|  Maturity Value: $1,400,507,500 | Maturity Value: $1,400,507,500 | Maturity Value: $1,400,507,500 | Maturity Value: $1,400,507,500 | Maturity Value: $1,400,507,500 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by Federal Farm Credit Bank, 0.650% to 5.280%, due 06/02/25 to 12/09/41, Federal Home Loan Bank, 0.670% to 5.625%, due 07/25/25 to 09/23/41, Federal Home Loan Mortgage Corp., 0.750% to 8.000%, due 07/21/25 to 05/01/55, Federal National Mortgage Association, 0.650% to 8.500%, due 09/01/25 to 06/01/55, Government National Mortgage Association, 1.500% to 8.500%, due 06/20/26 to 05/20/55 and U.S. Treasury Bonds, 1.125% to 6.500%, due 11/15/26 to 05/15/55. The aggregate market value of the collateral, including accrued interest, was $1,428,162,944. | Collateralized by Federal Farm Credit Bank, 0.650% to 5.280%, due 06/02/25 to 12/09/41, Federal Home Loan Bank, 0.670% to 5.625%, due 07/25/25 to 09/23/41, Federal Home Loan Mortgage Corp., 0.750% to 8.000%, due 07/21/25 to 05/01/55, Federal National Mortgage Association, 0.650% to 8.500%, due 09/01/25 to 06/01/55, Government National Mortgage Association, 1.500% to 8.500%, due 06/20/26 to 05/20/55 and U.S. Treasury Bonds, 1.125% to 6.500%, due 11/15/26 to 05/15/55. The aggregate market value of the collateral, including accrued interest, was $1,428,162,944. | Collateralized by Federal Farm Credit Bank, 0.650% to 5.280%, due 06/02/25 to 12/09/41, Federal Home Loan Bank, 0.670% to 5.625%, due 07/25/25 to 09/23/41, Federal Home Loan Mortgage Corp., 0.750% to 8.000%, due 07/21/25 to 05/01/55, Federal National Mortgage Association, 0.650% to 8.500%, due 09/01/25 to 06/01/55, Government National Mortgage Association, 1.500% to 8.500%, due 06/20/26 to 05/20/55 and U.S. Treasury Bonds, 1.125% to 6.500%, due 11/15/26 to 05/15/55. The aggregate market value of the collateral, including accrued interest, was $1,428,162,944. | Collateralized by Federal Farm Credit Bank, 0.650% to 5.280%, due 06/02/25 to 12/09/41, Federal Home Loan Bank, 0.670% to 5.625%, due 07/25/25 to 09/23/41, Federal Home Loan Mortgage Corp., 0.750% to 8.000%, due 07/21/25 to 05/01/55, Federal National Mortgage Association, 0.650% to 8.500%, due 09/01/25 to 06/01/55, Government National Mortgage Association, 1.500% to 8.500%, due 06/20/26 to 05/20/55 and U.S. Treasury Bonds, 1.125% to 6.500%, due 11/15/26 to 05/15/55. The aggregate market value of the collateral, including accrued interest, was $1,428,162,944. | Collateralized by Federal Farm Credit Bank, 0.650% to 5.280%, due 06/02/25 to 12/09/41, Federal Home Loan Bank, 0.670% to 5.625%, due 07/25/25 to 09/23/41, Federal Home Loan Mortgage Corp., 0.750% to 8.000%, due 07/21/25 to 05/01/55, Federal National Mortgage Association, 0.650% to 8.500%, due 09/01/25 to 06/01/55, Government National Mortgage Association, 1.500% to 8.500%, due 06/20/26 to 05/20/55 and U.S. Treasury Bonds, 1.125% to 6.500%, due 11/15/26 to 05/15/55. The aggregate market value of the collateral, including accrued interest, was $1,428,162,944. |
|  Nomura Securities International, Inc. | Nomura Securities International, Inc. | Nomura Securities International, Inc. | Nomura Securities International, Inc. | Nomura Securities International, Inc. |
|  | 16900000 | 4.350 | 06/02/25 | $16900000 |
|  Maturity Value: $16,906,126 | Maturity Value: $16,906,126 | Maturity Value: $16,906,126 | Maturity Value: $16,906,126 | Maturity Value: $16,906,126 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by Federal Farm Credit Bank, 4.375% to 4.940%, due 04/17/26 to 02/17/38, Federal Home Loan Bank, 3.250%, due 11/16/28, Federal Home Loan Mortgage Corp., 3.000% to 4.050%, due 08/28/25 to 11/01/49, Federal National Mortgage Association, 0.500% to 7.125%, due 11/07/25 to 04/01/53, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/43 to 05/15/49 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/25. The aggregate market value of the collateral, including accrued interest, was $17,259,874. | Collateralized by Federal Farm Credit Bank, 4.375% to 4.940%, due 04/17/26 to 02/17/38, Federal Home Loan Bank, 3.250%, due 11/16/28, Federal Home Loan Mortgage Corp., 3.000% to 4.050%, due 08/28/25 to 11/01/49, Federal National Mortgage Association, 0.500% to 7.125%, due 11/07/25 to 04/01/53, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/43 to 05/15/49 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/25. The aggregate market value of the collateral, including accrued interest, was $17,259,874. | Collateralized by Federal Farm Credit Bank, 4.375% to 4.940%, due 04/17/26 to 02/17/38, Federal Home Loan Bank, 3.250%, due 11/16/28, Federal Home Loan Mortgage Corp., 3.000% to 4.050%, due 08/28/25 to 11/01/49, Federal National Mortgage Association, 0.500% to 7.125%, due 11/07/25 to 04/01/53, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/43 to 05/15/49 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/25. The aggregate market value of the collateral, including accrued interest, was $17,259,874. | Collateralized by Federal Farm Credit Bank, 4.375% to 4.940%, due 04/17/26 to 02/17/38, Federal Home Loan Bank, 3.250%, due 11/16/28, Federal Home Loan Mortgage Corp., 3.000% to 4.050%, due 08/28/25 to 11/01/49, Federal National Mortgage Association, 0.500% to 7.125%, due 11/07/25 to 04/01/53, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/43 to 05/15/49 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/25. The aggregate market value of the collateral, including accrued interest, was $17,259,874. | Collateralized by Federal Farm Credit Bank, 4.375% to 4.940%, due 04/17/26 to 02/17/38, Federal Home Loan Bank, 3.250%, due 11/16/28, Federal Home Loan Mortgage Corp., 3.000% to 4.050%, due 08/28/25 to 11/01/49, Federal National Mortgage Association, 0.500% to 7.125%, due 11/07/25 to 04/01/53, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/43 to 05/15/49 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/25. The aggregate market value of the collateral, including accrued interest, was $17,259,874. |
|  | 7000000000 | 4.350 | 06/02/25 | $7000000000 |
|  Maturity Value: $7,002,537,500 | Maturity Value: $7,002,537,500 | Maturity Value: $7,002,537,500 | Maturity Value: $7,002,537,500 | Maturity Value: $7,002,537,500 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by Federal Farm Credit Bank, 0.700% to 5.770%, due 10/10/25 to 04/08/38,Federal Home Loan Bank, 1.625% to 5.500%, due 09/04/26 to 07/15/36,Federal Home Loan Mortgage Corp., 0.000% to 7.500%, due 07/21/25 to 12/01/54,Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 09/15/30 to 07/15/32,Federal National Mortgage Association, 0.375% to 7.250%, due 08/25/25 to 03/01/62, Federal National Mortgage Association Stripped Securities, 0.000%, due 03/23/28 to 08/06/38, Government National Mortgage Association, 1.500% to 8.000%, due 01/20/28 to 05/20/55, Tennessee Valley Authority, 0.000% to 6.750%, due 11/01/25 to 09/15/65, U.S. Treasury Bills, 0.000%, due 06/03/25 to 05/14/26, U.S. Treasury Bonds, 1.875% to 6.875%, due 08/15/25 to 11/15/54, U.S. Treasury Floating Rate Notes, 4.399% to 4.546%, due 07/31/25 to 04/30/27, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 3.875%, due 01/15/26 to 02/15/55, U.S. Treasury Inflation- Indexed Notes, 0.125% to 2.375%, due 07/15/25 to 01/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/25 to 05/15/54, U.S. Treasury Notes, 0.000% to 5.000%, due 05/31/25 to 05/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/25 to 11/15/54. The aggregate market value of the collateral, including accrued interest, was $7,155,703,238. | Collateralized by Federal Farm Credit Bank, 0.700% to 5.770%, due 10/10/25 to 04/08/38,Federal Home Loan Bank, 1.625% to 5.500%, due 09/04/26 to 07/15/36,Federal Home Loan Mortgage Corp., 0.000% to 7.500%, due 07/21/25 to 12/01/54,Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 09/15/30 to 07/15/32,Federal National Mortgage Association, 0.375% to 7.250%, due 08/25/25 to 03/01/62, Federal National Mortgage Association Stripped Securities, 0.000%, due 03/23/28 to 08/06/38, Government National Mortgage Association, 1.500% to 8.000%, due 01/20/28 to 05/20/55, Tennessee Valley Authority, 0.000% to 6.750%, due 11/01/25 to 09/15/65, U.S. Treasury Bills, 0.000%, due 06/03/25 to 05/14/26, U.S. Treasury Bonds, 1.875% to 6.875%, due 08/15/25 to 11/15/54, U.S. Treasury Floating Rate Notes, 4.399% to 4.546%, due 07/31/25 to 04/30/27, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 3.875%, due 01/15/26 to 02/15/55, U.S. Treasury Inflation- Indexed Notes, 0.125% to 2.375%, due 07/15/25 to 01/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/25 to 05/15/54, U.S. Treasury Notes, 0.000% to 5.000%, due 05/31/25 to 05/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/25 to 11/15/54. The aggregate market value of the collateral, including accrued interest, was $7,155,703,238. | Collateralized by Federal Farm Credit Bank, 0.700% to 5.770%, due 10/10/25 to 04/08/38,Federal Home Loan Bank, 1.625% to 5.500%, due 09/04/26 to 07/15/36,Federal Home Loan Mortgage Corp., 0.000% to 7.500%, due 07/21/25 to 12/01/54,Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 09/15/30 to 07/15/32,Federal National Mortgage Association, 0.375% to 7.250%, due 08/25/25 to 03/01/62, Federal National Mortgage Association Stripped Securities, 0.000%, due 03/23/28 to 08/06/38, Government National Mortgage Association, 1.500% to 8.000%, due 01/20/28 to 05/20/55, Tennessee Valley Authority, 0.000% to 6.750%, due 11/01/25 to 09/15/65, U.S. Treasury Bills, 0.000%, due 06/03/25 to 05/14/26, U.S. Treasury Bonds, 1.875% to 6.875%, due 08/15/25 to 11/15/54, U.S. Treasury Floating Rate Notes, 4.399% to 4.546%, due 07/31/25 to 04/30/27, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 3.875%, due 01/15/26 to 02/15/55, U.S. Treasury Inflation- Indexed Notes, 0.125% to 2.375%, due 07/15/25 to 01/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/25 to 05/15/54, U.S. Treasury Notes, 0.000% to 5.000%, due 05/31/25 to 05/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/25 to 11/15/54. The aggregate market value of the collateral, including accrued interest, was $7,155,703,238. | Collateralized by Federal Farm Credit Bank, 0.700% to 5.770%, due 10/10/25 to 04/08/38,Federal Home Loan Bank, 1.625% to 5.500%, due 09/04/26 to 07/15/36,Federal Home Loan Mortgage Corp., 0.000% to 7.500%, due 07/21/25 to 12/01/54,Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 09/15/30 to 07/15/32,Federal National Mortgage Association, 0.375% to 7.250%, due 08/25/25 to 03/01/62, Federal National Mortgage Association Stripped Securities, 0.000%, due 03/23/28 to 08/06/38, Government National Mortgage Association, 1.500% to 8.000%, due 01/20/28 to 05/20/55, Tennessee Valley Authority, 0.000% to 6.750%, due 11/01/25 to 09/15/65, U.S. Treasury Bills, 0.000%, due 06/03/25 to 05/14/26, U.S. Treasury Bonds, 1.875% to 6.875%, due 08/15/25 to 11/15/54, U.S. Treasury Floating Rate Notes, 4.399% to 4.546%, due 07/31/25 to 04/30/27, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 3.875%, due 01/15/26 to 02/15/55, U.S. Treasury Inflation- Indexed Notes, 0.125% to 2.375%, due 07/15/25 to 01/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/25 to 05/15/54, U.S. Treasury Notes, 0.000% to 5.000%, due 05/31/25 to 05/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/25 to 11/15/54. The aggregate market value of the collateral, including accrued interest, was $7,155,703,238. | Collateralized by Federal Farm Credit Bank, 0.700% to 5.770%, due 10/10/25 to 04/08/38,Federal Home Loan Bank, 1.625% to 5.500%, due 09/04/26 to 07/15/36,Federal Home Loan Mortgage Corp., 0.000% to 7.500%, due 07/21/25 to 12/01/54,Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 09/15/30 to 07/15/32,Federal National Mortgage Association, 0.375% to 7.250%, due 08/25/25 to 03/01/62, Federal National Mortgage Association Stripped Securities, 0.000%, due 03/23/28 to 08/06/38, Government National Mortgage Association, 1.500% to 8.000%, due 01/20/28 to 05/20/55, Tennessee Valley Authority, 0.000% to 6.750%, due 11/01/25 to 09/15/65, U.S. Treasury Bills, 0.000%, due 06/03/25 to 05/14/26, U.S. Treasury Bonds, 1.875% to 6.875%, due 08/15/25 to 11/15/54, U.S. Treasury Floating Rate Notes, 4.399% to 4.546%, due 07/31/25 to 04/30/27, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 3.875%, due 01/15/26 to 02/15/55, U.S. Treasury Inflation- Indexed Notes, 0.125% to 2.375%, due 07/15/25 to 01/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/25 to 05/15/54, U.S. Treasury Notes, 0.000% to 5.000%, due 05/31/25 to 05/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/25 to 11/15/54. The aggregate market value of the collateral, including accrued interest, was $7,155,703,238. |

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

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GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Prudential Insurance Company of America (The) | Prudential Insurance Company of America (The) | Prudential Insurance Company of America (The) | Prudential Insurance Company of America (The) | Prudential Insurance Company of America (The) |
| $| 5163750 | 4.380% | 06/02/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5163750 |
|  Maturity Value: $5,165,635 | Maturity Value: $5,165,635 | Maturity Value: $5,165,635 | Maturity Value: $5,165,635 | Maturity Value: $5,165,635 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 2.375%, due 05/15/51. The market value of the collateral, including accrued interest, was $5,267,025. | Collateralized by a U.S. Treasury Bond, 2.375%, due 05/15/51. The market value of the collateral, including accrued interest, was $5,267,025. | Collateralized by a U.S. Treasury Bond, 2.375%, due 05/15/51. The market value of the collateral, including accrued interest, was $5,267,025. | Collateralized by a U.S. Treasury Bond, 2.375%, due 05/15/51. The market value of the collateral, including accrued interest, was $5,267,025. | Collateralized by a U.S. Treasury Bond, 2.375%, due 05/15/51. The market value of the collateral, including accrued interest, was $5,267,025. |
|  | 5387500 | 4.380 | 06/02/25 | $5387500 |
|  Maturity Value: $5,389,466 | Maturity Value: $5,389,466 | Maturity Value: $5,389,466 | Maturity Value: $5,389,466 | Maturity Value: $5,389,466 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/37. The market value of the collateral, including accrued interest, was $5,495,250. | Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/37. The market value of the collateral, including accrued interest, was $5,495,250. | Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/37. The market value of the collateral, including accrued interest, was $5,495,250. | Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/37. The market value of the collateral, including accrued interest, was $5,495,250. | Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/37. The market value of the collateral, including accrued interest, was $5,495,250. |
|  | 6656250 | 4.380 | 06/02/25 | $6656250 |
|  Maturity Value: $6,658,680 | Maturity Value: $6,658,680 | Maturity Value: $6,658,680 | Maturity Value: $6,658,680 | Maturity Value: $6,658,680 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/50. The market value of the collateral, including accrued interest, was $6,789,375. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/50. The market value of the collateral, including accrued interest, was $6,789,375. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/50. The market value of the collateral, including accrued interest, was $6,789,375. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/50. The market value of the collateral, including accrued interest, was $6,789,375. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/50. The market value of the collateral, including accrued interest, was $6,789,375. |
|  | 12337500 | 4.380 | 06/02/25 | $12337500 |
|  Maturity Value: $12,342,003 | Maturity Value: $12,342,003 | Maturity Value: $12,342,003 | Maturity Value: $12,342,003 | Maturity Value: $12,342,003 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/42. The market value of the collateral, including accrued interest, was $12,584,250. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/42. The market value of the collateral, including accrued interest, was $12,584,250. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/42. The market value of the collateral, including accrued interest, was $12,584,250. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/42. The market value of the collateral, including accrued interest, was $12,584,250. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/42. The market value of the collateral, including accrued interest, was $12,584,250. |
|  | 12562500 | 4.380 | 06/02/25 | $12562500 |
|  Maturity Value: $12,567,085 | Maturity Value: $12,567,085 | Maturity Value: $12,567,085 | Maturity Value: $12,567,085 | Maturity Value: $12,567,085 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/52. The market value of the collateral, including accrued interest, was $12,813,750. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/52. The market value of the collateral, including accrued interest, was $12,813,750. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/52. The market value of the collateral, including accrued interest, was $12,813,750. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/52. The market value of the collateral, including accrued interest, was $12,813,750. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/52. The market value of the collateral, including accrued interest, was $12,813,750. |
|  | 13756250 | 4.380 | 06/02/25 | $13756250 |
|  Maturity Value: $13,761,271 | Maturity Value: $13,761,271 | Maturity Value: $13,761,271 | Maturity Value: $13,761,271 | Maturity Value: $13,761,271 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/41. The market value of the collateral, including accrued interest, was $14,031,375. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/41. The market value of the collateral, including accrued interest, was $14,031,375. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/41. The market value of the collateral, including accrued interest, was $14,031,375. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/41. The market value of the collateral, including accrued interest, was $14,031,375. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/41. The market value of the collateral, including accrued interest, was $14,031,375. |
|  | 14437500 | 4.380 | 06/02/25 | $14437500 |
|  Maturity Value: $14,442,770 | Maturity Value: $14,442,770 | Maturity Value: $14,442,770 | Maturity Value: $14,442,770 | Maturity Value: $14,442,770 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/49. The market value of the collateral, including accrued interest, was $14,726,250. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/49. The market value of the collateral, including accrued interest, was $14,726,250. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/49. The market value of the collateral, including accrued interest, was $14,726,250. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/49. The market value of the collateral, including accrued interest, was $14,726,250. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/49. The market value of the collateral, including accrued interest, was $14,726,250. |
|  | 14535000 | 4.380 | 06/02/25 | $14535000 |
|  Maturity Value: $14,540,305 | Maturity Value: $14,540,305 | Maturity Value: $14,540,305 | Maturity Value: $14,540,305 | Maturity Value: $14,540,305 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/44. The market value of the collateral, including accrued interest, was $14,825,700. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/44. The market value of the collateral, including accrued interest, was $14,825,700. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/44. The market value of the collateral, including accrued interest, was $14,825,700. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/44. The market value of the collateral, including accrued interest, was $14,825,700. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/44. The market value of the collateral, including accrued interest, was $14,825,700. |
|  | 17036250 | 4.380 | 06/02/25 | $17036250 |
|  Maturity Value: $17,042,468 | Maturity Value: $17,042,468 | Maturity Value: $17,042,468 | Maturity Value: $17,042,468 | Maturity Value: $17,042,468 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/38. The market value of the collateral, including accrued interest, was $17,376,975. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/38. The market value of the collateral, including accrued interest, was $17,376,975. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/38. The market value of the collateral, including accrued interest, was $17,376,975. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/38. The market value of the collateral, including accrued interest, was $17,376,975. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/38. The market value of the collateral, including accrued interest, was $17,376,975. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Prudential Insurance Company of America (The) – (continued) | Prudential Insurance Company of America (The) – (continued) | Prudential Insurance Company of America (The) – (continued) | Prudential Insurance Company of America (The) – (continued) | Prudential Insurance Company of America (The) – (continued) |
| $| 17062500 | 4.380% | 06/02/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17062500 |
|  Maturity Value: $17,068,728 | Maturity Value: $17,068,728 | Maturity Value: $17,068,728 | Maturity Value: $17,068,728 | Maturity Value: $17,068,728 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/51. The market value of the collateral, including accrued interest, was $17,403,750. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/51. The market value of the collateral, including accrued interest, was $17,403,750. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/51. The market value of the collateral, including accrued interest, was $17,403,750. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/51. The market value of the collateral, including accrued interest, was $17,403,750. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/51. The market value of the collateral, including accrued interest, was $17,403,750. |
|  | 17712500 | 4.380 | 06/02/25 | $17712500 |
|  Maturity Value: $17,718,965 | Maturity Value: $17,718,965 | Maturity Value: $17,718,965 | Maturity Value: $17,718,965 | Maturity Value: $17,718,965 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/50. The market value of the collateral, including accrued interest, was $18,066,750. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/50. The market value of the collateral, including accrued interest, was $18,066,750. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/50. The market value of the collateral, including accrued interest, was $18,066,750. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/50. The market value of the collateral, including accrued interest, was $18,066,750. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/50. The market value of the collateral, including accrued interest, was $18,066,750. |
|  | 17955000 | 4.380 | 06/02/25 | $17955000 |
|  Maturity Value: $17,961,554 | Maturity Value: $17,961,554 | Maturity Value: $17,961,554 | Maturity Value: $17,961,554 | Maturity Value: $17,961,554 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/39. The market value of the collateral, including accrued interest, was $18,314,100. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/39. The market value of the collateral, including accrued interest, was $18,314,100. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/39. The market value of the collateral, including accrued interest, was $18,314,100. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/39. The market value of the collateral, including accrued interest, was $18,314,100. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/39. The market value of the collateral, including accrued interest, was $18,314,100. |
|  | 19862500 | 4.380 | 06/02/25 | $19862500 |
|  Maturity Value: $19,869,750 | Maturity Value: $19,869,750 | Maturity Value: $19,869,750 | Maturity Value: $19,869,750 | Maturity Value: $19,869,750 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/49. The market value of the collateral, including accrued interest, was $20,259,750. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/49. The market value of the collateral, including accrued interest, was $20,259,750. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/49. The market value of the collateral, including accrued interest, was $20,259,750. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/49. The market value of the collateral, including accrued interest, was $20,259,750. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/49. The market value of the collateral, including accrued interest, was $20,259,750. |
|  | 20531250 | 4.380 | 06/02/25 | $20531250 |
|  Maturity Value: $20,538,744 | Maturity Value: $20,538,744 | Maturity Value: $20,538,744 | Maturity Value: $20,538,744 | Maturity Value: $20,538,744 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Note, 0.000%, due 02/15/41. The market value of the collateral, including accrued interest, was $20,941,875. | Collateralized by a U.S. Treasury Note, 0.000%, due 02/15/41. The market value of the collateral, including accrued interest, was $20,941,875. | Collateralized by a U.S. Treasury Note, 0.000%, due 02/15/41. The market value of the collateral, including accrued interest, was $20,941,875. | Collateralized by a U.S. Treasury Note, 0.000%, due 02/15/41. The market value of the collateral, including accrued interest, was $20,941,875. | Collateralized by a U.S. Treasury Note, 0.000%, due 02/15/41. The market value of the collateral, including accrued interest, was $20,941,875. |
|  | 22125000 | 4.380 | 06/02/25 | $22125000 |
|  Maturity Value: $22,133,076 | Maturity Value: $22,133,076 | Maturity Value: $22,133,076 | Maturity Value: $22,133,076 | Maturity Value: $22,133,076 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/41. The market value of the collateral, including accrued interest, was $22,567,500. | Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/41. The market value of the collateral, including accrued interest, was $22,567,500. | Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/41. The market value of the collateral, including accrued interest, was $22,567,500. | Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/41. The market value of the collateral, including accrued interest, was $22,567,500. | Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/41. The market value of the collateral, including accrued interest, was $22,567,500. |
|  | 22668750 | 4.380 | 06/02/25 | $22668750 |
|  Maturity Value: $22,677,024 | Maturity Value: $22,677,024 | Maturity Value: $22,677,024 | Maturity Value: $22,677,024 | Maturity Value: $22,677,024 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Note, 1.625%, due 11/15/50. The market value of the collateral, including accrued interest, was $23,122,125. | Collateralized by a U.S. Treasury Note, 1.625%, due 11/15/50. The market value of the collateral, including accrued interest, was $23,122,125. | Collateralized by a U.S. Treasury Note, 1.625%, due 11/15/50. The market value of the collateral, including accrued interest, was $23,122,125. | Collateralized by a U.S. Treasury Note, 1.625%, due 11/15/50. The market value of the collateral, including accrued interest, was $23,122,125. | Collateralized by a U.S. Treasury Note, 1.625%, due 11/15/50. The market value of the collateral, including accrued interest, was $23,122,125. |
|  | 24000000 | 4.380 | 06/02/25 | $24000000 |
|  Maturity Value: $24,008,760 | Maturity Value: $24,008,760 | Maturity Value: $24,008,760 | Maturity Value: $24,008,760 | Maturity Value: $24,008,760 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/48. The market value of the collateral, including accrued interest, was $24,480,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/48. The market value of the collateral, including accrued interest, was $24,480,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/48. The market value of the collateral, including accrued interest, was $24,480,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/48. The market value of the collateral, including accrued interest, was $24,480,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/48. The market value of the collateral, including accrued interest, was $24,480,000. |
|  | 25181250 | 4.380 | 06/02/25 | $25181250 |
|  Maturity Value: $25,190,441 | Maturity Value: $25,190,441 | Maturity Value: $25,190,441 | Maturity Value: $25,190,441 | Maturity Value: $25,190,441 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/48. The market value of the collateral, including accrued interest, was $25,684,875. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/48. The market value of the collateral, including accrued interest, was $25,684,875. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/48. The market value of the collateral, including accrued interest, was $25,684,875. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/48. The market value of the collateral, including accrued interest, was $25,684,875. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/48. The market value of the collateral, including accrued interest, was $25,684,875. |

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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. | **17** |

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------

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

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

Schedule of Investments (continued) *May 31, 2025 (Unaudited)*

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Prudential Insurance Company of America (The) – (continued) | Prudential Insurance Company of America (The) – (continued) | Prudential Insurance Company of America (The) – (continued) | Prudential Insurance Company of America (The) – (continued) | Prudential Insurance Company of America (The) – (continued) |
| $| 26325000 | 4.380% | 06/02/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26325000 |
|  Maturity Value: $26,334,609 | Maturity Value: $26,334,609 | Maturity Value: $26,334,609 | Maturity Value: $26,334,609 | Maturity Value: $26,334,609 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/43. The market value of the collateral, including accrued interest, was $26,851,500. | Collateralized by a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/43. The market value of the collateral, including accrued interest, was $26,851,500. | Collateralized by a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/43. The market value of the collateral, including accrued interest, was $26,851,500. | Collateralized by a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/43. The market value of the collateral, including accrued interest, was $26,851,500. | Collateralized by a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/43. The market value of the collateral, including accrued interest, was $26,851,500. |
|  | 27625000 | 4.380 | 06/02/25 | $27625000 |
|  Maturity Value: $27,635,083 | Maturity Value: $27,635,083 | Maturity Value: $27,635,083 | Maturity Value: $27,635,083 | Maturity Value: $27,635,083 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/50. The market value of the collateral, including accrued interest, was $28,177,500. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/50. The market value of the collateral, including accrued interest, was $28,177,500. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/50. The market value of the collateral, including accrued interest, was $28,177,500. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/50. The market value of the collateral, including accrued interest, was $28,177,500. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/50. The market value of the collateral, including accrued interest, was $28,177,500. |
|  | 29181250 | 4.380 | 06/02/25 | $29181250 |
|  Maturity Value: $29,191,901 | Maturity Value: $29,191,901 | Maturity Value: $29,191,901 | Maturity Value: $29,191,901 | Maturity Value: $29,191,901 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/51. The market value of the collateral, including accrued interest, was $29,764,875. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/51. The market value of the collateral, including accrued interest, was $29,764,875. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/51. The market value of the collateral, including accrued interest, was $29,764,875. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/51. The market value of the collateral, including accrued interest, was $29,764,875. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/51. The market value of the collateral, including accrued interest, was $29,764,875. |
|  | 29750000 | 4.380 | 06/02/25 | $29750000 |
|  Maturity Value: $29,760,859 | Maturity Value: $29,760,859 | Maturity Value: $29,760,859 | Maturity Value: $29,760,859 | Maturity Value: $29,760,859 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/48. The market value of the collateral, including accrued interest, was $30,345,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/48. The market value of the collateral, including accrued interest, was $30,345,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/48. The market value of the collateral, including accrued interest, was $30,345,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/48. The market value of the collateral, including accrued interest, was $30,345,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/48. The market value of the collateral, including accrued interest, was $30,345,000. |
|  | 31093750 | 4.380 | 06/02/25 | $31093750 |
|  Maturity Value: $31,105,099 | Maturity Value: $31,105,099 | Maturity Value: $31,105,099 | Maturity Value: $31,105,099 | Maturity Value: $31,105,099 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/52. The market value of the collateral, including accrued interest, was $31,715,625. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/52. The market value of the collateral, including accrued interest, was $31,715,625. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/52. The market value of the collateral, including accrued interest, was $31,715,625. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/52. The market value of the collateral, including accrued interest, was $31,715,625. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/52. The market value of the collateral, including accrued interest, was $31,715,625. |
|  | 31392500 | 4.380 | 06/02/25 | $31392500 |
|  Maturity Value: $31,403,958 | Maturity Value: $31,403,958 | Maturity Value: $31,403,958 | Maturity Value: $31,403,958 | Maturity Value: $31,403,958 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 1.875%, due 02/15/51. The market value of the collateral, including accrued interest, was $32,020,350. | Collateralized by a U.S. Treasury Bond, 1.875%, due 02/15/51. The market value of the collateral, including accrued interest, was $32,020,350. | Collateralized by a U.S. Treasury Bond, 1.875%, due 02/15/51. The market value of the collateral, including accrued interest, was $32,020,350. | Collateralized by a U.S. Treasury Bond, 1.875%, due 02/15/51. The market value of the collateral, including accrued interest, was $32,020,350. | Collateralized by a U.S. Treasury Bond, 1.875%, due 02/15/51. The market value of the collateral, including accrued interest, was $32,020,350. |
|  | 38125000 | 4.380 | 06/02/25 | $38125000 |
|  Maturity Value: $38,138,916 | Maturity Value: $38,138,916 | Maturity Value: $38,138,916 | Maturity Value: $38,138,916 | Maturity Value: $38,138,916 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/48. The market value of the collateral, including accrued interest, was $38,887,500. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/48. The market value of the collateral, including accrued interest, was $38,887,500. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/48. The market value of the collateral, including accrued interest, was $38,887,500. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/48. The market value of the collateral, including accrued interest, was $38,887,500. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/48. The market value of the collateral, including accrued interest, was $38,887,500. |
|  | 38875000 | 4.380 | 06/02/25 | $38875000 |
|  Maturity Value: $38,889,189 | Maturity Value: $38,889,189 | Maturity Value: $38,889,189 | Maturity Value: $38,889,189 | Maturity Value: $38,889,189 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/43. The market value of the collateral, including accrued interest, was $39,652,500. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/43. The market value of the collateral, including accrued interest, was $39,652,500. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/43. The market value of the collateral, including accrued interest, was $39,652,500. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/43. The market value of the collateral, including accrued interest, was $39,652,500. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/43. The market value of the collateral, including accrued interest, was $39,652,500. |
|  | 39000000 | 4.380 | 06/02/25 | $39000000 |
|  Maturity Value: $39,014,235 | Maturity Value: $39,014,235 | Maturity Value: $39,014,235 | Maturity Value: $39,014,235 | Maturity Value: $39,014,235 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/51. The market value of the collateral, including accrued interest, was $39,780,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/51. The market value of the collateral, including accrued interest, was $39,780,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/51. The market value of the collateral, including accrued interest, was $39,780,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/51. The market value of the collateral, including accrued interest, was $39,780,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/51. The market value of the collateral, including accrued interest, was $39,780,000. |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Prudential Insurance Company of America (The) – (continued) | Prudential Insurance Company of America (The) – (continued) | Prudential Insurance Company of America (The) – (continued) | Prudential Insurance Company of America (The) – (continued) | Prudential Insurance Company of America (The) – (continued) |
| $| 39025000 | 4.380% | 06/02/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39025000 |
|  Maturity Value: $39,039,244 | Maturity Value: $39,039,244 | Maturity Value: $39,039,244 | Maturity Value: $39,039,244 | Maturity Value: $39,039,244 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/49. The market value of the collateral, including accrued interest, was $39,805,500. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/49. The market value of the collateral, including accrued interest, was $39,805,500. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/49. The market value of the collateral, including accrued interest, was $39,805,500. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/49. The market value of the collateral, including accrued interest, was $39,805,500. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/49. The market value of the collateral, including accrued interest, was $39,805,500. |
|  | 41325000 | 4.380 | 06/02/25 | $41325000 |
|  Maturity Value: $41,340,084 | Maturity Value: $41,340,084 | Maturity Value: $41,340,084 | Maturity Value: $41,340,084 | Maturity Value: $41,340,084 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 2.750%, due 08/15/47. The market value of the collateral, including accrued interest, was $42,151,500. | Collateralized by a U.S. Treasury Bond, 2.750%, due 08/15/47. The market value of the collateral, including accrued interest, was $42,151,500. | Collateralized by a U.S. Treasury Bond, 2.750%, due 08/15/47. The market value of the collateral, including accrued interest, was $42,151,500. | Collateralized by a U.S. Treasury Bond, 2.750%, due 08/15/47. The market value of the collateral, including accrued interest, was $42,151,500. | Collateralized by a U.S. Treasury Bond, 2.750%, due 08/15/47. The market value of the collateral, including accrued interest, was $42,151,500. |
|  | 49560000 | 4.380 | 06/02/25 | $49560000 |
|  Maturity Value: $49,578,089 | Maturity Value: $49,578,089 | Maturity Value: $49,578,089 | Maturity Value: $49,578,089 | Maturity Value: $49,578,089 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Note, 4.000%, due 11/15/52. The market value of the collateral, including accrued interest, was $50,551,200. | Collateralized by a U.S. Treasury Note, 4.000%, due 11/15/52. The market value of the collateral, including accrued interest, was $50,551,200. | Collateralized by a U.S. Treasury Note, 4.000%, due 11/15/52. The market value of the collateral, including accrued interest, was $50,551,200. | Collateralized by a U.S. Treasury Note, 4.000%, due 11/15/52. The market value of the collateral, including accrued interest, was $50,551,200. | Collateralized by a U.S. Treasury Note, 4.000%, due 11/15/52. The market value of the collateral, including accrued interest, was $50,551,200. |
|  | 77187500 | 4.380 | 06/02/25 | $77187500 |
|  Maturity Value: $77,215,673 | Maturity Value: $77,215,673 | Maturity Value: $77,215,673 | Maturity Value: $77,215,673 | Maturity Value: $77,215,673 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/48. The market value of the collateral, including accrued interest, was $78,731,250. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/48. The market value of the collateral, including accrued interest, was $78,731,250. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/48. The market value of the collateral, including accrued interest, was $78,731,250. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/48. The market value of the collateral, including accrued interest, was $78,731,250. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/48. The market value of the collateral, including accrued interest, was $78,731,250. |
|  | 162562500 | 4.380 | 06/02/25 | $162562500 |
|  Maturity Value: $162,621,835 | Maturity Value: $162,621,835 | Maturity Value: $162,621,835 | Maturity Value: $162,621,835 | Maturity Value: $162,621,835 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 2.875%, due 08/15/45. The market value of the collateral, including accrued interest, was $165,813,750. | Collateralized by a U.S. Treasury Bond, 2.875%, due 08/15/45. The market value of the collateral, including accrued interest, was $165,813,750. | Collateralized by a U.S. Treasury Bond, 2.875%, due 08/15/45. The market value of the collateral, including accrued interest, was $165,813,750. | Collateralized by a U.S. Treasury Bond, 2.875%, due 08/15/45. The market value of the collateral, including accrued interest, was $165,813,750. | Collateralized by a U.S. Treasury Bond, 2.875%, due 08/15/45. The market value of the collateral, including accrued interest, was $165,813,750. |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  | 1500000000 | 4.350 | 06/02/25 | $1500000000 |
|  Maturity Value: $1,500,543,750 | Maturity Value: $1,500,543,750 | Maturity Value: $1,500,543,750 | Maturity Value: $1,500,543,750 | Maturity Value: $1,500,543,750 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 6.500%, due 08/01/52 to 10/01/54 and Federal National | Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 6.500%, due 08/01/52 to 10/01/54 and Federal National | Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 6.500%, due 08/01/52 to 10/01/54 and Federal National | Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 6.500%, due 08/01/52 to 10/01/54 and Federal National | Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 6.500%, due 08/01/52 to 10/01/54 and Federal National |
|  Mortgage Association, 2.000% to 6.000%, due 05/01/42 to 04/01/55. The aggregate market value of the collateral, including accrued interest, was $1,530,000,002. | Mortgage Association, 2.000% to 6.000%, due 05/01/42 to 04/01/55. The aggregate market value of the collateral, including accrued interest, was $1,530,000,002. | Mortgage Association, 2.000% to 6.000%, due 05/01/42 to 04/01/55. The aggregate market value of the collateral, including accrued interest, was $1,530,000,002. | Mortgage Association, 2.000% to 6.000%, due 05/01/42 to 04/01/55. The aggregate market value of the collateral, including accrued interest, was $1,530,000,002. | Mortgage Association, 2.000% to 6.000%, due 05/01/42 to 04/01/55. The aggregate market value of the collateral, including accrued interest, was $1,530,000,002. |
|  | 5000000000 | 4.350 | 06/02/25 | $5000000000 |
|  Maturity Value: $5,001,812,500 | Maturity Value: $5,001,812,500 | Maturity Value: $5,001,812,500 | Maturity Value: $5,001,812,500 | Maturity Value: $5,001,812,500 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 6.500%, due 01/01/27 to 05/01/55 and Federal National | Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 6.500%, due 01/01/27 to 05/01/55 and Federal National | Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 6.500%, due 01/01/27 to 05/01/55 and Federal National | Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 6.500%, due 01/01/27 to 05/01/55 and Federal National | Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 6.500%, due 01/01/27 to 05/01/55 and Federal National |
|  Mortgage Association, 1.500% to 7.000%, due 10/01/34 to 05/01/55. The aggregate market value of the collateral, including accrued interest, was $5,100,000,005. | Mortgage Association, 1.500% to 7.000%, due 10/01/34 to 05/01/55. The aggregate market value of the collateral, including accrued interest, was $5,100,000,005. | Mortgage Association, 1.500% to 7.000%, due 10/01/34 to 05/01/55. The aggregate market value of the collateral, including accrued interest, was $5,100,000,005. | Mortgage Association, 1.500% to 7.000%, due 10/01/34 to 05/01/55. The aggregate market value of the collateral, including accrued interest, was $5,100,000,005. | Mortgage Association, 1.500% to 7.000%, due 10/01/34 to 05/01/55. The aggregate market value of the collateral, including accrued interest, was $5,100,000,005. |
|  | 1210000000 | 4.240 <sup>(d)</sup> | 11/03/25 | $1210000000 |
|  Maturity Value: $1,235,366,982 | Maturity Value: $1,235,366,982 | Maturity Value: $1,235,366,982 | Maturity Value: $1,235,366,982 | Maturity Value: $1,235,366,982 |
|  Settlement Date: 05/09/25 | Settlement Date: 05/09/25 | Settlement Date: 05/09/25 | Settlement Date: 05/09/25 | Settlement Date: 05/09/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 5.500%, due 09/01/53 and Federal National Mortgage Association, 1.500% to 7.500%, due 04/01/26 to 06/01/63. The aggregate market value of the collateral, including accrued interest, was $1,234,200,002. | Collateralized by Federal Home Loan Mortgage Corp., 5.500%, due 09/01/53 and Federal National Mortgage Association, 1.500% to 7.500%, due 04/01/26 to 06/01/63. The aggregate market value of the collateral, including accrued interest, was $1,234,200,002. | Collateralized by Federal Home Loan Mortgage Corp., 5.500%, due 09/01/53 and Federal National Mortgage Association, 1.500% to 7.500%, due 04/01/26 to 06/01/63. The aggregate market value of the collateral, including accrued interest, was $1,234,200,002. | Collateralized by Federal Home Loan Mortgage Corp., 5.500%, due 09/01/53 and Federal National Mortgage Association, 1.500% to 7.500%, due 04/01/26 to 06/01/63. The aggregate market value of the collateral, including accrued interest, was $1,234,200,002. | Collateralized by Federal Home Loan Mortgage Corp., 5.500%, due 09/01/53 and Federal National Mortgage Association, 1.500% to 7.500%, due 04/01/26 to 06/01/63. The aggregate market value of the collateral, including accrued interest, was $1,234,200,002. |

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

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GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT 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;

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Royal Bank of Canada – (continued) | Royal Bank of Canada – (continued) | Royal Bank of Canada – (continued) | Royal Bank of Canada – (continued) | Royal Bank of Canada – (continued) |
| $| 492000000 | 4.270 %<sup>(d)</sup> | 11/10/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492000000 |
|  Maturity Value: $502,562,556 | Maturity Value: $502,562,556 | Maturity Value: $502,562,556 | Maturity Value: $502,562,556 | Maturity Value: $502,562,556 |
|  Settlement Date: 05/13/25 | Settlement Date: 05/13/25 | Settlement Date: 05/13/25 | Settlement Date: 05/13/25 | Settlement Date: 05/13/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 5.500% to 6.000%, due 07/01/53 to 10/01/54 and Federal National | Collateralized by Federal Home Loan Mortgage Corp., 5.500% to 6.000%, due 07/01/53 to 10/01/54 and Federal National | Collateralized by Federal Home Loan Mortgage Corp., 5.500% to 6.000%, due 07/01/53 to 10/01/54 and Federal National | Collateralized by Federal Home Loan Mortgage Corp., 5.500% to 6.000%, due 07/01/53 to 10/01/54 and Federal National | Collateralized by Federal Home Loan Mortgage Corp., 5.500% to 6.000%, due 07/01/53 to 10/01/54 and Federal National |
|  Mortgage Association, 2.000% to 6.500%, due 09/01/50 to 10/01/54. The aggregate market value of the collateral, including accrued interest, was $501,840,000. | Mortgage Association, 2.000% to 6.500%, due 09/01/50 to 10/01/54. The aggregate market value of the collateral, including accrued interest, was $501,840,000. | Mortgage Association, 2.000% to 6.500%, due 09/01/50 to 10/01/54. The aggregate market value of the collateral, including accrued interest, was $501,840,000. | Mortgage Association, 2.000% to 6.500%, due 09/01/50 to 10/01/54. The aggregate market value of the collateral, including accrued interest, was $501,840,000. | Mortgage Association, 2.000% to 6.500%, due 09/01/50 to 10/01/54. The aggregate market value of the collateral, including accrued interest, was $501,840,000. |
|  | 1965000000 | 4.300 <sup>(d)</sup> | 11/14/25 | $1965000000 |
|  Maturity Value: $2,004,430,985 | Maturity Value: $2,004,430,985 | Maturity Value: $2,004,430,985 | Maturity Value: $2,004,430,985 | Maturity Value: $2,004,430,985 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 05/01/31 to 06/01/55 and Federal National | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 05/01/31 to 06/01/55 and Federal National | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 05/01/31 to 06/01/55 and Federal National | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 05/01/31 to 06/01/55 and Federal National | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 05/01/31 to 06/01/55 and Federal National |
|  Mortgage Association, 1.500% to 7.500%, due 10/01/27 to 06/01/63. The aggregate market value of the collateral, including accrued interest, was $2,004,300,004. | Mortgage Association, 1.500% to 7.500%, due 10/01/27 to 06/01/63. The aggregate market value of the collateral, including accrued interest, was $2,004,300,004. | Mortgage Association, 1.500% to 7.500%, due 10/01/27 to 06/01/63. The aggregate market value of the collateral, including accrued interest, was $2,004,300,004. | Mortgage Association, 1.500% to 7.500%, due 10/01/27 to 06/01/63. The aggregate market value of the collateral, including accrued interest, was $2,004,300,004. | Mortgage Association, 1.500% to 7.500%, due 10/01/27 to 06/01/63. The aggregate market value of the collateral, including accrued interest, was $2,004,300,004. |
|  Societe Generale | Societe Generale | Societe Generale | Societe Generale | Societe Generale |
|  | 425000000 | 4.330 | 06/11/25 | $425000000 |
|  Maturity Value: $434,252,370 | Maturity Value: $434,252,370 | Maturity Value: $434,252,370 | Maturity Value: $434,252,370 | Maturity Value: $434,252,370 |
|  Settlement Date: 12/12/24 | Settlement Date: 12/12/24 | Settlement Date: 12/12/24 | Settlement Date: 12/12/24 | Settlement Date: 12/12/24 |
|  Collateralized by a U.S. Treasury Note, 4.250%, due 01/15/28. The market value of the collateral, including accrued interest, was $433,500,084. | Collateralized by a U.S. Treasury Note, 4.250%, due 01/15/28. The market value of the collateral, including accrued interest, was $433,500,084. | Collateralized by a U.S. Treasury Note, 4.250%, due 01/15/28. The market value of the collateral, including accrued interest, was $433,500,084. | Collateralized by a U.S. Treasury Note, 4.250%, due 01/15/28. The market value of the collateral, including accrued interest, was $433,500,084. | Collateralized by a U.S. Treasury Note, 4.250%, due 01/15/28. The market value of the collateral, including accrued interest, was $433,500,084. |
|  | 425000000 | 4.330 | 06/11/25 | $425000000 |
|  Maturity Value: $427,555,903 | Maturity Value: $427,555,903 | Maturity Value: $427,555,903 | Maturity Value: $427,555,903 | Maturity Value: $427,555,903 |
|  Settlement Date: 04/22/25 | Settlement Date: 04/22/25 | Settlement Date: 04/22/25 | Settlement Date: 04/22/25 | Settlement Date: 04/22/25 |
|  Collateralized by U.S. Treasury Notes, 4.250% to 4.625%, due 01/15/28 to 04/30/31. The aggregate market value of the collateral, including accrued interest, was $433,500,024. | Collateralized by U.S. Treasury Notes, 4.250% to 4.625%, due 01/15/28 to 04/30/31. The aggregate market value of the collateral, including accrued interest, was $433,500,024. | Collateralized by U.S. Treasury Notes, 4.250% to 4.625%, due 01/15/28 to 04/30/31. The aggregate market value of the collateral, including accrued interest, was $433,500,024. | Collateralized by U.S. Treasury Notes, 4.250% to 4.625%, due 01/15/28 to 04/30/31. The aggregate market value of the collateral, including accrued interest, was $433,500,024. | Collateralized by U.S. Treasury Notes, 4.250% to 4.625%, due 01/15/28 to 04/30/31. The aggregate market value of the collateral, including accrued interest, was $433,500,024. |
|  | 425000000 | 4.330 <sup>(d)</sup> | 06/11/25 | $425000000 |
|  Maturity Value: $426,175,715 | Maturity Value: $426,175,715 | Maturity Value: $426,175,715 | Maturity Value: $426,175,715 | Maturity Value: $426,175,715 |
|  Settlement Date: 05/19/25 | Settlement Date: 05/19/25 | Settlement Date: 05/19/25 | Settlement Date: 05/19/25 | Settlement Date: 05/19/25 |
|  Collateralized by a U.S. Treasury Note, 4.625%, due 04/30/31. The market value of the collateral, including accrued interest, was $433,500,067. | Collateralized by a U.S. Treasury Note, 4.625%, due 04/30/31. The market value of the collateral, including accrued interest, was $433,500,067. | Collateralized by a U.S. Treasury Note, 4.625%, due 04/30/31. The market value of the collateral, including accrued interest, was $433,500,067. | Collateralized by a U.S. Treasury Note, 4.625%, due 04/30/31. The market value of the collateral, including accrued interest, was $433,500,067. | Collateralized by a U.S. Treasury Note, 4.625%, due 04/30/31. The market value of the collateral, including accrued interest, was $433,500,067. |
|  The Northwestern Mutual Life Insurance Company | The Northwestern Mutual Life Insurance Company | The Northwestern Mutual Life Insurance Company | The Northwestern Mutual Life Insurance Company | The Northwestern Mutual Life Insurance Company |
|  | 273750000 | 4.380 | 06/02/25 | $273750000 |
|  Maturity Value: $273,849,919 | Maturity Value: $273,849,919 | Maturity Value: $273,849,919 | Maturity Value: $273,849,919 | Maturity Value: $273,849,919 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Note, 1.250%, due 03/31/28. The market value of the collateral, including accrued interest, was $279,225,000. | Collateralized by a U.S. Treasury Note, 1.250%, due 03/31/28. The market value of the collateral, including accrued interest, was $279,225,000. | Collateralized by a U.S. Treasury Note, 1.250%, due 03/31/28. The market value of the collateral, including accrued interest, was $279,225,000. | Collateralized by a U.S. Treasury Note, 1.250%, due 03/31/28. The market value of the collateral, including accrued interest, was $279,225,000. | Collateralized by a U.S. Treasury Note, 1.250%, due 03/31/28. The market value of the collateral, including accrued interest, was $279,225,000. |
|  | 398430000 | 4.380 | 06/02/25 | $398430000 |
|  Maturity Value: $398,575,427 | Maturity Value: $398,575,427 | Maturity Value: $398,575,427 | Maturity Value: $398,575,427 | Maturity Value: $398,575,427 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 4.250%, due 02/15/54. The market value of the collateral, including accrued interest, was $406,398,600. | Collateralized by a U.S. Treasury Bond, 4.250%, due 02/15/54. The market value of the collateral, including accrued interest, was $406,398,600. | Collateralized by a U.S. Treasury Bond, 4.250%, due 02/15/54. The market value of the collateral, including accrued interest, was $406,398,600. | Collateralized by a U.S. Treasury Bond, 4.250%, due 02/15/54. The market value of the collateral, including accrued interest, was $406,398,600. | Collateralized by a U.S. Treasury Bond, 4.250%, due 02/15/54. The market value of the collateral, including accrued interest, was $406,398,600. |
|  Wells Fargo Securities, LLC | Wells Fargo Securities, LLC | Wells Fargo Securities, LLC | Wells Fargo Securities, LLC | Wells Fargo Securities, LLC |
|  | 3700000000 | 4.350 | 06/02/25 | $3700000000 |
|  Maturity Value: $3,701,341,250 | Maturity Value: $3,701,341,250 | Maturity Value: $3,701,341,250 | Maturity Value: $3,701,341,250 | Maturity Value: $3,701,341,250 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by Government National Mortgage Association, 1.500% to 7.500%, due 11/20/27 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $3,811,000,003. | Collateralized by Government National Mortgage Association, 1.500% to 7.500%, due 11/20/27 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $3,811,000,003. | Collateralized by Government National Mortgage Association, 1.500% to 7.500%, due 11/20/27 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $3,811,000,003. | Collateralized by Government National Mortgage Association, 1.500% to 7.500%, due 11/20/27 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $3,811,000,003. | Collateralized by Government National Mortgage Association, 1.500% to 7.500%, due 11/20/27 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $3,811,000,003. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Wells Fargo Securities, LLC – (continued) | Wells Fargo Securities, LLC – (continued) | Wells Fargo Securities, LLC – (continued) | Wells Fargo Securities, LLC – (continued) | Wells Fargo Securities, LLC – (continued) |
|  $ | 740000000 | 4.310% | 07/07/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740000000 |
|  Maturity Value: $756,124,189 | Maturity Value: $756,124,189 | Maturity Value: $756,124,189 | Maturity Value: $756,124,189 | Maturity Value: $756,124,189 |
|  Settlement Date: 01/06/25 | Settlement Date: 01/06/25 | Settlement Date: 01/06/25 | Settlement Date: 01/06/25 | Settlement Date: 01/06/25 |
|  Collateralized by Federal National Mortgage Association, 1.500% to 7.000%, due 12/01/25 to 05/01/55. The aggregate market value of the collateral, including accrued interest, was $762,200,000. | Collateralized by Federal National Mortgage Association, 1.500% to 7.000%, due 12/01/25 to 05/01/55. The aggregate market value of the collateral, including accrued interest, was $762,200,000. | Collateralized by Federal National Mortgage Association, 1.500% to 7.000%, due 12/01/25 to 05/01/55. The aggregate market value of the collateral, including accrued interest, was $762,200,000. | Collateralized by Federal National Mortgage Association, 1.500% to 7.000%, due 12/01/25 to 05/01/55. The aggregate market value of the collateral, including accrued interest, was $762,200,000. | Collateralized by Federal National Mortgage Association, 1.500% to 7.000%, due 12/01/25 to 05/01/55. The aggregate market value of the collateral, including accrued interest, was $762,200,000. |
| TOTAL REPURCHASE AGREEMENTS | TOTAL REPURCHASE AGREEMENTS | TOTAL REPURCHASE AGREEMENTS | TOTAL REPURCHASE AGREEMENTS | $137119406936 |
| TOTAL INVESTMENTS - 101.4% | TOTAL INVESTMENTS - 101.4% | TOTAL INVESTMENTS - 101.4% | TOTAL INVESTMENTS - 101.4% | $249148038054 |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.4)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.4)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.4)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.4)%** | (3412428846) |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245735609208 |

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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.

(a) Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on May 31, 2025.

(b) All or a portion represents a forward commitment.

(c) Unless noted, all repurchase agreements were entered into on May 31, 2025. Additional information on Joint Repurchase Agreement Account I and III appears in the Additional Investment Information section.

(d) The instrument is subject to a demand feature.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.

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| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | —Public Limited Company |
| Prime | —Federal Reserve Bank Prime Loan Rate US |
| SOFR | —Secured Overnight Financing Rate |
| T-Bill | —Treasury Bill |

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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. | **19** |

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GOLDMAN SACHS FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

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

Schedule of Investments *May 31, 2025*

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

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

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations – 108.2% | U.S. Treasury Obligations – 108.2% | U.S. Treasury Obligations – 108.2% | U.S. Treasury Obligations – 108.2% |
| United States Treasury Bills | United States Treasury Bills | United States Treasury Bills | United States Treasury Bills |
| $241036800 | 4.280 %<sup>(a)</sup> | 06/05/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240924654 |
| 2867736000 | 4.300 | 06/05/25 | 2866401742 |
| 3588264000 | 4.310 | 06/05/25 | 3586594506 |
| 75000000 | 4.265 | 06/10/25 | 74920015 |
| 146853800 | 4.293 | 06/10/25 | 146697185 |
| 4500000000 | 4.298 | 06/10/25 | 4495200902 |
| 100127100 | 4.301 | 06/10/25 | 100020318 |
| 75000000 | 4.269 | 06/12/25 | 74904151 |
| 800000000 | 4.284 | 06/12/25 | 798977609 |
| 249872900 | 4.290 | 06/12/25 | 249553565 |
| 109828500 | 4.297 | 06/12/25 | 109688140 |
| 2591767900 | 4.304 | 06/12/25 | 2588455648 |
| 720560000 | 4.305 | 06/12/25 | 719639132 |
| 250066200 | 4.309 | 06/12/25 | 249746618 |
| 680668700 | 4.310 | 06/12/25 | 679798813 |
| 131271800 | 4.311 | 06/12/25 | 131104036 |
| 100000000 | 4.288 | 06/17/25 | 99812397 |
| 5320824500 | 4.293 | 06/17/25 | 5310842454 |
| 655125500 | 4.317 | 06/17/25 | 653896462 |
| 1511430800 | 4.305 | 06/20/25 | 1508060055 |
| 4105969100 | 4.316 | 06/20/25 | 4096812099 |
| 175000000 | 4.276 | 06/24/25 | 174528221 |
| 7189456000 | 4.293 | 06/24/25 | 7170074071 |
| 1992800 | 4.312 | 06/24/25 | 1987428 |
| 6000000000 | 4.288 <sup>(a)</sup> | 07/01/25 | 5979949662 |
| 97238400 | 4.297 | 07/01/25 | 96913456 |
| 55169100 | 4.304 | 07/01/25 | 54984740 |
| 260385900 | 4.306 | 07/01/25 | 259515762 |
| 1725572600 | 4.312 | 07/01/25 | 1719806214 |
| 38996200 | 4.305 | 07/03/25 | 38849521 |
| 1823327700 | 4.310 | 07/03/25 | 1816469485 |
| 450000000 | 4.311 | 07/03/25 | 448307382 |
| 1089830900 | 4.315 | 07/03/25 | 1085731640 |
| 991929100 | 4.297 | 07/08/25 | 987667663 |
| 1154461400 | 4.305 | 07/10/25 | 1149169863 |
| 2151085400 | 4.310 | 07/10/25 | 2141225783 |
| 2958493800 | 4.315 | 07/10/25 | 2944933383 |
| 537640500 | 4.300 | 07/22/25 | 534442791 |
| 999218500 | 4.302 | 07/22/25 | 993275476 |
| 542924700 | 4.303 | 07/22/25 | 539695562 |
| 24684000 | 4.305 | 07/22/25 | 24537188 |
| 801303700 | 4.308 | 07/22/25 | 796537808 |
| 1140432900 | 4.317 | 07/22/25 | 1133649979 |
| 446527200 | 4.297 | 07/29/25 | 443515009 |
| 145306100 | 4.303 | 07/29/25 | 144325892 |
| 553896600 | 4.308 | 07/29/25 | 550160115 |
| 229439900 | 4.313 | 07/29/25 | 227892140 |
| 76837500 | 4.266 | 08/05/25 | 76256166 |
| 16439400 | 4.271 | 08/05/25 | 16315023 |
| 77077400 | 4.274 | 08/05/25 | 76494251 |
| 56788500 | 4.277 | 08/05/25 | 56358852 |
| 645800500 | 4.297 | 08/05/25 | 640914526 |
| 64321900 | 4.302 | 08/05/25 | 63835256 |
| 163880600 | 4.307 | 08/05/25 | 162640718 |
| 174999600 | 4.308 | 08/05/25 | 173675594 |
| 146626300 | 4.312 | 08/05/25 | 145516960 |
| 258886500 | 4.318 | 08/05/25 | 256927826 |
| 26849800 | 4.327 | 08/05/25 | 26646661 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) |
| $318281300 | 4.332% | 08/05/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315873259 |
| 110141300 | 4.323 | 08/12/25 | 109213213 |
| 25141900 | 4.326 | 08/12/25 | 24930046 |
| 125898600 | 4.329 | 08/12/25 | 124837737 |
| 210767500 | 4.339 | 08/12/25 | 208991503 |
| 46446300 | 4.392 | 08/14/25 | 46036325 |
| 221751800 | 4.397 | 08/14/25 | 219794427 |
| 324508600 | 4.402 | 08/14/25 | 321644207 |
| 182874700 | 4.408 | 08/14/25 | 181260490 |
| 598390700 | 4.323 | 08/19/25 | 592857305 |
| 42644000 | 4.326 | 08/19/25 | 42249666 |
| 24396400 | 4.328 | 08/19/25 | 24170803 |
| 149807100 | 4.329 | 08/19/25 | 148421815 |
| 34852100 | 4.331 | 08/19/25 | 34529818 |
| 216996800 | 4.334 | 08/19/25 | 214990203 |
| 140224000 | 4.339 | 08/19/25 | 138927331 |
| 453939600 | 4.344 | 08/19/25 | 449741963 |
| 21985200 | 4.340 | 08/21/25 | 21774584 |
| 103445400 | 4.343 | 08/21/25 | 102454404 |
| 397732200 | 4.345 | 08/21/25 | 393921969 |
| 206595900 | 4.351 | 08/21/25 | 204616734 |
| 332394800 | 4.392 | 08/21/25 | 329210494 |
| 30016200 | 4.294 | 08/26/25 | 29715122 |
| 69156100 | 4.302 | 08/26/25 | 68462430 |
| 854134900 | 4.307 | 08/26/25 | 845567497 |
| 93287500 | 4.308 | 08/26/25 | 92351779 |
| 190643800 | 4.310 | 08/26/25 | 188731547 |
| 387383600 | 4.313 | 08/26/25 | 383497948 |
| 806097000 | 4.318 | 08/26/25 | 798011442 |
| 1024799700 | 4.329 | 08/26/25 | 1014520444 |
| 563740000 | 4.351 | 08/28/25 | 557877289 |
| 374170700 | 4.353 | 08/28/25 | 370279447 |
| 250694400 | 4.356 | 08/28/25 | 248087260 |
| 517851100 | 4.361 | 08/28/25 | 512465618 |
| 227496200 | 4.307 | 09/02/25 | 225030097 |
| 480101000 | 4.308 | 09/02/25 | 474896612 |
| 501717800 | 4.317 | 09/02/25 | 496279081 |
| 119707200 | 4.323 | 09/02/25 | 118409551 |
| 53236400 | 4.329 | 09/02/25 | 52659307 |
| 421091900 | 4.356 <sup>(a)</sup> | 09/04/25 | 416568086 |
| 17256700 | 4.349 | 09/09/25 | 17053348 |
| 17256700 | 4.352 | 09/09/25 | 17053347 |
| 145774400 | 4.360 | 09/09/25 | 144056598 |
| 79480000 | 4.369 | 09/09/25 | 78543410 |
| 23850500 | 4.350 | 09/16/25 | 23549855 |
| 278196200 | 4.360 | 09/16/25 | 274689424 |
| 29673200 | 4.381 | 09/16/25 | 29299157 |
| 518407200 | 4.245 | 09/18/25 | 511971750 |
| 99474500 | 4.344 | 09/23/25 | 98142689 |
| 115295500 | 4.349 | 09/23/25 | 113751870 |
| 26168800 | 4.350 | 09/23/25 | 25818440 |
| 971571300 | 0.000 <sup>(a)</sup> | 09/30/25 | 958018424 |
| 534215100 | 4.213 | 10/02/25 | 526783535 |
| 14021100 | 4.224 | 10/02/25 | 13826050 |
| 18694800 | 4.239 | 10/02/25 | 18434733 |
| 131442600 | 4.187 | 10/16/25 | 129413352 |
| 59885700 | 4.189 | 10/16/25 | 58961168 |
| 255076600 | 4.194 | 10/16/25 | 251138655 |
| 21834900 | 4.200 | 10/16/25 | 21497807 |

---

&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 FINANCIAL SQUARE TREASURY INSTRUMENTS 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;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) |
| $722843300 | 4.203% | 10/16/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711683841 |
| 11608200 | 4.210 | 10/16/25 | 11428989 |
| 12316600 | 4.187 | 10/30/25 | 12105689 |
| 479274000 | 4.208 | 10/30/25 | 471066864 |
| 29933500 | 4.220 | 10/30/25 | 29420916 |
| 62422500 | 4.226 | 10/30/25 | 61353571 |
| 2456700 | 4.227 | 10/30/25 | 2414631 |
| 11608200 | 4.229 | 10/30/25 | 11409420 |
| 5442500 | 4.240 | 10/30/25 | 5349302 |
| 5692500 | 4.256 | 10/30/25 | 5595021 |
| 12318500 | 4.272 | 10/30/25 | 12107557 |
| 31387200 | 4.279 | 10/30/25 | 30849722 |
| 51614500 | 4.290 | 10/30/25 | 50730648 |
| 37664600 | 4.296 | 10/30/25 | 37019628 |
| 58124400 | 4.302 | 10/30/25 | 57129072 |
| 15112300 | 4.314 | 10/30/25 | 14853515 |
| 11624900 | 4.317 | 10/30/25 | 11425834 |
| 17437300 | 4.320 | 10/30/25 | 17138702 |
| 704949300 | 4.337 | 10/30/25 | 692877677 |
| 17286800 | 4.256 | 11/13/25 | 16961160 |
| 8471700 | 4.282 | 11/20/25 | 8303435 |
| 114311800 | 4.292 | 11/20/25 | 112041336 |
| 114311800 | 4.295 | 11/20/25 | 112041336 |
| 4650100 | 4.297 | 11/20/25 | 4557740 |
| 6500600 | 4.301 | 11/20/25 | 6371485 |
| 338046400 | 4.310 | 11/20/25 | 331332112 |
| 4735900 | 4.321 | 11/20/25 | 4641835 |
| 10450100 | 4.298 | 11/28/25 | 10182223 |
| 17914500 | 4.304 | 11/28/25 | 17541971 |
| 100022000 | 4.308 | 11/28/25 | 97942058 |
| 729748900 | 4.309 | 11/28/25 | 714573888 |
| 29857300 | 4.312 <sup>(a)</sup> | 11/28/25 | 29236422 |
| 14928600 | 4.317 <sup>(a)</sup> | 11/28/25 | 14618162 |
| 997910000 | 4.304 | 12/26/25 | 974443591 |
| 10968600 | 4.238 | 01/22/26 | 10680431 |
| 490922800 | 4.254 | 01/22/26 | 478025196 |
| 585015200 | 4.166 | 03/19/26 | 566359798 |
| 649172000 | 4.029 | 04/16/26 | 627197891 |
| 496019900 | 4.149 | 05/14/26 | 477230251 |
| United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note |
| 167447600 | 4.987 | 07/31/25 | 166186723 |
| 235177200 | 4.989 | 07/31/25 | 233406321 |
| 136993200 | 5.075 | 07/31/25 | 135961644 |
| 25132100 | 4.275 | 08/15/25 | 25015571 |
| 78933700 | 4.281 | 08/15/25 | 78567711 |
| 150290500 | 4.285 | 08/15/25 | 149593654 |
| 17142700 | 4.288 | 08/15/25 | 17063215 |
| 5534500 | 4.289 | 08/15/25 | 5520529 |
| 40172900 | 4.290 | 08/15/25 | 40071488 |
| 46913400 | 4.292 | 08/15/25 | 46695878 |
| 124518100 | 4.296 | 08/15/25 | 123940752 |
| 18639600 | 4.299 | 08/15/25 | 18592547 |
| 75908000 | 4.301 | 08/15/25 | 75556040 |
| 7441600 | 4.394 | 08/15/25 | 7422815 |
| 68640100 | 4.460 | 08/15/25 | 68466826 |
| 36186600 | 4.164 | 11/30/25 | 35960054 |
| 24213700 | 4.185 | 11/30/25 | 24293833 |
| 8960400 | 4.192 | 11/30/25 | 8794292 |
| 54347600 | 4.200 | 11/30/25 | 54527459 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) |
| $| 57067800 | 4.211% | 12/31/25 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57063202 |
|  | 104884700 | 4.216 | 12/31/25 |  | 103218691 |
|  | 47375800 | 4.226 | 12/31/25 |  | 47371983 |
|  | 94753500 | 4.231 | 12/31/25 |  | 93717343 |
|  | 28426500 | 4.240 | 12/31/25 |  | 28424209 |
|  | 47376000 | 4.251 | 12/31/25 |  | 46343661 |
|  | 18950400 | 4.274 | 12/31/25 |  | 18537464 |
|  | 85421100 | 4.276 | 12/31/25 |  | 85414217 |
|  | 38045200 | 4.281 | 12/31/25 |  | 38042134 |
|  | 38045200 | 4.283 | 12/31/25 |  | 38042134 |
|  | 72958900 | 4.291 | 12/31/25 |  | 72953021 |
|  | 61588600 | 4.300 | 12/31/25 |  | 61227745 |
|  | 28425500 | 4.310 | 12/31/25 |  | 28156290 |
|  | 18950300 | 4.312 | 12/31/25 |  | 18948773 |
|  | 47375800 | 4.315 | 12/31/25 |  | 47371983 |
|  | 99879000 | 4.036 | 03/31/26 |  | 97214458 |
|  | 20156700 | 4.044 | 03/31/26 |  | 19618966 |
|  | 35308000 | 4.051 | 03/31/26 |  | 35421850 |
|  | 38203100 | 4.062 | 03/31/26 |  | 37183929 |
|  | 47887800 | 4.122 | 03/31/26 |  | 48042214 |
|  | 47887800 | 4.123 | 03/31/26 |  | 46610264 |
|  | 19155100 | 4.132 | 03/31/26 |  | 19216865 |
|  | 46538700 | 3.860 | 04/30/26 |  | 45238697 |
|  | 77211400 | 3.863 | 04/30/26 |  | 77842280 |
|  | 178900400 | 3.865 | 04/30/26 |  | 173903032 |
|  | 89612400 | 3.875 | 04/30/26 |  | 87109185 |
|  | 55151000 | 3.894 | 04/30/26 |  | 55601628 |
|  | 89612400 | 3.955 | 04/30/26 |  | 87109185 |
|  | 303783900 | 3.960 | 04/30/26 |  | 306266060 |
|  | 87908600 | 3.966 | 04/30/26 |  | 88626884 |
|  | 24536800 | 3.976 | 04/30/26 |  | 24737286 |
|  | 98147100 | 4.014 | 04/30/26 |  | 98949041 |
|  | 59927400 | 4.022 | 04/30/26 |  | 58253400 |
|  | 52745100 | 3.938 | 05/15/26 |  | 52592511 |
|  | 56510600 | 3.904 | 05/31/26 |  | 54782317 |
|  | 19674500 | 3.934 | 05/31/26 |  | 19072788 |
|  | 44577700 | 4.197 | 06/30/26 |  | 43029752 |
|  United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.125%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.125%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.125%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.125%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.125%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.125%) |
|  | 1025641500 | 4.424 <sup>(b)</sup> | 07/31/25 |  | 1025631559 |
|  | 427978700 | 4.425 <sup>(b)</sup> | 07/31/25 |  | 427974552 |
|  | 235439800 | 4.426 <sup>(b)</sup> | 07/31/25 |  | 235437518 |
|  | 92935600 | 4.427 <sup>(b)</sup> | 07/31/25 |  | 92934699 |
|  | 1140285400 | 4.428 <sup>(b)</sup> | 07/31/25 |  | 1140274348 |
|  | 477514200 | 4.429 <sup>(b)</sup> | 07/31/25 |  | 477509572 |
|  | 225611700 | 4.430 <sup>(b)</sup> | 07/31/25 |  | 225609513 |
|  | 817721500 | 4.431 <sup>(b)</sup> | 07/31/25 |  | 817713575 |
|  | 63885000 | 4.432 <sup>(b)</sup> | 07/31/25 |  | 63884381 |
|  United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.150%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.150%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.150%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.150%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.150%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.150%) |
|  | 350040200 | 4.451 <sup>(b)</sup> | 04/30/26 |  | 350039725 |
|  | 1499500 | 4.454 <sup>(b)</sup> | 04/30/26 |  | 1499498 |
| United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.170%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.170%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.170%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.170%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.170%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.170%) |
|  | 256984100 | 4.470 <sup>(b)</sup> | 10/31/25 |  | 256932985 |
|  | 322217300 | 4.471 <sup>(b)</sup> | 10/31/25 |  | 322153210 |
|  | 280220800 | 4.472 <sup>(b)</sup> | 10/31/25 |  | 280165063 |
|  | 264287600 | 4.473 <sup>(b)</sup> | 10/31/25 |  | 264235032 |
|  | 464281300 | 4.474 <sup>(b)</sup> | 10/31/25 |  | 464188953 |

---

&nbsp;&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 FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) |
| $| 1213271900 | 4.478 %<sup>(b)</sup> | 10/31/25 | $1213030576 |
|  United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.182%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.182%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.182%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.182%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.182%) |
|  | 519281400 | 4.479 <sup>(b)</sup> | 07/31/26 | 519673573 |
|  | 138440200 | 4.485 <sup>(b)</sup> | 07/31/26 | 138544753 |
|  United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.245%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.245%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.245%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.245%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.245%) |
|  | 2277255000 | 4.542 <sup>(b)</sup> | 01/31/26 | 2277807458 |
|  | 1031300700 | 4.543 <sup>(b)</sup> | 01/31/26 | 1031550892 |
|  | 709800 | 4.545 <sup>(b)</sup> | 01/31/26 | 709972 |
|  | 1011686100 | 4.546 <sup>(b)</sup> | 01/31/26 | 1011931533 |
|  United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.250%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.250%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.250%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.250%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.250%) |
|  | 556922300 | 4.503 <sup>(b)</sup> | 10/31/26 | 557121548 |
|  | 58733000 | 4.505 <sup>(b)</sup> | 10/31/26 | 58754013 |
|  | 235319900 | 4.506 <sup>(b)</sup> | 10/31/26 | 235404089 |
|  United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) |
|  | 2887446600 | 4.460 <sup>(b)</sup> | 04/30/27 | 2888245018 |
| TOTAL INVESTMENTS - 108.2% | TOTAL INVESTMENTS - 108.2% | TOTAL INVESTMENTS - 108.2% | TOTAL INVESTMENTS - 108.2% | $103307734355 |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS - (8.2)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (8.2)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (8.2)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (8.2)%** | (7830391640) |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95477342715 |

---

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

(a) All or a portion represents a forward commitment.

(b) Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on May 31, 2025.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| MMY | —Money Market Yield |
| T-Bill | —Treasury Bill |

---

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

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

---

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

---

------

GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

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

Schedule of Investments *May 31, 2025 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations – 42.2% | U.S. Treasury Obligations – 42.2% | U.S. Treasury Obligations – 42.2% | U.S. Treasury Obligations – 42.2% |
| United States Treasury Bills | United States Treasury Bills | United States Treasury Bills | United States Treasury Bills |
| $300675500 | 4.318% | 08/05/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298394222 |
| 31276300 | 4.323 | 08/05/25 | 31039001 |
| 5879200 | 4.331 | 08/19/25 | 5824769 |
| 625007200 | 4.334 | 08/19/25 | 619220734 |
| 108605300 | 4.339 | 08/19/25 | 107599806 |
| 376525700 | 4.344 | 08/19/25 | 373039735 |
| 65130500 | 4.382 | 08/21/25 | 64502620 |
| 293893700 | 4.387 | 08/21/25 | 291060468 |
| 301672900 | 4.392 | 08/21/25 | 298764674 |
| 34948800 | 4.318 | 08/26/25 | 34597440 |
| 49718700 | 4.321 | 08/26/25 | 49218850 |
| 236552600 | 4.323 | 08/26/25 | 234174403 |
| 858514500 | 4.329 | 08/26/25 | 849883368 |
| 21013800 | 4.330 | 08/28/25 | 20795161 |
| 31668800 | 4.335 | 08/28/25 | 31339300 |
| 155473200 | 4.345 | 08/28/25 | 153855570 |
| 47630300 | 4.351 | 08/28/25 | 47134728 |
| 64117700 | 4.361 | 08/28/25 | 63450584 |
| 115502200 | 4.366 | 08/28/25 | 114300451 |
| 109768700 | 4.377 | 08/28/25 | 108626605 |
| 352767500 | 4.303 | 09/02/25 | 348944537 |
| 510325500 | 4.308 | 09/02/25 | 504795071 |
| 2184300 | 4.318 | 09/02/25 | 2160629 |
| 183522800 | 4.323 | 09/02/25 | 181533952 |
| 128287200 | 4.329 | 09/02/25 | 126896944 |
| 83207000 | 4.334 | 09/02/25 | 82305281 |
| 119338100 | 4.356 <sup>(a)</sup> | 09/04/25 | 118056044 |
| 22345100 | 4.313 | 09/09/25 | 22083939 |
| 530883400 | 4.318 | 09/09/25 | 524678637 |
| 19437400 | 4.323 | 09/09/25 | 19210223 |
| 69521800 | 4.360 | 09/09/25 | 68709256 |
| 39390500 | 4.369 | 09/09/25 | 38930119 |
| 149414900 | 4.360 | 09/16/25 | 147530731 |
| 14151600 | 4.381 | 09/16/25 | 13973144 |
| 70333000 | 4.245 | 09/18/25 | 69459894 |
| 23055300 | 4.334 | 09/23/25 | 22746500 |
| 16516700 | 4.339 | 09/23/25 | 16295477 |
| 344161800 | 4.344 | 09/23/25 | 339552137 |
| 9436000 | 4.349 | 09/23/25 | 9309615 |
| 345142200 | 4.350 | 09/23/25 | 340519405 |
| 13620800 | 4.337 <sup>(a)</sup> | 09/30/25 | 13430800 |
| 501041100 | 4.339 <sup>(a)</sup> | 09/30/25 | 494051966 |
| 86594300 | 4.213 | 10/02/25 | 85389904 |
| 7315500 | 4.224 | 10/02/25 | 7213752 |
| 143397800 | 4.187 | 10/16/25 | 141185497 |
| 27920700 | 4.189 | 10/16/25 | 27489947 |
| 24393700 | 4.192 | 10/16/25 | 24017360 |
| 261765600 | 4.203 | 10/16/25 | 257727150 |
| 189753800 | 4.192 | 10/23/25 | 186679278 |
| 29508500 | 4.197 | 10/23/25 | 29030383 |
| 4742800 | 4.187 | 10/30/25 | 4661514 |
| 226014900 | 4.208 | 10/30/25 | 222141298 |
| 27256500 | 4.220 | 10/30/25 | 26789359 |
| 16006800 | 4.226 | 10/30/25 | 15732464 |
| 2562800 | 4.227 | 10/30/25 | 2518877 |
| 2976700 | 4.229 | 10/30/25 | 2925683 |
| 4955700 | 4.240 | 10/30/25 | 4870766 |
| 1459700 | 4.256 | 10/30/25 | 1434683 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) |
| $1957900 | 4.326% | 10/30/25 | $1924344 |
| 360100600 | 4.337 | 10/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353928942 |
| 9167300 | 4.256 | 11/13/25 | 8994611 |
| 119231500 | 4.282 | 11/20/25 | 116874311 |
| 2374200 | 4.297 | 11/20/25 | 2327262 |
| 7111600 | 4.301 | 11/20/25 | 6971005 |
| 5181100 | 4.321 | 11/20/25 | 5078670 |
| 21365400 | 4.293 | 11/28/25 | 20921264 |
| 58472500 | 4.298 | 11/28/25 | 57256995 |
| 4779900 | 4.304 | 11/28/25 | 4680537 |
| 26688100 | 4.308 | 11/28/25 | 26133317 |
| 332187800 | 4.309 | 11/28/25 | 325282400 |
| 7966600 | 4.312 <sup>(a)</sup> | 11/28/25 | 7800993 |
| 3983300 | 4.317 <sup>(a)</sup> | 11/28/25 | 3900497 |
| 509498900 | 4.304 | 12/26/25 | 497517750 |
| 5600200 | 4.238 | 01/22/26 | 5453083 |
| 37444100 | 4.249 | 01/22/26 | 36460445 |
| 365456600 | 4.254 | 01/22/26 | 355856066 |
| 307846600 | 4.166 | 03/19/26 | 298029758 |
| 368005900 | 4.029 | 04/16/26 | 355549106 |
| 228425600 | 4.149 | 05/14/26 | 219772647 |
| United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note |
| 8581000 | 4.275 | 08/15/25 | 8541308 |
| 78365600 | 4.285 | 08/15/25 | 78003115 |
| 827300 | 4.287 | 08/15/25 | 825284 |
| 4623400 | 4.289 | 08/15/25 | 4612132 |
| 104837100 | 4.290 | 08/15/25 | 104581599 |
| 24461900 | 4.292 | 08/15/25 | 24348750 |
| 65014100 | 4.296 | 08/15/25 | 64713373 |
| 15571200 | 4.299 | 08/15/25 | 15533251 |
| 6216500 | 4.394 | 08/15/25 | 6201350 |
| 35589300 | 4.460 | 08/15/25 | 35502564 |
| 11437000 | 4.185 | 11/30/25 | 11475055 |
| 9525000 | 4.200 | 11/30/25 | 9556693 |
| 27455400 | 4.211 | 12/31/25 | 27453188 |
| 51300500 | 4.216 | 12/31/25 | 50480703 |
| 22792500 | 4.226 | 12/31/25 | 22790663 |
| 45585900 | 4.231 | 12/31/25 | 45087427 |
| 13676000 | 4.240 | 12/31/25 | 13674898 |
| 22792500 | 4.251 | 12/31/25 | 22295864 |
| 9117000 | 4.274 | 12/31/25 | 8918346 |
| 41096200 | 4.276 | 12/31/25 | 41092889 |
| 18303600 | 4.281 | 12/31/25 | 18302125 |
| 18303500 | 4.283 | 12/31/25 | 18302025 |
| 35100500 | 4.291 | 12/31/25 | 35097672 |
| 29630300 | 4.300 | 12/31/25 | 29456693 |
| 13675500 | 4.310 | 12/31/25 | 13545983 |
| 9117000 | 4.312 | 12/31/25 | 9116265 |
| 22792500 | 4.315 | 12/31/25 | 22790663 |
| 45755000 | 4.227 | 01/31/26 | 45189283 |
| 57106700 | 4.228 | 01/31/26 | 55683937 |
| 46993800 | 4.036 | 03/31/26 | 45739834 |
| 9520700 | 4.044 | 03/31/26 | 9266653 |
| 15702100 | 4.051 | 03/31/26 | 15752498 |
| 19505200 | 4.062 | 03/31/26 | 18984730 |
| 23787800 | 4.122 | 03/31/26 | 23864150 |
| 23787800 | 4.123 | 03/31/26 | 23153055 |
| 9515100 | 4.132 | 03/31/26 | 9545640 |
| 21615100 | 3.860 | 04/30/26 | 21011278 |

---

&nbsp;&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 FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

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

Schedule of Investments (continued) *May 31, 2025 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) |
| 35738000 | 3.863% | 04/30/26 | $36037683 |
| 82880400 | 3.865 | 04/30/26 | 80565121 |
| 40871400 | 3.875 | 04/30/26 | 39729650 |
| 200000000 | 3.891 | 04/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201677112 |
| 25527200 | 3.894 | 04/30/26 | 25741260 |
| 40871400 | 3.955 | 04/30/26 | 39729650 |
| 141592200 | 3.960 | 04/30/26 | 142779530 |
| 40171600 | 3.966 | 04/30/26 | 40508461 |
| 11748100 | 3.976 | 04/30/26 | 11846614 |
| 46992300 | 4.014 | 04/30/26 | 47386357 |
| 28196300 | 4.022 | 04/30/26 | 27408631 |
| 24103000 | 3.938 | 05/15/26 | 24033271 |
| 26649300 | 3.904 | 05/31/26 | 25834275 |
| 9278100 | 3.934 | 05/31/26 | 8994345 |
| 19993900 | 4.197 | 06/30/26 | 19299618 |
| United States Treasury Floating Rate Note (3M USD T-Bill + 0.125%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.125%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.125%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.125%) |
| 55199200 | 4.426 <sup>(b)</sup> | 07/31/25 | 55195847 |
| 317268800 | 4.431 <sup>(b)</sup> | 07/31/25 | 317249527 |
| United States Treasury Floating Rate Note (3M USD T-Bill + 0.150%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.150%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.150%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.150%) |
| 128563600 | 4.451 <sup>(b)</sup> | 04/30/26 | 128563480 |
| 379200 | 4.454 <sup>(b)</sup> | 04/30/26 | 379199 |
| United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) |
| 1034286600 | 4.460 <sup>(b)</sup> | 04/30/27 | 1034566358 |
| United States Treasury Floating Rate Note (3M USD T-Bill + 0.170%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.170%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.170%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.170%) |
| 454622800 | 4.478 <sup>(b)</sup> | 10/31/25 | 454473173 |
| United States Treasury Floating Rate Note (3M USD T-Bill + 0.182%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.182%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.182%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.182%) |
| 282363400 | 4.490 <sup>(b)</sup> | 07/31/26 | 282106210 |
| United States Treasury Floating Rate Note (3M USD T-Bill + 0.205%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.205%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.205%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.205%) |
| 863105200 | 4.503 <sup>(b)</sup> | 10/31/26 | 863299169 |
| 17323600 | 4.505 <sup>(b)</sup> | 10/31/26 | 17327493 |
| 1016626900 | 4.506 <sup>(b)</sup> | 10/31/26 | 1016855371 |
| United States Treasury Floating Rate Note (3M USD T-Bill + 0.245%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.245%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.245%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.245%) |
| 854123500 | 4.542 <sup>(b)</sup> | 01/31/26 | 854329650 |
| 205216800 | 4.543 <sup>(b)</sup> | 01/31/26 | 205266331 |
| 360528100 | 4.546 <sup>(b)</sup> | 01/31/26 | 360615117 |
| TOTAL U.S. TREASURY OBLIGATIONS | TOTAL U.S. TREASURY OBLIGATIONS | TOTAL U.S. TREASURY OBLIGATIONS | $18424808147 |
| TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | $18424808147 |
| Repurchase Agreements<sup>(c)</sup> <sup>–</sup> 58.2% | Repurchase Agreements<sup>(c)</sup> <sup>–</sup> 58.2% | Repurchase Agreements<sup>(c)</sup> <sup>–</sup> 58.2% | Repurchase Agreements<sup>(c)</sup> <sup>–</sup> 58.2% |
| Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC |
| 200000000 | 4.340 | 06/02/25 | $200000000 |
| Maturity Value: $200,072,333 | Maturity Value: $200,072,333 | Maturity Value: $200,072,333 | Maturity Value: $200,072,333 |
| Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
| Collateralized by a U.S. Treasury Inflation-Indexed Bond, 0.625%, due 02/15/43 and U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/28 to 08/15/42. The aggregate market value of the collateral, including accrued interest, was $204,073,779. | Collateralized by a U.S. Treasury Inflation-Indexed Bond, 0.625%, due 02/15/43 and U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/28 to 08/15/42. The aggregate market value of the collateral, including accrued interest, was $204,073,779. | Collateralized by a U.S. Treasury Inflation-Indexed Bond, 0.625%, due 02/15/43 and U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/28 to 08/15/42. The aggregate market value of the collateral, including accrued interest, was $204,073,779. | Collateralized by a U.S. Treasury Inflation-Indexed Bond, 0.625%, due 02/15/43 and U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/28 to 08/15/42. The aggregate market value of the collateral, including accrued interest, was $204,073,779. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Barclays Bank PLC – (continued) | Barclays Bank PLC – (continued) | Barclays Bank PLC – (continued) | Barclays Bank PLC – (continued) | Barclays Bank PLC – (continued) |
| $| 290000000 | 4.330 %<sup>(d)</sup> | 06/06/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000000 |
|  Maturity Value: $294,150,787 | Maturity Value: $294,150,787 | Maturity Value: $294,150,787 | Maturity Value: $294,150,787 | Maturity Value: $294,150,787 |
|  Settlement Date: 02/07/25 | Settlement Date: 02/07/25 | Settlement Date: 02/07/25 | Settlement Date: 02/07/25 | Settlement Date: 02/07/25 |
|  Collateralized by U.S. Treasury Bonds, 3.625% to 4.250%, due 02/15/44 to 08/15/54, U.S. Treasury Inflation-Indexed Bonds, 1.750% to 2.125%, due 01/15/28 to 02/15/40, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.875%, due 07/15/31 to 07/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/35 to 02/15/46 and U.S. Treasury Notes, 0.250% to 3.875%, due 06/30/25 to 08/31/31. The aggregate market value of the collateral, including accrued interest, was $296,717,144. | Collateralized by U.S. Treasury Bonds, 3.625% to 4.250%, due 02/15/44 to 08/15/54, U.S. Treasury Inflation-Indexed Bonds, 1.750% to 2.125%, due 01/15/28 to 02/15/40, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.875%, due 07/15/31 to 07/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/35 to 02/15/46 and U.S. Treasury Notes, 0.250% to 3.875%, due 06/30/25 to 08/31/31. The aggregate market value of the collateral, including accrued interest, was $296,717,144. | Collateralized by U.S. Treasury Bonds, 3.625% to 4.250%, due 02/15/44 to 08/15/54, U.S. Treasury Inflation-Indexed Bonds, 1.750% to 2.125%, due 01/15/28 to 02/15/40, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.875%, due 07/15/31 to 07/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/35 to 02/15/46 and U.S. Treasury Notes, 0.250% to 3.875%, due 06/30/25 to 08/31/31. The aggregate market value of the collateral, including accrued interest, was $296,717,144. | Collateralized by U.S. Treasury Bonds, 3.625% to 4.250%, due 02/15/44 to 08/15/54, U.S. Treasury Inflation-Indexed Bonds, 1.750% to 2.125%, due 01/15/28 to 02/15/40, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.875%, due 07/15/31 to 07/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/35 to 02/15/46 and U.S. Treasury Notes, 0.250% to 3.875%, due 06/30/25 to 08/31/31. The aggregate market value of the collateral, including accrued interest, was $296,717,144. | Collateralized by U.S. Treasury Bonds, 3.625% to 4.250%, due 02/15/44 to 08/15/54, U.S. Treasury Inflation-Indexed Bonds, 1.750% to 2.125%, due 01/15/28 to 02/15/40, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.875%, due 07/15/31 to 07/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/35 to 02/15/46 and U.S. Treasury Notes, 0.250% to 3.875%, due 06/30/25 to 08/31/31. The aggregate market value of the collateral, including accrued interest, was $296,717,144. |
|  | 145000000 | 4.330 <sup>(d)</sup> | 06/23/25 | $145000000 |
|  Maturity Value: $145,558,089 | Maturity Value: $145,558,089 | Maturity Value: $145,558,089 | Maturity Value: $145,558,089 | Maturity Value: $145,558,089 |
|  Settlement Date: 05/22/25 | Settlement Date: 05/22/25 | Settlement Date: 05/22/25 | Settlement Date: 05/22/25 | Settlement Date: 05/22/25 |
|  Collateralized by a U.S. Treasury Bond, 1.375%, due 11/15/40, U.S. Treasury Inflation-Indexed Bonds, 1.500% to 2.125%, due 02/15/41 to 02/15/53, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/34 to 02/15/46, U.S. Treasury Notes, 2.000% to 4.125%, due 11/15/26 to 02/28/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/51 to 08/15/53. The aggregate market value of the collateral, including accrued interest, was $147,971,154. | Collateralized by a U.S. Treasury Bond, 1.375%, due 11/15/40, U.S. Treasury Inflation-Indexed Bonds, 1.500% to 2.125%, due 02/15/41 to 02/15/53, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/34 to 02/15/46, U.S. Treasury Notes, 2.000% to 4.125%, due 11/15/26 to 02/28/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/51 to 08/15/53. The aggregate market value of the collateral, including accrued interest, was $147,971,154. | Collateralized by a U.S. Treasury Bond, 1.375%, due 11/15/40, U.S. Treasury Inflation-Indexed Bonds, 1.500% to 2.125%, due 02/15/41 to 02/15/53, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/34 to 02/15/46, U.S. Treasury Notes, 2.000% to 4.125%, due 11/15/26 to 02/28/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/51 to 08/15/53. The aggregate market value of the collateral, including accrued interest, was $147,971,154. | Collateralized by a U.S. Treasury Bond, 1.375%, due 11/15/40, U.S. Treasury Inflation-Indexed Bonds, 1.500% to 2.125%, due 02/15/41 to 02/15/53, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/34 to 02/15/46, U.S. Treasury Notes, 2.000% to 4.125%, due 11/15/26 to 02/28/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/51 to 08/15/53. The aggregate market value of the collateral, including accrued interest, was $147,971,154. | Collateralized by a U.S. Treasury Bond, 1.375%, due 11/15/40, U.S. Treasury Inflation-Indexed Bonds, 1.500% to 2.125%, due 02/15/41 to 02/15/53, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/34 to 02/15/46, U.S. Treasury Notes, 2.000% to 4.125%, due 11/15/26 to 02/28/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/51 to 08/15/53. The aggregate market value of the collateral, including accrued interest, was $147,971,154. |
|  | 440000000 | 4.330 <sup>(d)</sup> | 07/03/25 | $440000000 |
|  Maturity Value: $441,799,356 | Maturity Value: $441,799,356 | Maturity Value: $441,799,356 | Maturity Value: $441,799,356 | Maturity Value: $441,799,356 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.250%, due 10/15/25 to 01/15/32 and U.S. Treasury Interest- Only Stripped Securities, 0.000%, due 08/15/25 to 02/15/54. The aggregate market value of the collateral, including accrued interest, was $448,961,939. | Collateralized by U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.250%, due 10/15/25 to 01/15/32 and U.S. Treasury Interest- Only Stripped Securities, 0.000%, due 08/15/25 to 02/15/54. The aggregate market value of the collateral, including accrued interest, was $448,961,939. | Collateralized by U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.250%, due 10/15/25 to 01/15/32 and U.S. Treasury Interest- Only Stripped Securities, 0.000%, due 08/15/25 to 02/15/54. The aggregate market value of the collateral, including accrued interest, was $448,961,939. | Collateralized by U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.250%, due 10/15/25 to 01/15/32 and U.S. Treasury Interest- Only Stripped Securities, 0.000%, due 08/15/25 to 02/15/54. The aggregate market value of the collateral, including accrued interest, was $448,961,939. | Collateralized by U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.250%, due 10/15/25 to 01/15/32 and U.S. Treasury Interest- Only Stripped Securities, 0.000%, due 08/15/25 to 02/15/54. The aggregate market value of the collateral, including accrued interest, was $448,961,939. |
|  | 425000000 | 4.330 <sup>(d)</sup> | 07/09/25 | $425000000 |
|  Maturity Value: $434,252,370 | Maturity Value: $434,252,370 | Maturity Value: $434,252,370 | Maturity Value: $434,252,370 | Maturity Value: $434,252,370 |
|  Settlement Date: 01/09/25 | Settlement Date: 01/09/25 | Settlement Date: 01/09/25 | Settlement Date: 01/09/25 | Settlement Date: 01/09/25 |
|  Collateralized by U.S. Treasury Bonds, 1.750% to 4.625%, due 08/15/39 to 05/15/54 and U.S. Treasury Notes, 4.625% to 4.875%, due 11/30/25 to 04/30/31. The aggregate market value of the collateral, including accrued interest, was $434,740,295. | Collateralized by U.S. Treasury Bonds, 1.750% to 4.625%, due 08/15/39 to 05/15/54 and U.S. Treasury Notes, 4.625% to 4.875%, due 11/30/25 to 04/30/31. The aggregate market value of the collateral, including accrued interest, was $434,740,295. | Collateralized by U.S. Treasury Bonds, 1.750% to 4.625%, due 08/15/39 to 05/15/54 and U.S. Treasury Notes, 4.625% to 4.875%, due 11/30/25 to 04/30/31. The aggregate market value of the collateral, including accrued interest, was $434,740,295. | Collateralized by U.S. Treasury Bonds, 1.750% to 4.625%, due 08/15/39 to 05/15/54 and U.S. Treasury Notes, 4.625% to 4.875%, due 11/30/25 to 04/30/31. The aggregate market value of the collateral, including accrued interest, was $434,740,295. | Collateralized by U.S. Treasury Bonds, 1.750% to 4.625%, due 08/15/39 to 05/15/54 and U.S. Treasury Notes, 4.625% to 4.875%, due 11/30/25 to 04/30/31. The aggregate market value of the collateral, including accrued interest, was $434,740,295. |
|  | 145000000 | 4.330 <sup>(d)</sup> | 07/10/25 | $145000000 |
|  Maturity Value: $148,156,691 | Maturity Value: $148,156,691 | Maturity Value: $148,156,691 | Maturity Value: $148,156,691 | Maturity Value: $148,156,691 |
|  Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 |
|  Collateralized by U.S. Treasury Bonds, 1.125% to 4.250%, due 08/15/40 to 11/15/48 and U.S. Treasury Notes, 0.000% to 4.250%, due 05/31/25 to 02/28/29. The aggregate market value of the collateral, including accrued interest, was $148,323,184. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.250%, due 08/15/40 to 11/15/48 and U.S. Treasury Notes, 0.000% to 4.250%, due 05/31/25 to 02/28/29. The aggregate market value of the collateral, including accrued interest, was $148,323,184. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.250%, due 08/15/40 to 11/15/48 and U.S. Treasury Notes, 0.000% to 4.250%, due 05/31/25 to 02/28/29. The aggregate market value of the collateral, including accrued interest, was $148,323,184. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.250%, due 08/15/40 to 11/15/48 and U.S. Treasury Notes, 0.000% to 4.250%, due 05/31/25 to 02/28/29. The aggregate market value of the collateral, including accrued interest, was $148,323,184. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.250%, due 08/15/40 to 11/15/48 and U.S. Treasury Notes, 0.000% to 4.250%, due 05/31/25 to 02/28/29. The aggregate market value of the collateral, including accrued interest, was $148,323,184. |

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

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GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
| BNP Paribas | BNP Paribas | BNP Paribas | BNP Paribas | BNP Paribas |
| $| 840000000 | 4.340% | 06/02/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840000000 |
|  Maturity Value: $840,303,800 | Maturity Value: $840,303,800 | Maturity Value: $840,303,800 | Maturity Value: $840,303,800 | Maturity Value: $840,303,800 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by U.S. Treasury Bills, 0.000%, due 06/20/25 to 11/20/25, U.S. Treasury Bonds, 2.000% to 4.125%, due 08/15/51 to 08/15/53, a U.S. Treasury Inflation-Indexed Bond, 2.375%, due 01/15/27, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.375%, due 07/15/25 to 01/15/34, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 05/15/41 and U.S. Treasury Notes, 0.375% to 4.625%, due 07/31/25 to 02/29/32. The aggregate market value of the collateral, including accrued interest, was $856,800,004. | Collateralized by U.S. Treasury Bills, 0.000%, due 06/20/25 to 11/20/25, U.S. Treasury Bonds, 2.000% to 4.125%, due 08/15/51 to 08/15/53, a U.S. Treasury Inflation-Indexed Bond, 2.375%, due 01/15/27, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.375%, due 07/15/25 to 01/15/34, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 05/15/41 and U.S. Treasury Notes, 0.375% to 4.625%, due 07/31/25 to 02/29/32. The aggregate market value of the collateral, including accrued interest, was $856,800,004. | Collateralized by U.S. Treasury Bills, 0.000%, due 06/20/25 to 11/20/25, U.S. Treasury Bonds, 2.000% to 4.125%, due 08/15/51 to 08/15/53, a U.S. Treasury Inflation-Indexed Bond, 2.375%, due 01/15/27, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.375%, due 07/15/25 to 01/15/34, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 05/15/41 and U.S. Treasury Notes, 0.375% to 4.625%, due 07/31/25 to 02/29/32. The aggregate market value of the collateral, including accrued interest, was $856,800,004. | Collateralized by U.S. Treasury Bills, 0.000%, due 06/20/25 to 11/20/25, U.S. Treasury Bonds, 2.000% to 4.125%, due 08/15/51 to 08/15/53, a U.S. Treasury Inflation-Indexed Bond, 2.375%, due 01/15/27, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.375%, due 07/15/25 to 01/15/34, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 05/15/41 and U.S. Treasury Notes, 0.375% to 4.625%, due 07/31/25 to 02/29/32. The aggregate market value of the collateral, including accrued interest, was $856,800,004. | Collateralized by U.S. Treasury Bills, 0.000%, due 06/20/25 to 11/20/25, U.S. Treasury Bonds, 2.000% to 4.125%, due 08/15/51 to 08/15/53, a U.S. Treasury Inflation-Indexed Bond, 2.375%, due 01/15/27, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.375%, due 07/15/25 to 01/15/34, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 05/15/41 and U.S. Treasury Notes, 0.375% to 4.625%, due 07/31/25 to 02/29/32. The aggregate market value of the collateral, including accrued interest, was $856,800,004. |
|  | 250000000 | 4.240 <sup>(d)</sup> | 07/08/25 | $250000000 |
|  Maturity Value: $255,329,445 | Maturity Value: $255,329,445 | Maturity Value: $255,329,445 | Maturity Value: $255,329,445 | Maturity Value: $255,329,445 |
|  Settlement Date: 01/08/25 | Settlement Date: 01/08/25 | Settlement Date: 01/08/25 | Settlement Date: 01/08/25 | Settlement Date: 01/08/25 |
|  Collateralized by U.S. Treasury Bills, 0.000%, due 06/10/25 to 06/17/25, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/27 to 08/15/51, U.S. Treasury Notes, 0.000% to 3.625%, due 05/31/25 to 09/15/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/40 to 11/15/53. The aggregate market value of the collateral, including accrued interest, was $255,000,050. | Collateralized by U.S. Treasury Bills, 0.000%, due 06/10/25 to 06/17/25, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/27 to 08/15/51, U.S. Treasury Notes, 0.000% to 3.625%, due 05/31/25 to 09/15/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/40 to 11/15/53. The aggregate market value of the collateral, including accrued interest, was $255,000,050. | Collateralized by U.S. Treasury Bills, 0.000%, due 06/10/25 to 06/17/25, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/27 to 08/15/51, U.S. Treasury Notes, 0.000% to 3.625%, due 05/31/25 to 09/15/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/40 to 11/15/53. The aggregate market value of the collateral, including accrued interest, was $255,000,050. | Collateralized by U.S. Treasury Bills, 0.000%, due 06/10/25 to 06/17/25, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/27 to 08/15/51, U.S. Treasury Notes, 0.000% to 3.625%, due 05/31/25 to 09/15/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/40 to 11/15/53. The aggregate market value of the collateral, including accrued interest, was $255,000,050. | Collateralized by U.S. Treasury Bills, 0.000%, due 06/10/25 to 06/17/25, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/27 to 08/15/51, U.S. Treasury Notes, 0.000% to 3.625%, due 05/31/25 to 09/15/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/40 to 11/15/53. The aggregate market value of the collateral, including accrued interest, was $255,000,050. |
|  | 145000000 | 4.240 <sup>(d)</sup> | 07/10/25 | $145000000 |
|  Maturity Value: $148,091,078 | Maturity Value: $148,091,078 | Maturity Value: $148,091,078 | Maturity Value: $148,091,078 | Maturity Value: $148,091,078 |
|  Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 |
|  Collateralized by U.S. Treasury Bonds, 2.000% to 6.375%, due 08/15/27 to 11/15/41, a U.S. Treasury Floating Rate Note, 4.546%, due 01/31/26, a U.S. Treasury Inflation-Indexed Bond, 0.875%, due 02/15/47, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.375%, due 10/15/25 to 01/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/29 to 08/15/39, U.S. Treasury Notes, 0.500% to 4.125%, due 09/30/26 to 12/31/28 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/52. The aggregate market value of the collateral, including accrued interest, was $147,900,000. | Collateralized by U.S. Treasury Bonds, 2.000% to 6.375%, due 08/15/27 to 11/15/41, a U.S. Treasury Floating Rate Note, 4.546%, due 01/31/26, a U.S. Treasury Inflation-Indexed Bond, 0.875%, due 02/15/47, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.375%, due 10/15/25 to 01/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/29 to 08/15/39, U.S. Treasury Notes, 0.500% to 4.125%, due 09/30/26 to 12/31/28 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/52. The aggregate market value of the collateral, including accrued interest, was $147,900,000. | Collateralized by U.S. Treasury Bonds, 2.000% to 6.375%, due 08/15/27 to 11/15/41, a U.S. Treasury Floating Rate Note, 4.546%, due 01/31/26, a U.S. Treasury Inflation-Indexed Bond, 0.875%, due 02/15/47, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.375%, due 10/15/25 to 01/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/29 to 08/15/39, U.S. Treasury Notes, 0.500% to 4.125%, due 09/30/26 to 12/31/28 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/52. The aggregate market value of the collateral, including accrued interest, was $147,900,000. | Collateralized by U.S. Treasury Bonds, 2.000% to 6.375%, due 08/15/27 to 11/15/41, a U.S. Treasury Floating Rate Note, 4.546%, due 01/31/26, a U.S. Treasury Inflation-Indexed Bond, 0.875%, due 02/15/47, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.375%, due 10/15/25 to 01/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/29 to 08/15/39, U.S. Treasury Notes, 0.500% to 4.125%, due 09/30/26 to 12/31/28 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/52. The aggregate market value of the collateral, including accrued interest, was $147,900,000. | Collateralized by U.S. Treasury Bonds, 2.000% to 6.375%, due 08/15/27 to 11/15/41, a U.S. Treasury Floating Rate Note, 4.546%, due 01/31/26, a U.S. Treasury Inflation-Indexed Bond, 0.875%, due 02/15/47, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.375%, due 10/15/25 to 01/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/29 to 08/15/39, U.S. Treasury Notes, 0.500% to 4.125%, due 09/30/26 to 12/31/28 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/52. The aggregate market value of the collateral, including accrued interest, was $147,900,000. |
|  | 140000000 | 4.270 <sup>(d)</sup> | 07/14/25 | $140000000 |
|  Maturity Value: $143,022,211 | Maturity Value: $143,022,211 | Maturity Value: $143,022,211 | Maturity Value: $143,022,211 | Maturity Value: $143,022,211 |
|  Settlement Date: 01/13/25 | Settlement Date: 01/13/25 | Settlement Date: 01/13/25 | Settlement Date: 01/13/25 | Settlement Date: 01/13/25 |
|  Collateralized by a U.S. Treasury Bill, 0.000%, due 08/07/25, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 2.000%, due 01/15/26 to 02/15/47, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/29 to 08/15/39, U.S. Treasury Notes, 0.750% to 4.250%, due 08/31/26 to 02/15/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/45 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $142,800,010. | Collateralized by a U.S. Treasury Bill, 0.000%, due 08/07/25, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 2.000%, due 01/15/26 to 02/15/47, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/29 to 08/15/39, U.S. Treasury Notes, 0.750% to 4.250%, due 08/31/26 to 02/15/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/45 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $142,800,010. | Collateralized by a U.S. Treasury Bill, 0.000%, due 08/07/25, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 2.000%, due 01/15/26 to 02/15/47, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/29 to 08/15/39, U.S. Treasury Notes, 0.750% to 4.250%, due 08/31/26 to 02/15/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/45 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $142,800,010. | Collateralized by a U.S. Treasury Bill, 0.000%, due 08/07/25, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 2.000%, due 01/15/26 to 02/15/47, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/29 to 08/15/39, U.S. Treasury Notes, 0.750% to 4.250%, due 08/31/26 to 02/15/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/45 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $142,800,010. | Collateralized by a U.S. Treasury Bill, 0.000%, due 08/07/25, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 2.000%, due 01/15/26 to 02/15/47, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/29 to 08/15/39, U.S. Treasury Notes, 0.750% to 4.250%, due 08/31/26 to 02/15/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/45 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $142,800,010. |
|  | 150000000 | 4.230 <sup>(d)</sup> | 08/14/25 | $150000000 |
|  Maturity Value: $152,696,625 | Maturity Value: $152,696,625 | Maturity Value: $152,696,625 | Maturity Value: $152,696,625 | Maturity Value: $152,696,625 |
|  Settlement Date: 03/14/25 | Settlement Date: 03/14/25 | Settlement Date: 03/14/25 | Settlement Date: 03/14/25 | Settlement Date: 03/14/25 |
|  Collateralized by a U.S. Treasury Inflation-Indexed Bond, 0.875%, due 02/15/47, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/27, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/34 to 02/15/44, U.S. Treasury Notes, 0.750% to 4.125%, due 08/31/26 to 11/30/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/45 to 11/15/45. The aggregate market value of the collateral, including accrued interest, was $153,000,016. | Collateralized by a U.S. Treasury Inflation-Indexed Bond, 0.875%, due 02/15/47, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/27, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/34 to 02/15/44, U.S. Treasury Notes, 0.750% to 4.125%, due 08/31/26 to 11/30/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/45 to 11/15/45. The aggregate market value of the collateral, including accrued interest, was $153,000,016. | Collateralized by a U.S. Treasury Inflation-Indexed Bond, 0.875%, due 02/15/47, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/27, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/34 to 02/15/44, U.S. Treasury Notes, 0.750% to 4.125%, due 08/31/26 to 11/30/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/45 to 11/15/45. The aggregate market value of the collateral, including accrued interest, was $153,000,016. | Collateralized by a U.S. Treasury Inflation-Indexed Bond, 0.875%, due 02/15/47, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/27, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/34 to 02/15/44, U.S. Treasury Notes, 0.750% to 4.125%, due 08/31/26 to 11/30/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/45 to 11/15/45. The aggregate market value of the collateral, including accrued interest, was $153,000,016. | Collateralized by a U.S. Treasury Inflation-Indexed Bond, 0.875%, due 02/15/47, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/27, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/34 to 02/15/44, U.S. Treasury Notes, 0.750% to 4.125%, due 08/31/26 to 11/30/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/45 to 11/15/45. The aggregate market value of the collateral, including accrued interest, was $153,000,016. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  BNP Paribas – (continued) | BNP Paribas – (continued) | BNP Paribas – (continued) | BNP Paribas – (continued) | BNP Paribas – (continued) |
| $| 300000000 | 4.240 %<sup>(d)</sup> | 09/18/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000000 |
|  Maturity Value: $306,501,335 | Maturity Value: $306,501,335 | Maturity Value: $306,501,335 | Maturity Value: $306,501,335 | Maturity Value: $306,501,335 |
|  Settlement Date: 03/18/25 | Settlement Date: 03/18/25 | Settlement Date: 03/18/25 | Settlement Date: 03/18/25 | Settlement Date: 03/18/25 |
|  Collateralized by a U.S. Treasury Bond, 5.375%, due 02/15/31, a U.S. Treasury Floating Rate Note, 4.546%, due 01/31/26, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.125%, due 04/15/26 to 01/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/29 to 11/15/39, U.S. Treasury Notes, 1.250% to 4.125%, due 12/31/26 to 05/15/29 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 05/15/43. The aggregate market value of the collateral, including accrued interest, was $306,000,000. | Collateralized by a U.S. Treasury Bond, 5.375%, due 02/15/31, a U.S. Treasury Floating Rate Note, 4.546%, due 01/31/26, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.125%, due 04/15/26 to 01/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/29 to 11/15/39, U.S. Treasury Notes, 1.250% to 4.125%, due 12/31/26 to 05/15/29 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 05/15/43. The aggregate market value of the collateral, including accrued interest, was $306,000,000. | Collateralized by a U.S. Treasury Bond, 5.375%, due 02/15/31, a U.S. Treasury Floating Rate Note, 4.546%, due 01/31/26, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.125%, due 04/15/26 to 01/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/29 to 11/15/39, U.S. Treasury Notes, 1.250% to 4.125%, due 12/31/26 to 05/15/29 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 05/15/43. The aggregate market value of the collateral, including accrued interest, was $306,000,000. | Collateralized by a U.S. Treasury Bond, 5.375%, due 02/15/31, a U.S. Treasury Floating Rate Note, 4.546%, due 01/31/26, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.125%, due 04/15/26 to 01/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/29 to 11/15/39, U.S. Treasury Notes, 1.250% to 4.125%, due 12/31/26 to 05/15/29 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 05/15/43. The aggregate market value of the collateral, including accrued interest, was $306,000,000. | Collateralized by a U.S. Treasury Bond, 5.375%, due 02/15/31, a U.S. Treasury Floating Rate Note, 4.546%, due 01/31/26, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.125%, due 04/15/26 to 01/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/29 to 11/15/39, U.S. Treasury Notes, 1.250% to 4.125%, due 12/31/26 to 05/15/29 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 05/15/43. The aggregate market value of the collateral, including accrued interest, was $306,000,000. |
|  | 145000000 | 4.280 <sup>(d)</sup> | 11/28/25 | $145000000 |
|  Maturity Value: $148,154,717 | Maturity Value: $148,154,717 | Maturity Value: $148,154,717 | Maturity Value: $148,154,717 | Maturity Value: $148,154,717 |
|  Settlement Date: 05/29/25 | Settlement Date: 05/29/25 | Settlement Date: 05/29/25 | Settlement Date: 05/29/25 | Settlement Date: 05/29/25 |
|  Collateralized by U.S. Treasury Notes, 4.250% to 4.625%, due 06/30/26 to 12/31/26. The aggregate market value of the collateral, including accrued interest, was $147,900,027. | Collateralized by U.S. Treasury Notes, 4.250% to 4.625%, due 06/30/26 to 12/31/26. The aggregate market value of the collateral, including accrued interest, was $147,900,027. | Collateralized by U.S. Treasury Notes, 4.250% to 4.625%, due 06/30/26 to 12/31/26. The aggregate market value of the collateral, including accrued interest, was $147,900,027. | Collateralized by U.S. Treasury Notes, 4.250% to 4.625%, due 06/30/26 to 12/31/26. The aggregate market value of the collateral, including accrued interest, was $147,900,027. | Collateralized by U.S. Treasury Notes, 4.250% to 4.625%, due 06/30/26 to 12/31/26. The aggregate market value of the collateral, including accrued interest, was $147,900,027. |
|  BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. |
|  | 100000000 | 4.290 | 06/02/25 | $100000000 |
|  Maturity Value: $100,035,750 | Maturity Value: $100,035,750 | Maturity Value: $100,035,750 | Maturity Value: $100,035,750 | Maturity Value: $100,035,750 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 07/31/26 to 11/15/49, U.S. Treasury Notes, 3.125% to 4.625%, due 08/31/29 to 02/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/41 to 08/15/48. The aggregate market value of the collateral, including accrued interest, was $102,000,001. | Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 07/31/26 to 11/15/49, U.S. Treasury Notes, 3.125% to 4.625%, due 08/31/29 to 02/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/41 to 08/15/48. The aggregate market value of the collateral, including accrued interest, was $102,000,001. | Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 07/31/26 to 11/15/49, U.S. Treasury Notes, 3.125% to 4.625%, due 08/31/29 to 02/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/41 to 08/15/48. The aggregate market value of the collateral, including accrued interest, was $102,000,001. | Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 07/31/26 to 11/15/49, U.S. Treasury Notes, 3.125% to 4.625%, due 08/31/29 to 02/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/41 to 08/15/48. The aggregate market value of the collateral, including accrued interest, was $102,000,001. | Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 07/31/26 to 11/15/49, U.S. Treasury Notes, 3.125% to 4.625%, due 08/31/29 to 02/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/41 to 08/15/48. The aggregate market value of the collateral, including accrued interest, was $102,000,001. |
|  | 300000000 | 4.350 <sup>(d)</sup> | 07/15/25 | $300000000 |
|  Maturity Value: $303,334,999 | Maturity Value: $303,334,999 | Maturity Value: $303,334,999 | Maturity Value: $303,334,999 | Maturity Value: $303,334,999 |
|  Settlement Date: 04/14/25 | Settlement Date: 04/14/25 | Settlement Date: 04/14/25 | Settlement Date: 04/14/25 | Settlement Date: 04/14/25 |
|  Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/27 to 11/15/27 and U.S. Treasury Notes, 0.500% to 4.625%, due 06/30/26 to 09/30/28. The aggregate market value of the collateral, including accrued interest, was $306,000,000. | Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/27 to 11/15/27 and U.S. Treasury Notes, 0.500% to 4.625%, due 06/30/26 to 09/30/28. The aggregate market value of the collateral, including accrued interest, was $306,000,000. | Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/27 to 11/15/27 and U.S. Treasury Notes, 0.500% to 4.625%, due 06/30/26 to 09/30/28. The aggregate market value of the collateral, including accrued interest, was $306,000,000. | Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/27 to 11/15/27 and U.S. Treasury Notes, 0.500% to 4.625%, due 06/30/26 to 09/30/28. The aggregate market value of the collateral, including accrued interest, was $306,000,000. | Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/27 to 11/15/27 and U.S. Treasury Notes, 0.500% to 4.625%, due 06/30/26 to 09/30/28. The aggregate market value of the collateral, including accrued interest, was $306,000,000. |
|  | 350000000 | 4.350 <sup>(d)</sup> | 07/28/25 | $350000000 |
|  Maturity Value: $357,697,081 | Maturity Value: $357,697,081 | Maturity Value: $357,697,081 | Maturity Value: $357,697,081 | Maturity Value: $357,697,081 |
|  Settlement Date: 01/27/25 | Settlement Date: 01/27/25 | Settlement Date: 01/27/25 | Settlement Date: 01/27/25 | Settlement Date: 01/27/25 |
|  Collateralized by a U.S. Treasury Bond, 3.125%, due 05/15/48, a U.S. Treasury Inflation-Indexed Note, 2.125%, due 01/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 07/31/25 to 11/15/32 and U.S. Treasury Notes, 1.750% to 2.625%, due 12/31/26 to 07/31/29. The aggregate market value of the collateral, including accrued interest, was $357,000,001. | Collateralized by a U.S. Treasury Bond, 3.125%, due 05/15/48, a U.S. Treasury Inflation-Indexed Note, 2.125%, due 01/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 07/31/25 to 11/15/32 and U.S. Treasury Notes, 1.750% to 2.625%, due 12/31/26 to 07/31/29. The aggregate market value of the collateral, including accrued interest, was $357,000,001. | Collateralized by a U.S. Treasury Bond, 3.125%, due 05/15/48, a U.S. Treasury Inflation-Indexed Note, 2.125%, due 01/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 07/31/25 to 11/15/32 and U.S. Treasury Notes, 1.750% to 2.625%, due 12/31/26 to 07/31/29. The aggregate market value of the collateral, including accrued interest, was $357,000,001. | Collateralized by a U.S. Treasury Bond, 3.125%, due 05/15/48, a U.S. Treasury Inflation-Indexed Note, 2.125%, due 01/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 07/31/25 to 11/15/32 and U.S. Treasury Notes, 1.750% to 2.625%, due 12/31/26 to 07/31/29. The aggregate market value of the collateral, including accrued interest, was $357,000,001. | Collateralized by a U.S. Treasury Bond, 3.125%, due 05/15/48, a U.S. Treasury Inflation-Indexed Note, 2.125%, due 01/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 07/31/25 to 11/15/32 and U.S. Treasury Notes, 1.750% to 2.625%, due 12/31/26 to 07/31/29. The aggregate market value of the collateral, including accrued interest, was $357,000,001. |
|  | 350000000 | 4.360 <sup>(d)</sup> | 10/29/25 | $350000000 |
|  Maturity Value: $361,656,943 | Maturity Value: $361,656,943 | Maturity Value: $361,656,943 | Maturity Value: $361,656,943 | Maturity Value: $361,656,943 |
|  Settlement Date: 01/27/25 | Settlement Date: 01/27/25 | Settlement Date: 01/27/25 | Settlement Date: 01/27/25 | Settlement Date: 01/27/25 |
|  Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/28 to 08/15/50, U.S. Treasury Notes, 0.625% to 2.125%, due 05/31/26 to 12/31/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/30 to 02/15/36. The aggregate market value of the collateral, including accrued interest, was $357,000,000. | Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/28 to 08/15/50, U.S. Treasury Notes, 0.625% to 2.125%, due 05/31/26 to 12/31/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/30 to 02/15/36. The aggregate market value of the collateral, including accrued interest, was $357,000,000. | Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/28 to 08/15/50, U.S. Treasury Notes, 0.625% to 2.125%, due 05/31/26 to 12/31/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/30 to 02/15/36. The aggregate market value of the collateral, including accrued interest, was $357,000,000. | Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/28 to 08/15/50, U.S. Treasury Notes, 0.625% to 2.125%, due 05/31/26 to 12/31/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/30 to 02/15/36. The aggregate market value of the collateral, including accrued interest, was $357,000,000. | Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/28 to 08/15/50, U.S. Treasury Notes, 0.625% to 2.125%, due 05/31/26 to 12/31/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/30 to 02/15/36. The aggregate market value of the collateral, including accrued interest, was $357,000,000. |

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

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GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

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

Schedule of Investments (continued) *May 31, 2025 (Unaudited)*

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
| Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. |
| $| 300000000 | 4.250% | 06/02/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000000 |
|  Maturity Value: $300,106,250 | Maturity Value: $300,106,250 | Maturity Value: $300,106,250 | Maturity Value: $300,106,250 | Maturity Value: $300,106,250 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 6.125%, due 11/15/27 and U.S. Treasury Notes, 0.625% to 4.125%, due 11/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $306,000,047. | Collateralized by a U.S. Treasury Bond, 6.125%, due 11/15/27 and U.S. Treasury Notes, 0.625% to 4.125%, due 11/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $306,000,047. | Collateralized by a U.S. Treasury Bond, 6.125%, due 11/15/27 and U.S. Treasury Notes, 0.625% to 4.125%, due 11/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $306,000,047. | Collateralized by a U.S. Treasury Bond, 6.125%, due 11/15/27 and U.S. Treasury Notes, 0.625% to 4.125%, due 11/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $306,000,047. | Collateralized by a U.S. Treasury Bond, 6.125%, due 11/15/27 and U.S. Treasury Notes, 0.625% to 4.125%, due 11/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $306,000,047. |
|  | 706300000 | 4.340 | 06/02/25 | $706300000 |
|  Maturity Value: $706,555,445 | Maturity Value: $706,555,445 | Maturity Value: $706,555,445 | Maturity Value: $706,555,445 | Maturity Value: $706,555,445 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 10/15/29 to 01/15/30 and U.S. Treasury Notes, 1.750% to 4.375%, due 10/31/29 to 01/31/30. The aggregate market value of the collateral, including accrued interest, was $720,426,079. | Collateralized by U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 10/15/29 to 01/15/30 and U.S. Treasury Notes, 1.750% to 4.375%, due 10/31/29 to 01/31/30. The aggregate market value of the collateral, including accrued interest, was $720,426,079. | Collateralized by U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 10/15/29 to 01/15/30 and U.S. Treasury Notes, 1.750% to 4.375%, due 10/31/29 to 01/31/30. The aggregate market value of the collateral, including accrued interest, was $720,426,079. | Collateralized by U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 10/15/29 to 01/15/30 and U.S. Treasury Notes, 1.750% to 4.375%, due 10/31/29 to 01/31/30. The aggregate market value of the collateral, including accrued interest, was $720,426,079. | Collateralized by U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 10/15/29 to 01/15/30 and U.S. Treasury Notes, 1.750% to 4.375%, due 10/31/29 to 01/31/30. The aggregate market value of the collateral, including accrued interest, was $720,426,079. |
|  | 70000000 | 4.380 | 06/18/25 | $70000000 |
|  Maturity Value: $71,022,000 | Maturity Value: $71,022,000 | Maturity Value: $71,022,000 | Maturity Value: $71,022,000 | Maturity Value: $71,022,000 |
|  Settlement Date: 02/18/25 | Settlement Date: 02/18/25 | Settlement Date: 02/18/25 | Settlement Date: 02/18/25 | Settlement Date: 02/18/25 |
|  Collateralized by U.S. Treasury Notes, 1.750% to 4.375%, due 10/31/29 to 12/31/29. The aggregate market value of the collateral, including accrued interest, was $71,400,035. | Collateralized by U.S. Treasury Notes, 1.750% to 4.375%, due 10/31/29 to 12/31/29. The aggregate market value of the collateral, including accrued interest, was $71,400,035. | Collateralized by U.S. Treasury Notes, 1.750% to 4.375%, due 10/31/29 to 12/31/29. The aggregate market value of the collateral, including accrued interest, was $71,400,035. | Collateralized by U.S. Treasury Notes, 1.750% to 4.375%, due 10/31/29 to 12/31/29. The aggregate market value of the collateral, including accrued interest, was $71,400,035. | Collateralized by U.S. Treasury Notes, 1.750% to 4.375%, due 10/31/29 to 12/31/29. The aggregate market value of the collateral, including accrued interest, was $71,400,035. |
|  | 50000000 | 4.290 | 07/07/25 | $50000000 |
|  Maturity Value: $51,102,292 | Maturity Value: $51,102,292 | Maturity Value: $51,102,292 | Maturity Value: $51,102,292 | Maturity Value: $51,102,292 |
|  Settlement Date: 01/03/25 | Settlement Date: 01/03/25 | Settlement Date: 01/03/25 | Settlement Date: 01/03/25 | Settlement Date: 01/03/25 |
|  Collateralized by U.S. Treasury Bills, 0.000%, due 06/05/25 to 06/20/25. The aggregate market value of the collateral, including accrued interest, was $51,000,080. | Collateralized by U.S. Treasury Bills, 0.000%, due 06/05/25 to 06/20/25. The aggregate market value of the collateral, including accrued interest, was $51,000,080. | Collateralized by U.S. Treasury Bills, 0.000%, due 06/05/25 to 06/20/25. The aggregate market value of the collateral, including accrued interest, was $51,000,080. | Collateralized by U.S. Treasury Bills, 0.000%, due 06/05/25 to 06/20/25. The aggregate market value of the collateral, including accrued interest, was $51,000,080. | Collateralized by U.S. Treasury Bills, 0.000%, due 06/05/25 to 06/20/25. The aggregate market value of the collateral, including accrued interest, was $51,000,080. |
|  | 125000000 | 4.290 | 07/07/25 | $125000000 |
|  Maturity Value: $127,696,146 | Maturity Value: $127,696,146 | Maturity Value: $127,696,146 | Maturity Value: $127,696,146 | Maturity Value: $127,696,146 |
|  Settlement Date: 01/07/25 | Settlement Date: 01/07/25 | Settlement Date: 01/07/25 | Settlement Date: 01/07/25 | Settlement Date: 01/07/25 |
|  Collateralized by U.S. Treasury Bonds, 1.625% to 4.000%, due 11/15/50 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $127,500,041. | Collateralized by U.S. Treasury Bonds, 1.625% to 4.000%, due 11/15/50 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $127,500,041. | Collateralized by U.S. Treasury Bonds, 1.625% to 4.000%, due 11/15/50 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $127,500,041. | Collateralized by U.S. Treasury Bonds, 1.625% to 4.000%, due 11/15/50 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $127,500,041. | Collateralized by U.S. Treasury Bonds, 1.625% to 4.000%, due 11/15/50 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $127,500,041. |
|  | 50000000 | 4.300 | 07/09/25 | $50000000 |
|  Maturity Value: $51,080,972 | Maturity Value: $51,080,972 | Maturity Value: $51,080,972 | Maturity Value: $51,080,972 | Maturity Value: $51,080,972 |
|  Settlement Date: 01/09/25 | Settlement Date: 01/09/25 | Settlement Date: 01/09/25 | Settlement Date: 01/09/25 | Settlement Date: 01/09/25 |
|  Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 02/15/51 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $51,000,047. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 02/15/51 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $51,000,047. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 02/15/51 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $51,000,047. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 02/15/51 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $51,000,047. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 02/15/51 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $51,000,047. |
|  | 50000000 | 4.300 | 07/09/25 | $50000000 |
|  Maturity Value: $51,080,972 | Maturity Value: $51,080,972 | Maturity Value: $51,080,972 | Maturity Value: $51,080,972 | Maturity Value: $51,080,972 |
|  Settlement Date: 01/09/25 | Settlement Date: 01/09/25 | Settlement Date: 01/09/25 | Settlement Date: 01/09/25 | Settlement Date: 01/09/25 |
|  Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 02/15/51 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $51,000,047. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 02/15/51 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $51,000,047. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 02/15/51 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $51,000,047. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 02/15/51 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $51,000,047. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 02/15/51 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $51,000,047. |
|  | 860000000 | 4.340 <sup>(d)</sup> | 07/18/25 | $860000000 |
|  Maturity Value: $879,076,718 | Maturity Value: $879,076,718 | Maturity Value: $879,076,718 | Maturity Value: $879,076,718 | Maturity Value: $879,076,718 |
|  Settlement Date: 01/15/25 | Settlement Date: 01/15/25 | Settlement Date: 01/15/25 | Settlement Date: 01/15/25 | Settlement Date: 01/15/25 |
|  Collateralized by U.S. Treasury Notes, 1.875% to 4.375%, due 07/31/26 to 03/31/27. The aggregate market value of the collateral, including accrued interest, was $877,200,026. | Collateralized by U.S. Treasury Notes, 1.875% to 4.375%, due 07/31/26 to 03/31/27. The aggregate market value of the collateral, including accrued interest, was $877,200,026. | Collateralized by U.S. Treasury Notes, 1.875% to 4.375%, due 07/31/26 to 03/31/27. The aggregate market value of the collateral, including accrued interest, was $877,200,026. | Collateralized by U.S. Treasury Notes, 1.875% to 4.375%, due 07/31/26 to 03/31/27. The aggregate market value of the collateral, including accrued interest, was $877,200,026. | Collateralized by U.S. Treasury Notes, 1.875% to 4.375%, due 07/31/26 to 03/31/27. The aggregate market value of the collateral, including accrued interest, was $877,200,026. |
|  | 70000000 | 4.380 | 07/21/25 | $70000000 |
|  Maturity Value: $71,286,017 | Maturity Value: $71,286,017 | Maturity Value: $71,286,017 | Maturity Value: $71,286,017 | Maturity Value: $71,286,017 |
|  Settlement Date: 02/20/25 | Settlement Date: 02/20/25 | Settlement Date: 02/20/25 | Settlement Date: 02/20/25 | Settlement Date: 02/20/25 |
|  Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 02/15/51 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $71,400,032. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 02/15/51 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $71,400,032. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 02/15/51 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $71,400,032. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 02/15/51 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $71,400,032. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 02/15/51 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $71,400,032. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
| Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) |
| $| 75000000 | 4.280% | 09/17/25 | $75000000 |
|  Maturity Value: $76,640,667 | Maturity Value: $76,640,667 | Maturity Value: $76,640,667 | Maturity Value: $76,640,667 | Maturity Value: $76,640,667 |
|  Settlement Date: 03/17/25 | Settlement Date: 03/17/25 | Settlement Date: 03/17/25 | Settlement Date: 03/17/25 | Settlement Date: 03/17/25 |
|  Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 02/15/51 to 11/15/52 and U.S. Treasury Notes, 0.625% to 1.875%, due 07/31/26 to 02/28/29. The aggregate market value of the collateral, including accrued interest, was $76,500,020. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 02/15/51 to 11/15/52 and U.S. Treasury Notes, 0.625% to 1.875%, due 07/31/26 to 02/28/29. The aggregate market value of the collateral, including accrued interest, was $76,500,020. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 02/15/51 to 11/15/52 and U.S. Treasury Notes, 0.625% to 1.875%, due 07/31/26 to 02/28/29. The aggregate market value of the collateral, including accrued interest, was $76,500,020. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 02/15/51 to 11/15/52 and U.S. Treasury Notes, 0.625% to 1.875%, due 07/31/26 to 02/28/29. The aggregate market value of the collateral, including accrued interest, was $76,500,020. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 02/15/51 to 11/15/52 and U.S. Treasury Notes, 0.625% to 1.875%, due 07/31/26 to 02/28/29. The aggregate market value of the collateral, including accrued interest, was $76,500,020. |
|  | 305000000 | 4.340 <sup>(d)</sup> | 09/22/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000000 |
|  Maturity Value: $311,839,119 | Maturity Value: $311,839,119 | Maturity Value: $311,839,119 | Maturity Value: $311,839,119 | Maturity Value: $311,839,119 |
|  Settlement Date: 03/20/25 | Settlement Date: 03/20/25 | Settlement Date: 03/20/25 | Settlement Date: 03/20/25 | Settlement Date: 03/20/25 |
|  Collateralized by a U.S. Treasury Bond, 6.250%, due 05/15/30, a U.S. Treasury Inflation-Indexed Note, 1.625%, due 04/15/30 and U.S. Treasury Notes, 0.625% to 4.875%, due 07/31/26 to 10/31/30. The aggregate market value of the collateral, including accrued interest, was $311,100,020. | Collateralized by a U.S. Treasury Bond, 6.250%, due 05/15/30, a U.S. Treasury Inflation-Indexed Note, 1.625%, due 04/15/30 and U.S. Treasury Notes, 0.625% to 4.875%, due 07/31/26 to 10/31/30. The aggregate market value of the collateral, including accrued interest, was $311,100,020. | Collateralized by a U.S. Treasury Bond, 6.250%, due 05/15/30, a U.S. Treasury Inflation-Indexed Note, 1.625%, due 04/15/30 and U.S. Treasury Notes, 0.625% to 4.875%, due 07/31/26 to 10/31/30. The aggregate market value of the collateral, including accrued interest, was $311,100,020. | Collateralized by a U.S. Treasury Bond, 6.250%, due 05/15/30, a U.S. Treasury Inflation-Indexed Note, 1.625%, due 04/15/30 and U.S. Treasury Notes, 0.625% to 4.875%, due 07/31/26 to 10/31/30. The aggregate market value of the collateral, including accrued interest, was $311,100,020. | Collateralized by a U.S. Treasury Bond, 6.250%, due 05/15/30, a U.S. Treasury Inflation-Indexed Note, 1.625%, due 04/15/30 and U.S. Treasury Notes, 0.625% to 4.875%, due 07/31/26 to 10/31/30. The aggregate market value of the collateral, including accrued interest, was $311,100,020. |
|  | 40000000 | 4.240 | 10/02/25 | $40000000 |
|  Maturity Value: $40,857,422 | Maturity Value: $40,857,422 | Maturity Value: $40,857,422 | Maturity Value: $40,857,422 | Maturity Value: $40,857,422 |
|  Settlement Date: 04/03/25 | Settlement Date: 04/03/25 | Settlement Date: 04/03/25 | Settlement Date: 04/03/25 | Settlement Date: 04/03/25 |
|  Collateralized by U.S. Treasury Bills, 0.000%, due 06/03/25 to 06/17/25. The aggregate market value of the collateral, including accrued interest, was $40,800,056. | Collateralized by U.S. Treasury Bills, 0.000%, due 06/03/25 to 06/17/25. The aggregate market value of the collateral, including accrued interest, was $40,800,056. | Collateralized by U.S. Treasury Bills, 0.000%, due 06/03/25 to 06/17/25. The aggregate market value of the collateral, including accrued interest, was $40,800,056. | Collateralized by U.S. Treasury Bills, 0.000%, due 06/03/25 to 06/17/25. The aggregate market value of the collateral, including accrued interest, was $40,800,056. | Collateralized by U.S. Treasury Bills, 0.000%, due 06/03/25 to 06/17/25. The aggregate market value of the collateral, including accrued interest, was $40,800,056. |
|  | 40000000 | 4.240 | 10/02/25 | $40000000 |
|  Maturity Value: $40,857,422 | Maturity Value: $40,857,422 | Maturity Value: $40,857,422 | Maturity Value: $40,857,422 | Maturity Value: $40,857,422 |
|  Settlement Date: 04/03/25 | Settlement Date: 04/03/25 | Settlement Date: 04/03/25 | Settlement Date: 04/03/25 | Settlement Date: 04/03/25 |
|  Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 11/15/51 to 11/15/52 and a U.S. Treasury Note, 2.875%, due 08/15/28. The aggregate market value of the collateral, including accrued interest, was $40,800,038. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 11/15/51 to 11/15/52 and a U.S. Treasury Note, 2.875%, due 08/15/28. The aggregate market value of the collateral, including accrued interest, was $40,800,038. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 11/15/51 to 11/15/52 and a U.S. Treasury Note, 2.875%, due 08/15/28. The aggregate market value of the collateral, including accrued interest, was $40,800,038. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 11/15/51 to 11/15/52 and a U.S. Treasury Note, 2.875%, due 08/15/28. The aggregate market value of the collateral, including accrued interest, was $40,800,038. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 11/15/51 to 11/15/52 and a U.S. Treasury Note, 2.875%, due 08/15/28. The aggregate market value of the collateral, including accrued interest, was $40,800,038. |
|  | 40000000 | 4.240 | 10/02/25 | $40000000 |
|  Maturity Value: $40,857,422 | Maturity Value: $40,857,422 | Maturity Value: $40,857,422 | Maturity Value: $40,857,422 | Maturity Value: $40,857,422 |
|  Settlement Date: 04/03/25 | Settlement Date: 04/03/25 | Settlement Date: 04/03/25 | Settlement Date: 04/03/25 | Settlement Date: 04/03/25 |
|  Collateralized by U.S. Treasury Bonds, 1.875% to 4.750%, due 11/15/51 to 11/15/53. The aggregate market value of the collateral, including accrued interest, was $40,800,040. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.750%, due 11/15/51 to 11/15/53. The aggregate market value of the collateral, including accrued interest, was $40,800,040. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.750%, due 11/15/51 to 11/15/53. The aggregate market value of the collateral, including accrued interest, was $40,800,040. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.750%, due 11/15/51 to 11/15/53. The aggregate market value of the collateral, including accrued interest, was $40,800,040. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.750%, due 11/15/51 to 11/15/53. The aggregate market value of the collateral, including accrued interest, was $40,800,040. |
|  | 75000000 | 4.270 | 10/31/25 | $75000000 |
|  Maturity Value: $77,428,563 | Maturity Value: $77,428,563 | Maturity Value: $77,428,563 | Maturity Value: $77,428,563 | Maturity Value: $77,428,563 |
|  Settlement Date: 01/31/25 | Settlement Date: 01/31/25 | Settlement Date: 01/31/25 | Settlement Date: 01/31/25 | Settlement Date: 01/31/25 |
|  Collateralized by U.S. Treasury Bonds, 1.375% to 4.000%, due 08/15/50 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $76,500,042. | Collateralized by U.S. Treasury Bonds, 1.375% to 4.000%, due 08/15/50 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $76,500,042. | Collateralized by U.S. Treasury Bonds, 1.375% to 4.000%, due 08/15/50 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $76,500,042. | Collateralized by U.S. Treasury Bonds, 1.375% to 4.000%, due 08/15/50 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $76,500,042. | Collateralized by U.S. Treasury Bonds, 1.375% to 4.000%, due 08/15/50 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $76,500,042. |
|  | 150000000 | 4.250 | 11/06/25 | $150000000 |
|  Maturity Value: $153,258,333 | Maturity Value: $153,258,333 | Maturity Value: $153,258,333 | Maturity Value: $153,258,333 | Maturity Value: $153,258,333 |
|  Settlement Date: 05/06/25 | Settlement Date: 05/06/25 | Settlement Date: 05/06/25 | Settlement Date: 05/06/25 | Settlement Date: 05/06/25 |
|  Collateralized by U.S. Treasury Bonds, 1.625% to 4.000%, due 11/15/50 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $153,000,036. | Collateralized by U.S. Treasury Bonds, 1.625% to 4.000%, due 11/15/50 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $153,000,036. | Collateralized by U.S. Treasury Bonds, 1.625% to 4.000%, due 11/15/50 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $153,000,036. | Collateralized by U.S. Treasury Bonds, 1.625% to 4.000%, due 11/15/50 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $153,000,036. | Collateralized by U.S. Treasury Bonds, 1.625% to 4.000%, due 11/15/50 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $153,000,036. |
|  | 100000000 | 4.340 | 11/12/25 | $100000000 |
|  Maturity Value: $102,218,222 | Maturity Value: $102,218,222 | Maturity Value: $102,218,222 | Maturity Value: $102,218,222 | Maturity Value: $102,218,222 |
|  Settlement Date: 05/12/25 | Settlement Date: 05/12/25 | Settlement Date: 05/12/25 | Settlement Date: 05/12/25 | Settlement Date: 05/12/25 |
|  Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 02/15/51 to 11/15/52 and a U.S. Treasury Note, 4.625%, due 10/15/26. The aggregate market value of the collateral, including accrued interest, was $102,000,059. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 02/15/51 to 11/15/52 and a U.S. Treasury Note, 4.625%, due 10/15/26. The aggregate market value of the collateral, including accrued interest, was $102,000,059. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 02/15/51 to 11/15/52 and a U.S. Treasury Note, 4.625%, due 10/15/26. The aggregate market value of the collateral, including accrued interest, was $102,000,059. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 02/15/51 to 11/15/52 and a U.S. Treasury Note, 4.625%, due 10/15/26. The aggregate market value of the collateral, including accrued interest, was $102,000,059. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 02/15/51 to 11/15/52 and a U.S. Treasury Note, 4.625%, due 10/15/26. The aggregate market value of the collateral, including accrued interest, was $102,000,059. |

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

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GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
| Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) |
| $| 100000000 | 4.360% | 11/28/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000000 |
|  Maturity Value: $102,216,334 | Maturity Value: $102,216,334 | Maturity Value: $102,216,334 | Maturity Value: $102,216,334 | Maturity Value: $102,216,334 |
|  Settlement Date: 05/29/25 | Settlement Date: 05/29/25 | Settlement Date: 05/29/25 | Settlement Date: 05/29/25 | Settlement Date: 05/29/25 |
|  Collateralized by U.S. Treasury Bonds, 1.375% to 3.000%, due 08/15/50 to 08/15/52. The aggregate market value of the collateral, including accrued interest, was $101,999,999. | Collateralized by U.S. Treasury Bonds, 1.375% to 3.000%, due 08/15/50 to 08/15/52. The aggregate market value of the collateral, including accrued interest, was $101,999,999. | Collateralized by U.S. Treasury Bonds, 1.375% to 3.000%, due 08/15/50 to 08/15/52. The aggregate market value of the collateral, including accrued interest, was $101,999,999. | Collateralized by U.S. Treasury Bonds, 1.375% to 3.000%, due 08/15/50 to 08/15/52. The aggregate market value of the collateral, including accrued interest, was $101,999,999. | Collateralized by U.S. Treasury Bonds, 1.375% to 3.000%, due 08/15/50 to 08/15/52. The aggregate market value of the collateral, including accrued interest, was $101,999,999. |
|  | 200000000 | 4.230 | 12/09/25 | $200000000 |
|  Maturity Value: $205,029,000 | Maturity Value: $205,029,000 | Maturity Value: $205,029,000 | Maturity Value: $205,029,000 | Maturity Value: $205,029,000 |
|  Settlement Date: 05/09/25 | Settlement Date: 05/09/25 | Settlement Date: 05/09/25 | Settlement Date: 05/09/25 | Settlement Date: 05/09/25 |
|  Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 02/15/51 to 11/15/52 and U.S. Treasury Notes, 0.625% to 4.375%, due 12/31/29 to 08/15/30. The aggregate market value of the collateral, including accrued interest, was $204,000,024. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 02/15/51 to 11/15/52 and U.S. Treasury Notes, 0.625% to 4.375%, due 12/31/29 to 08/15/30. The aggregate market value of the collateral, including accrued interest, was $204,000,024. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 02/15/51 to 11/15/52 and U.S. Treasury Notes, 0.625% to 4.375%, due 12/31/29 to 08/15/30. The aggregate market value of the collateral, including accrued interest, was $204,000,024. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 02/15/51 to 11/15/52 and U.S. Treasury Notes, 0.625% to 4.375%, due 12/31/29 to 08/15/30. The aggregate market value of the collateral, including accrued interest, was $204,000,024. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.000%, due 02/15/51 to 11/15/52 and U.S. Treasury Notes, 0.625% to 4.375%, due 12/31/29 to 08/15/30. The aggregate market value of the collateral, including accrued interest, was $204,000,024. |
|  Credit Agricole Corporate and Investment Bank | Credit Agricole Corporate and Investment Bank | Credit Agricole Corporate and Investment Bank | Credit Agricole Corporate and Investment Bank | Credit Agricole Corporate and Investment Bank |
|  | 100000000 | 4.290 | 06/02/25 | $100000000 |
|  Maturity Value: $100,035,750 | Maturity Value: $100,035,750 | Maturity Value: $100,035,750 | Maturity Value: $100,035,750 | Maturity Value: $100,035,750 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by U.S. Treasury Notes, 0.875% to 4.375%, due 12/15/26 to 11/15/34. The aggregate market value of the collateral, including accrued interest, was $102,000,101. | Collateralized by U.S. Treasury Notes, 0.875% to 4.375%, due 12/15/26 to 11/15/34. The aggregate market value of the collateral, including accrued interest, was $102,000,101. | Collateralized by U.S. Treasury Notes, 0.875% to 4.375%, due 12/15/26 to 11/15/34. The aggregate market value of the collateral, including accrued interest, was $102,000,101. | Collateralized by U.S. Treasury Notes, 0.875% to 4.375%, due 12/15/26 to 11/15/34. The aggregate market value of the collateral, including accrued interest, was $102,000,101. | Collateralized by U.S. Treasury Notes, 0.875% to 4.375%, due 12/15/26 to 11/15/34. The aggregate market value of the collateral, including accrued interest, was $102,000,101. |
|  | 285000000 | 4.330 <sup>(d)</sup> | 07/10/25 | $285000000 |
|  Maturity Value: $291,204,530 | Maturity Value: $291,204,530 | Maturity Value: $291,204,530 | Maturity Value: $291,204,530 | Maturity Value: $291,204,530 |
|  Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 |
|  Collateralized by U.S. Treasury Notes, 0.875% to 4.500%, due 06/30/26 to 11/15/33. The aggregate market value of the collateral, including accrued interest, was $290,700,047. | Collateralized by U.S. Treasury Notes, 0.875% to 4.500%, due 06/30/26 to 11/15/33. The aggregate market value of the collateral, including accrued interest, was $290,700,047. | Collateralized by U.S. Treasury Notes, 0.875% to 4.500%, due 06/30/26 to 11/15/33. The aggregate market value of the collateral, including accrued interest, was $290,700,047. | Collateralized by U.S. Treasury Notes, 0.875% to 4.500%, due 06/30/26 to 11/15/33. The aggregate market value of the collateral, including accrued interest, was $290,700,047. | Collateralized by U.S. Treasury Notes, 0.875% to 4.500%, due 06/30/26 to 11/15/33. The aggregate market value of the collateral, including accrued interest, was $290,700,047. |
|  | 570000000 | 4.330 <sup>(d)</sup> | 07/10/25 | $570000000 |
|  Maturity Value: $582,409,061 | Maturity Value: $582,409,061 | Maturity Value: $582,409,061 | Maturity Value: $582,409,061 | Maturity Value: $582,409,061 |
|  Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 |
|  Collateralized by U.S. Treasury Notes, 0.500% to 4.500%, due 11/30/26 to 12/31/31. The aggregate market value of the collateral, including accrued interest, was $581,400,016. | Collateralized by U.S. Treasury Notes, 0.500% to 4.500%, due 11/30/26 to 12/31/31. The aggregate market value of the collateral, including accrued interest, was $581,400,016. | Collateralized by U.S. Treasury Notes, 0.500% to 4.500%, due 11/30/26 to 12/31/31. The aggregate market value of the collateral, including accrued interest, was $581,400,016. | Collateralized by U.S. Treasury Notes, 0.500% to 4.500%, due 11/30/26 to 12/31/31. The aggregate market value of the collateral, including accrued interest, was $581,400,016. | Collateralized by U.S. Treasury Notes, 0.500% to 4.500%, due 11/30/26 to 12/31/31. The aggregate market value of the collateral, including accrued interest, was $581,400,016. |
|  | 108000000 | 4.330 <sup>(d)</sup> | 09/18/25 | $108000000 |
|  Maturity Value: $110,636,970 | Maturity Value: $110,636,970 | Maturity Value: $110,636,970 | Maturity Value: $110,636,970 | Maturity Value: $110,636,970 |
|  Settlement Date: 02/27/25 | Settlement Date: 02/27/25 | Settlement Date: 02/27/25 | Settlement Date: 02/27/25 | Settlement Date: 02/27/25 |
|  Collateralized by U.S. Treasury Notes, 0.875% to 4.375%, due 07/31/26 to 11/15/34. The aggregate market value of the collateral, including accrued interest, was $110,160,050. | Collateralized by U.S. Treasury Notes, 0.875% to 4.375%, due 07/31/26 to 11/15/34. The aggregate market value of the collateral, including accrued interest, was $110,160,050. | Collateralized by U.S. Treasury Notes, 0.875% to 4.375%, due 07/31/26 to 11/15/34. The aggregate market value of the collateral, including accrued interest, was $110,160,050. | Collateralized by U.S. Treasury Notes, 0.875% to 4.375%, due 07/31/26 to 11/15/34. The aggregate market value of the collateral, including accrued interest, was $110,160,050. | Collateralized by U.S. Treasury Notes, 0.875% to 4.375%, due 07/31/26 to 11/15/34. The aggregate market value of the collateral, including accrued interest, was $110,160,050. |
|  | 260000000 | 4.330 <sup>(d)</sup> | 09/25/25 | $260000000 |
|  Maturity Value: $266,567,168 | Maturity Value: $266,567,168 | Maturity Value: $266,567,168 | Maturity Value: $266,567,168 | Maturity Value: $266,567,168 |
|  Settlement Date: 02/27/25 | Settlement Date: 02/27/25 | Settlement Date: 02/27/25 | Settlement Date: 02/27/25 | Settlement Date: 02/27/25 |
|  Collateralized by U.S. Treasury Notes, 0.625% to 4.125%, due 10/31/26 to 08/15/31. The aggregate market value of the collateral, including accrued interest, was $265,200,037. | Collateralized by U.S. Treasury Notes, 0.625% to 4.125%, due 10/31/26 to 08/15/31. The aggregate market value of the collateral, including accrued interest, was $265,200,037. | Collateralized by U.S. Treasury Notes, 0.625% to 4.125%, due 10/31/26 to 08/15/31. The aggregate market value of the collateral, including accrued interest, was $265,200,037. | Collateralized by U.S. Treasury Notes, 0.625% to 4.125%, due 10/31/26 to 08/15/31. The aggregate market value of the collateral, including accrued interest, was $265,200,037. | Collateralized by U.S. Treasury Notes, 0.625% to 4.125%, due 10/31/26 to 08/15/31. The aggregate market value of the collateral, including accrued interest, was $265,200,037. |
|  Daiwa Capital Markets America, Inc. | Daiwa Capital Markets America, Inc. | Daiwa Capital Markets America, Inc. | Daiwa Capital Markets America, Inc. | Daiwa Capital Markets America, Inc. |
|  | 185431373 | 4.360 | 06/02/25 | $185431373 |
|  Maturity Value: $185,498,746 | Maturity Value: $185,498,746 | Maturity Value: $185,498,746 | Maturity Value: $185,498,746 | Maturity Value: $185,498,746 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Note, 3.500%, due 04/30/30. The market value of the collateral, including accrued interest, was $189,140,000. | Collateralized by a U.S. Treasury Note, 3.500%, due 04/30/30. The market value of the collateral, including accrued interest, was $189,140,000. | Collateralized by a U.S. Treasury Note, 3.500%, due 04/30/30. The market value of the collateral, including accrued interest, was $189,140,000. | Collateralized by a U.S. Treasury Note, 3.500%, due 04/30/30. The market value of the collateral, including accrued interest, was $189,140,000. | Collateralized by a U.S. Treasury Note, 3.500%, due 04/30/30. The market value of the collateral, including accrued interest, was $189,140,000. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
| Deutsche Bank Securities, Inc. | Deutsche Bank Securities, Inc. | Deutsche Bank Securities, Inc. | Deutsche Bank Securities, Inc. | Deutsche Bank Securities, Inc. |
| $| 50000000 | 4.260% | 06/02/25 | $50000000 |
|  Maturity Value: $50,017,750 | Maturity Value: $50,017,750 | Maturity Value: $50,017,750 | Maturity Value: $50,017,750 | Maturity Value: $50,017,750 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 4.375%, due 08/15/43. The market value of the collateral, including accrued interest, was $51,000,084. | Collateralized by a U.S. Treasury Bond, 4.375%, due 08/15/43. The market value of the collateral, including accrued interest, was $51,000,084. | Collateralized by a U.S. Treasury Bond, 4.375%, due 08/15/43. The market value of the collateral, including accrued interest, was $51,000,084. | Collateralized by a U.S. Treasury Bond, 4.375%, due 08/15/43. The market value of the collateral, including accrued interest, was $51,000,084. | Collateralized by a U.S. Treasury Bond, 4.375%, due 08/15/43. The market value of the collateral, including accrued interest, was $51,000,084. |
|  Federal Reserve Bank of New York | Federal Reserve Bank of New York | Federal Reserve Bank of New York | Federal Reserve Bank of New York | Federal Reserve Bank of New York |
|  | 300000000 | 4.250 | 06/02/25 | $300000000 |
|  Maturity Value: $300,106,250 | Maturity Value: $300,106,250 | Maturity Value: $300,106,250 | Maturity Value: $300,106,250 | Maturity Value: $300,106,250 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Note, 1.625%, due 08/15/29. The market value of the collateral, including accrued interest, was $300,106,286. | Collateralized by a U.S. Treasury Note, 1.625%, due 08/15/29. The market value of the collateral, including accrued interest, was $300,106,286. | Collateralized by a U.S. Treasury Note, 1.625%, due 08/15/29. The market value of the collateral, including accrued interest, was $300,106,286. | Collateralized by a U.S. Treasury Note, 1.625%, due 08/15/29. The market value of the collateral, including accrued interest, was $300,106,286. | Collateralized by a U.S. Treasury Note, 1.625%, due 08/15/29. The market value of the collateral, including accrued interest, was $300,106,286. |
|  Fixed Income Clearing Corporation / BNP Paribas | Fixed Income Clearing Corporation / BNP Paribas | Fixed Income Clearing Corporation / BNP Paribas | Fixed Income Clearing Corporation / BNP Paribas | Fixed Income Clearing Corporation / BNP Paribas |
|  | 1500000000 | 4.340 | 06/02/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000000 |
|  Maturity Value: $1,500,542,500 | Maturity Value: $1,500,542,500 | Maturity Value: $1,500,542,500 | Maturity Value: $1,500,542,500 | Maturity Value: $1,500,542,500 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by U.S. Treasury Bonds, 1.125% to 4.750%, due 02/15/36 to 08/15/54, a U.S. Treasury Floating Rate Note, 4.506%, due 10/31/26 and U.S. Treasury Notes, 1.000% to 4.875%, due 12/15/27 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $1,530,000,011. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.750%, due 02/15/36 to 08/15/54, a U.S. Treasury Floating Rate Note, 4.506%, due 10/31/26 and U.S. Treasury Notes, 1.000% to 4.875%, due 12/15/27 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $1,530,000,011. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.750%, due 02/15/36 to 08/15/54, a U.S. Treasury Floating Rate Note, 4.506%, due 10/31/26 and U.S. Treasury Notes, 1.000% to 4.875%, due 12/15/27 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $1,530,000,011. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.750%, due 02/15/36 to 08/15/54, a U.S. Treasury Floating Rate Note, 4.506%, due 10/31/26 and U.S. Treasury Notes, 1.000% to 4.875%, due 12/15/27 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $1,530,000,011. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.750%, due 02/15/36 to 08/15/54, a U.S. Treasury Floating Rate Note, 4.506%, due 10/31/26 and U.S. Treasury Notes, 1.000% to 4.875%, due 12/15/27 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $1,530,000,011. |
| Fixed Income Clearing Corporation / State Street Bank and Trust Company | Fixed Income Clearing Corporation / State Street Bank and Trust Company | Fixed Income Clearing Corporation / State Street Bank and Trust Company | Fixed Income Clearing Corporation / State Street Bank and Trust Company | Fixed Income Clearing Corporation / State Street Bank and Trust Company |
|  | 200000000 | 4.340 | 06/02/25 | $200000000 |
|  Maturity Value: $200,072,334 | Maturity Value: $200,072,334 | Maturity Value: $200,072,334 | Maturity Value: $200,072,334 | Maturity Value: $200,072,334 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Note, 4.750%, due 11/15/53. The market value of the collateral, including accrued interest, was $204,000,000. | Collateralized by a U.S. Treasury Note, 4.750%, due 11/15/53. The market value of the collateral, including accrued interest, was $204,000,000. | Collateralized by a U.S. Treasury Note, 4.750%, due 11/15/53. The market value of the collateral, including accrued interest, was $204,000,000. | Collateralized by a U.S. Treasury Note, 4.750%, due 11/15/53. The market value of the collateral, including accrued interest, was $204,000,000. | Collateralized by a U.S. Treasury Note, 4.750%, due 11/15/53. The market value of the collateral, including accrued interest, was $204,000,000. |
|  | 6800000000 | 4.340 | 06/02/25 | $6800000000 |
|  Maturity Value: $6,802,459,333 | Maturity Value: $6,802,459,333 | Maturity Value: $6,802,459,333 | Maturity Value: $6,802,459,333 | Maturity Value: $6,802,459,333 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by U.S. Treasury Bonds, 1.125% to 4.500%, due 08/15/39 to 05/15/40, U.S. Treasury Inflation Protected Securities, 1.750% to 1.875%, due 01/15/34 to 07/15/34 and U.S. Treasury Notes, 0.125% to 4.500%, due 01/15/32 to 08/15/34. The aggregate market value of the collateral, including accrued interest, was $6,936,000,000. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.500%, due 08/15/39 to 05/15/40, U.S. Treasury Inflation Protected Securities, 1.750% to 1.875%, due 01/15/34 to 07/15/34 and U.S. Treasury Notes, 0.125% to 4.500%, due 01/15/32 to 08/15/34. The aggregate market value of the collateral, including accrued interest, was $6,936,000,000. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.500%, due 08/15/39 to 05/15/40, U.S. Treasury Inflation Protected Securities, 1.750% to 1.875%, due 01/15/34 to 07/15/34 and U.S. Treasury Notes, 0.125% to 4.500%, due 01/15/32 to 08/15/34. The aggregate market value of the collateral, including accrued interest, was $6,936,000,000. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.500%, due 08/15/39 to 05/15/40, U.S. Treasury Inflation Protected Securities, 1.750% to 1.875%, due 01/15/34 to 07/15/34 and U.S. Treasury Notes, 0.125% to 4.500%, due 01/15/32 to 08/15/34. The aggregate market value of the collateral, including accrued interest, was $6,936,000,000. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.500%, due 08/15/39 to 05/15/40, U.S. Treasury Inflation Protected Securities, 1.750% to 1.875%, due 01/15/34 to 07/15/34 and U.S. Treasury Notes, 0.125% to 4.500%, due 01/15/32 to 08/15/34. The aggregate market value of the collateral, including accrued interest, was $6,936,000,000. |
|  HSBC Bank PLC | HSBC Bank PLC | HSBC Bank PLC | HSBC Bank PLC | HSBC Bank PLC |
|  | 558000000 | 4.340 | 06/11/25 | $558000000 |
|  Maturity Value: $573,404,836 | Maturity Value: $573,404,836 | Maturity Value: $573,404,836 | Maturity Value: $573,404,836 | Maturity Value: $573,404,836 |
|  Settlement Date: 10/25/24 | Settlement Date: 10/25/24 | Settlement Date: 10/25/24 | Settlement Date: 10/25/24 | Settlement Date: 10/25/24 |
|  Collateralized by U.S. Treasury Bonds, 1.875% to 6.375%, due 08/15/27 to 11/15/54, a U.S. Treasury Inflation-Indexed Bond, 0.625%, due 02/15/43, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.750%, due 07/15/26 to 01/15/34, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 0.625% to 4.875%, due 12/31/25 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $569,365,915. | Collateralized by U.S. Treasury Bonds, 1.875% to 6.375%, due 08/15/27 to 11/15/54, a U.S. Treasury Inflation-Indexed Bond, 0.625%, due 02/15/43, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.750%, due 07/15/26 to 01/15/34, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 0.625% to 4.875%, due 12/31/25 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $569,365,915. | Collateralized by U.S. Treasury Bonds, 1.875% to 6.375%, due 08/15/27 to 11/15/54, a U.S. Treasury Inflation-Indexed Bond, 0.625%, due 02/15/43, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.750%, due 07/15/26 to 01/15/34, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 0.625% to 4.875%, due 12/31/25 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $569,365,915. | Collateralized by U.S. Treasury Bonds, 1.875% to 6.375%, due 08/15/27 to 11/15/54, a U.S. Treasury Inflation-Indexed Bond, 0.625%, due 02/15/43, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.750%, due 07/15/26 to 01/15/34, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 0.625% to 4.875%, due 12/31/25 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $569,365,915. | Collateralized by U.S. Treasury Bonds, 1.875% to 6.375%, due 08/15/27 to 11/15/54, a U.S. Treasury Inflation-Indexed Bond, 0.625%, due 02/15/43, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.750%, due 07/15/26 to 01/15/34, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 0.625% to 4.875%, due 12/31/25 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $569,365,915. |

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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. | **27** |

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------

GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

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

Schedule of Investments (continued) *May 31, 2025 (Unaudited)*

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
| HSBC Securities (USA), Inc. | HSBC Securities (USA), Inc. | HSBC Securities (USA), Inc. | HSBC Securities (USA), Inc. | HSBC Securities (USA), Inc. |
| $| 1050000000 | 4.340% | 06/02/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000000 |
|  Maturity Value: $1,050,379,750 | Maturity Value: $1,050,379,750 | Maturity Value: $1,050,379,750 | Maturity Value: $1,050,379,750 | Maturity Value: $1,050,379,750 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by U.S. Treasury Bonds, 4.500% to 6.500%, due 11/15/26 to 02/15/45, U.S. Treasury Inflation-Indexed Bonds, 2.375% to 3.375%, due 01/15/29 to 02/15/55, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 01/15/26 to 01/15/32, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/31, U.S. Treasury Notes, 0.750% to 4.625%, due 10/15/25 to 05/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/25 to 11/15/53. The aggregate market value of the collateral, including accrued interest, was $1,071,387,347. | Collateralized by U.S. Treasury Bonds, 4.500% to 6.500%, due 11/15/26 to 02/15/45, U.S. Treasury Inflation-Indexed Bonds, 2.375% to 3.375%, due 01/15/29 to 02/15/55, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 01/15/26 to 01/15/32, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/31, U.S. Treasury Notes, 0.750% to 4.625%, due 10/15/25 to 05/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/25 to 11/15/53. The aggregate market value of the collateral, including accrued interest, was $1,071,387,347. | Collateralized by U.S. Treasury Bonds, 4.500% to 6.500%, due 11/15/26 to 02/15/45, U.S. Treasury Inflation-Indexed Bonds, 2.375% to 3.375%, due 01/15/29 to 02/15/55, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 01/15/26 to 01/15/32, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/31, U.S. Treasury Notes, 0.750% to 4.625%, due 10/15/25 to 05/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/25 to 11/15/53. The aggregate market value of the collateral, including accrued interest, was $1,071,387,347. | Collateralized by U.S. Treasury Bonds, 4.500% to 6.500%, due 11/15/26 to 02/15/45, U.S. Treasury Inflation-Indexed Bonds, 2.375% to 3.375%, due 01/15/29 to 02/15/55, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 01/15/26 to 01/15/32, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/31, U.S. Treasury Notes, 0.750% to 4.625%, due 10/15/25 to 05/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/25 to 11/15/53. The aggregate market value of the collateral, including accrued interest, was $1,071,387,347. | Collateralized by U.S. Treasury Bonds, 4.500% to 6.500%, due 11/15/26 to 02/15/45, U.S. Treasury Inflation-Indexed Bonds, 2.375% to 3.375%, due 01/15/29 to 02/15/55, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 01/15/26 to 01/15/32, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/31, U.S. Treasury Notes, 0.750% to 4.625%, due 10/15/25 to 05/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/25 to 11/15/53. The aggregate market value of the collateral, including accrued interest, was $1,071,387,347. |
|  | 377000000 | 4.330 | 06/11/25 | $377000000 |
|  Maturity Value: $387,429,288 | Maturity Value: $387,429,288 | Maturity Value: $387,429,288 | Maturity Value: $387,429,288 | Maturity Value: $387,429,288 |
|  Settlement Date: 10/24/24 | Settlement Date: 10/24/24 | Settlement Date: 10/24/24 | Settlement Date: 10/24/24 | Settlement Date: 10/24/24 |
|  Collateralized by U.S. Treasury Bonds, 1.250% to 6.250%, due 05/15/30 to 05/15/52, a U.S. Treasury Floating Rate Note, 4.461%, due 04/30/27, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 2.125%, due 02/15/42 to 02/15/54, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/28 to 02/15/52, U.S. Treasury Notes, 1.625% to 4.375%, due 10/31/26 to 11/30/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/25 to 08/15/47. The aggregate market value of the collateral, including accrued interest, was $384,678,755. | Collateralized by U.S. Treasury Bonds, 1.250% to 6.250%, due 05/15/30 to 05/15/52, a U.S. Treasury Floating Rate Note, 4.461%, due 04/30/27, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 2.125%, due 02/15/42 to 02/15/54, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/28 to 02/15/52, U.S. Treasury Notes, 1.625% to 4.375%, due 10/31/26 to 11/30/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/25 to 08/15/47. The aggregate market value of the collateral, including accrued interest, was $384,678,755. | Collateralized by U.S. Treasury Bonds, 1.250% to 6.250%, due 05/15/30 to 05/15/52, a U.S. Treasury Floating Rate Note, 4.461%, due 04/30/27, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 2.125%, due 02/15/42 to 02/15/54, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/28 to 02/15/52, U.S. Treasury Notes, 1.625% to 4.375%, due 10/31/26 to 11/30/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/25 to 08/15/47. The aggregate market value of the collateral, including accrued interest, was $384,678,755. | Collateralized by U.S. Treasury Bonds, 1.250% to 6.250%, due 05/15/30 to 05/15/52, a U.S. Treasury Floating Rate Note, 4.461%, due 04/30/27, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 2.125%, due 02/15/42 to 02/15/54, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/28 to 02/15/52, U.S. Treasury Notes, 1.625% to 4.375%, due 10/31/26 to 11/30/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/25 to 08/15/47. The aggregate market value of the collateral, including accrued interest, was $384,678,755. | Collateralized by U.S. Treasury Bonds, 1.250% to 6.250%, due 05/15/30 to 05/15/52, a U.S. Treasury Floating Rate Note, 4.461%, due 04/30/27, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 2.125%, due 02/15/42 to 02/15/54, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/28 to 02/15/52, U.S. Treasury Notes, 1.625% to 4.375%, due 10/31/26 to 11/30/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/25 to 08/15/47. The aggregate market value of the collateral, including accrued interest, was $384,678,755. |
|  J.P. Morgan Securities LLC | J.P. Morgan Securities LLC | J.P. Morgan Securities LLC | J.P. Morgan Securities LLC | J.P. Morgan Securities LLC |
|  | 700000000 | 4.300 | 06/02/25 | $700000000 |
|  Maturity Value: $700,250,833 | Maturity Value: $700,250,833 | Maturity Value: $700,250,833 | Maturity Value: $700,250,833 | Maturity Value: $700,250,833 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 0.750% to 3.875%, due 05/31/26 to 04/30/30. The aggregate market value of the collateral, including accrued interest, was $714,255,851. | Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 0.750% to 3.875%, due 05/31/26 to 04/30/30. The aggregate market value of the collateral, including accrued interest, was $714,255,851. | Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 0.750% to 3.875%, due 05/31/26 to 04/30/30. The aggregate market value of the collateral, including accrued interest, was $714,255,851. | Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 0.750% to 3.875%, due 05/31/26 to 04/30/30. The aggregate market value of the collateral, including accrued interest, was $714,255,851. | Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 0.750% to 3.875%, due 05/31/26 to 04/30/30. The aggregate market value of the collateral, including accrued interest, was $714,255,851. |
|  | 250000000 | 4.330 <sup>(d)</sup> | 07/10/25 | $250000000 |
|  Maturity Value: $255,442,571 | Maturity Value: $255,442,571 | Maturity Value: $255,442,571 | Maturity Value: $255,442,571 | Maturity Value: $255,442,571 |
|  Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 |
|  Collateralized by a U.S. Treasury Bond, 2.250%, due 02/15/52. The market value of the collateral, including accrued interest, was $255,976,731. | Collateralized by a U.S. Treasury Bond, 2.250%, due 02/15/52. The market value of the collateral, including accrued interest, was $255,976,731. | Collateralized by a U.S. Treasury Bond, 2.250%, due 02/15/52. The market value of the collateral, including accrued interest, was $255,976,731. | Collateralized by a U.S. Treasury Bond, 2.250%, due 02/15/52. The market value of the collateral, including accrued interest, was $255,976,731. | Collateralized by a U.S. Treasury Bond, 2.250%, due 02/15/52. The market value of the collateral, including accrued interest, was $255,976,731. |
|  Joint Account I | Joint Account I | Joint Account I | Joint Account I | Joint Account I |
|  | 1525000000 | 4.340 | 06/02/25 | $1525000000 |
|  Maturity Value: $1,525,551,542 | Maturity Value: $1,525,551,542 | Maturity Value: $1,525,551,542 | Maturity Value: $1,525,551,542 | Maturity Value: $1,525,551,542 |
|  Nomura Securities International, Inc. | Nomura Securities International, Inc. | Nomura Securities International, Inc. | Nomura Securities International, Inc. | Nomura Securities International, Inc. |
|  | 620000000 | 4.340 | 06/02/25 | $620000000 |
|  Maturity Value: $620,224,233 | Maturity Value: $620,224,233 | Maturity Value: $620,224,233 | Maturity Value: $620,224,233 | Maturity Value: $620,224,233 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bill, 0.000%, due 06/05/25, U.S. Treasury Bonds, 1.625% to 4.625%, due 05/15/48 to 05/15/54, U.S. Treasury Inflation-Indexed Bonds, 0.250% to 2.375%, due 02/15/47 to 02/15/55, a U.S. Treasury Inflation-Indexed Note, 0.250%, due 07/15/29 and U.S. Treasury Notes, 0.750% to 4.125%, due 08/15/25 to 10/31/31. The aggregate market value of the collateral, including accrued interest, was $632,400,081. | Collateralized by a U.S. Treasury Bill, 0.000%, due 06/05/25, U.S. Treasury Bonds, 1.625% to 4.625%, due 05/15/48 to 05/15/54, U.S. Treasury Inflation-Indexed Bonds, 0.250% to 2.375%, due 02/15/47 to 02/15/55, a U.S. Treasury Inflation-Indexed Note, 0.250%, due 07/15/29 and U.S. Treasury Notes, 0.750% to 4.125%, due 08/15/25 to 10/31/31. The aggregate market value of the collateral, including accrued interest, was $632,400,081. | Collateralized by a U.S. Treasury Bill, 0.000%, due 06/05/25, U.S. Treasury Bonds, 1.625% to 4.625%, due 05/15/48 to 05/15/54, U.S. Treasury Inflation-Indexed Bonds, 0.250% to 2.375%, due 02/15/47 to 02/15/55, a U.S. Treasury Inflation-Indexed Note, 0.250%, due 07/15/29 and U.S. Treasury Notes, 0.750% to 4.125%, due 08/15/25 to 10/31/31. The aggregate market value of the collateral, including accrued interest, was $632,400,081. | Collateralized by a U.S. Treasury Bill, 0.000%, due 06/05/25, U.S. Treasury Bonds, 1.625% to 4.625%, due 05/15/48 to 05/15/54, U.S. Treasury Inflation-Indexed Bonds, 0.250% to 2.375%, due 02/15/47 to 02/15/55, a U.S. Treasury Inflation-Indexed Note, 0.250%, due 07/15/29 and U.S. Treasury Notes, 0.750% to 4.125%, due 08/15/25 to 10/31/31. The aggregate market value of the collateral, including accrued interest, was $632,400,081. | Collateralized by a U.S. Treasury Bill, 0.000%, due 06/05/25, U.S. Treasury Bonds, 1.625% to 4.625%, due 05/15/48 to 05/15/54, U.S. Treasury Inflation-Indexed Bonds, 0.250% to 2.375%, due 02/15/47 to 02/15/55, a U.S. Treasury Inflation-Indexed Note, 0.250%, due 07/15/29 and U.S. Treasury Notes, 0.750% to 4.125%, due 08/15/25 to 10/31/31. The aggregate market value of the collateral, including accrued interest, was $632,400,081. |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
| Prudential Insurance Company of America (The) | Prudential Insurance Company of America (The) | Prudential Insurance Company of America (The) | Prudential Insurance Company of America (The) | Prudential Insurance Company of America (The) |
| $| 7312500 | 4.380% | 06/02/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7312500 |
|  Maturity Value: $7,315,169 | Maturity Value: $7,315,169 | Maturity Value: $7,315,169 | Maturity Value: $7,315,169 | Maturity Value: $7,315,169 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/48. The market value of the collateral, including accrued interest, was $7,458,750. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/48. The market value of the collateral, including accrued interest, was $7,458,750. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/48. The market value of the collateral, including accrued interest, was $7,458,750. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/48. The market value of the collateral, including accrued interest, was $7,458,750. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/48. The market value of the collateral, including accrued interest, was $7,458,750. |
|  | 8865000 | 4.380 | 06/02/25 | $8865000 |
|  Maturity Value: $8,868,236 | Maturity Value: $8,868,236 | Maturity Value: $8,868,236 | Maturity Value: $8,868,236 | Maturity Value: $8,868,236 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 2.875%, due 05/15/43. The market value of the collateral, including accrued interest, was $9,042,300. | Collateralized by a U.S. Treasury Bond, 2.875%, due 05/15/43. The market value of the collateral, including accrued interest, was $9,042,300. | Collateralized by a U.S. Treasury Bond, 2.875%, due 05/15/43. The market value of the collateral, including accrued interest, was $9,042,300. | Collateralized by a U.S. Treasury Bond, 2.875%, due 05/15/43. The market value of the collateral, including accrued interest, was $9,042,300. | Collateralized by a U.S. Treasury Bond, 2.875%, due 05/15/43. The market value of the collateral, including accrued interest, was $9,042,300. |
|  | 13500000 | 4.380 | 06/02/25 | $13500000 |
|  Maturity Value: $13,504,927 | Maturity Value: $13,504,927 | Maturity Value: $13,504,927 | Maturity Value: $13,504,927 | Maturity Value: $13,504,927 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/50. The market value of the collateral, including accrued interest, was $13,770,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/50. The market value of the collateral, including accrued interest, was $13,770,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/50. The market value of the collateral, including accrued interest, was $13,770,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/50. The market value of the collateral, including accrued interest, was $13,770,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/50. The market value of the collateral, including accrued interest, was $13,770,000. |
|  | 13837500 | 4.380 | 06/02/25 | $13837500 |
|  Maturity Value: $13,842,551 | Maturity Value: $13,842,551 | Maturity Value: $13,842,551 | Maturity Value: $13,842,551 | Maturity Value: $13,842,551 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/47. The market value of the collateral, including accrued interest, was $14,114,250. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/47. The market value of the collateral, including accrued interest, was $14,114,250. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/47. The market value of the collateral, including accrued interest, was $14,114,250. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/47. The market value of the collateral, including accrued interest, was $14,114,250. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/47. The market value of the collateral, including accrued interest, was $14,114,250. |
|  | 14250000 | 4.380 | 06/02/25 | $14250000 |
|  Maturity Value: $14,255,201 | Maturity Value: $14,255,201 | Maturity Value: $14,255,201 | Maturity Value: $14,255,201 | Maturity Value: $14,255,201 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/49. The market value of the collateral, including accrued interest, was $14,535,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/49. The market value of the collateral, including accrued interest, was $14,535,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/49. The market value of the collateral, including accrued interest, was $14,535,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/49. The market value of the collateral, including accrued interest, was $14,535,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/49. The market value of the collateral, including accrued interest, was $14,535,000. |
|  | 15000000 | 4.380 | 06/02/25 | $15000000 |
|  Maturity Value: $15,005,475 | Maturity Value: $15,005,475 | Maturity Value: $15,005,475 | Maturity Value: $15,005,475 | Maturity Value: $15,005,475 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/48. The market value of the collateral, including accrued interest, was $15,300,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/48. The market value of the collateral, including accrued interest, was $15,300,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/48. The market value of the collateral, including accrued interest, was $15,300,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/48. The market value of the collateral, including accrued interest, was $15,300,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/48. The market value of the collateral, including accrued interest, was $15,300,000. |
|  | 19437500 | 4.380 | 06/02/25 | $19437500 |
|  Maturity Value: $19,444,595 | Maturity Value: $19,444,595 | Maturity Value: $19,444,595 | Maturity Value: $19,444,595 | Maturity Value: $19,444,595 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/43. The market value of the collateral, including accrued interest, was $19,826,250. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/43. The market value of the collateral, including accrued interest, was $19,826,250. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/43. The market value of the collateral, including accrued interest, was $19,826,250. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/43. The market value of the collateral, including accrued interest, was $19,826,250. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/43. The market value of the collateral, including accrued interest, was $19,826,250. |
|  | 25125000 | 4.380 | 06/02/25 | $25125000 |
|  Maturity Value: $25,134,171 | Maturity Value: $25,134,171 | Maturity Value: $25,134,171 | Maturity Value: $25,134,171 | Maturity Value: $25,134,171 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/52. The market value of the collateral, including accrued interest, was $25,627,500. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/52. The market value of the collateral, including accrued interest, was $25,627,500. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/52. The market value of the collateral, including accrued interest, was $25,627,500. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/52. The market value of the collateral, including accrued interest, was $25,627,500. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/52. The market value of the collateral, including accrued interest, was $25,627,500. |
|  | 55250000 | 4.380 | 06/02/25 | $55250000 |
|  Maturity Value: $55,270,166 | Maturity Value: $55,270,166 | Maturity Value: $55,270,166 | Maturity Value: $55,270,166 | Maturity Value: $55,270,166 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Note, 0.000%, due 08/15/50. The market value of the collateral, including accrued interest, was $56,355,000. | Collateralized by a U.S. Treasury Note, 0.000%, due 08/15/50. The market value of the collateral, including accrued interest, was $56,355,000. | Collateralized by a U.S. Treasury Note, 0.000%, due 08/15/50. The market value of the collateral, including accrued interest, was $56,355,000. | Collateralized by a U.S. Treasury Note, 0.000%, due 08/15/50. The market value of the collateral, including accrued interest, was $56,355,000. | Collateralized by a U.S. Treasury Note, 0.000%, due 08/15/50. The market value of the collateral, including accrued interest, was $56,355,000. |

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

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GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
| RBC Dominion Securities, Inc. | RBC Dominion Securities, Inc. | RBC Dominion Securities, Inc. | RBC Dominion Securities, Inc. | RBC Dominion Securities, Inc. |
| $| 1500000000 | 4.340% | 06/02/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000000 |
|  Maturity Value: $1,500,542,500 | Maturity Value: $1,500,542,500 | Maturity Value: $1,500,542,500 | Maturity Value: $1,500,542,500 | Maturity Value: $1,500,542,500 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by U.S. Treasury Bills, 0.000%, due 06/17/25 to 09/09/25, U.S. Treasury Bonds, 1.250% to 4.750%, due 11/15/39 to 02/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 2.125%, due 02/15/42 to 02/15/54, U.S. Treasury Inflation- Indexed Notes, 0.125% to 2.125%, due 07/15/26 to 01/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/27 to 08/15/39, U.S. Treasury Notes, 0.375% to 4.875%, due 12/31/25 to 02/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/43 to 08/15/50. The aggregate market value of the collateral, including accrued interest, was $1,530,000,104. | Collateralized by U.S. Treasury Bills, 0.000%, due 06/17/25 to 09/09/25, U.S. Treasury Bonds, 1.250% to 4.750%, due 11/15/39 to 02/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 2.125%, due 02/15/42 to 02/15/54, U.S. Treasury Inflation- Indexed Notes, 0.125% to 2.125%, due 07/15/26 to 01/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/27 to 08/15/39, U.S. Treasury Notes, 0.375% to 4.875%, due 12/31/25 to 02/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/43 to 08/15/50. The aggregate market value of the collateral, including accrued interest, was $1,530,000,104. | Collateralized by U.S. Treasury Bills, 0.000%, due 06/17/25 to 09/09/25, U.S. Treasury Bonds, 1.250% to 4.750%, due 11/15/39 to 02/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 2.125%, due 02/15/42 to 02/15/54, U.S. Treasury Inflation- Indexed Notes, 0.125% to 2.125%, due 07/15/26 to 01/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/27 to 08/15/39, U.S. Treasury Notes, 0.375% to 4.875%, due 12/31/25 to 02/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/43 to 08/15/50. The aggregate market value of the collateral, including accrued interest, was $1,530,000,104. | Collateralized by U.S. Treasury Bills, 0.000%, due 06/17/25 to 09/09/25, U.S. Treasury Bonds, 1.250% to 4.750%, due 11/15/39 to 02/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 2.125%, due 02/15/42 to 02/15/54, U.S. Treasury Inflation- Indexed Notes, 0.125% to 2.125%, due 07/15/26 to 01/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/27 to 08/15/39, U.S. Treasury Notes, 0.375% to 4.875%, due 12/31/25 to 02/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/43 to 08/15/50. The aggregate market value of the collateral, including accrued interest, was $1,530,000,104. | Collateralized by U.S. Treasury Bills, 0.000%, due 06/17/25 to 09/09/25, U.S. Treasury Bonds, 1.250% to 4.750%, due 11/15/39 to 02/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 2.125%, due 02/15/42 to 02/15/54, U.S. Treasury Inflation- Indexed Notes, 0.125% to 2.125%, due 07/15/26 to 01/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/27 to 08/15/39, U.S. Treasury Notes, 0.375% to 4.875%, due 12/31/25 to 02/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/43 to 08/15/50. The aggregate market value of the collateral, including accrued interest, was $1,530,000,104. |
|  Societe Generale | Societe Generale | Societe Generale | Societe Generale | Societe Generale |
|  | 75000000 | 4.330 <sup>(d)</sup> | 06/11/25 | $75000000 |
|  Maturity Value: $75,207,479 | Maturity Value: $75,207,479 | Maturity Value: $75,207,479 | Maturity Value: $75,207,479 | Maturity Value: $75,207,479 |
|  Settlement Date: 05/19/25 | Settlement Date: 05/19/25 | Settlement Date: 05/19/25 | Settlement Date: 05/19/25 | Settlement Date: 05/19/25 |
|  Collateralized by U.S. Treasury Bonds, 2.375% to 2.750%, due 11/15/47 to 11/15/49. The aggregate market value of the collateral, including accrued interest, was $76,500,022. | Collateralized by U.S. Treasury Bonds, 2.375% to 2.750%, due 11/15/47 to 11/15/49. The aggregate market value of the collateral, including accrued interest, was $76,500,022. | Collateralized by U.S. Treasury Bonds, 2.375% to 2.750%, due 11/15/47 to 11/15/49. The aggregate market value of the collateral, including accrued interest, was $76,500,022. | Collateralized by U.S. Treasury Bonds, 2.375% to 2.750%, due 11/15/47 to 11/15/49. The aggregate market value of the collateral, including accrued interest, was $76,500,022. | Collateralized by U.S. Treasury Bonds, 2.375% to 2.750%, due 11/15/47 to 11/15/49. The aggregate market value of the collateral, including accrued interest, was $76,500,022. |
|  | 75000000 | 4.330 | 06/11/25 | $75000000 |
|  Maturity Value: $75,451,042 | Maturity Value: $75,451,042 | Maturity Value: $75,451,042 | Maturity Value: $75,451,042 | Maturity Value: $75,451,042 |
|  Settlement Date: 04/22/25 | Settlement Date: 04/22/25 | Settlement Date: 04/22/25 | Settlement Date: 04/22/25 | Settlement Date: 04/22/25 |
|  Collateralized by a U.S. Treasury Bond, 2.750%, due 11/15/47. The market value of the collateral, including accrued interest, was $76,500,018. | Collateralized by a U.S. Treasury Bond, 2.750%, due 11/15/47. The market value of the collateral, including accrued interest, was $76,500,018. | Collateralized by a U.S. Treasury Bond, 2.750%, due 11/15/47. The market value of the collateral, including accrued interest, was $76,500,018. | Collateralized by a U.S. Treasury Bond, 2.750%, due 11/15/47. The market value of the collateral, including accrued interest, was $76,500,018. | Collateralized by a U.S. Treasury Bond, 2.750%, due 11/15/47. The market value of the collateral, including accrued interest, was $76,500,018. |
|  | 75000000 | 4.330 | 06/11/25 | $75000000 |
|  Maturity Value: $76,632,771 | Maturity Value: $76,632,771 | Maturity Value: $76,632,771 | Maturity Value: $76,632,771 | Maturity Value: $76,632,771 |
|  Settlement Date: 12/12/24 | Settlement Date: 12/12/24 | Settlement Date: 12/12/24 | Settlement Date: 12/12/24 | Settlement Date: 12/12/24 |
|  Collateralized by a U.S. Treasury Bond, 2.375%, due 11/15/49. The market value of the collateral, including accrued interest, was $76,500,036. | Collateralized by a U.S. Treasury Bond, 2.375%, due 11/15/49. The market value of the collateral, including accrued interest, was $76,500,036. | Collateralized by a U.S. Treasury Bond, 2.375%, due 11/15/49. The market value of the collateral, including accrued interest, was $76,500,036. | Collateralized by a U.S. Treasury Bond, 2.375%, due 11/15/49. The market value of the collateral, including accrued interest, was $76,500,036. | Collateralized by a U.S. Treasury Bond, 2.375%, due 11/15/49. The market value of the collateral, including accrued interest, was $76,500,036. |
| TOTAL REPURCHASE AGREEMENTS | TOTAL REPURCHASE AGREEMENTS | TOTAL REPURCHASE AGREEMENTS | TOTAL REPURCHASE AGREEMENTS | $25457308873 |
| TOTAL INVESTMENTS - 100.4% | TOTAL INVESTMENTS - 100.4% | TOTAL INVESTMENTS - 100.4% | TOTAL INVESTMENTS - 100.4% | $43882117020 |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%** | (175550757) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $43706566263 |

---

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) All or a portion represents a forward commitment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless noted, all repurchase agreements were entered into on May 31, 2025. Additional information on Joint Repurchase Agreement Account I appears in the Additional Investment Information section.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The instrument is subject to a demand feature.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| PLC | —Public Limited Company |
| T-Bill | —Treasury Bill |

---

&nbsp;&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 FINANCIAL SQUARE TREASURY SOLUTIONS FUND

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

Schedule of Investments *May 31, 2025 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations – 52.5% | U.S. Treasury Obligations – 52.5% | U.S. Treasury Obligations – 52.5% | U.S. Treasury Obligations – 52.5% |
| United States Treasury Bills | United States Treasury Bills | United States Treasury Bills | United States Treasury Bills |
| $43000000 | 4.240% | 06/03/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42989988 |
| 53000000 | 4.261 | 06/03/25 | 52987660 |
| 41000000 | 4.317 | 07/01/25 | 40855475 |
| 11178100 | 4.310 | 07/03/25 | 11136070 |
| 34061800 | 4.297 | 07/08/25 | 33915467 |
| 612100 | 4.303 | 07/22/25 | 608472 |
| 76257000 | 4.304 <sup>(a)</sup> | 07/22/25 | 75804954 |
| 64760500 | 4.305 | 07/22/25 | 64376605 |
| 72088700 | 4.308 | 07/22/25 | 71661364 |
| 22899300 | 4.317 | 07/22/25 | 22763555 |
| 12705700 | 4.308 | 07/29/25 | 12619845 |
| 59366500 | 4.313 | 07/29/25 | 58965349 |
| 244373000 | 4.318 | 08/05/25 | 242519022 |
| 9841400 | 4.323 | 08/05/25 | 9766737 |
| 2920700 | 4.339 | 08/12/25 | 2895889 |
| 13415200 | 4.350 | 08/12/25 | 13301240 |
| 8125600 | 4.355 | 08/12/25 | 8056574 |
| 162028000 | 4.370 | 08/12/25 | 160651592 |
| 201195800 | 4.334 | 08/19/25 | 199331933 |
| 36091600 | 4.339 | 08/19/25 | 35757249 |
| 379971900 | 4.344 | 08/19/25 | 376451861 |
| 33972800 | 4.362 | 08/21/25 | 33645867 |
| 62907300 | 4.366 | 08/21/25 | 62301919 |
| 28773800 | 4.371 | 08/21/25 | 28496899 |
| 36872000 | 4.377 | 08/21/25 | 36517167 |
| 40991000 | 4.382 | 08/21/25 | 40596528 |
| 112872700 | 4.387 | 08/21/25 | 111786483 |
| 118029800 | 4.392 | 08/21/25 | 116893954 |
| 133571500 | 4.318 | 08/26/25 | 132229222 |
| 15672200 | 4.321 | 08/26/25 | 15514708 |
| 81776200 | 4.323 | 08/26/25 | 80954420 |
| 305504900 | 4.329 | 08/26/25 | 302434841 |
| 6643200 | 4.330 | 08/28/25 | 6574098 |
| 11720100 | 4.335 | 08/28/25 | 11598188 |
| 22094200 | 4.345 | 08/28/25 | 21864378 |
| 174507500 | 4.351 | 08/28/25 | 172692285 |
| 86020000 | 4.353 | 08/28/25 | 85125226 |
| 57633400 | 4.356 | 08/28/25 | 57033901 |
| 119051400 | 4.361 | 08/28/25 | 117813035 |
| 41582100 | 4.366 | 08/28/25 | 41149566 |
| 41800300 | 4.377 | 08/28/25 | 41365496 |
| 127066600 | 4.303 | 09/02/25 | 125689547 |
| 178943100 | 4.308 | 09/02/25 | 177003849 |
| 955300 | 4.318 | 09/02/25 | 944947 |
| 61856600 | 4.323 | 09/02/25 | 61186244 |
| 48510600 | 4.329 | 09/02/25 | 47984878 |
| 30893700 | 4.334 | 09/02/25 | 30558897 |
| 137591400 | 4.356 <sup>(a)</sup> | 09/04/25 | 136113248 |
| 7245400 | 4.313 | 09/09/25 | 7160685 |
| 180218600 | 4.318 | 09/09/25 | 178111446 |
| 6806700 | 4.323 | 09/09/25 | 6727115 |
| 1707100 | 4.349 | 09/09/25 | 1687140 |
| 5101400 | 4.352 | 09/09/25 | 5041753 |
| 22613700 | 4.360 | 09/09/25 | 22349296 |
| 19040400 | 4.369 | 09/09/25 | 18817776 |
| 248607000 | 4.360 | 09/16/25 | 245472998 |
| 4603200 | 4.381 | 09/16/25 | 4545171 |
| 22877500 | 4.245 | 09/18/25 | 22593501 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) |
| $| 7826400 | 4.334% | 09/23/25 | $| 7721574 |
|  | 5372500 | 4.339 | 09/23/25 |  | 5300541 |
|  | 198730700 | 4.344 | 09/23/25 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196068927 |
|  | 48038000 | 4.349 | 09/23/25 |  | 47394585 |
|  | 124718800 | 4.350 | 09/23/25 |  | 123048333 |
|  | 9725600 | 4.337 <sup>(a)</sup> | 09/30/25 |  | 9589936 |
|  | 277751400 | 4.339 <sup>(a)</sup> | 09/30/25 |  | 273877001 |
|  | 29570100 | 4.213 | 10/02/25 |  | 29158828 |
|  | 2379500 | 4.224 | 10/02/25 |  | 2346405 |
|  | 75756100 | 4.187 | 10/16/25 |  | 74587638 |
|  | 9515000 | 4.189 | 10/16/25 |  | 9368241 |
|  | 11495200 | 4.192 | 10/16/25 |  | 11317898 |
|  | 99537700 | 4.203 | 10/16/25 |  | 98002431 |
|  | 1531200 | 4.187 | 10/30/25 |  | 1504996 |
|  | 160573000 | 4.208 | 10/30/25 |  | 157825104 |
|  | 9775700 | 4.220 | 10/30/25 |  | 9608408 |
|  | 7543000 | 4.226 | 10/30/25 |  | 7413916 |
|  | 904800 | 4.227 | 10/30/25 |  | 889316 |
|  | 1402700 | 4.229 | 10/30/25 |  | 1378696 |
|  | 1777400 | 4.240 | 10/30/25 |  | 1746983 |
|  | 687900 | 4.256 | 10/30/25 |  | 676128 |
|  | 204100 | 4.326 | 10/30/25 |  | 200607 |
|  | 116684400 | 4.337 | 10/30/25 |  | 114687572 |
|  | 3338600 | 4.256 | 11/13/25 |  | 3275709 |
|  | 43138300 | 4.282 | 11/20/25 |  | 42282084 |
|  | 2133500 | 4.292 | 11/20/25 |  | 2091154 |
|  | 2133500 | 4.295 | 11/20/25 |  | 2091154 |
|  | 708700 | 4.297 | 11/20/25 |  | 694634 |
|  | 121400 | 4.301 | 11/20/25 |  | 118990 |
|  | 80706800 | 4.310 | 11/20/25 |  | 79104919 |
|  | 88400 | 4.321 | 11/20/25 |  | 86645 |
|  | 6888800 | 4.293 | 11/28/25 |  | 6745589 |
|  | 18924800 | 4.298 | 11/28/25 |  | 18531372 |
|  | 1547000 | 4.304 | 11/28/25 |  | 1514839 |
|  | 8637800 | 4.308 | 11/28/25 |  | 8458229 |
|  | 125824400 | 4.309 | 11/28/25 |  | 123208634 |
|  | 2578400 | 4.312 <sup>(a)</sup> | 11/28/25 |  | 2524798 |
|  | 1289200 | 4.317 <sup>(a)</sup> | 11/28/25 |  | 1262399 |
|  | 152090400 | 4.304 | 12/26/25 |  | 148500083 |
|  | 1671700 | 4.238 | 01/22/26 |  | 1627784 |
|  | 11177400 | 4.249 | 01/22/26 |  | 10883766 |
|  | 119988500 | 4.254 | 01/22/26 |  | 116836363 |
|  | 100034000 | 4.166 | 03/19/26 |  | 96844041 |
|  | 121557400 | 4.029 | 04/16/26 |  | 117442750 |
|  | 78096800 | 4.149 | 05/14/26 |  | 75138428 |
|  United States Treasury Bills (3M USD T-Bill + 0.182%) | United States Treasury Bills (3M USD T-Bill + 0.182%) | United States Treasury Bills (3M USD T-Bill + 0.182%) | United States Treasury Bills (3M USD T-Bill + 0.182%) | United States Treasury Bills (3M USD T-Bill + 0.182%) | United States Treasury Bills (3M USD T-Bill + 0.182%) |
|  | 94107600 | 4.490 <sup>(b)</sup> | 07/31/26 |  | 94021882 |
|  United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note |
|  | 3182100 | 4.275 | 08/15/25 |  | 3167384 |
|  | 25516600 | 4.285 | 08/15/25 |  | 25398592 |
|  | 468400 | 4.287 | 08/15/25 |  | 467256 |
|  | 1042200 | 4.289 | 08/15/25 |  | 1039654 |
|  | 34135600 | 4.290 | 08/15/25 |  | 34052206 |
|  | 7965100 | 4.292 | 08/15/25 |  | 7928263 |
|  | 22700400 | 4.296 | 08/15/25 |  | 22595417 |
|  | 3510000 | 4.299 | 08/15/25 |  | 3501425 |
|  | 1401300 | 4.394 | 08/15/25 |  | 1397877 |
|  | 12447700 | 4.460 | 08/15/25 |  | 12417290 |
|  | 3687700 | 4.185 | 11/30/25 |  | 3699970 |

---

&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 FINANCIAL SQUARE TREASURY SOLUTIONS FUND

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) |
| $| 3096800 | 4.200% | 11/30/25 | $| 3107104 |
|  | 8827100 | 4.211 | 12/31/25 |  | 8826389 |
|  | 16098800 | 4.216 | 12/31/25 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15843815 |
|  | 7328000 | 4.226 | 12/31/25 |  | 7327409 |
|  | 14656300 | 4.231 | 12/31/25 |  | 14496027 |
|  | 4397000 | 4.240 | 12/31/25 |  | 4396646 |
|  | 7328000 | 4.251 | 12/31/25 |  | 7168317 |
|  | 2931200 | 4.274 | 12/31/25 |  | 2867327 |
|  | 13212700 | 4.276 | 12/31/25 |  | 13211635 |
|  | 5884700 | 4.281 | 12/31/25 |  | 5884226 |
|  | 5884800 | 4.283 | 12/31/25 |  | 5884326 |
|  | 11285100 | 4.291 | 12/31/25 |  | 11284191 |
|  | 9526400 | 4.300 | 12/31/25 |  | 9470584 |
|  | 4396800 | 4.310 | 12/31/25 |  | 4355159 |
|  | 2931200 | 4.312 | 12/31/25 |  | 2930964 |
|  | 7328000 | 4.315 | 12/31/25 |  | 7327410 |
|  | 14724000 | 4.227 | 01/31/26 |  | 14541951 |
|  | 18377100 | 4.228 | 01/31/26 |  | 17919251 |
|  | 15965800 | 4.036 | 03/31/26 |  | 15539788 |
|  | 3069800 | 4.044 | 03/31/26 |  | 2987889 |
|  | 5209100 | 4.051 | 03/31/26 |  | 5225813 |
|  | 5822500 | 4.062 | 03/31/26 |  | 5667140 |
|  | 7963000 | 4.122 | 03/31/26 |  | 7988549 |
|  | 7963000 | 4.123 | 03/31/26 |  | 7750525 |
|  | 3185200 | 4.132 | 03/31/26 |  | 3195420 |
|  | 7502700 | 3.860 | 04/30/26 |  | 7293128 |
|  | 12410800 | 3.863 | 04/30/26 |  | 12512203 |
|  | 28778400 | 3.865 | 04/30/26 |  | 27974536 |
|  | 14412600 | 3.875 | 04/30/26 |  | 14010014 |
|  | 8864800 | 3.894 | 04/30/26 |  | 8937230 |
|  | 14412600 | 3.955 | 04/30/26 |  | 14010014 |
|  | 50170200 | 3.960 | 04/30/26 |  | 50580119 |
|  | 14036000 | 3.966 | 04/30/26 |  | 14150682 |
|  | 3921400 | 3.976 | 04/30/26 |  | 3953440 |
|  | 15685500 | 4.014 | 04/30/26 |  | 15813659 |
|  | 9579500 | 4.022 | 04/30/26 |  | 9311917 |
|  | 8421600 | 3.938 | 05/15/26 |  | 8397237 |
|  | 9466400 | 3.904 | 05/31/26 |  | 9176886 |
|  | 3295800 | 3.934 | 05/31/26 |  | 3195003 |
|  | 7634500 | 4.197 | 06/30/26 |  | 7369394 |
|  United States Treasury Floating Rate Note (3M USD T-Bill + 0.125%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.125%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.125%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.125%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.125%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.125%) |
|  | 20702600 | 4.426 <sup>(b)</sup> | 07/31/25 |  | 20701423 |
|  | 102820100 | 4.431 <sup>(b)</sup> | 07/31/25 |  | 102814255 |
|  United States Treasury Floating Rate Note (3M USD T-Bill + 0.150%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.150%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.150%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.150%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.150%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.150%) |
|  | 96169000 | 4.451 <sup>(b)</sup> | 04/30/26 |  | 96168903 |
|  | 218600 | 4.455 <sup>(b)</sup> | 04/30/26 |  | 218600 |
|  United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) |
|  | 423842600 | 4.460 <sup>(b)</sup> | 04/30/27 |  | 423958454 |
|  United States Treasury Floating Rate Note (3M USD T-Bill + 0.170%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.170%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.170%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.170%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.170%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.170%) |
|  | 92888900 | 4.471 <sup>(b)</sup> | 10/31/25 |  | 92867023 |
|  | 233720800 | 4.478 <sup>(b)</sup> | 10/31/25 |  | 233665754 |
|  United States Treasury Floating Rate Note (3M USD T-Bill + 0.205%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.205%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.205%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.205%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.205%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.205%) |
|  | 300690300 | 4.503 <sup>(b)</sup> | 10/31/26 |  | 300784991 |
|  | 5089000 | 4.505 <sup>(b)</sup> | 10/31/26 |  | 5090602 |
|  | 148412900 | 4.506 <sup>(b)</sup> | 10/31/26 |  | 148459637 |
|  United States Treasury Floating Rate Note (3M USD T-Bill + 0.245%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.245%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.245%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.245%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.245%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.245%) |
|  | 216802400 | 4.542 <sup>(b)</sup> | 01/31/26 |  | 216855826 |
|  | 109123700 | 4.543 <sup>(b)</sup> | 01/31/26 |  | 109150591 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) |
| $| 91971500 | 4.546 %<sup>(b)</sup> | 01/31/26 | $91994164 |
| TOTAL U.S. TREASURY OBLIGATIONS | TOTAL U.S. TREASURY OBLIGATIONS | TOTAL U.S. TREASURY OBLIGATIONS | TOTAL U.S. TREASURY OBLIGATIONS | $8653272757 |
| TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | $8653272757 |
| Repurchase Agreements<sup>(c)</sup> <sup>–</sup> 48.6% | Repurchase Agreements<sup>(c)</sup> <sup>–</sup> 48.6% | Repurchase Agreements<sup>(c)</sup> <sup>–</sup> 48.6% | Repurchase Agreements<sup>(c)</sup> <sup>–</sup> 48.6% | Repurchase Agreements<sup>(c)</sup> <sup>–</sup> 48.6% |
| Federal Reserve Bank of New York | Federal Reserve Bank of New York | Federal Reserve Bank of New York | Federal Reserve Bank of New York | Federal Reserve Bank of New York |
|  | 8000000000 | 4.250 | 06/02/25 | $8000000000 |
|  Maturity Value: $8,002,833,333 | Maturity Value: $8,002,833,333 | Maturity Value: $8,002,833,333 | Maturity Value: $8,002,833,333 | Maturity Value: $8,002,833,333 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by U.S. Treasury Notes, 1.625% to 2.375%, due 05/15/29 to 11/15/29. The aggregate market value of the collateral, including accrued interest, was $8,002,833,369. | Collateralized by U.S. Treasury Notes, 1.625% to 2.375%, due 05/15/29 to 11/15/29. The aggregate market value of the collateral, including accrued interest, was $8,002,833,369. | Collateralized by U.S. Treasury Notes, 1.625% to 2.375%, due 05/15/29 to 11/15/29. The aggregate market value of the collateral, including accrued interest, was $8,002,833,369. | Collateralized by U.S. Treasury Notes, 1.625% to 2.375%, due 05/15/29 to 11/15/29. The aggregate market value of the collateral, including accrued interest, was $8,002,833,369. | Collateralized by U.S. Treasury Notes, 1.625% to 2.375%, due 05/15/29 to 11/15/29. The aggregate market value of the collateral, including accrued interest, was $8,002,833,369. |
| TOTAL INVESTMENTS - 101.1% | TOTAL INVESTMENTS - 101.1% | TOTAL INVESTMENTS - 101.1% | TOTAL INVESTMENTS - 101.1% | $16653272757 |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.1)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.1)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.1)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.1)%** | (184410072) |
| NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16468862685 |

---

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) All or a portion represents a forward commitment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless noted, all repurchase agreements were entered into on May 31, 2025.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| T-Bill | —Treasury Bill |

---

&nbsp;&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 FUNDS — FINANCIAL SQUARE FUNDS

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

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

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ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT I— At May 31, 2025, certain Funds had undivided interests in the Joint Repurchase Agreement Account I with a maturity date of June 2, 2025, as follows:

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| | | | |
|:---|:---|:---|:---|
| Fund | Principal Amount | Maturity Value | Collateral Value<br> Allocation |
|  Financial Square Government | $1525000000 | $1525551542 | $1555739823 |
|  Financial Square Treasury Obligations | 1525000000 | 1525551542 | 1555739823 |

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REPURCHASE AGREEMENTS— At Saturday, May 31, 2025, the Principal Amounts of certain Funds' interest in the Joint Repurchase Agreement Account I were as follows:

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| | | | |
|:---|:---|:---|:---|
| Counterparty | Interest Rate | Financial Square<br> Government | Financial Square Treasury<br> Obligations |
|  Bank of Nova Scotia (The) | 4.340% | $650000000 | $650000000 |
|  BNP Paribus | 4.340 | 875000000 | 875000000 |
| **Total** |  | $1525000000 | $1525000000 |

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At May 31, 2025, the Joint Repurchase Agreement Account I was fully collateralized by cash and:

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| | | |
|:---|:---|:---|
| Issuer | Interest Rate | Maturity Dates |
|  U.S. Treasury Bills |  | 06/10/25 to 02/19/26 |
|  U.S. Treasury Bonds | 1.250% to 5.000 | 05/15/37 to 02/15/55 |
|  U.S. Treasury Inflation-Indexed Bonds | 0.125 to 1.500 | 02/15/48 to 02/15/53 |
|  U.S. Treasury Inflation-Indexed Notes | 0.125 to 2.125 | 04/15/26 to 01/15/35 |
|  U.S. Treasury Interest-Only Stripped Securities |  | 08/15/25 to 11/15/47 |
|  U.S. Treasury Notes | 0.250 to 5.000 | 05/31/25 to 05/15/35 |
|  U.S. Treasury Principal-Only Stripped Securities |  | 05/15/43 to 08/15/52 |

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JOINT REPURCHASE AGREEMENT ACCOUNT III— At May 31, 2025, certain Funds had undivided interests in the Joint Repurchase Agreement Account III with a maturity date of June 2, 2025, as follows:

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| | | | |
|:---|:---|:---|:---|
| Fund | Principal Amount | Maturity Value | Collateral Value<br> Allocation |
|  Financial Square Government | $1172000000 | $1172425117 | $1204496375 |

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REPURCHASE AGREEMENTS— At May 31, 2025, the Principal Amounts of certain Funds' interest in the Joint Repurchase Agreement Account III were as follows:

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| | | |
|:---|:---|:---|
| Counterparty | Interest Rate | Financial Square<br> Government |
|  ABN Amro Bank N.V. | 4.380% | $106545455 |
|  Bank of America, N.A. | 4.350 | 399545454 |
|  Bank of Montreal | 4.350 | 266363636 |
|  Wells Fargo Securities, LLC | 4.350 | 399545455 |
| **Total** |  | $1172000000 |

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At May 31, 2025, the Joint Repurchase Agreement Account III was fully collateralized by cash and:

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| | | |
|:---|:---|:---|
| Issuer | Interest Rate | Maturity Dates |
|  Federal Home Loan Mortgage Corp. | 3.000% to 5.500% | 06/01/51 to 11/01/54 |
|  Federal National Mortgage Association | 2.000 to 7.000 | 08/01/33 to 04/01/55 |
|  Government National Mortgage Association | 1.500 to 7.500 | 02/20/26 to 05/20/55 |
|  U.S. Treasury Bonds | 1.125 to 6.875 | 08/15/25 to 11/15/54 |
|  U.S. Treasury Notes | 1.375 to 4.625 | 11/15/31 to 02/15/35 |

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

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

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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Statements of Assets and Liabilities *May 31, 2025*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Financial Square**<br> **Federal Instruments**<br> **Fund** | **Financial Square**<br> **Government Fund** | **Financial Square**<br> **Treasury Instruments**<br> **Fund** | **Financial Square**<br> **Treasury Obligations**<br> **Fund** |
| Assets: |  |  |  |  |
|  Investments, at value (cost $7,246,311,688, $112,028,631,118, $103,307,734,355 and $18,424,808,147, respectively) | $7246311688 | $112028631118 | $103307734355 | $18424808147 |
|  Repurchase agreements, at value (Cost $–, $137,119,406,936, $–and $25,457,308,873, respectively) |  | 137119406936 |  | 25457308873 |
|  Cash | 584351 | 2213339130 | 1158154 | 357122654 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 38876539 | 1181218284 | 886795881 | 196042940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 16814686 | 469972127 | 88776578 | 68335571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 2099928 | 69181037 | 59668524 | 21346180 |
|  Other assets | 402287 | 994538 | 459866 | 337423 |
| **Total assets** | 7305089479 | 253082743170 | 104344593358 | 44525301788 |
| Liabilities: |  |  |  |  |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 131678142 | 6829260292 | 8679923948 | 709355520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distribution | 5906409 | 429096582 | 150520845 | 83191948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 947000 | 64497552 | 25993174 | 20741570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 572815 | 17345473 | 7550996 | 3428801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 113065 | 5871718 | 2310882 | 1871395 |
|  Accrued expenses | 5554 | 1062345 | 950798 | 146291 |
| **Total liabilities** | 139222985 | 7347133962 | 8867250643 | 818735525 |
| Net Assets: |  |  |  |  |
|  Paid-in capital | 7165786216 | 245734667811 | 95477899513 | 43706213742 |
|  Total distributable earnings (loss) | 80278 | 941397 | (556798) | 352521 |
| **NET ASSETS** | $7165866494 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245735609208 | $95477342715 | $43706566263 |

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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. | **33** |

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

Statements of Assets and Liabilities (continued) *May 31, 2025*

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Financial Square**<br> **Federal Instruments**<br> **Fund** | **Financial Square**<br> **Government Fund** | **Financial Square**<br> **Treasury Instruments**<br> **Fund** | **Financial Square**<br> **Treasury Obligations**<br> **Fund** |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | $— | $5273442007 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C Shares |  | 4601150 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class D Shares | 251469 | 101673005 | 36776856 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 6791190134 | 206903128755 | 88342122367 | 36684064034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Shares | 59352 | 3971275014 | 528182920 | 1415911204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Shares | 19623421 | 2149602743 | 1958757060 | 1815359106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares | 140646326 | 1811177321 | 79890900 | 804198062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Select Shares |  | 953374524 | 694639505 | 131911252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration Shares | 178964723 | 11910608599 | 2560442598 | 2770530577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Management Shares | 35131069 | 770778784 | 48366933 | 37853275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Shares |  | 104956917 | 1102535695 | 13608347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resource Shares |  | 9807409 |  | 33130406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares |  | 466553461 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drexel Hamilton Class Shares |  | 5239880787 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loop Class Shares |  | 2885926220 | 125616489 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seelaus Class Shares |  | 3178822512 | 11392 |  |
|  Total Net Assets | $7165866494 | $245735609208 | $95477342715 | $43706566263 |
| Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A Shares |  | 5273421761 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C Shares |  | 4601133 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class D Shares | 251466 | 101672614 | 36777055 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 6791118718 | 206902333210 | 88342639864 | 36683768215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Shares | 59352 | 3971259723 | 528186011 | 1415899772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Shares | 19623214 | 2149594469 | 1958768559 | 1815344444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares | 140644848 | 1811170352 | 79891367 | 804191567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Select Shares |  | 953370862 | 694643579 | 131910189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration Shares | 178962843 | 11910562767 | 2560457602 | 2770508211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Management Shares | 35130699 | 770775823 | 48367217 | 37852970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Shares |  | 104956513 | 1102542169 | 13608237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resource Shares |  | 9807370 |  | 33130140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares |  | 466551669 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drexel Hamilton Class Shares |  | 5239860628 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loop Class Shares |  | 2885915132 | 125617225 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seelaus Class Shares |  | 3178810300 | 11392 |  |
|  Net asset value, offering and redemption price per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | $— | $1.00 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C Shares |  | 1.00 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class D Shares | 1.00 | 1.00 | 1.00 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 1.00 | 1.00 | 1.00 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Shares | 1.00 | 1.00 | 1.00 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Shares | 1.00 | 1.00 | 1.00 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares | 1.00 | 1.00 | 1.00 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Select Shares |  | 1.00 | 1.00 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration Shares | 1.00 | 1.00 | 1.00 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Management Shares | 1.00 | 1.00 | 1.00 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Shares |  | 1.00 | 1.00 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resource Shares |  | 1.00 |  | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares |  | 1.00 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drexel Hamilton Class Shares |  | 1.00 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loop Class Shares |  | 1.00 | 1.00 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seelaus Class Shares |  | 1.00 | 1.00 |  |

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

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

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

Statements of Assets and Liabilities (continued) *May 31, 2025*

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| | |
|:---|:---|
|  | **Financial Square**<br> **Treasury Solutions Fund** |
| Assets: |  |
|  Investments, at value (cost $8,653,272,757) | $8653272757 |
|  Repurchase agreements, at value (Cost $8,000,000,000)) | 8000000000 |
|  Cash | 125059338 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 252975232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 13267177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 4618744 |
|  Other assets | 76240 |
| **Total assets** | 17049269488 |
| Liabilities: |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 554255540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distribution | 18320811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 5747770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 1294425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 673709 |
|  Accrued expenses | 114548 |
| **Total liabilities** | 580406803 |
| Net Assets: |  |
|  Paid-in capital | 16468713298 |
|  Total distributable earnings | 149387 |
| **NET ASSETS** | $16468862685 |
|  Net Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14441589758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Shares | 187406912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Shares | 337667262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares | 50458078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Select Shares | 5291994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration Shares | 1087121623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Management Shares | 273250050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Shares | 86077008 |
|  Total Net Assets | $16468862685 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 14441458753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Shares | 187405214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Shares | 337664201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares | 50457621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Select Shares | 5291946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration Shares | 1087111770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Management Shares | 273247566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Shares | 86076226 |
|  Net asset value, offering and redemption price per share: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | $1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Shares | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Shares | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Select Shares | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration Shares | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Management Shares | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Shares | 1.00 |

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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. | **35** |

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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Statements of Operations *For the Six Months Ended May 31, 2025 (Unaudited)*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Financial Square**<br> **Federal Instruments**<br> **Fund** | **Financial Square**<br> **Government Fund** | **Financial Square**<br> **Treasury Instruments<br>Fund** | **Financial Square**<br> **Treasury Obligations**<br> **Fund** |
| Investment Income: | Investment Income: |  |  |  |
|  Interest income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162301828 | $5837058433 | $2076196199 | $1021891351 |
| Expenses: | Expenses: |  |  |  |
|  **Fund-Level Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 6656127 | 210795513 | 85193388 | 41673568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agency fees | 369822 | 13175909 | 4733441 | 2315431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 143689 | 976856 | 149765 | 348206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody, accounting and administrative services | 60771 | 3807236 | 1300935 | 291851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 52168 | 52110 | 60073 | 41494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees | 23493 | 215774 | 111226 | 58996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing fees | 13309 | 141364 | 75058 | 27037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 77355 | 927056 | 378183 | 421388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 7396734 | 230091818 | 92002069 | 45177971 |
|  **Class Specific Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Share fees | 225119 | 14377851 | 3175712 | 3432985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Management Share fees | 102708 | 2208590 | 147164 | 83101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Share fees | 74074 | 972133 | 39482 | 381780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Cash Management Shares | 61625 | 1325160 | 88299 | 73291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Share fees | 57247 | 3980241 | 5073896 | 4317096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Share fees | 44 | 3248584 | 634619 | 1162974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Resource Shares |  | 7658 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Select Share fees |  | 151935 | 51732 | 16788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resource Share fees |  | 25526 |  | 78101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premier Share fees |  | 191595 | 2046879 | 23906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees - Class A Shares |  | 6039337 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class C Shares |  | 23069 |  |  |
| Total expenses | 7917551 | 262643497 | 103259852 | 54747993 |
|  Less - expense reductions |  | (6152) |  |  |
| Net expenses | 7917551 | 262637345 | 103259852 | 54747993 |
| NET INVESTMENT INCOME | $154384277 | $5574421088 | $1972936347 | $967143358 |
| Net realized gain from investment transactions | 784556 | 26686350 | 9865738 | 4131425 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $155168833 | $5601107438 | $1982802085 | $971274783 |

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

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

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

Statements of Operations (continued) *For the Six Months Ended May 31, 2025 (Unaudited)*

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

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

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| | |
|:---|:---|
|  | **Financial Square**<br> **Treasury Solutions**<br> **Fund** |
| Investment Income: | Investment Income: |
|  Interest income | $340168348 |
| Expenses: | Expenses: |
|  **Fund-Level Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 13985208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agency fees | 777034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody, accounting and administrative services | 222616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 114720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 70664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing fees | 44066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees | 33927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 158906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 15407141 |
|  **Class Specific Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Share fees | 1292034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Share fees | 948525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Management Share fees | 688593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Cash Management Shares | 413158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premier Share fees | 132792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Share fees | 130685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Share fees | 30882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Select Share fees | 1183 |
| Total expenses | 19044993 |
| Less - expense reductions |  |
| NET INVESTMENT INCOME | $321123355 |
| Net realized gain from investment transactions | 1784021 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $322907376 |

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

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

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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Statements of Changes in Net Assets

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **For the**<br> **Six Months Ended**<br> **May 31, 2025**<br> (Unaudited) | **For the Fiscal**<br> **Year Ended**<br> **November 30, 2024** | **For the**<br> **Six Months Ended**<br> **May 31, 2025**<br> (Unaudited) | **For the Fiscal**<br> **Year Ended**<br> **November 30, 2024** |
| From operations: | From operations: | From operations: |  |  |
|  Net investment income | $154384277 | $309500632 | $5574421088 | $11929124238 |
|  Net realized gain from investment transactions | 784556 | 2971972 | 26686350 | 66115285 |
| Net increase in net assets resulting from operations | 155168833 | 312472604 | 5601107438 | 11995239523 |
| Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares |  |  | (97499555) | (170717165) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares |  |  | (75913) | (214820) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class D Shares | (20450) | (65062) | (2171826) | (4774141) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (148064058) | (293772553) | (4716228245) | (10200051897) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Shares | (1196) | (2803) | (89614219) | (168016405) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (428442) | (1622079) | (30069220) | (63853386) |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares | (3059378) | (6449799) | (40733151) | (103819227) |
| &nbsp;&nbsp;&nbsp;&nbsp; Select Shares |  |  | (21598689) | (56648693) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Shares | (3587744) | (8673411) | (232461296) | (491332579) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Management Shares | (709537) | (1211972) | (15424793) | (25696228) |
| &nbsp;&nbsp;&nbsp;&nbsp; Premier Shares |  |  | (2157946) | (5639585) |
| &nbsp;&nbsp;&nbsp;&nbsp; Resource Shares |  |  | (185898) | (421192) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares |  |  | (10691117) | (22641792) |
| &nbsp;&nbsp;&nbsp;&nbsp; Drexel Hamilton Class Shares |  |  | (225484965) | (487340891) |
| &nbsp;&nbsp;&nbsp;&nbsp; Loop Class Shares |  |  | (83523815) | (123987023) |
| &nbsp;&nbsp;&nbsp;&nbsp; Seelaus Class Shares |  |  | (54036727) | (48263703) |
| Total distributions to shareholders | (155870805) | (311797679) | (5621957375) | (11973418727) |
| From share transactions: | From share transactions: | From share transactions: |  |  |
|  Proceeds from sales of shares | 7281068144 | 14049554425 | 1091161050734 | 1926484939957 |
|  Reinvestment of distributions | 119729388 | 250249627 | 2766480450 | 6065250586 |
|  Cost of shares redeemed | (7128908799) | (12632733678) | (1112115396646) | (1920396654282) |
| Net increase (decrease) in net assets resulting from share transactions | 271888733 | 1667070374 | (18187865462) | 12153536261 |
| TOTAL INCREASE (DECREASE) | 271186761 | 1667745299 | (18208715399) | 12175357057 |
| Net Assets: | Net Assets: | Net Assets: |  |  |
|  Beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;6894679733 | $&nbsp;&nbsp;&nbsp;&nbsp;5226934434 | $&nbsp;&nbsp;&nbsp;&nbsp;263944324607 | $&nbsp;&nbsp;&nbsp;&nbsp;251768967550 |
|  End of period | $7165866494 | $6894679733 | $245735609208 | $263944324607 |

---

&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 FUNDS — FINANCIAL SQUARE FUNDS

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

Statements of Changes in Net Assets (continued)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** |
|  | **For the**<br> **Six Months Ended**<br> **May 31, 2025**<br> (Unaudited) | **For the Fiscal**<br> **Year Ended**<br> **November 30, 2024** | **For the**<br> **Six Months Ended**<br> **May 31, 2025**<br> (Unaudited) | **For the Fiscal**<br> **Year Ended**<br> **November 30, 2024** |
| From operations: | From operations: | From operations: |  |  |
|  Net investment income | $1972936347 | $4216649531 | $967143358 | $2126393997 |
|  Net realized gain from investment transactions | 9865738 | 26609997 | 4131425 | 11526747 |
| Net increase in net assets resulting from operations | 1982802085 | 4243259528 | 971274783 | 2137920744 |
| Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class D Shares | (721659) | (1785033) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (1850587444) | (3971606283) | (837883004) | (1840909864) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Shares | (17341507) | (28684223) | (31875600) | (64374620) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (37878997) | (59786879) | (32467782) | (73328182) |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares | (1632266) | (3279846) | (15894218) | (41188617) |
| &nbsp;&nbsp;&nbsp;&nbsp; Select Shares | (7250280) | (21739352) | (2403198) | (5624363) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Shares | (50585334) | (101528752) | (55098203) | (105661621) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Management Shares | (1011309) | (1652764) | (574380) | (898421) |
| &nbsp;&nbsp;&nbsp;&nbsp; Premier Shares | (22722217) | (40634026) | (267710) | (703977) |
| &nbsp;&nbsp;&nbsp;&nbsp; Resource Shares |  |  | (564005) | (875533) |
| &nbsp;&nbsp;&nbsp;&nbsp; Loop Class Shares | (2148833) | (2137910) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Seelaus Class Shares | (374034) | (654525) |  |  |
| Total distributions to shareholders | (1992253880) | (4233489593) | (977028100) | (2133565198) |
| From share transactions: | From share transactions: | From share transactions: |  |  |
|  Proceeds from sales of shares | 150395681255 | 267342902572 | 160892408282 | 262240291367 |
|  Reinvestment of distributions | 1131055924 | 2486395452 | 430537576 | 971913553 |
|  Cost of shares redeemed | (149793405318) | (259967824245) | (162431703600) | (268758449637) |
| Net increase (decrease) in net assets resulting from share transactions | 1733331861 | 9861473779 | (1108757742) | (5546244717) |
| TOTAL INCREASE (DECREASE) | 1723880066 | 9871243714 | (1114511059) | (5541889171) |
| Net Assets: | Net Assets: | Net Assets: |  |  |
|  Beginning of period | $93753462649 | $83882218935 | $44821077322 | $50362966493 |
|  End of period | $95477342715 | $93753462649 | $43706566263 | $44821077322 |

---

&nbsp;&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 FUNDS — FINANCIAL SQUARE FUNDS

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

Statements of Changes in Net Assets (continued)

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

---

| | | |
|:---|:---|:---|
|  | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** |
|  | **For the**<br> **Six Months Ended**<br> **May 31, 2025**<br> (Unaudited) | **For the Fiscal**<br> **Year Ended**<br> **November 30, 2024** |
| From operations: | From operations: | From operations: |
|  Net investment income | $321123355 | $727097219 |
|  Net realized gain from investment transactions | 1784021 | 4319986 |
| Net increase in net assets resulting from operations | 322907376 | 731417205 |
| Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: |
|  From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (285941039) | (641223516) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Shares | (3552793) | (8058747) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (7084809) | (20794517) |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares | (1274175) | (2891504) |
| &nbsp;&nbsp;&nbsp;&nbsp; Select Shares | (165908) | (186806) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Shares | (20523660) | (43598921) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Management Shares | (4717441) | (9878827) |
| &nbsp;&nbsp;&nbsp;&nbsp; Premier Shares | (1472678) | (3538242) |
| Total distributions to shareholders | (324732503) | (730171080) |
| From share transactions: | From share transactions: | From share transactions: |
|  Proceeds from sales of shares | 20623018826 | 45387595776 |
|  Reinvestment of distributions | 219344029 | 488880189 |
|  Cost of shares redeemed | (19057564319) | (46478548399) |
| Net increase (decrease) in net assets resulting from share transactions | 1784798536 | (602072434) |
| TOTAL INCREASE (DECREASE) | 1782973409 | (600826309) |
| Net Assets: | Net Assets: | Net Assets: |
|  Beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14685889276 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15286715585 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16468862685 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14685889276 |

---

&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.** |

---

------

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** |
|  | **Class D Shares** | **Class D Shares** | **Class D Shares** |
|  | **Six Months Ended<br>May 31, 2025<br>(Unaudited)** | **For the Fiscal**<br> **Year Ended<br>November 30, 2024** | **Period Ended**<br> **November 30, 2023<sup>(a)</sup>** |
| Per Share Data |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup> | 0.021 | 0.051 | 0.041 |
|  Net realized gain |  |  | – <sup>(c)</sup> |
|  Total from investment operations | 0.021 | 0.051 | 0.041 |
|  Distributions to shareholders from net investment income | (0.021) | (0.051) | (0.041) |
|  Distributions to shareholders from net realized gains | – <sup>(c)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> |
|  Total distributions <sup>(d)</sup> | (0.021) | (0.051) | (0.041) |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
|  **Total Return<sup>(e)</sup>** | 2.13% | 5.22% | 4.90% |
|  Net assets, end of period (in 000's) | $251 | $1226 | $1441 |
|  Ratio of net expenses to average net assets | 0.20 %<sup>(f)</sup> | 0.20% | 0.20 %<sup>(f)</sup> |
|  Ratio of net investment income to average net assets | 4.20 %<sup>(f)</sup> | 5.07% | 4.93 %<sup>(f)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on January 31, 2023.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

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

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the** | **For the Fiscal** |
|  | **May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **Period Ended<br>November 30, 2020<sup>†</sup>** | **Year Ended August<br>31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.021 | 0.050 | 0.048 | 0.012 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.007 |
|  Net realized gain |  | 0.001 | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.003 |
|  Total from investment operations | 0.021 | 0.051 | 0.048 | 0.012 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.010 |
|  Distributions to shareholders from net investment income | (0.021) | (0.051) | (0.048) | (0.012) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.010) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.021) | (0.051) | (0.048) | (0.012) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.010) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.13% | 5.22% | 4.90% | 1.18% | 0.01% | – %<sup>(e)</sup> | 0.99% |
|  Net assets, end of period (in 000's) | $6792837 | $6482065 | $4869355 | $3229145 | $2667247 | $3639742 | $3761104 |
|  Ratio of net expenses to average net assets | 0.20 %<sup>(f)</sup> | 0.20% | 0.20% | 0.18% | 0.09% | 0.14 %<sup>(f)</sup> | 0.15% |
|  Ratio of total expenses to average net assets | 0.20 %<sup>(f)</sup> | 0.20% | 0.20% | 0.21% | 0.20% | 0.21 %<sup>(f)</sup> | 0.21% |
|  Ratio of net investment income to average net assets | 4.19 %<sup>(f)</sup> | 5.05% | 4.83% | 1.18% | – %<sup>(e)</sup> | 0.01 %<sup>(f)</sup> | 0.67% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| 42 | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** |
|  | **Capital Shares** | **Capital Shares** | **Capital Shares** | **Capital Shares** | **Capital Shares** | **Capital Shares** | **Capital Shares** |
|  | **Six Months Ended** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the** | **For the Fiscal** |
|  | **May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **Period Ended<br>November 30, 2020<sup>†</sup>** | **Year Ended August<br>31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.020 | 0.049 | 0.045 | 0.011 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.007 |
|  Net realized gain |  |  | 0.001 | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.002 |
|  Total from investment operations | 0.020 | 0.049 | 0.046 | 0.011 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.009 |
|  Distributions to shareholders from net investment income | (0.020) | (0.049) | (0.046) | (0.011) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.009) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.020) | (0.049) | (0.046) | (0.011) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.009) |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
|  **Total Return<sup>(d)</sup>** | 2.05% | 5.06% | 4.74% | 1.08% | 0.01% | – %<sup>(e)</sup> | 0.85% |
|  Net assets, end of period (in 000's) | $59 | $58 | $55 | $130 | $527 | $3267 | $1135 |
|  Ratio of net expenses to average net assets | 0.35 %<sup>(f)</sup> | 0.35% | 0.35% | 0.27% | 0.09% | 0.15 %<sup>(f)</sup> | 0.28% |
|  Ratio of total expenses to average net assets | 0.35 %<sup>(f)</sup> | 0.35% | 0.35% | 0.36% | 0.35% | 0.36 %<sup>(f)</sup> | 0.36% |
|  Ratio of net investment income (loss) to average net assets | 4.04 %<sup>(f)</sup> | 4.91% | 4.49% | 0.66% | – %<sup>(e)</sup> | (0.01)%<sup>(f)</sup> | 0.74% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

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

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Six Months Ended** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the** | **For the Fiscal** |
|  | **May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **Period Ended<br>November 30, 2020<sup>†</sup>** | **Year Ended August<br>31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.018 | 0.046 | 0.043 | 0.009 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.006 |
|  Net realized gain |  |  | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total from investment operations | 0.018 | 0.046 | 0.043 | 0.009 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.006 |
|  Distributions to shareholders from net investment income | (0.018) | (0.046) | (0.043) | (0.009) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.006) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.018) | (0.046) | (0.043) | (0.009) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.006) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 1.88% | 4.70% | 4.38% | 0.86% | 0.01% | – %<sup>(e)</sup> | 0.63% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19623 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44902 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9839 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10277 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11490 |
|  Ratio of net expenses to average net assets | 0.70 %<sup>(f)</sup> | 0.70% | 0.70% | 0.51% | 0.09% | 0.15 %<sup>(f)</sup> | 0.50% |
|  Ratio of total expenses to average net assets | 0.70 %<sup>(f)</sup> | 0.70% | 0.70% | 0.71% | 0.70% | 0.71 %<sup>(f)</sup> | 0.71% |
|  Ratio of net investment income (loss) to average net assets | 3.70 %<sup>(f)</sup> | 4.59% | 4.31% | 0.86% | – %<sup>(e)</sup> | (0.01)%<sup>(f)</sup> | 0.57% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| 44 | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** |
|  | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** |
|  | **Six Months Ended** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the** | **For the Fiscal** |
|  | **May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **Period Ended<br>November 30, 2020<sup>†</sup>** | **Year Ended August<br>31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.020 | 0.050 | 0.046 | 0.011 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.004 |
|  Net realized gain |  |  | 0.001 | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.005 |
|  Total from investment operations | 0.020 | 0.050 | 0.047 | 0.011 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.009 |
|  Distributions to shareholders from net investment income | (0.020) | (0.050) | (0.047) | (0.011) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.009) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.020) | (0.050) | (0.047) | (0.011) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.009) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.08% | 5.11% | 4.80% | 1.11% | 0.01% | – %<sup>(e)</sup> | 0.89% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140646 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140081 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107656 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174388 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2873 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6019 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22779 |
|  Ratio of net expenses to average net assets | 0.30 %<sup>(f)</sup> | 0.30% | 0.30% | 0.28% | 0.09% | 0.15 %<sup>(f)</sup> | 0.24% |
|  Ratio of total expenses to average net assets | 0.30 %<sup>(f)</sup> | 0.30% | 0.30% | 0.31% | 0.30% | 0.31 %<sup>(f)</sup> | 0.31% |
|  Ratio of net investment income (loss) to average net assets | 4.09 %<sup>(f)</sup> | 4.96% | 4.61% | 1.75% | – %<sup>(e)</sup> | (0.01)%<sup>(f)</sup> | 0.39% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **45** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** |
|  | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** |
|  | **Six Months Ended** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the** | **For the Fiscal** |
|  | **May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **Period Ended<br>November 30,<br>2020<sup>†</sup>,<sup>†</sup>** | **Year Ended August<br>31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.020 | 0.048 | 0.046 | 0.010 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.007 |
|  Net realized gain (loss) |  |  | (0.001) | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.001 |
|  Total from investment operations | 0.020 | 0.048 | 0.045 | 0.010 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.008 |
|  Distributions to shareholders from net investment income | (0.020) | (0.048) | (0.045) | (0.010) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.008) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.020) | (0.048) | (0.045) | (0.010) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.008) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.00% | 4.96% | 4.64% | 1.01% | 0.01% | – %<sup>(e)</sup> | 0.78% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178965 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188163 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182443 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79251 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63937 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76144 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73011 |
|  Ratio of net expenses to average net assets | 0.45 %<sup>(f)</sup> | 0.45% | 0.45% | 0.36% | 0.09% | 0.15 %<sup>(f)</sup> | 0.35% |
|  Ratio of total expenses to average net assets | 0.45 %<sup>(f)</sup> | 0.45% | 0.45% | 0.46% | 0.45% | 0.46 %<sup>(f)</sup> | 0.46% |
|  Ratio of net investment income (loss) to average net assets | 3.94 %<sup>(f)</sup> | 4.81% | 4.60% | 1.19% | – %<sup>(e)</sup> | (0.01)%<sup>(f)</sup> | 0.69% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| 46 | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** |
|  | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** |
|  | **Six Months Ended** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the** | **For the Fiscal** |
|  | **May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **Period Ended<br>November 30, 2020<sup>†</sup>** | **Year Ended August<br>31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.017 | 0.042 | 0.041 | 0.007 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.002 |
|  Net realized gain (loss) |  | 0.001 | (0.001) | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.003 |
|  Total from investment operations | 0.017 | 0.043 | 0.040 | 0.007 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.005 |
|  Distributions to shareholders from net<br> investment income | (0.017) | (0.043) | (0.040) | (0.007) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.005) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.017) | (0.043) | (0.040) | (0.007) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.005) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 1.72% | 4.38% | 4.07% | 0.70% | 0.01% | – %<sup>(e)</sup> | 0.46% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35131 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55980 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21081 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7791 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127537 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73555 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52216 |
|  Ratio of net expenses to average net assets | 1.00 %<sup>(f)</sup> | 1.00% | 1.00% | 0.58% | 0.09% | 0.15 %<sup>(f)</sup> | 0.45% |
|  Ratio of total expenses to average net assets | 1.00 %<sup>(f)</sup> | 1.00% | 1.00% | 1.01% | 1.00% | 1.01 %<sup>(f)</sup> | 1.01% |
|  Ratio of net investment income (loss) to average net assets | 3.41 %<sup>(f)</sup> | 4.22% | 4.07% | 0.33% | – %<sup>(e)</sup> | (0.01)%<sup>(f)</sup> | 0.12% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **47** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the** | **For the Fiscal** |
|  | **May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **Period Ended<br>November 30, 2020<sup>†</sup>** | **Year Ended August<br>31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.020 | 0.048 | 0.047 | 0.011 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.007 |
|  Net realized gain (loss) |  | 0.001 | (0.001) | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.001 |
|  Total from investment operations | 0.020 | 0.049 | 0.046 | 0.011 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.008 |
|  Distributions to shareholders from net investment income | (0.020) | (0.049) | (0.046) | (0.011) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.008) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.020) | (0.049) | (0.046) | (0.011) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.008) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.03% | 4.98% | 4.67% | 1.07% | 0.03% | – %<sup>(e)</sup> | 0.76% |
|  Net assets, end of period (in 000's) | $5273442 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4346729 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2578102 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609601 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600756 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282556 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366871 |
|  Ratio of net expenses to average net assets | 0.42 %<sup>(f)</sup> | 0.43% | 0.43% | 0.31% | 0.07% | 0.20 %<sup>(f)</sup> | 0.39% |
|  Ratio of total expenses to average net assets | 0.42 %<sup>(f)</sup> | 0.43% | 0.43% | 0.43% | 0.43% | 0.43 %<sup>(f)</sup> | 0.43% |
|  Ratio of net investment income (loss) to average net assets | 4.00 %<sup>(f)</sup> | 4.83% | 4.72% | 0.99% | 0.03% | (0.01)%<sup>(f)</sup> | 0.69% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

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

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the** | **For the Fiscal** |
|  | **May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **Period Ended<br>November 30, 2020<sup>†</sup>** | **Year Ended August<br>31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.016 | 0.041 | 0.038 | 0.007 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.003 |
|  Net realized gain |  | – <sup>(b)</sup> |  | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total from investment operations | 0.016 | 0.041 | 0.038 | 0.007 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.003 |
|  Distributions to shareholders from net investment income | (0.016) | (0.041) | (0.038) | (0.007) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.003) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.016) | (0.041) | (0.038) | (0.007) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.003) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 1.65% | 4.20% | 3.89% | 0.67% | 0.03% | – %<sup>(e)</sup> | 0.34% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4601 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4648 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5211 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5578 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6327 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6529 |
|  Ratio of net expenses to average net assets | 1.17 %<sup>(f)</sup> | 1.18% | 1.18% | 0.75% | 0.07% | 0.20 %<sup>(f)</sup> | 0.73% |
|  Ratio of total expenses to average net assets | 1.17 %<sup>(f)</sup> | 1.18% | 1.18% | 1.18% | 1.18% | 1.18 %<sup>(f)</sup> | 1.18% |
|  Ratio of net investment income (loss) to average net assets | 3.25 %<sup>(f)</sup> | 4.11% | 3.80% | 0.68% | 0.02% | (0.01)%<sup>(f)</sup> | 0.25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

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

---

------

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **Class D Shares** | **Class D Shares** | **Class D Shares** | **Class D Shares** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **Year Ended November 30,**  | **Year Ended November 30,**  | **Period Ended<br>November 30, 2022<sup>(a)</sup>** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **Period Ended<br>November 30, 2022<sup>(a)</sup>** |
| Per Share Data |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup> | 0.021 | 0.051 | 0.050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.008 |
|  Net realized loss |  | – <sup>(c)</sup> | (0.002) |  |
|  Total from investment operations | 0.021 | 0.051 | 0.048 | 0.008 |
|  Distributions to shareholders from net investment income | (0.021) | (0.051) | (0.048) | (0.008) |
|  Distributions to shareholders from net realized gains | – <sup>(c)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> |  |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.16% | 5.25% | 4.93% | 0.82% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101673 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86563 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81635 | $10 |
|  Ratio of net expenses to average net assets | 0.17 %<sup>(e)</sup> | 0.18% | 0.18% | 0.15 %<sup>(e)</sup> |
|  Ratio of total expenses to average net assets | 0.17 %<sup>(e)</sup> | 0.18% | 0.18% | 0.18 %<sup>(e)</sup> |
|  Ratio of net investment income to average net assets | 4.25 %<sup>(e)</sup> | 5.11% | 4.98% | 2.92 %<sup>(e)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on August 22, 2022.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

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

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

---

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

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the** | **For the Fiscal** |
|  | **May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **Period Ended<br>November 30, 2020<sup>†</sup>** | **Year Ended August<br>31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.021 | 0.051 | 0.048 | 0.012 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.007 |
|  Net realized gain |  | – <sup>(b)</sup> |  | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.003 |
|  Total from investment operations | 0.021 | 0.051 | 0.048 | 0.012 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.010 |
|  Distributions to shareholders from net investment income | (0.021) | (0.051) | (0.048) | (0.012) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.010) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.021) | (0.051) | (0.048) | (0.012) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.010) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.16% | 5.25% | 4.93% | 1.25% | 0.03% | 0.01% | 0.97% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206903129 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219702381 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214557639 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230046292 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194824984 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154904106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204287540 |
|  Ratio of net expenses to average net assets | 0.17 %<sup>(e)</sup> | 0.18% | 0.18% | 0.15% | 0.07% | 0.18 %<sup>(e)</sup> | 0.18% |
|  Ratio of total expenses to average net assets | 0.17 %<sup>(e)</sup> | 0.18% | 0.18% | 0.18% | 0.18% | 0.18 %<sup>(e)</sup> | 0.18% |
|  Ratio of net investment income to average net assets | 4.26 %<sup>(e)</sup> | 5.10% | 4.82% | 1.30% | 0.02% | – %<sup>(e)(f)</sup> | 0.70% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Amount is less than 0.005%.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **51** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **Capital Shares** | **Capital Shares** | **Capital Shares** | **Capital Shares** | **Capital Shares** | **Capital Shares** | **Capital Shares** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the**<br> **Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal**<br> **Year Ended August<br>31, 2020** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | **For the**<br> **Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal**<br> **Year Ended August<br>31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.021 | 0.050 | 0.047 | 0.011 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.008 |
|  Net realized gain |  |  |  | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total from investment operations | 0.021 | 0.050 | 0.047 | 0.011 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.008 |
|  Distributions to shareholders from net investment income | (0.021) | (0.050) | (0.047) | (0.011) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.008) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.021) | (0.050) | (0.047) | (0.011) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.008) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.08% | 5.09% | 4.77% | 1.14% | 0.03% | – %<sup>(e)</sup> | 0.83% |
|  Net assets, end of period (in 000's) | $3971275 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3764796 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3856324 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3087619 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675429 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435345 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291798 |
|  Ratio of net expenses to average net assets | 0.32 %<sup>(f)</sup> | 0.33% | 0.33% | 0.27% | 0.07% | 0.19 %<sup>(f)</sup> | 0.32% |
|  Ratio of total expenses to average net assets | 0.32 %<sup>(f)</sup> | 0.33% | 0.33% | 0.33% | 0.33% | 0.33 %<sup>(f)</sup> | 0.33% |
|  Ratio of net investment income (loss) to average net assets | 4.10 %<sup>(f)</sup> | 4.96% | 4.70% | 1.40% | 0.02% | (0.01)%<sup>(f)</sup> | 0.76% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&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 consolidated financial statements.** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Six Months Ended** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the** | **For the Fiscal** |
|  | **May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **Period Ended<br>November 30, 2020<sup>†</sup>** | **Year Ended August<br>31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.019 | 0.046 | 0.043 | 0.009 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.006 |
|  Net realized gain |  | – <sup>(b)</sup> |  | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total from investment operations | 0.019 | 0.046 | 0.043 | 0.009 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.006 |
|  Distributions to shareholders from net investment income | (0.019) | (0.046) | (0.043) | (0.009) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.006) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.019) | (0.046) | (0.043) | (0.009) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.006) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 1.91% | 4.72% | 4.41% | 0.92% | 0.03% | – %<sup>(e)</sup> | 0.61% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2149603 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333376 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476967 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190570 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908881 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860075 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775966 |
|  Ratio of net expenses to average net assets | 0.67 %<sup>(f)</sup> | 0.68% | 0.68% | 0.50% | 0.07% | 0.20 %<sup>(f)</sup> | 0.53% |
|  Ratio of total expenses to average net assets | 0.67 %<sup>(f)</sup> | 0.68% | 0.68% | 0.68% | 0.68% | 0.68 %<sup>(f)</sup> | 0.68% |
|  Ratio of net investment income (loss) to average net assets | 3.74 %<sup>(f)</sup> | 4.61% | 4.34% | 1.01% | 0.02% | (0.01)%<sup>(f)</sup> | 0.58% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **53** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** |
|  | **Six Months Ended** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the** | **For the Fiscal** |
|  | **May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **Period Ended<br>November 30, 2020<sup>†</sup>** | **Year Ended August<br>31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.021 | 0.050 | 0.048 | 0.012 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.009 |
|  Net realized loss |  |  | (0.001) | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total from investment operations | 0.021 | 0.050 | 0.047 | 0.012 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.009 |
|  Distributions to shareholders from net investment income | (0.021) | (0.050) | (0.047) | (0.012) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.009) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.021) | (0.050) | (0.047) | (0.012) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.009) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.11% | 5.14% | 4.82% | 1.18% | 0.03% | – %<sup>(e)</sup> | 0.88% |
|  Net assets, end of period (in 000's) | $1811177 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971951 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2183829 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742072 | $1077741 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820201 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1627349 |
|  Ratio of net expenses to average net assets | 0.27 %<sup>(f)</sup> | 0.28% | 0.28% | 0.23% | 0.07% | 0.20 %<sup>(f)</sup> | 0.28% |
|  Ratio of total expenses to average net assets | 0.27 %<sup>(f)</sup> | 0.28% | 0.28% | 0.28% | 0.28% | 0.28 %<sup>(f)</sup> | 0.28% |
|  Ratio of net investment income (loss) to average net assets | 4.15 %<sup>(f)</sup> | 5.01% | 4.76% | 1.40% | 0.02% | (0.01)%<sup>(f)</sup> | 0.89% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&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 consolidated financial statements.** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **Select Shares** | **Select Shares** | **Select Shares** | **Select Shares** | **Select Shares** | **Select Shares** | **Select Shares** |
|  | **Six Months Ended** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the** | **For the Fiscal** |
|  | **May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **Period Ended<br>November 30, 2020<sup>†</sup>** | **Year Ended August<br>31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.021 | 0.051 | 0.048 | 0.012 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.009 |
|  Net realized gain |  | – <sup>(b)</sup> |  | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total from investment operations | 0.021 | 0.051 | 0.048 | 0.012 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.009 |
|  Distributions to shareholders from net investment income | (0.021) | (0.051) | (0.048) | (0.012) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.009) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.021) | (0.051) | (0.048) | (0.012) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.009) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.14% | 5.21% | 4.90% | 1.23% | 0.03% | – %<sup>(e)</sup> | 0.94% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953375 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136817 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355264 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119156 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1181542 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448540 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481493 |
|  Ratio of net expenses to average net assets | 0.20 %<sup>(f)</sup> | 0.21% | 0.21% | 0.17% | 0.07% | 0.20 %<sup>(f)</sup> | 0.21% |
|  Ratio of total expenses to average net assets | 0.20 %<sup>(f)</sup> | 0.21% | 0.21% | 0.21% | 0.21% | 0.21 %<sup>(f)</sup> | 0.21% |
|  Ratio of net investment income (loss) to average net assets | 4.23 %<sup>(f)</sup> | 5.07% | 4.81% | 1.42% | 0.03% | (0.01)%<sup>(f)</sup> | 0.86% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **55** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** |
|  | **Six Months Ended** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the** | **For the Fiscal** |
|  | **May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **Period Ended<br>November 30, 2020<sup>†</sup>** | **Year Ended August<br>31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.020 | 0.048 | 0.046 | 0.011 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.008 |
|  Net realized gain |  | 0.001 |  | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total from investment operations | 0.020 | 0.049 | 0.046 | 0.011 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.008 |
|  Distributions to shareholders from net investment income | (0.020) | (0.049) | (0.046) | (0.011) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.008) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.020) | (0.049) | (0.046) | (0.011) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.008) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.03% | 4.98% | 4.67% | 1.07% | 0.03% | – %<sup>(e)</sup> | 0.76% |
|  Net assets, end of period (in 000's) | $11910609 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12512474 | $10067366 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9178619 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7904302 | $5706517 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5421224 |
|  Ratio of net expenses to average net assets | 0.42 %<sup>(f)</sup> | 0.43% | 0.43% | 0.32% | 0.07% | 0.20 %<sup>(f)</sup> | 0.39% |
|  Ratio of total expenses to average net assets | 0.42 %<sup>(f)</sup> | 0.43% | 0.43% | 0.43% | 0.43% | 0.43 %<sup>(f)</sup> | 0.43% |
|  Ratio of net investment income (loss) to average net assets | 4.01 %<sup>(f)</sup> | 4.84% | 4.59% | 1.07% | 0.02% | (0.01)%<sup>(f)</sup> | 0.76% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&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 consolidated financial statements.** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** |
|  | **Six Months Ended** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the** | **For the Fiscal** |
|  | **May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **Period Ended<br>November 30, 2020<sup>†</sup>** | **Year Ended August<br>31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.017 | 0.043 | 0.041 | 0.008 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.004 |
|  Net realized gain (loss) |  | – <sup>(b)</sup> | (0.001) | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.001 |
|  Total from investment operations | 0.017 | 0.043 | 0.040 | 0.008 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.005 |
|  Distributions to shareholders from net investment income | (0.017) | (0.043) | (0.040) | (0.008) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.005) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |  |
|  Total distributions <sup>(c)</sup> | (0.017) | (0.043) | (0.040) | (0.008) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.005) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 1.75% | 4.41% | 4.09% | 0.76% | 0.03% | – %<sup>(e)</sup> | 0.45% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770779 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638455 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542413 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148429 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302333 | $168903 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198129 |
|  Ratio of net expenses to average net assets | 0.97 %<sup>(f)</sup> | 0.98% | 0.98% | 0.61% | 0.07% | 0.20 %<sup>(f)</sup> | 0.65% |
|  Ratio of total expenses to average net assets | 0.97 %<sup>(f)</sup> | 0.98% | 0.98% | 0.98% | 0.98% | 0.98 %<sup>(f)</sup> | 0.98% |
|  Ratio of net investment income (loss) to average net assets | 3.46 %<sup>(f)</sup> | 4.30% | 4.14% | 0.45% | 0.03% | (0.01)%<sup>(f)</sup> | 0.35% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **57** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **Premier Shares** | **Premier Shares** | **Premier Shares** | **Premier Shares** | **Premier Shares** | **Premier Shares** | **Premier Shares** |
|  | **Six Months Ended** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the** | **For the Fiscal** |
|  | **May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **Period Ended<br>November 30, 2020<sup>†</sup>** | **Year Ended August<br>31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.020 | 0.048 | 0.044 | 0.010 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.007 |
|  Net realized gain |  | – <sup>(b)</sup> | 0.001 | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total from investment operations | 0.020 | 0.048 | 0.045 | 0.010 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.007 |
|  Distributions to shareholders from net investment income | (0.020) | (0.048) | (0.045) | (0.010) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.007) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.020) | (0.048) | (0.045) | (0.010) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.007) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 1.98% | 4.88% | 4.56% | 1.01% | 0.03% | – %<sup>(e)</sup> | 0.70% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104957 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121603 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119784 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9922502 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219114 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195822 |
|  Ratio of net expenses to average net assets | 0.52 %<sup>(f)</sup> | 0.53% | 0.53% | 0.33% | 0.07% | 0.20 %<sup>(f)</sup> | 0.46% |
|  Ratio of total expenses to average net assets | 0.52 %<sup>(f)</sup> | 0.53% | 0.53% | 0.53% | 0.53% | 0.53 %<sup>(f)</sup> | 0.53% |
|  Ratio of net investment income (loss) to average net assets | 3.91 %<sup>(f)</sup> | 4.76% | 4.39% | 0.33% | 0.03% | (0.01)%<sup>(f)</sup> | 0.70% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&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 consolidated financial statements.** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **Resource Shares** | **Resource Shares** | **Resource Shares** | **Resource Shares** | **Resource Shares** | **Resource Shares** | **Resource Shares** |
|  | **Six Months Ended** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the** | **For the Fiscal** |
|  | **May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **Period Ended<br>November 30, 2020<sup>†</sup>** | **Year Ended August<br>31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.018 | 0.044 | 0.042 | 0.008 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.005 |
|  Net realized gain |  | 0.001 |  | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total from investment operations | 0.018 | 0.045 | 0.042 | 0.008 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.005 |
|  Distributions to shareholders from net<br>investment income | (0.018) | (0.045) | (0.042) | (0.008) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.005) |
|  Distributions to shareholders from net<br>realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.018) | (0.045) | (0.042) | (0.008) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.005) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 1.83% | 4.57% | 4.25% | 0.84% | 0.03% | – %<sup>(e)</sup> | 0.53% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9807 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10429 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8513 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9214 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10447 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93981 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83378 |
|  Ratio of net expenses to average net assets | 0.82 %<sup>(f)</sup> | 0.83% | 0.83% | 0.56% | 0.07% | 0.20 %<sup>(f)</sup> | 0.60% |
|  Ratio of total expenses to average net assets | 0.82 %<sup>(f)</sup> | 0.83% | 0.83% | 0.83% | 0.83% | 0.83 %<sup>(f)</sup> | 0.83% |
|  Ratio of net investment income (loss) to average net assets | 3.61 %<sup>(f)</sup> | 4.45% | 4.16% | 0.83% | 0.02% | (0.01)%<sup>(f)</sup> | 0.47% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **59** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Six Months Ended** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the** | **For the Fiscal** |
|  | **May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **Period Ended<br>November 30, 2020<sup>†</sup>** | **Year Ended August<br>31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.021 | 0.051 | 0.048 | 0.012 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.009 |
|  Net realized gain |  | – <sup>(b)</sup> |  | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.001 |
|  Total from investment operations | 0.021 | 0.051 | 0.048 | 0.012 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.010 |
|  Distributions to shareholders from net<br>investment income | (0.021) | (0.051) | (0.048) | (0.012) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.010) |
|  Distributions to shareholders from<br>net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.021) | (0.051) | (0.048) | (0.012) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.010) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.16% | 5.25% | 4.93% | 1.25% | 0.03% | 0.01% | 0.97% |
|  Net assets, end of period (in 000's) | $466553 | $518093 | $316732 | $268194 | $311454 | $91630 | $115111 |
|  Ratio of net expenses to average net assets | 0.17 %<sup>(e)</sup> | 0.18% | 0.18% | 0.15% | 0.07% | 0.18 %<sup>(e)</sup> | 0.18% |
|  Ratio of total expenses to average net assets | 0.17 %<sup>(e)</sup> | 0.18% | 0.18% | 0.18% | 0.18% | 0.18 %<sup>(e)</sup> | 0.18% |
|  Ratio of net investment income to average net assets | 4.26 %<sup>(e)</sup> | 5.08% | 4.83% | 1.26% | 0.03% | – %<sup>(e)(f)</sup> | 0.93% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Amount is less than 0.005%.

&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 consolidated financial statements.** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **Drexel Hamilton Class Shares** | **Drexel Hamilton Class Shares** | **Drexel Hamilton Class Shares** | **Drexel Hamilton Class Shares** | **Drexel Hamilton Class Shares** | **Drexel Hamilton Class Shares** | **Drexel Hamilton Class Shares** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the**<br> **Period Ended<br>November 30, 2020<sup>†</sup>** | **Period Ended**<br> **August 31, 2020<sup>(a)</sup>** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | **For the**<br> **Period Ended<br>November 30, 2020<sup>†</sup>** | **Period Ended**<br> **August 31, 2020<sup>(a)</sup>** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup> | 0.021 | 0.051 | 0.049 | 0.012 | – <sup>(c)</sup> | – <sup>(c)</sup> | 0.005 |
|  Net realized gain (loss) |  | – <sup>(c)</sup> | (0.001) | – <sup>(c)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> | 0.004 |
|  Total from investment operations | 0.021 | 0.051 | 0.048 | 0.012 | – <sup>(c)</sup> | – <sup>(c)</sup> | 0.009 |
|  Distributions to shareholders from net investment income | (0.021) | (0.051) | (0.048) | (0.012) | – <sup>(c)</sup> | – <sup>(c)</sup> | (0.009) |
|  Distributions to shareholders from net realized gains | – <sup>(c)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> |
|  Total distributions <sup>(d)</sup> | (0.021) | (0.051) | (0.048) | (0.012) | – <sup>(c)</sup> | – <sup>(c)</sup> | (0.009) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(e)</sup>** | 2.16% | 5.25% | 4.93% | 1.25% | 0.03% | 0.01% | 0.93% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5239881 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11749435 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11012314 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7563684 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4948288 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3042967 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2354098 |
|  Ratio of net expenses to average net assets | 0.17 %<sup>(f)</sup> | 0.18% | 0.18% | 0.15% | 0.07% | 0.18 %<sup>(f)</sup> | 0.18 %<sup>(f)</sup> |
|  Ratio of total expenses to average net assets | 0.17 %<sup>(f)</sup> | 0.18% | 0.18% | 0.18% | 0.18% | 0.18 %<sup>(f)</sup> | 0.18 %<sup>(f)</sup> |
|  Ratio of net investment income to average net assets | 4.27 %<sup>(f)</sup> | 5.09% | 4.91% | 1.33% | 0.03% | – %<sup>(f)(g)</sup> | 0.54 %<sup>(f)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on September 9, 2019.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Amount is less than 0.005%.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **61** |

---

------

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **Loop Class Shares** | **Loop Class Shares** | **Loop Class Shares** | **Loop Class Shares** | **Loop Class Shares** |
|  | **Six Months Ended**<br> **May 31, 2025**<br> (Unaudited) | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Period Ended<br>November 30, 2021<sup>(a)</sup>** |
|  | **Six Months Ended**<br> **May 31, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | **Period Ended<br>November 30, 2021<sup>(a)</sup>** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup> | 0.021 | 0.051 | 0.049 | 0.012 | – <sup>(c)</sup> |
|  Net realized loss |  | – <sup>(c)</sup> | (0.001) | – <sup>(c)</sup> | – <sup>(c)</sup> |
|  Total from investment operations | 0.021 | 0.051 | 0.048 | 0.012 | – <sup>(c)</sup> |
|  Distributions to shareholders from net investment income | (0.021) | (0.051) | (0.048) | (0.012) | – <sup>(c)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(c)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> |
|  Total distributions <sup>(d)</sup> | (0.021) | (0.051) | (0.048) | (0.012) | – <sup>(c)</sup> |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(e)</sup>** | 2.16% | 5.25% | 4.93% | 1.25% | – %<sup>(f)</sup> |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2885926 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700089 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2922240 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365925 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504408 |
|  Ratio of net expenses to average net assets | 0.17 %<sup>(g)</sup> | 0.18% | 0.18% | 0.15% | 0.07 %<sup>(g)</sup> |
|  Ratio of total expenses to average net assets | 0.17 %<sup>(g)</sup> | 0.18% | 0.18% | 0.18% | 0.18 %<sup>(g)</sup> |
|  Ratio of net investment income to average net assets | 4.26 %<sup>(g)</sup> | 5.09% | 4.95% | 1.36% | 0.03 %<sup>(g)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on August 23, 2021.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Annualized.

&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 consolidated financial statements.** |

---

------

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **Seelaus Class Shares** | **Seelaus Class Shares** | **Seelaus Class Shares** | **Seelaus Class Shares** | **Seelaus Class Shares** |
|  | **Six Months Ended**<br> **May 31, 2025**<br> (Unaudited) | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Period Ended<br>November 30, 2021<sup>(a)</sup>** |
|  | **Six Months Ended**<br> **May 31, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | **Period Ended<br>November 30, 2021<sup>(a)</sup>** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup> | 0.021 | 0.050 | 0.049 | 0.012 | – <sup>(c)</sup> |
|  Net realized gain (loss) |  | 0.001 | (0.001) | – <sup>(c)</sup> | – <sup>(c)</sup> |
|  Total from investment operations | 0.021 | 0.051 | 0.048 | 0.012 | – <sup>(c)</sup> |
|  Distributions to shareholders from net investment income | (0.021) | (0.051) | (0.048) | (0.012) | – <sup>(c)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(c)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> |
|  Total distributions <sup>(d)</sup> | (0.021) | (0.051) | (0.048) | (0.012) | – <sup>(c)</sup> |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(e)</sup>** | 2.16% | 5.25% | 4.93% | 1.25% | – %<sup>(f)</sup> |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3178823 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2346486 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684634 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005266 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
|  Ratio of net expenses to average net assets | 0.17 %<sup>(g)</sup> | 0.18% | 0.18% | 0.15% | 0.07 %<sup>(g)</sup> |
|  Ratio of total expenses to average net assets | 0.17 %<sup>(g)</sup> | 0.18% | 0.18% | 0.18% | 0.18 %<sup>(g)</sup> |
|  Ratio of net investment income to average net assets | 4.25 %<sup>(g)</sup> | 5.00% | 4.91% | 1.55% | 0.03 %<sup>(g)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on August 23, 2021.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Annualized.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **63** |

---

------

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** |
|  | **Class D Shares** | **Class D Shares** | **Class D Shares** |
|  | **Six Months Ended<br>May 31, 2025<br>(Unaudited)** | **For the Fiscal**<br> **Year Ended<br>November 30, 2024** | **Period Ended<br>November 30, 2023<sup>(a)</sup>** |
| Per Share Data |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 |
|  Net investment income (loss)<sup>(b)</sup> | (0.001) | 0.051 | 0.041 |
|  Net realized gain | 0.022 |  |  |
|  Total from investment operations | 0.021 | 0.051 | 0.041 |
|  Distributions to shareholders from net investment income | (0.021) | (0.051) | (0.041) |
|  Distributions to shareholders from net realized gains | – <sup>(c)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> |
|  Total distributions <sup>(d)</sup> | (0.021) | (0.051) | (0.041) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(e)</sup>** | 2.13% | 5.20% | 4.14% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36777 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31501 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28025 |
|  Ratio of net expenses to average net assets | 0.19 %<sup>(f)</sup> | 0.20% | 0.24 %<sup>(f)</sup> |
|  Ratio of net investment income (loss) to average net assets | (0.19)%<sup>(f)</sup> | 5.07% | 4.93 %<sup>(f)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on January 31, 2023.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&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 consolidated financial statements.** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the**<br> **Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal**<br> **Year Ended August**<br> **31, 2020** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | **For the**<br> **Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal**<br> **Year Ended August**<br> **31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.021 | 0.051 | 0.047 | 0.011 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.007 |
|  Net realized gain |  |  | 0.001 | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.002 |
|  Total from investment operations | 0.021 | 0.051 | 0.048 | 0.011 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.009 |
|  Distributions to shareholders from net investment income | (0.021) | (0.051) | (0.048) | (0.011) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.009) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.021) | (0.051) | (0.048) | (0.011) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.009) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.13% | 5.20% | 4.84% | 1.14% | 0.01% | – %<sup>(e)</sup> | 0.95% |
|  Net assets, end of period (in 000's) | $88342122 | $86340277 | $79002981 | $92045963 | $101041091 | $75892232 | $84038158 |
|  Ratio of net expenses to average net assets | 0.19 %<sup>(f)</sup> | 0.20% | 0.20% | 0.17% | 0.07% | 0.16 %<sup>(f)</sup> | 0.20% |
|  Ratio of total expenses to average net assets | 0.19 %<sup>(f)</sup> | 0.20% | 0.20% | 0.20% | 0.20% | 0.20 %<sup>(f)</sup> | 0.20% |
|  Ratio of net investment income to average net assets | 4.19 %<sup>(f)</sup> | 5.05% | 4.75% | 1.11% | 0.01% | – %<sup>(e)(f)</sup> | 0.71% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **65** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** |
|  | **Capital Shares** | **Capital Shares** | **Capital Shares** | **Capital Shares** | **Capital Shares** | **Capital Shares** | **Capital Shares** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the**<br> **Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal**<br> **Year Ended August<br>31, 2020** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | **For the**<br> **Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal**<br> **Year Ended August<br>31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.020 | 0.049 | 0.045 | 0.010 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.009 |
|  Net realized gain (loss) |  |  | 0.001 | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.001) |
|  Total from investment operations | 0.020 | 0.049 | 0.046 | 0.010 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.008 |
|  Distributions to shareholders from net investment income | (0.020) | (0.049) | (0.046) | (0.010) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.008) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.020) | (0.049) | (0.046) | (0.010) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.008) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.05% | 5.04% | 4.68% | 1.03% | 0.01% | – %<sup>(e)</sup> | 0.82% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528183 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054741 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520343 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957608 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826871 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675659 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725405 |
|  Ratio of net expenses to average net assets | 0.34 %<sup>(f)</sup> | 0.35% | 0.35% | 0.27% | 0.07% | 0.16 %<sup>(f)</sup> | 0.33% |
|  Ratio of total expenses to average net assets | 0.34 %<sup>(f)</sup> | 0.35% | 0.35% | 0.35% | 0.35% | 0.35 %<sup>(f)</sup> | 0.35% |
|  Ratio of net investment income to average net assets | 4.05 %<sup>(f)</sup> | 4.87% | 4.50% | 1.09% | 0.01% | – %<sup>(e)(f)</sup> | 0.85% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&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 consolidated financial statements.** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the**<br> **Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal**<br> **Year Ended August<br>31, 2020** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | **For the**<br> **Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal**<br> **Year Ended August<br>31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.018 | 0.045 | 0.042 | 0.008 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.003 |
|  Net realized gain |  | 0.001 | 0.001 | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.003 |
|  Total from investment operations | 0.018 | 0.046 | 0.043 | 0.008 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.006 |
|  Distributions to shareholders from net investment income | (0.018) | (0.046) | (0.043) | (0.008) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.006) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.018) | (0.046) | (0.043) | (0.008) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.006) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 1.88% | 4.68% | 4.32% | 0.82% | 0.01% | – %<sup>(e)</sup> | 0.60% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1958757 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2048743 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698078 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912338 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569931 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122542 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116172 |
|  Ratio of net expenses to average net assets | 0.69 %<sup>(f)</sup> | 0.69% | 0.70% | 0.47% | 0.07% | 0.16 %<sup>(f)</sup> | 0.41% |
|  Ratio of total expenses to average net assets | 0.69 %<sup>(f)</sup> | 0.69% | 0.70% | 0.70% | 0.70% | 0.70 %<sup>(f)</sup> | 0.70% |
|  Ratio of net investment income to average net assets | 3.69 %<sup>(f)</sup> | 4.50% | 4.20% | 0.69% | 0.01% | – %<sup>(e)(f)</sup> | 0.28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **67** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** |
|  | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the**<br> **Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal**<br> **Year Ended August<br>31, 2020** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | **For the**<br> **Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal**<br> **Year Ended August<br>31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.020 | 0.049 | 0.048 | 0.011 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.007 |
|  Net realized gain (loss) |  | 0.001 | (0.001) | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.002 |
|  Total from investment operations | 0.020 | 0.050 | 0.047 | 0.011 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.009 |
|  Distributions to shareholders from net investment income | (0.020) | (0.050) | (0.047) | (0.011) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.009) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |  |
|  Total distributions <sup>(c)</sup> | (0.020) | (0.050) | (0.047) | (0.011) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.009) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.08% | 5.10% | 4.73% | 1.07% | 0.01% | – %<sup>(e)</sup> | 0.86% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79891 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80799 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63099 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36610 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78191 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137607 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113769 |
|  Ratio of net expenses to average net assets | 0.29 %<sup>(f)</sup> | 0.30% | 0.30% | 0.24% | 0.07% | 0.16 %<sup>(f)</sup> | 0.29% |
|  Ratio of total expenses to average net assets | 0.29 %<sup>(f)</sup> | 0.30% | 0.30% | 0.30% | 0.30% | 0.30 %<sup>(f)</sup> | 0.30% |
|  Ratio of net investment income to average net assets | 4.09 %<sup>(f)</sup> | 4.94% | 4.80% | 0.99% | – %<sup>(e)</sup> | – %<sup>(e)(f)</sup> | 0.68% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&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 consolidated financial statements.** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** |
|  | **Select Shares** | **Select Shares** | **Select Shares** | **Select Shares** | **Select Shares** | **Select Shares** | **Select Shares** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the**<br> **Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal**<br> **Year Ended August<br>31, 2020** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | **For the**<br> **Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal**<br> **Year Ended August<br>31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.021 | 0.051 | 0.048 | 0.011 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.006 |
|  Net realized gain (loss) |  |  | (0.001) | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.003 |
|  Total from investment operations | 0.021 | 0.051 | 0.047 | 0.011 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.009 |
|  Distributions to shareholders from net investment income | (0.021) | (0.051) | (0.047) | (0.011) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.009) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.021) | (0.051) | (0.047) | (0.011) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.009) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.11% | 5.17% | 4.81% | 1.12% | 0.01% | – %<sup>(e)</sup> | 0.92% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694640 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357644 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590745 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444262 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208542 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336761 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495422 |
|  Ratio of net expenses to average net assets | 0.22 %<sup>(f)</sup> | 0.23% | 0.23% | 0.19% | 0.07% | 0.16 %<sup>(f)</sup> | 0.23% |
|  Ratio of total expenses to average net assets | 0.22 %<sup>(f)</sup> | 0.23% | 0.23% | 0.23% | 0.23% | 0.23 %<sup>(f)</sup> | 0.23% |
|  Ratio of net investment income to average net assets | 4.16 %<sup>(f)</sup> | 5.01% | 4.80% | 1.38% | 0.01% | – %<sup>(e)(f)</sup> | 0.60% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **69** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** |
|  | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the**<br> **Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal**<br> **Year Ended August<br>31, 2020** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | **For the**<br> **Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal**<br> **Year Ended August<br>31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.020 | 0.048 | 0.045 | 0.010 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.008 |
|  Net realized gain |  |  |  | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total from investment operations | 0.020 | 0.048 | 0.045 | 0.010 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.008 |
|  Distributions to shareholders from net investment income | (0.020) | (0.048) | (0.045) | (0.010) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.008) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.020) | (0.048) | (0.045) | (0.010) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.008) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.00% | 4.94% | 4.58% | 0.96% | 0.01% | – %<sup>(e)</sup> | 0.75% |
|  Net assets, end of period (in 000's) | $2560443 | $2518815 | $2199709 | $2188569 | $2038029 | $1578689 | $1493968 |
|  Ratio of net expenses to average net assets | 0.44 %<sup>(f)</sup> | 0.45% | 0.45% | 0.34% | 0.07% | 0.16 %<sup>(f)</sup> | 0.40% |
|  Ratio of total expenses to average net assets | 0.44 %<sup>(f)</sup> | 0.45% | 0.45% | 0.45% | 0.45% | 0.45 %<sup>(f)</sup> | 0.45% |
|  Ratio of net investment income to average net assets | 3.94 %<sup>(f)</sup> | 4.80% | 4.49% | 0.95% | 0.01% | – %<sup>(e)(f)</sup> | 0.72% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| 70 | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** |
|  | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** |
|  | **Six Months Ended**<br> **May 31, 2025**<br> (Unaudited) | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the**<br> **Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal**<br> **Year Ended August**<br> **31, 2020** |
|  | **Six Months Ended**<br> **May 31, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | **For the**<br> **Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal**<br> **Year Ended August**<br> **31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.017 | 0.042 | 0.040 | 0.007 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.004 |
|  Net realized gain |  | 0.001 |  | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total from investment operations | 0.017 | 0.043 | 0.040 | 0.007 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.004 |
|  Distributions to shareholders from net investment income | (0.017) | (0.043) | (0.040) | (0.007) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.004) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.017) | (0.043) | (0.040) | (0.007) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.004) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 1.72% | 4.37% | 4.01% | 0.66% | 0.01% | – %<sup>(e)</sup> | 0.43% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48367 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55282 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6964 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11716 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9744 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10781 |
|  Ratio of net expenses to average net assets | 0.99 %<sup>(f)</sup> | 0.99% | 1.00% | 0.54% | 0.07% | 0.16 %<sup>(f)</sup> | 0.73% |
|  Ratio of total expenses to average net assets | 0.99 %<sup>(f)</sup> | 0.99% | 1.00% | 1.00% | 1.00% | 1.00 %<sup>(f)</sup> | 1.00% |
|  Ratio of net investment income to average net assets | 3.39 %<sup>(f)</sup> | 4.21% | 3.99% | 0.31% | 0.01% | – %<sup>(e)(f)</sup> | 0.40% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **71** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** |
|  | **Premier Shares** | **Premier Shares** | **Premier Shares** | **Premier Shares** | **Premier Shares** | **Premier Shares** | **Premier Shares** |
|  | **Six Months Ended**<br> **May 31, 2025**<br> (Unaudited) | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the**<br> **Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal**<br> **Year Ended August**<br> **31, 2020** |
|  | **Six Months Ended**<br> **May 31, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | **For the**<br> **Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal**<br> **Year Ended August**<br> **31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.019 | 0.047 | 0.046 | 0.009 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.007 |
|  Net realized loss |  |  | (0.002) | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total from investment operations | 0.019 | 0.047 | 0.044 | 0.009 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.007 |
|  Distributions to shareholders from net investment income | (0.019) | (0.047) | (0.044) | (0.009) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.007) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.019) | (0.047) | (0.044) | (0.009) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.007) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 1.95% | 4.83% | 4.47% | 0.90% | 0.01% | – %<sup>(e)</sup> | 0.69% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102536 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222917 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694503 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215864 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204641 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162524 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161117 |
|  Ratio of net expenses to average net assets | 0.54 %<sup>(f)</sup> | 0.55% | 0.55% | 0.39% | 0.07% | 0.16 %<sup>(f)</sup> | 0.45% |
|  Ratio of total expenses to average net assets | 0.54 %<sup>(f)</sup> | 0.55% | 0.55% | 0.55% | 0.55% | 0.55 %<sup>(f)</sup> | 0.55% |
|  Ratio of net investment income to average net assets | 3.84 %<sup>(f)</sup> | 4.69% | 4.59% | 0.87% | 0.01% | – %<sup>(e)(f)</sup> | 0.65% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| 72 | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** |
|  | **Loop Class Shares** | **Loop Class Shares** | **Loop Class Shares** | **Loop Class Shares** | **Loop Class Shares** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Period Ended<br>November 30, 2021<sup>(a)</sup>** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | <br> **2024** | <br> **2023** | <br> **2022** | **Period Ended<br>November 30, 2021<sup>(a)</sup>** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup> | 0.021 | 0.051 | 0.046 | 0.011 | – <sup>(c)</sup> |
|  Net realized gain |  |  | 0.002 | – <sup>(c)</sup> | – <sup>(c)</sup> |
|  Total from investment operations | 0.021 | 0.051 | 0.048 | 0.011 | – <sup>(c)</sup> |
|  Distributions to shareholders from net investment income | (0.021) | (0.051) | (0.048) | (0.011) | – <sup>(c)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(c)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> |
|  Total distributions <sup>(d)</sup> | (0.021) | (0.051) | (0.048) | (0.011) | – <sup>(c)</sup> |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(e)</sup>** | 2.13% | 5.20% | 4.84% | 1.14% | 0.01% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125616 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42733 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41599 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152101 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200012 |
|  Ratio of net expenses to average net assets | 0.19 %<sup>(f)</sup> | 0.20% | 0.20% | 0.17% | 0.07 %<sup>(f)</sup> |
|  Ratio of total expenses to average net assets | 0.19 %<sup>(f)</sup> | 0.20% | 0.20% | 0.20% | 0.20 %<sup>(f)</sup> |
|  Ratio of net investment income to average net assets | 4.17 %<sup>(f)</sup> | 5.06% | 4.60% | 1.08% | 0.01 %<sup>(f)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on August 23, 2021.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **73** |

---

------

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** |
|  | **Seelaus Class Shares** | **Seelaus Class Shares** | **Seelaus Class Shares** | **Seelaus Class Shares** | **Seelaus Class Shares** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Period Ended<br>November 30, 2021<sup>(a)</sup>** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | <br> **2024** | <br> **2023** | <br> **2022** | **Period Ended<br>November 30, 2021<sup>(a)</sup>** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup> | 0.021 | 0.047 | 0.052 | 0.011 | – <sup>(c)</sup> |
|  Net realized gain (loss) |  | 0.004 | (0.004) | – <sup>(c)</sup> | – <sup>(c)</sup> |
|  Total from investment operations | 0.021 | 0.051 | 0.048 | 0.011 | – <sup>(c)</sup> |
|  Distributions to shareholders from net investment income | (0.021) | (0.051) | (0.048) | (0.011) | – <sup>(c)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(c)</sup> | – <sup>(c)</sup> |  | – <sup>(c)</sup> | – <sup>(c)</sup> |
|  Total distributions <sup>(d)</sup> | (0.021) | (0.051) | (0.048) | (0.011) | – <sup>(c)</sup> |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(e)</sup>** | 2.13% | 5.20% | 4.84% | 1.14% | 0.01% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12094 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
|  Ratio of net expenses to average net assets | 0.19 %<sup>(f)</sup> | 0.19% | 0.20% | 0.17% | 0.07 %<sup>(f)</sup> |
|  Ratio of total expenses to average net assets | 0.19 %<sup>(f)</sup> | 0.19% | 0.20% | 0.20% | 0.20 %<sup>(f)</sup> |
|  Ratio of net investment income to average net assets | 4.19 %<sup>(f)</sup> | 4.73% | 5.17% | 1.15% | 0.03 %<sup>(f)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on August 23, 2021.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| 74 | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended**<br> **May 31, 2025**<br> (Unaudited) | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the**<br> **Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal**<br> **Year Ended August**<br> **31, 2020** |
|  | **Six Months Ended**<br> **May 31, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | **For the**<br> **Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal**<br> **Year Ended August**<br> **31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.021 | 0.051 | 0.048 | 0.012 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.007 |
|  Net realized gain |  |  |  | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.002 |
|  Total from investment operations | 0.021 | 0.051 | 0.048 | 0.012 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.009 |
|  Distributions to shareholders from net investment income | (0.021) | (0.051) | (0.048) | (0.012) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.009) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.021) | (0.051) | (0.048) | (0.012) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.009) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.14% | 5.21% | 4.91% | 1.24% | 0.02% | – %<sup>(e)</sup> | 0.94% |
|  Net assets, end of period (in 000's) | $36684064 | $37458284 | $44096664 | $39033144 | $21699895 | $34576104 | $22518304 |
|  Ratio of net expenses to average net assets | 0.20 %<sup>(f)</sup> | 0.20% | 0.20% | 0.18% | 0.07% | 0.15 %<sup>(f)</sup> | 0.20% |
|  Ratio of total expenses to average net assets | 0.20 %<sup>(f)</sup> | 0.20% | 0.20% | 0.20% | 0.20% | 0.20 %<sup>(f)</sup> | 0.20% |
|  Ratio of net investment income to average net assets | 4.22 %<sup>(f)</sup> | 5.07% | 4.80% | 1.56% | 0.01% | 0.01 %<sup>(f)</sup> | 0.68% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **75** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** |
|  | **Capital Shares** | **Capital Shares** | **Capital Shares** | **Capital Shares** | **Capital Shares** | **Capital Shares** | **Capital Shares** |
|  | **Six Months Ended**<br> **May 31, 2025**<br> (Unaudited) | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the**<br> **Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal**<br> **Year Ended August**<br> **31, 2020** |
|  | **Six Months Ended**<br> **May 31, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | **For the**<br> **Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal**<br> **Year Ended August**<br> **31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.020 | 0.049 | 0.047 | 0.011 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.007 |
|  Net realized gain (loss) |  |  | (0.001) | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.001 |
|  Total from investment operations | 0.020 | 0.049 | 0.046 | 0.011 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.008 |
|  Distributions to shareholders from net investment income | (0.020) | (0.049) | (0.046) | (0.011) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.008) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.020) | (0.049) | (0.046) | (0.011) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.008) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.07% | 5.05% | 4.75% | 1.13% | 0.02% | – %<sup>(e)</sup> | 0.80% |
|  Net assets, end of period (in 000's) | $1415911 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433494 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089014 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743723 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371230 | $330016 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372260 |
|  Ratio of net expenses to average net assets | 0.35 %<sup>(f)</sup> | 0.35% | 0.35% | 0.29% | 0.07% | 0.15 %<sup>(f)</sup> | 0.34% |
|  Ratio of total expenses to average net assets | 0.35 %<sup>(f)</sup> | 0.35% | 0.35% | 0.35% | 0.35% | 0.35 %<sup>(f)</sup> | 0.35% |
|  Ratio of net investment income to average net assets | 4.07 %<sup>(f)</sup> | 4.91% | 4.72% | 1.29% | 0.01% | – %<sup>(e)(f)</sup> | 0.74% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| 76 | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Six Months Ended**<br> **May 31, 2025**<br> (Unaudited) | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the**<br> **Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal**<br> **Year Ended August**<br> **31, 2020** |
|  | **Six Months Ended**<br> **May 31, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | **For the**<br> **Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal**<br> **Year Ended August**<br> **31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.019 | 0.046 | 0.043 | 0.009 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.006 |
|  Net realized gain |  |  | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total from investment operations | 0.019 | 0.046 | 0.043 | 0.009 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.006 |
|  Distributions to shareholders from net investment income | (0.019) | (0.046) | (0.043) | (0.009) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.006) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.019) | (0.046) | (0.043) | (0.009) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.006) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 1.89% | 4.69% | 4.39% | 0.92% | 0.02% | – %<sup>(e)</sup> | 0.59% |
|  Net assets, end of period (in 000's) | $1815359 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728729 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535201 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408940 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703918 | $911413 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937649 |
|  Ratio of net expenses to average net assets | 0.70 %<sup>(f)</sup> | 0.70% | 0.70% | 0.50% | 0.07% | 0.15 %<sup>(f)</sup> | 0.55% |
|  Ratio of total expenses to average net assets | 0.70 %<sup>(f)</sup> | 0.70% | 0.70% | 0.70% | 0.70% | 0.70 %<sup>(f)</sup> | 0.70% |
|  Ratio of net investment income to average net assets | 3.72 %<sup>(f)</sup> | 4.57% | 4.30% | 0.89% | 0.01% | – %<sup>(e)(f)</sup> | 0.55% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **77** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** |
|  | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** |
|  | **Six Months Ended**<br> **May 31, 2025**<br> (Unaudited) | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the**<br> **Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal**<br> **Year Ended August**<br> **31, 2020** |
|  | **Six Months Ended**<br> **May 31, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | **For the**<br> **Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal**<br> **Year Ended August**<br> **31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.021 | 0.050 | 0.047 | 0.012 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.008 |
|  Net realized gain |  |  | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total from investment operations | 0.021 | 0.050 | 0.047 | 0.012 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.008 |
|  Distributions to shareholders from net investment income | (0.021) | (0.050) | (0.047) | (0.012) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.008) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.021) | (0.050) | (0.047) | (0.012) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.008) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.09% | 5.10% | 4.81% | 1.17% | 0.02% | – %<sup>(e)</sup> | 0.84% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804198 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832274 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064306 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682319 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500987 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440733 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771943 |
|  Ratio of net expenses to average net assets | 0.30 %<sup>(f)</sup> | 0.30% | 0.30% | 0.25% | 0.07% | 0.15 %<sup>(f)</sup> | 0.30% |
|  Ratio of total expenses to average net assets | 0.30 %<sup>(f)</sup> | 0.30% | 0.30% | 0.30% | 0.30% | 0.30 %<sup>(f)</sup> | 0.30% |
|  Ratio of net investment income (loss) to average net assets | 4.12 %<sup>(f)</sup> | 4.98% | 4.73% | 1.27% | 0.01% | (0.01)%<sup>(f)</sup> | 0.76% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| 78 | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** |
|  | **Select Shares** | **Select Shares** | **Select Shares** | **Select Shares** | **Select Shares** | **Select Shares** | **Select Shares** |
|  | **Six Months Ended**<br> **May 31, 2025**<br> (Unaudited) | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the**<br> **Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal**<br> **Year Ended August**<br> **31, 2020** |
|  | **Six Months Ended**<br> **May 31, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | **For the**<br> **Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal**<br> **Year Ended August**<br> **31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.021 | 0.049 | 0.047 | 0.012 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.007 |
|  Net realized gain |  | 0.002 | 0.001 | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.002 |
|  Total from investment operations | 0.021 | 0.051 | 0.048 | 0.012 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.009 |
|  Distributions to shareholders from net investment income | (0.021) | (0.051) | (0.048) | (0.012) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.009) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.021) | (0.051) | (0.048) | (0.012) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.009) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.13% | 5.18% | 4.88% | 1.22% | 0.02% | – %<sup>(e)</sup> | 0.91% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131911 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373803 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240995 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163715 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87703 | $213174 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178351 |
|  Ratio of net expenses to average net assets | 0.23 %<sup>(f)</sup> | 0.23% | 0.23% | 0.20% | 0.07% | 0.15 %<sup>(f)</sup> | 0.23% |
|  Ratio of total expenses to average net assets | 0.23 %<sup>(f)</sup> | 0.23% | 0.23% | 0.23% | 0.23% | 0.23 %<sup>(f)</sup> | 0.23% |
|  Ratio of net investment income to average net assets | 4.25 %<sup>(f)</sup> | 4.92% | 4.71% | 1.48% | 0.01% | – %<sup>(e)(f)</sup> | 0.70% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **79** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** |
|  | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** |
|  | **Six Months Ended**<br> **May 31, 2025**<br> (Unaudited) | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the**<br> **Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal**<br> **Year Ended August**<br> **31, 2020** |
|  | **Six Months Ended**<br> **May 31, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | **For the**<br> **Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal**<br> **Year Ended August**<br> **31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.020 | 0.048 | 0.046 | 0.011 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.007 |
|  Net realized loss |  |  | (0.001) | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total from investment operations | 0.020 | 0.048 | 0.045 | 0.011 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.007 |
|  Distributions to shareholders from net investment income | (0.020) | (0.048) | (0.045) | (0.011) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.007) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.020) | (0.048) | (0.045) | (0.011) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.007) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.02% | 4.95% | 4.65% | 1.06% | 0.02% | – %<sup>(e)</sup> | 0.73% |
|  Net assets, end of period (in 000's) | $2770531 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2915737 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2294770 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986064 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2923435 | $2380299 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088737 |
|  Ratio of net expenses to average net assets | 0.45 %<sup>(f)</sup> | 0.45% | 0.45% | 0.36% | 0.07% | 0.15 %<sup>(f)</sup> | 0.40% |
|  Ratio of total expenses to average net assets | 0.45 %<sup>(f)</sup> | 0.45% | 0.45% | 0.45% | 0.45% | 0.45 %<sup>(f)</sup> | 0.45% |
|  Ratio of net investment income to average net assets | 3.97 %<sup>(f)</sup> | 4.82% | 4.56% | 1.15% | 0.01% | –% <sup>(e)(f)</sup> | 0.65% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| 80 | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** |
|  | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** |
|  | **Six Months Ended<br>May 31, 2025**<br> (Unaudited) | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the<br>Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended August**<br> **31, 2020** |
|  | **Six Months Ended<br>May 31, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | **For the<br>Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended August**<br> **31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.017 | 0.042 | 0.038 | 0.008 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.003 |
|  Net realized gain |  | 0.001 | 0.002 | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.001 |
|  Total from investment operations | 0.017 | 0.043 | 0.040 | 0.008 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.004 |
|  Distributions to shareholders from net investment income | (0.017) | (0.043) | (0.040) | (0.008) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.004) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.017) | (0.043) | (0.040) | (0.008) |  |  | (0.004) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 1.74% | 4.37% | 4.08% | 0.76% | 0.02% | – %<sup>(e)</sup> | 0.43% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37853 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29691 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14974 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28115 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29933 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20187 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13015 |
|  Ratio of net expenses to average net assets | 1.00 %<sup>(f)</sup> | 1.00% | 1.00% | 0.63% | 0.07% | 0.15 %<sup>(f)</sup> | 0.68% |
|  Ratio of total expenses to average net assets | 1.00 %<sup>(f)</sup> | 1.00% | 1.00% | 1.00% | 1.00% | 1.00 %<sup>(f)</sup> | 1.00% |
|  Ratio of net investment income to average net assets | 3.41 %<sup>(f)</sup> | 4.24% | 3.82% | 0.60% | 0.01% | 0.01 %<sup>(f)</sup> | 0.35% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **81** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** |
|  | **Premier Shares** | **Premier Shares** | **Premier Shares** | **Premier Shares** | **Premier Shares** | **Premier Shares** | **Premier Shares** |
|  | **Six Months Ended<br>May 31, 2025**<br> (Unaudited) | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the<br>Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended August**<br> **31, 2020** |
|  | **Six Months Ended<br>May 31, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | **For the<br>Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended August**<br> **31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.019 | 0.047 | 0.044 | 0.010 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.006 |
|  Net realized gain |  |  |  | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.001 |
|  Total from investment operations | 0.019 | 0.047 | 0.044 | 0.010 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.007 |
|  Distributions to shareholders from net investment income | (0.019) | (0.047) | (0.044) | (0.010) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.007) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.019) | (0.047) | (0.044) | (0.010) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.007) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 1.97% | 4.84% | 4.55% | 1.00% | 0.02% | – %<sup>(e)</sup> | 0.68% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13608 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16648 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15290 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42003 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13495 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13573 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17568 |
|  Ratio of net expenses to average net assets | 0.55 %<sup>(f)</sup> | 0.55% | 0.55% | 0.45% | 0.07% | 0.15 %<sup>(f)</sup> | 0.46% |
|  Ratio of total expenses to average net assets | 0.55 %<sup>(f)</sup> | 0.55% | 0.55% | 0.55% | 0.55% | 0.55 %<sup>(f)</sup> | 0.55% |
|  Ratio of net investment income to average net assets | 3.88 %<sup>(f)</sup> | 4.72% | 4.38% | 1.45% | 0.01% | – %<sup>(e)(f)</sup> | 0.62% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| 82 | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** |
|  | **Resource Shares** | **Resource Shares** | **Resource Shares** | **Resource Shares** | **Resource Shares** | **Resource Shares** | **Resource Shares** |
|  | **Six Months Ended<br>May 31, 2025**<br> (Unaudited) | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the<br>Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended August**<br> **31, 2020** |
|  | **Six Months Ended<br>May 31, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | **For the<br>Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended August**<br> **31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.018 | 0.044 | 0.044 | 0.009 | – <sup>(b)</sup> | 0.001 | 0.006 |
|  Net realized loss |  |  | (0.002) | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total from investment operations | 0.018 | 0.044 | 0.042 | 0.009 | – <sup>(b)</sup> | 0.001 | 0.006 |
|  Distributions to shareholders from net investment income | (0.018) | (0.044) | (0.042) | (0.009) | – <sup>(b)</sup> | (0.001) | (0.006) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.018) | (0.044) | (0.042) | (0.009) | – <sup>(b)</sup> | (0.001) | (0.006) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 1.81% | 4.53% | 4.23% | 0.83% | 0.02% | – %<sup>(e)</sup> | 0.51% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32417 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11752 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 |
|  Ratio of net expenses to average net assets | 0.85 %<sup>(f)</sup> | 0.85% | 0.85% | 0.35% | 0.07% | 0.15 %<sup>(f)</sup> | 0.39% |
|  Ratio of total expenses to average net assets | 0.85 %<sup>(f)</sup> | 0.85% | 0.85% | 0.85% | 0.85% | 0.85 %<sup>(f)</sup> | 0.85% |
|  Ratio of net investment income to average net assets | 3.57 %<sup>(f)</sup> | 4.36% | 4.38% | 0.88% | 0.03% | 0.34 %<sup>(f)</sup> | 0.59% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **83** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended<br>May 31, 2025**<br> (Unaudited) | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the<br>Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended August**<br> **31, 2020** |
|  | **Six Months Ended<br>May 31, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | **For the<br>Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended August**<br> **31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.021 | 0.051 | 0.048 | 0.012 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.007 |
|  Net realized gain |  |  | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.003 |
|  Total from investment operations | 0.021 | 0.051 | 0.048 | 0.012 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.010 |
|  Distributions to shareholders from net investment income | (0.021) | (0.051) | (0.048) | (0.012) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.010) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.021) | (0.051) | (0.048) | (0.012) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.010) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.13% | 5.21% | 4.91% | 1.24% | 0.01% | – %<sup>(e)</sup> | 0.96% |
|  Net assets, end of period (in 000's) | $14441590 | $12840990 | $13623371 | $14341376 | $9632239 | $10518867 | $11543913 |
|  Ratio of net expenses to average net assets | 0.20 %<sup>(f)</sup> | 0.20% | 0.20% | 0.17% | 0.09% | 0.17 %<sup>(f)</sup> | 0.20% |
|  Ratio of total expenses to average net assets | 0.20 %<sup>(f)</sup> | 0.20% | 0.20% | 0.20% | 0.20% | 0.20 %<sup>(f)</sup> | 0.20% |
|  Ratio of net investment income to average net assets | 4.18 %<sup>(f)</sup> | 5.06% | 4.82% | 1.41% | – %<sup>(e)</sup> | – %<sup>(e)(f)</sup> | 0.70% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| 84 | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** |
|  | **Capital Shares** | **Capital Shares** | **Capital Shares** | **Capital Shares** | **Capital Shares** | **Capital Shares** | **Capital Shares** |
|  | **Six Months Ended<br>May 31, 2025**<br> (Unaudited) | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the<br>Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended August**<br> **31, 2020** |
|  | **Six Months Ended<br>May 31, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | **For the<br>Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended August**<br> **31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.020 | 0.049 | 0.046 | 0.011 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.007 |
|  Net realized gain |  |  | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.001 |
|  Total from investment operations | 0.020 | 0.049 | 0.046 | 0.011 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.008 |
|  Distributions to shareholders from net investment income | (0.020) | (0.049) | (0.046) | (0.011) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.008) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.020) | (0.049) | (0.046) | (0.011) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.008) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.05% | 5.05% | 4.76% | 1.13% | 0.01% | – %<sup>(e)</sup> | 0.83% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187407 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164197 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206167 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243876 | $234344 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201227 |
|  Ratio of net expenses to average net assets | 0.35 %<sup>(f)</sup> | 0.35% | 0.35% | 0.27% | 0.09% | 0.17 %<sup>(f)</sup> | 0.32% |
|  Ratio of total expenses to average net assets | 0.35 %<sup>(f)</sup> | 0.35% | 0.35% | 0.35% | 0.35% | 0.35 %<sup>(f)</sup> | 0.35% |
|  Ratio of net investment income to average net assets | 4.03 %<sup>(f)</sup> | 4.92% | 4.60% | 0.94% | – %<sup>(e)</sup> | – %<sup>(e)(f)</sup> | 0.65% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **85** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Six Months Ended<br>May 31, 2025**<br> (Unaudited) | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the<br>Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended August**<br> **31, 2020** |
|  | **Six Months Ended<br>May 31, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | **For the<br>Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended August**<br> **31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.018 | 0.046 | 0.045 | 0.009 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.005 |
|  Net realized gain |  |  | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.001 |
|  Total from investment operations | 0.018 | 0.046 | 0.045 | 0.009 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.006 |
|  Distributions to shareholders from net investment income | (0.018) | (0.046) | (0.043) | (0.009) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.006) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.018) | (0.046) | (0.043) | (0.009) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.006) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 1.87% | 4.68% | 4.39% | 0.91% | 0.01% | – %<sup>(e)</sup> | 0.62% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337667 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440947 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418452 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158102 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233842 | $240184 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208499 |
|  Ratio of net expenses to average net assets | 0.70 %<sup>(f)</sup> | 0.70% | 0.70% | 0.45% | 0.09% | 0.17 %<sup>(f)</sup> | 0.50% |
|  Ratio of total expenses to average net assets | 0.70 %<sup>(f)</sup> | 0.70% | 0.70% | 0.70% | 0.70% | 0.70 %<sup>(f)</sup> | 0.70% |
|  Ratio of net investment income to average net assets | 3.69 %<sup>(f)</sup> | 4.57% | 4.45% | 0.81% | – %<sup>(e)</sup> | – %<sup>(e)(f)</sup> | 0.47% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| 86 | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** |
|  | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** |
|  | **Six Months Ended<br>May 31, 2025**<br> (Unaudited) | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the<br>Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended August**<br> **31, 2020** |
|  | **Six Months Ended<br>May 31, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | **For the<br>Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended August**<br> **31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.020 | 0.050 | 0.047 | 0.012 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.008 |
|  Net realized gain |  |  | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.001 |
|  Total from investment operations | 0.020 | 0.050 | 0.047 | 0.012 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.009 |
|  Distributions to shareholders from net investment income | (0.020) | (0.050) | (0.047) | (0.012) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.009) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.020) | (0.050) | (0.047) | (0.012) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.009) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.08% | 5.10% | 4.81% | 1.17% | 0.01% | – %<sup>(e)</sup> | 0.87% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50458 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53668 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46330 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64568 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51188 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59340 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52791 |
|  Ratio of net expenses to average net assets | 0.30 %<sup>(f)</sup> | 0.30% | 0.30% | 0.24% | 0.09% | 0.17 %<sup>(f)</sup> | 0.29% |
|  Ratio of total expenses to average net assets | 0.30 %<sup>(f)</sup> | 0.30% | 0.30% | 0.30% | 0.30% | 0.30 %<sup>(f)</sup> | 0.30% |
|  Ratio of net investment income to average net assets | 4.08 %<sup>(f)</sup> | 4.97% | 4.69% | 1.14% | – %<sup>(e)</sup> | – %<sup>(e)(f)</sup> | 0.78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **87** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** |
|  | **Select Shares** | **Select Shares** | **Select Shares** | **Select Shares** | **Select Shares** | **Select Shares** | **Select Shares** |
|  | **Six Months Ended<br>May 31, 2025**<br> (Unaudited) | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the<br>Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended August**<br> **31, 2020** |
|  | **Six Months Ended<br>May 31, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | **For the<br>Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended August**<br> **31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.021 | 0.048 | 0.046 | 0.012 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.009 |
|  Net realized gain |  | 0.003 | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total from investment operations | 0.021 | 0.051 | 0.046 | 0.012 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.009 |
|  Distributions to shareholders from net investment income | (0.021) | (0.051) | (0.048) | (0.012) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.009) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.021) | (0.051) | (0.048) | (0.012) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.009) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.11% | 5.18% | 4.88% | 1.22% | 0.01% | – %<sup>(e)</sup> | 0.93% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5292 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8852 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2039 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10533 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5519 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6547 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7067 |
|  Ratio of net expenses to average net assets | 0.23 %<sup>(f)</sup> | 0.23% | 0.23% | 0.20% | 0.09% | 0.17 %<sup>(f)</sup> | 0.23% |
|  Ratio of total expenses to average net assets | 0.23 %<sup>(f)</sup> | 0.23% | 0.23% | 0.23% | 0.23% | 0.23 %<sup>(f)</sup> | 0.23% |
|  Ratio of net investment income to average net assets | 4.16 %<sup>(f)</sup> | 4.83% | 4.55% | 1.51% | – %<sup>(e)</sup> | – %<sup>(e)(f)</sup> | 0.91% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| 88 | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** |
|  | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** |
|  | **Six Months Ended<br>May 31, 2025**<br> (Unaudited) | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the<br>Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended August**<br> **31, 2020** |
|  | **Six Months Ended<br>May 31, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | **For the<br>Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended August**<br> **31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.020 | 0.048 | 0.045 | 0.011 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.006 |
|  Net realized gain |  |  | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.002 |
|  Total from investment operations | 0.020 | 0.048 | 0.045 | 0.011 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.008 |
|  Distributions to shareholders from net investment income | (0.020) | (0.048) | (0.045) | (0.011) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.008) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.020) | (0.048) | (0.045) | (0.011) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.008) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.00% | 4.95% | 4.65% | 1.06% | 0.01% | – %<sup>(e)</sup> | 0.77% |
|  Net assets, end of period (in 000's) | $1087122 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817770 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799651 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803909 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375220 | $610539 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443470 |
|  Ratio of net expenses to average net assets | 0.45 %<sup>(f)</sup> | 0.45% | 0.45% | 0.37% | 0.09% | 0.17 %<sup>(f)</sup> | 0.38% |
|  Ratio of total expenses to average net assets | 0.45 %<sup>(f)</sup> | 0.45% | 0.45% | 0.45% | 0.45% | 0.45 %<sup>(f)</sup> | 0.45% |
|  Ratio of net investment income to average net assets | 3.93 %<sup>(f)</sup> | 4.83% | 4.53% | 1.16% | – %<sup>(e)</sup> | – %<sup>(e)(f)</sup> | 0.61% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **89** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** |
|  | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** |
|  | **Six Months Ended<br>May 31, 2025**<br> (Unaudited) | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the<br>Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended August**<br> **31, 2020** |
|  | **Six Months Ended<br>May 31, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | **For the<br>Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended August**<br> **31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.017 | 0.042 | 0.039 | 0.008 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.004 |
|  Net realized gain |  | 0.001 | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total from investment operations | 0.017 | 0.043 | 0.039 | 0.008 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.004 |
|  Distributions to shareholders from net investment income | (0.017) | (0.043) | (0.040) | (0.008) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.004) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.017) | (0.043) | (0.040) | (0.008) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.004) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 1.72% | 4.37% | 4.08% | 0.76% | 0.01% | – %<sup>(e)</sup> | 0.45% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264893 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165859 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320794 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371768 | $262647 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272981 |
|  Ratio of net expenses to average net assets | 1.00 %<sup>(f)</sup> | 1.00% | 1.00% | 0.61% | 0.09% | 0.17 %<sup>(f)</sup> | 0.70% |
|  Ratio of total expenses to average net assets | 1.00 %<sup>(f)</sup> | 1.00% | 1.00% | 1.00% | 1.00% | 1.00 %<sup>(f)</sup> | 1.00% |
|  Ratio of net investment income to average net assets | 3.38 %<sup>(f)</sup> | 4.23% | 3.90% | 0.64% | – %<sup>(e)</sup> | – %<sup>(e)(f)</sup> | 0.37% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| 90 | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** |
|  | **Premier Shares** | **Premier Shares** | **Premier Shares** | **Premier Shares** | **Premier Shares** | **Premier Shares** | **Premier Shares** |
|  | **Six Months Ended<br>May 31, 2025**<br> (Unaudited) | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the<br>Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended August**<br> **31, 2020** |
|  | **Six Months Ended<br>May 31, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | **For the<br>Period Ended**<br> **November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended August**<br> **31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.019 | 0.047 | 0.044 | 0.010 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.006 |
|  Net realized gain |  |  | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.001 |
|  Total from investment operations | 0.019 | 0.047 | 0.044 | 0.010 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.007 |
|  Distributions to shareholders from net investment income | (0.019) | (0.047) | (0.044) | (0.010) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.007) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.019) | (0.047) | (0.044) | (0.010) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.007) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 1.95% | 4.84% | 4.55% | 1.00% | 0.01% | – %<sup>(e)</sup> | 0.71% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86077 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102169 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66816 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91667 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122233 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79208 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127497 |
|  Ratio of net expenses to average net assets | 0.55 %<sup>(f)</sup> | 0.55% | 0.55% | 0.39% | 0.09% | 0.17 %<sup>(f)</sup> | 0.45% |
|  Ratio of total expenses to average net assets | 0.55 %<sup>(f)</sup> | 0.55% | 0.55% | 0.55% | 0.55% | 0.55 %<sup>(f)</sup> | 0.55% |
|  Ratio of net investment income to average net assets | 3.83 %<sup>(f)</sup> | 4.71% | 4.40% | 0.85% | – %<sup>(e)</sup> | – %<sup>(e)(f)</sup> | 0.63% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **91** |

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------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

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

Notes to Financial Statements *May 31, 2025*

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs Trust (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund"), along with their corresponding share classes and respective diversification status under the Act:

---

| | | |
|:---|:---|:---|
| **Fund** | **Share Classes Offered** | **Diversified/ Non-Diversified** |
| Financial Square Federal Instruments Fund | D, Institutional, Capital, Service, Preferred, Administration and Cash Management | Diversified |
| Financial Square Government Fund | A, C, D, Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, Premier, Resource, R6, Drexel Hamilton, Loop and Seelaus | Diversified |
| Financial Square Treasury Instruments Fund | D, Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, Premier, Loop and Seelaus | Diversified |
| Financial Square Treasury Obligations Fund | Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, Premier and Resource | Diversified |
| Financial Square Treasury Solutions Fund | Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, and Premier | Diversified |

---

Class C Shares may typically be acquired only in an exchange for Class C Shares of another Goldman Sachs Fund. Class C Shares may be subject to a contingent deferred sales charge ("CDSC") of 1.00% during the first 12 months, measured from the time the original shares subject to the CDSC were acquired.

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 (the "Agreements") 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 investment valuation policy of the Funds is to use the amortized-cost method permitted by Rule 2a-7 under the Act for valuing portfolio securities. The amortized-cost method of valuation involves valuing a security at its cost and thereafter applying a constant accretion or amortization to maturity of any discount or premium. Normally, a security's amortized cost will approximate its market value. Under procedures and tolerances approved by the Board of Trustees ("Trustees"), GSAM evaluates daily the difference between each Fund's net asset value ("NAV") per share using the amortized costs of its portfolio securities and the Fund's NAV per share using market-based values of its portfolio securities. The market-based value of a portfolio security is determined, where readily available, on the basis of market quotations provided by pricing services or securities dealers, or, where accurate market quotations are not readily available, on the basis of the security's fair value as determined in accordance with the Valuation Procedures. The pricing services may use valuation models or matrix pricing, which may consider (among other things): (i) yield or price with respect to debt securities that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost.

&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. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution, Service, Distribution and Service, Administration, Service and Administration, and Shareholder Administration fees and Transfer Agency fees. Non-class specific expenses directly

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

92.0 ------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

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

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

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

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

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

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

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

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

incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the respective Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses.

&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 (mutual funds) and to distribute each year substantially all of its investment company taxable and tax-exempt 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 declared and recorded daily and paid monthly by the Funds and may include short-term capital gains. Long-term capital gain distributions, if any, are declared and paid annually. A Fund may defer or accelerate the timing of the distribution of short-term capital gains (or any portion thereof).

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. 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. Forward Commitments — A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of forward commitments prior to settlement which may result in a realized gain or loss.

&nbsp;&nbsp;&nbsp;&nbsp;F. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller's agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement ("MRA"). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds' custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default, and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund's costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund's interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission ("SEC") and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements' counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

&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

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

**93**

------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

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

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

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

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

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

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

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

(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 Trustees have 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 (including both the amortized cost and market-based methods of valuation) of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies related to the market-based method of valuation, 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.

As of May 31, 2025, all investments are classified as Level 2 of the fair value hierarchy. Please refer to the Schedules of Investments for further detail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

&nbsp;&nbsp;&nbsp;&nbsp;B. Administration, Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Administration, Service and/or Shareholder Administration Plans (the "Plans") to allow Class C, Select, Preferred, Capital, Administration, Premier, Service, Resource and Cash Management Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of account administration and/or personal and account maintenance services to their customers who are beneficial owners of such shares. The Plans provide for compensation to the service organizations equal to an annual percentage rate of the average daily net assets of such shares.

&nbsp;&nbsp;&nbsp;&nbsp;C. 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, Resource and Cash Management Shares of each applicable Fund, has adopted Distribution Plans subject to Rule 12b-1 under the Act. Under the Distribution Plans, 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, Resource and Cash Management Shares of the Funds, as set forth below.

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

94.0 ------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Trust, on behalf of the Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;D. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class C Shares' CDSC. During the six months ended May 31, 2025, Goldman Sachs retained $1,875 in CDSCs with respect to Class C Shares of the Financial Square Government Fund.

&nbsp;&nbsp;&nbsp;&nbsp;E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to a Transfer Agency Agreement. The fee charged for such transfer agency services is accrued daily and paid monthly and is equal to an annual percentage rate of each Fund's average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Agreements — GSAM has agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, administration fees (as applicable), service fees (as applicable), 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, 0.014% of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. These Other Expense limitations will remain in place through at least March 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 custodian, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above.

&nbsp;&nbsp;&nbsp;&nbsp;G. Total Fund Expenses

Fund Contractual Fees

The contractual management fee rate is 0.18% for the Financial Square Federal Instruments, Financial Square Treasury Instruments, Financial Square Treasury Obligations and Financial Square Treasury Solutions Funds and 0.16% for the Financial Square Government Fund. The Transfer Agency Fee is 0.01% for all funds.

Other contractual annualized rates for each of the Funds are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A**<br> **Shares<sup>(a)</sup>** | **Class C**<br> **Shares<sup>(a)</sup>** | **Capital Shares** | **Service Shares** | **Preferred**<br> **Shares** | **Select Shares** |
|  Administration, Service and/or Shareholder Administration Fees\* | N/A | 0.25% | 0.15% | 0.25% | 0.10% | 0.03% |
|  Distribution and/or Service (12b-1) Fees | 0.25% | 0.75%<sup>(b)</sup> | N/A | 0.25%<sup>(c)</sup> | N/A | N/A |
|  |  |  | **Administration**<br> **Shares** | **Cash**<br> **Management**<br> **Shares** | **Premier Shares** | **Resource**<br> **Shares** |
|  Administration, Service and/or Shareholder Administration Fees\* | Administration, Service and/or Shareholder Administration Fees\* | Administration, Service and/or Shareholder Administration Fees\* | 0.25% | 0.50% | 0.35% | 0.50% |
|  Distribution and/or Service (12b-1) Fees |  |  | N/A | 0.30%<sup>(b)</sup> | N/A | 0.15%<sup>(b)</sup> |

---

\* Class D Shares, Institutional Shares, Class R6 Shares, Drexel Hamilton Class Shares, Loop Class Shares, and Seelaus Class Shares have no Administration, Service, Shareholder Administration or Distribution and/or Service (12b-1) fees.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Financial Square Government Fund only.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Distribution (12b-1) fee only.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Service (12b-1) fee only.

N/A Fees not applicable to respective share class.

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

**95**

------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Fund Effective Net Expenses (After Waivers and Reimbursements)

The investment adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. The investment adviser may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice.

The Funds are not obligated to reimburse GSAM or Goldman Sachs for prior fiscal year fee waivers and/or expense reimbursements, if any.

For the six months ended May 31, 2025, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):

---

| | | |
|:---|:---|:---|
| **Fund** | **Other Expense<br>Reimbursements** | **Total Expense<br>Reductions** |
| Financial Square Government Fund | $6 | $6 |

---

For the six months ended May 31, 2025, the net effective management fee rate was 0.16% for the Financial Square Government Fund and 0.18% for Financial Square Federal Instruments, Financial Square Treasury Instruments, Financial Square Treasury Obligations, and Financial Square Treasury Solutions Funds.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — A Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common Trustees.

For the six months ended May 31, 2025, there were no purchase and sale transactions and related net realized gain (loss) for the Funds with affiliated funds with regard to Rule 17a-7.

As of May 31, 2025, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of the outstanding share classes of the following Funds:

---

| | | |
|:---|:---|:---|
| **Fund**<br>| **Capital Shares** | **Seelaus Class**<br> **Shares** |
|  Financial Square Federal Instruments Fund | 100% | –% |
|  Financial Square Treasury Instruments Fund | – | 100 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. TAX INFORMATION

As of the Funds' most recent fiscal year end, November 30, 2024, the Funds' capital loss carryforward and certain timing differences on a tax basis were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial<br>Square Federal<br>Instruments Fund** | **Financial Square<br>Government Fund** | **Financial<br>Square Treasury<br>Instruments Fund** | **Financial<br>Square Treasury<br>Obligations Fund** | **Financial Square<br>Treasury Solutions<br>Fund** |
|  Capital loss carryforwards: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | $— | $— | $(18234570) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term |  |  | (1320417) |  |  |
|  Total capital loss carryforwards |  |  | (19554987) |  |  |
|  Timing differences — Dividends Payable | (5911093) | (503774294) | (151023774) | (94220045) | (17702836) |

---

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

96.0 ------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE 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;5. TAX INFORMATION (continued)

The aggregate cost for each Fund stated in the accompanying Statements of Assets and Liabilities also represents aggregate cost for U.S. federal income tax purposes.

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior three tax 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;6. OTHER RISKS

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

Credit/Default Risk — An issuer or guarantor of a security held by a Fund, or a bank or other financial institution that has entered into a repurchase agreement with the Fund, may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair a Fund's liquidity and cause significant deterioration in NAV.

Interest Rate Risk — When interest rates increase, a Fund's yield will tend to be lower than prevailing market rates, and the market value of its investments will generally decline. 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. A low interest rate environment poses additional risks to a Fund, because low yields on the Fund's portfolio holdings may have an adverse impact on the Fund's ability to provide a positive yield to its shareholders, pay expenses out of current income, or minimize the volatility of the Fund's NAV per share and/ or achieve its investment objective. Fluctuations in interest rates may also affect the liquidity of the Fund investments. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund's investments, which would make it harder for the Fund to sell its investments at an advantageous time.

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 the Fund's NAV and liquidity. 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. 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.

Liquidity Risk — The Funds 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. The liquidity of portfolio securities can deteriorate rapidly due to credit events affecting issuers or guarantors, such as a credit rating downgrade, or due to general market conditions or a lack of willing buyers. An inability to sell one or more portfolio positions, or selling such positions at an unfavorable time and/or under unfavorable conditions, can adversely affect a Fund's ability to maintain a stable $1.00 share price. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. 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 money market and other fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market and Credit Risks — In the normal course of business, the Funds 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 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, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and

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

**97**

------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. OTHER RISKS (continued)

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.

Stable NAV Risk — The Fund may not be able to maintain a stable $1.00 share price at all times. If any money market fund that intends to maintain a stable NAV fails to do so (or if there is a perceived threat of such a failure), other such money market funds, including the Fund, could be subject to increased redemption activity, which could adversely affect the Fund's NAV. Shareholders of the Fund should not rely on or expect the Investment Adviser or an affiliate to purchase distressed assets from the Fund, make capital infusions into the Fund, enter into capital support agreements with the Fund or take other actions to help the Fund maintain a stable $1.00 share price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. 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;8. OTHER MATTERS

Exemptive Orders — Pursuant to SEC exemptive orders, the Funds may enter into certain principal transactions, including repurchase agreements, with Goldman Sachs.

The Funds adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment, is consistent with that presented within the fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. 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;10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | |
|:---|:---|:---|
|  | **Financial Square Federal Instruments Fund**  | **Financial Square Federal Instruments Fund**  |
|  | <br> **For the Six Months Ended** | **For the Fiscal Year Ended** |
|  | **May 31, 2025**<br> (Unaudited) | **November 30, 2024** |
|  | <br> **Shares** | **Shares** |
|  **Class D Shares** |  |  |
|  Shares sold | 512805 | 1807286 |
|  Reinvestment of distributions | 20453 | 65066 |
|  Shares redeemed | (1507996) | (2087340) |
|  | (974738) | (214988) |

---

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

98.0 ------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE 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;10. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | |
|:---|:---|:---|
|  | **Financial Square Federal Instruments Fund**  | **Financial Square Federal Instruments Fund**  |
|  | <br> **For the Six Months Ended** | **For the Fiscal Year Ended** |
|  | **May 31, 2025**<br> (Unaudited) | **November 30, 2024** |
|  | <br> **Shares** | **Shares** |
|  **Institutional Shares** |  |  |
|  Shares sold | 6969885940 | 13360449583 |
|  Reinvestment of distributions | 113307250 | 236236811 |
|  Shares redeemed | (6771760524) | (11984612501) |
|  | 311432666 | 1612073893 |
|  **Capital Shares** |  |  |
|  Reinvestment of distributions | 1195 | 2802 |
|  | 1195 | 2802 |
|  **Service Shares** |  |  |
|  Shares sold | 5693126 | 8990966 |
|  Reinvestment of distributions | 1200 | 140947 |
|  Shares redeemed | (13173525) | (26931011) |
|  | (7479199) | (17799098) |
|  **Preferred Shares** |  |  |
|  Shares sold | 97806715 | 272729867 |
|  Reinvestment of distributions | 3052475 | 6405232 |
|  Shares redeemed | (100280098) | (246723389) |
|  | 579092 | 32411710 |
|  **Administration Shares** |  |  |
|  Shares sold | 155358720 | 283397839 |
|  Reinvestment of distributions | 2715589 | 6209080 |
|  Shares redeemed | (167210438) | (283903711) |
|  | (9136129) | 5703208 |
|  **Cash Management Shares** |  |  |
|  Shares sold | 55112933 | 122178884 |
|  Reinvestment of distributions | 631227 | 1189689 |
|  Shares redeemed | (76587123) | (88475726) |
|  | (20842963) | 34892847 |
|  **NET INCREASE IN SHARES** | 273579924 | 1667070374 |

---

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

**99**

------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

---

| | | |
|:---|:---|:---|
|  | **Financial Square Government Fund**  | **Financial Square Government Fund**  |
|  | <br> **For the Six Months Ended** | **For the Fiscal Year Ended** |
|  | **May 31, 2025**<br> (Unaudited) | **November 30, 2024** |
|  | <br> **Shares** | **Shares** |
|  **Class A Shares** |  |  |
|  Shares sold | 3285664603 | 5177644426 |
|  Reinvestment of distributions | 97020442 | 170167908 |
|  Shares redeemed | (2431593039) | (3579540174) |
|  | 951092006 | 1768272160 |
|  **Class C Shares** |  |  |
|  Shares sold | 1892378 | 1697540 |
|  Reinvestment of distributions | 75532 | 214120 |
|  Shares redeemed | (2014810) | (2475103) |
|  | (46900) | (563443) |
|  **Class D Shares** |  |  |
|  Shares sold | 108548187 | 175653273 |
|  Reinvestment of distributions | 2171876 | 4774265 |
|  Shares redeemed | (95602182) | (175506817) |
|  | 15117881 | 4920721 |
|  **Institutional Shares** |  |  |
|  Shares sold | 943585469283 | 1658674501351 |
|  Reinvestment of distributions | 2383385306 | 5371160186 |
|  Shares redeemed | (958719579998) | (1658919093397) |
|  | (12750725409) | 5126568140 |
|  **Capital Shares** |  |  |
|  Shares sold | 7523436745 | 14037858495 |
|  Reinvestment of distributions | 12022932 | 30417784 |
|  Shares redeemed | (7328685388) | (14160115567) |
|  | 206774289 | (91839288) |
|  **Service Shares** |  |  |
|  Shares sold | 3629002117 | 5583832229 |
|  Reinvestment of distributions | 11517250 | 26165438 |
|  Shares redeemed | (2824191962) | (5753697632) |
|  | 816327405 | (143699965) |
|  **Preferred Shares** |  |  |
|  Shares sold | 4066935502 | 12127366091 |
|  Reinvestment of distributions | 10718952 | 22083645 |
|  Shares redeemed | (4238279340) | (12361483772) |
|  | (160624886) | (212034036) |
|  **Select Shares** |  |  |
|  Shares sold | 1283583586 | 3109381194 |
|  Reinvestment of distributions | 16954439 | 41655190 |
|  Shares redeemed | (1483890263) | (3369577006) |
|  | (183352238) | (218540622) |

---

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

100.0 ------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE 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;10. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | |
|:---|:---|:---|
|  | **Financial Square Government Fund**  | **Financial Square Government Fund**  |
|  | <br> **For the Six Months Ended** | **For the Fiscal Year Ended** |
|  | **May 31, 2025**<br> (Unaudited) | **November 30, 2024** |
|  | <br> **Shares** | **Shares** |
|  **Administration Shares** |  |  |
|  Shares sold | 21213007918 | 43561825529 |
|  Reinvestment of distributions | 61933558 | 125010801 |
|  Shares redeemed | (21873170652) | (41242731091) |
|  | (598229176) | 2444105239 |
|  **Cash Management Shares** |  |  |
|  Shares sold | 2075783310 | 3336371978 |
|  Reinvestment of distributions | 14814139 | 24789215 |
|  Shares redeemed | (1958226228) | (3265169768) |
|  | 132371221 | 95991425 |
|  **Premier Shares** |  |  |
|  Shares sold | 202007130 | 405822231 |
|  Reinvestment of distributions | 1819883 | 4879914 |
|  Shares redeemed | (220463685) | (408892817) |
|  | (16636672) | 1809328 |
|  **Resource Shares** |  |  |
|  Shares sold | 1941161 | 4939555 |
|  Reinvestment of distributions | 185934 | 421205 |
|  Shares redeemed | (2747621) | (3446086) |
|  | (620526) | 1914674 |
|  **Class R6 Shares** |  |  |
|  Shares sold | 529869416 | 993107976 |
|  Reinvestment of distributions | 10668305 | 22611977 |
|  Shares redeemed | (592034906) | (814402699) |
|  | (51497185) | 201317254 |
|  **Drexel Hamilton Class Shares** |  |  |
|  Shares sold | 72045491452 | 135748179191 |
|  Reinvestment of distributions | 40174299 | 89961783 |
|  Shares redeemed | (78594152876) | (135102108404) |
|  | (6508487125) | 736032570 |
|  **Loop Class Shares** |  |  |
|  Shares sold | 24466102517 | 37927378602 |
|  Reinvestment of distributions | 59459196 | 89142673 |
|  Shares redeemed | (25339495274) | (37238910651) |
|  | (813933561) | 777610624 |
|  **Seelaus Class Shares** |  |  |
|  Shares sold | 7220283652 | 5619380296 |
|  Reinvestment of distributions | 43558407 | 41794482 |
|  Shares redeemed | (6431337278) | (3999503297) |
|  | 832504781 | 1661671481 |
|  **NET INCREASE (DECREASE) IN SHARES** | (18129966095) | 12153536262 |

---

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

**101**

------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

---

| | | |
|:---|:---|:---|
|  | **Financial Square Treasury Instruments Fund**  | **Financial Square Treasury Instruments Fund**  |
|  | <br> **For the Six Months Ended** | **For the Fiscal Year Ended** |
|  | **May 31, 2025**<br> (Unaudited) | **November 30, 2024** |
|  | <br> **Shares** | **Shares** |
|  **Class D Shares** |  |  |
|  Shares sold | 38904564 | 99722223 |
|  Reinvestment of distributions | 721742 | 1785104 |
|  Shares redeemed | (34034380) | (98034476) |
|  | 5591926 | 3472851 |
|  **Institutional Shares** |  |  |
|  Shares sold | 135773946113 | 236924705390 |
|  Reinvestment of distributions | 1071695518 | 2360013397 |
|  Shares redeemed | (134812932918) | (231956446174) |
|  | 2032708713 | 7328272613 |
|  **Capital Shares** |  |  |
|  Shares sold | 3711680509 | 7375272512 |
|  Reinvestment of distributions | 15776832 | 27046255 |
|  Shares redeemed | (4253916993) | (6868021930) |
|  | (526459652) | 534296837 |
|  **Service Shares** |  |  |
|  Shares sold | 1937513520 | 5806243704 |
|  Reinvestment of distributions | 1256523 | 6190523 |
|  Shares redeemed | (2028540641) | (4461980036) |
|  | (89770598) | 1350454191 |
|  **Preferred Shares** |  |  |
|  Shares sold | 330973097 | 447691934 |
|  Reinvestment of distributions | 1532836 | 3017825 |
|  Shares redeemed | (333406377) | (433017868) |
|  | (900444) | 17691891 |
|  **Select Shares** |  |  |
|  Shares sold | 952434758 | 1423770747 |
|  Reinvestment of distributions | 6074817 | 20853305 |
|  Shares redeemed | (621461906) | (1677779047) |
|  | 337047669 | (233154995) |
|  **Administration Shares** |  |  |
|  Shares sold | 6957185819 | 12790943965 |
|  Reinvestment of distributions | 31929308 | 63718092 |
|  Shares redeemed | (6947075881) | (12535810483) |
|  | 42039246 | 318851574 |
|  **Cash Management Shares** |  |  |
|  Shares sold | 48110605 | 171795793 |
|  Reinvestment of distributions | 1003455 | 1630068 |
|  Shares redeemed | (56022853) | (149193335) |
|  | (6908793) | 24232526 |

---

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

102.0 ------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE 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;10. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | |
|:---|:---|:---|
|  | **Financial Square Treasury Instruments Fund**  | **Financial Square Treasury Instruments Fund**  |
|  | <br> **For the Six Months Ended** | **For the Fiscal Year Ended** |
|  | **May 31, 2025**<br> (Unaudited) | **November 30, 2024** |
|  | <br> **Shares** | **Shares** |
|  **Premier Shares** |  |  |
|  Shares sold | 356998641 | 1896256304 |
|  Reinvestment of distributions | 22 | 53 |
|  Shares redeemed | (477276796) | (1367946604) |
|  | (120278133) | 528309753 |
|  **Loop Class Shares** |  |  |
|  Shares sold | 106617281 | 88250000 |
|  Reinvestment of distributions | 976489 | 2112986 |
|  Shares redeemed | (24705448) | (89233731) |
|  | 82888322 | 1129255 |
|  **Seelaus Class Shares** |  |  |
|  Shares sold | 206700000 | 318250000 |
|  Reinvestment of distributions | 88382 | 27844 |
|  Shares redeemed | (206788145) | (330360561) |
|  | 237 | (12082717) |
|  **NET INCREASE IN SHARES** | 1755958493 | 9861473779 |

---

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

**103**

------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

---

| | | |
|:---|:---|:---|
|  | **Financial Square Treasury Obligations Fund**  | **Financial Square Treasury Obligations Fund**  |
|  | <br> **For the Six Months Ended** | **For the Fiscal Year Ended** |
|  | **May 31, 2025**<br> (Unaudited) | **November 30, 2024** |
|  | <br> **Shares** | **Shares** |
|  **Institutional Shares** |  |  |
|  Shares sold | 147383743505 | 235444904789 |
|  Reinvestment of distributions | 398982369 | 905031371 |
|  Shares redeemed | (148536998585) | (242991956870) |
|  | (754272711) | (6642020710) |
|  **Capital Shares** |  |  |
|  Shares sold | 3259475360 | 6019043023 |
|  Reinvestment of distributions | 4272392 | 10763735 |
|  Shares redeemed | (3281149171) | (5685482185) |
|  | (17401419) | 344324573 |
|  **Service Shares** |  |  |
|  Shares sold | 1361987522 | 3141927751 |
|  Reinvestment of distributions | 2451297 | 5466063 |
|  Shares redeemed | (1277584038) | (2954053312) |
|  | 86854781 | 193340502 |
|  **Preferred Shares** |  |  |
|  Shares sold | 1498594466 | 2969107699 |
|  Reinvestment of distributions | 7309748 | 16664209 |
|  Shares redeemed | (1533647930) | (3217875337) |
|  | (27743716) | (232103429) |
|  **Select Shares** |  |  |
|  Shares sold | 437267774 | 1067823252 |
|  Reinvestment of distributions | 2403599 | 5554512 |
|  Shares redeemed | (681507888) | (940618385) |
|  | (241836515) | 132759379 |
|  **Administration Shares** |  |  |
|  Shares sold | 6769840429 | 13222800303 |
|  Reinvestment of distributions | 13719585 | 25971414 |
|  Shares redeemed | (6928469740) | (12628046111) |
|  | (144909726) | 620725606 |
|  **Cash Management Shares** |  |  |
|  Shares sold | 93334392 | 139362851 |
|  Reinvestment of distributions | 567948 | 883403 |
|  Shares redeemed | (85736138) | (125533218) |
|  | 8166202 | 14713036 |
|  **Premier Shares** |  |  |
|  Shares sold | 37170409 | 102671552 |
|  Reinvestment of distributions | 266519 | 703843 |
|  Shares redeemed | (40474487) | (102019221) |
|  | (3037559) | 1356174 |

---

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

104.0 ------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE 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;10. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | |
|:---|:---|:---|
|  | **Financial Square Treasury Obligations Fund**  | **Financial Square Treasury Obligations Fund**  |
|  | <br> **For the Six Months Ended** | **For the Fiscal Year Ended** |
|  | **May 31, 2025**<br> (Unaudited) | **November 30, 2024** |
|  | <br> **Shares** | **Shares** |
|  **Resource Shares** |  |  |
|  Shares sold | 70023219 | 132650147 |
|  Reinvestment of distributions | 564120 | 875003 |
|  Shares redeemed | (69869110) | (112864998) |
|  | 718229 | 20660152 |
|  **NET DECREASE IN SHARES** | (1093462433) | (5546244717) |

---

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

**105**

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

---

| | | |
|:---|:---|:---|
|  | **Financial Square Treasury Solutions Fund**  | **Financial Square Treasury Solutions Fund**  |
|  | <br> **For the Six Months Ended** | **For the Fiscal Year Ended** |
|  | **May 31, 2025**<br> (Unaudited) | **November 30, 2024** |
|  | <br> **Shares** | **Shares** |
|  **Institutional Shares** |  |  |
|  Shares sold | 16145686246 | 34812760224 |
|  Reinvestment of distributions | 190190184 | 421684181 |
|  Shares redeemed | (14725778179) | (36017893110) |
|  | 1610098251 | (783448705) |
|  **Capital Shares** |  |  |
|  Shares sold | 719067664 | 1835906949 |
|  Reinvestment of distributions | 3553268 | 8028787 |
|  Shares redeemed | (691793126) | (1851547577) |
|  | 30827806 | (7611841) |
|  **Service Shares** |  |  |
|  Shares sold | 1288020520 | 3131652097 |
|  Reinvestment of distributions | 4781910 | 15211211 |
|  Shares redeemed | (1396023143) | (3124410344) |
|  | (103220713) | 22452964 |
|  **Preferred Shares** |  |  |
|  Shares sold | 91719702 | 172410229 |
|  Reinvestment of distributions | 1080713 | 2470863 |
|  Shares redeemed | (96003272) | (167548919) |
|  | (3202857) | 7332173 |
|  **Select Shares** |  |  |
|  Shares sold | 1675000 | 12024875 |
|  Reinvestment of distributions | 165932 | 186816 |
|  Shares redeemed | (5400000) | (5400000) |
|  | (3559068) | 6811691 |
|  **Administration Shares** |  |  |
|  Shares sold | 1582906776 | 3809475062 |
|  Reinvestment of distributions | 19068374 | 40111981 |
|  Shares redeemed | (1332526000) | (3831537091) |
|  | 269449150 | 18049952 |
|  **Cash Management Shares** |  |  |
|  Shares sold | 571299081 | 1201754691 |
|  Reinvestment of distributions | 230999 | 460967 |
|  Shares redeemed | (563132948) | (1103216483) |
|  | 8397132 | 98999175 |
|  **Premier Shares** |  |  |
|  Shares sold | 230713623 | 411611649 |
|  Reinvestment of distributions | 272650 | 725383 |
|  Shares redeemed | (247065039) | (376994875) |
|  | (16078766) | 35342157 |
|  **NET INCREASE (DECREASE) IN SHARES** | 1792710935 | (602072434) |

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![LOGO](g892174dsp108.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© 2024 Goldman Sachs. All rights reserved. FSQSAR-25

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![LOGO](g892176page001.jpg)

Goldman Sachs Funds Semi-Annual Financial Statements May 31, 2025 Investor FundsSM Goldman Sachs Investor Money Market Fund Goldman Sachs Investor Tax-Exempt California Money Market Fund Goldman Sachs Investor Tax-Exempt Money Market Fund Goldman Sachs Investor Tax-Exempt New York Money Market Fund

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

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

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

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

## Goldman Sachs Investor Funds

#### **Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
|  **Schedules of Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Investor Money Market Fund](#if892176_1) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Investor Tax-Exempt California Money Market Fund](#if892176_2) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Investor Tax-Exempt Money Market Fund](#if892176_3) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Investor Tax-Exempt New York Money Market Fund](#if892176_4) | 17 |
|  **Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#if892176_5) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#if892176_6) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#if892176_7) | 22 |
|  **Financial Highlights** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Investor Money Market Fund](#if892176_8) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Investor Tax-Exempt California Money Market Fund](#if892176_9) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Investor Tax-Exempt Money Market Fund](#if892176_10) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Investor Tax-Exempt New York Money Market Fund](#if892176_11) | 42 |
|  [**Notes to Financial Statements**](#if892176_12) | 47 |

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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 INVESTOR MONEY MARKET FUND

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

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

Schedule of Investments *May 31, 2025 (Unaudited)*

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Commercial Paper and Corporate Obligations - 17.3% | Commercial Paper and Corporate Obligations - 17.3% | Commercial Paper and Corporate Obligations - 17.3% | Commercial Paper and Corporate Obligations - 17.3% |
| Advocate Health and Hospitals Corporation | Advocate Health and Hospitals Corporation | Advocate Health and Hospitals Corporation |  |
| 5293000 | 4.508% | 06/09/25 | $5287836 |
| Albion Capital LLC | Albion Capital LLC | Albion Capital LLC |  |
| 19476000 | 4.442 | 06/02/25 | 19473630 |
| 14180000 | 4.383 | 06/05/25 | 14173099 |
| 32492000 | 4.532 | 06/16/25 | 32432161 |
| 6636000 | 4.470 | 06/20/25 | 6620520 |
| 36885000 | 4.512 | 07/02/25 | 36745247 |
| 26780000 | 4.614 | 07/21/25 | 26612625 |
| 19359000 | 4.442 | 07/25/25 | 19230940 |
| 55873000 | 4.460 | 08/15/25 | 55359667 |
| 54064000 | 4.553 | 08/20/25 | 53530568 |
| 4650000 | 4.574 | 08/21/25 | 4603337 |
| Antalis | Antalis | Antalis |  |
| 11724000 | 4.594 | 08/04/25 | 11631667 |
| 9977000 | 4.470 | 08/06/25 | 9896153 |
| Atlantic Asset Securitization LLC | Atlantic Asset Securitization LLC | Atlantic Asset Securitization LLC |  |
| 9662000 | 4.546 | 06/20/25 | 9639308 |
| Austin, Texas (City of) | Austin, Texas (City of) | Austin, Texas (City of) |  |
| 100000 | 4.419 | 06/25/25 | 100000 |
| 14970000 | 4.420 | 06/25/25 | 14970000 |
| BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. |  |
| 11934000 | 4.638 | 11/13/25 | 11691690 |
| 21407000 | 4.671 | 11/25/25 | 20937580 |
| Bon Secours Mercy Health, Inc. | Bon Secours Mercy Health, Inc. | Bon Secours Mercy Health, Inc. |  |
| 10000000 | 4.449 | 06/11/25 | 9987695 |
| BPCE | BPCE | BPCE |  |
| 27599000 | 4.561 | 10/28/25 | 27100961 |
| 30441000 | 4.583 | 11/06/25 | 29851814 |
| Brighthouse Financial Short Term Funding, LLC | Brighthouse Financial Short Term Funding, LLC | Brighthouse Financial Short Term Funding, LLC |  |
| 20000000 | 4.450 | 11/24/25 | 19577600 |
| Cabot Trail Funding LLC | Cabot Trail Funding LLC | Cabot Trail Funding LLC |  |
| 4899000 | 4.634 | 06/05/25 | 4896534 |
| 17984000 | 4.508 | 07/09/25 | 17900285 |
| 7991000 | 4.490 | 07/17/25 | 7945664 |
| 18786000 | 4.501 | 10/14/25 | 18476031 |
| 18640000 | 4.640 | 10/27/25 | &nbsp;&nbsp;&nbsp;&nbsp;18640000 |
| Chevron Corporation | Chevron Corporation | Chevron Corporation |  |
| 20570000 | 4.302 | 01/27/26 | 19998154 |
| Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. |  |
| 18237000 | 5.511 | 06/02/25 | 18234356 |
| Cornell University | Cornell University | Cornell University |  |
| 2489000 | 4.437 | 06/10/25 | 2486262 |
| Deaconess Health System, Inc. | Deaconess Health System, Inc. | Deaconess Health System, Inc. |  |
| 40000000 | 4.474 | 08/04/25 | 39684978 |
| Deutsche Bank Aktiengesellschaft - London Branch | Deutsche Bank Aktiengesellschaft - London Branch | Deutsche Bank Aktiengesellschaft - London Branch |  |
| 25000000 | 4.500 | 07/10/25 | 24880821 |
| 22000000 | 4.490 | 08/14/25 | 21802183 |
| 33000000 | 4.500 | 09/02/25 | 32625183 |
| 75000000 | 4.600 <sup>(a)</sup> | 12/02/25 | 73286322 |
| Dexia | Dexia | Dexia |  |
| 42999000 | 4.665 | 06/26/25 | 42863434 |
| DNB Bank ASA | DNB Bank ASA | DNB Bank ASA |  |
| 20000000 | 4.404 | 02/13/26 | 19391767 |
| Duke University Health System, Inc. | Duke University Health System, Inc. | Duke University Health System, Inc. |  |
| 10043000 | 4.435 | 07/23/25 | 9979171 |
| 4946000 | 4.446 | 08/14/25 | 4901266 |
| Equitable Short Term Funding LLC | Equitable Short Term Funding LLC | Equitable Short Term Funding LLC |  |
| 9613000 | 4.449 | 07/02/25 | 9576577 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Commercial Paper and Corporate Obligations – (continued) | Commercial Paper and Corporate Obligations – (continued) | Commercial Paper and Corporate Obligations – (continued) | Commercial Paper and Corporate Obligations – (continued) |
| 63998000 | 4.490% | 07/07/25 | $63713849 |
| 18397000 | 4.451 | 09/15/25 | 18161365 |
| 36198000 | 4.575 | 10/10/25 | 35609210 |
| Erste Abwicklungsanstalt | Erste Abwicklungsanstalt | Erste Abwicklungsanstalt |  |
| 18009000 | 4.441 | 08/25/25 | 17822332 |
| First Abu Dhabi Bank P.J.S.C. | First Abu Dhabi Bank P.J.S.C. | First Abu Dhabi Bank P.J.S.C. |  |
| 10000000 | 4.564 | 08/13/25 | 9909764 |
| Gotham Funding Corporation | Gotham Funding Corporation | Gotham Funding Corporation |  |
| 49743000 | 4.449 | 08/05/25 | 49347820 |
| Hannover Funding Company LLC | Hannover Funding Company LLC | Hannover Funding Company LLC |  |
| 13600000 | 4.551 | 08/27/25 | 13452100 |
| Ing (U.S.) Funding LLC | Ing (U.S.) Funding LLC | Ing (U.S.) Funding LLC |  |
| 24839000 | 4.648 | 06/20/25 | 24780270 |
| Jackson National Life Short Term Funding, LLC | Jackson National Life Short Term Funding, LLC | Jackson National Life Short Term Funding, LLC |  |
| 50000000 | 4.522 | 11/19/25 | 48950250 |
| Landesbank Baden-Wuerttemberg - New York Branch | Landesbank Baden-Wuerttemberg - New York Branch | Landesbank Baden-Wuerttemberg - New York Branch |  |
| 135430000 | 4.322 | 06/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;135413748 |
| Liberty Street Funding LLC | Liberty Street Funding LLC | Liberty Street Funding LLC |  |
| 10000000 | 4.499 | 08/14/25 | 9908939 |
| 9892000 | 4.474 | 10/23/25 | 9718296 |
| Mass General Brigham Incorporated | Mass General Brigham Incorporated | Mass General Brigham Incorporated |  |
| 4001000 | 4.442 | 08/06/25 | 3968725 |
| Matchpoint Finance Public Limited Company | Matchpoint Finance Public Limited Company | Matchpoint Finance Public Limited Company |  |
| 45000000 | 4.419 | 07/01/25 | 44836125 |
| 10004000 | 4.549 | 10/16/25 | 9836108 |
| Memorial Hermann Health System | Memorial Hermann Health System | Memorial Hermann Health System |  |
| 50000000 | 4.441 | 06/23/25 | 49865861 |
| Mizuho Bank, Ltd.-Singapore Branch | Mizuho Bank, Ltd.-Singapore Branch | Mizuho Bank, Ltd.-Singapore Branch |  |
| 12000000 | 4.446 | 08/04/25 | 11906347 |
| Mont Blanc Capital Corporation | Mont Blanc Capital Corporation | Mont Blanc Capital Corporation |  |
| 15214000 | 4.439 | 06/30/25 | 15160197 |
| 15794000 | 4.505 | 09/15/25 | 15588450 |
| Nature Conservancy (The) | Nature Conservancy (The) | Nature Conservancy (The) |  |
| 3000000 | 4.437 | 06/23/25 | 2991897 |
| Norddeutsche Landesbank - Girozentrale - New York Branch | Norddeutsche Landesbank - Girozentrale - New York Branch | Norddeutsche Landesbank - Girozentrale - New York Branch | Norddeutsche Landesbank - Girozentrale - New York Branch |
| 63163000 | 4.332 | 06/02/25 | 63155403 |
| Paradelle Funding LLC | Paradelle Funding LLC | Paradelle Funding LLC |  |
| 500000 | 4.519 | 06/06/25 | 499696 |
| 10079000 | 5.475 | 06/13/25 | 10061563 |
| 25000000 | 4.269 | 07/08/25 | 24893882 |
| 14911000 | 4.600 | 01/16/26 | 14911000 |
| 15000000 | 4.425 | 02/13/26 | 14541683 |
| 17067000 | 4.300 | 04/21/26 | 16434156 |
| 15098000 | 4.310 | 04/28/26 | 14524683 |
| 6898000 | 4.387 | 05/27/26 | 6608284 |
| Podium Funding Trust | Podium Funding Trust | Podium Funding Trust | Podium Funding Trust |
| 15000000 | 4.418 | 06/12/25 | 14979971 |
| 30000000 | 4.420 | 06/18/25 | 29938092 |
| 15000000 | 4.505 | 07/17/25 | 14914708 |
| 15295000 | 4.506 | 10/16/25 | 15041222 |
| 18240000 | 4.480 | 10/22/25 | 17922654 |
| Ridgefield Funding Company, LLC | Ridgefield Funding Company, LLC | Ridgefield Funding Company, LLC | Ridgefield Funding Company, LLC |
| 11494000 | 4.476 | 10/28/25 | 11285157 |
| Scripps Health | Scripps Health | Scripps Health | Scripps Health |
| 17500000 | 4.434 | 06/03/25 | 17495722 |
| Sheffield Receivables Company LLC | Sheffield Receivables Company LLC | Sheffield Receivables Company LLC | Sheffield Receivables Company LLC |
| 4992000 | 4.409 | 06/12/25 | 4985350 |
| 30000000 | 4.483 | 06/26/25 | 29908958 |
| 5570000 | 4.454 | 08/18/25 | 5516779 |

---

&nbsp;&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 INVESTOR MONEY MARKET FUND

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

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

Schedule of Investments (continued) *May 31, 2025 (Unaudited)*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** | **Amortized**<br> **Cost** |
| Commercial Paper and Corporate Obligations – (continued) | Commercial Paper and Corporate Obligations – (continued) | Commercial Paper and Corporate Obligations – (continued) | Commercial Paper and Corporate Obligations – (continued) | Commercial Paper and Corporate Obligations – (continued) | Commercial Paper and Corporate Obligations – (continued) |
|  SSM Health Care Corporation | SSM Health Care Corporation | SSM Health Care Corporation | SSM Health Care Corporation |  |  |
| $| 5589000 | 4.472% | 06/26/25 | $| 5571767 |
|  The Charlotte-Mecklenburg Hospital Authority | The Charlotte-Mecklenburg Hospital Authority | The Charlotte-Mecklenburg Hospital Authority | The Charlotte-Mecklenburg Hospital Authority |  |  |
|  | 6824000 | 4.451 | 07/15/25 |  | 6787386 |
|  Toronto-Dominion Bank (The) | Toronto-Dominion Bank (The) | Toronto-Dominion Bank (The) | Toronto-Dominion Bank (The) |  |  |
|  | 30552000 | 4.509 | 09/10/25 |  | 30178281 |
|  Toyota Motor Credit Corporation | Toyota Motor Credit Corporation | Toyota Motor Credit Corporation | Toyota Motor Credit Corporation |  |  |
|  | 12053000 | 4.630 | 06/23/25 |  | 12053000 |
|  Trinity Health Corporation | Trinity Health Corporation | Trinity Health Corporation | Trinity Health Corporation |  |  |
|  | 13728000 | 4.445 | 06/12/25 |  | 13709502 |
|  UBS AG - London Branch | UBS AG - London Branch | UBS AG - London Branch | UBS AG - London Branch |  |  |
|  | 16700000 | 4.647 | 12/03/25 |  | 16324111 |
|  Versailles Commercial Paper LLC | Versailles Commercial Paper LLC | Versailles Commercial Paper LLC | Versailles Commercial Paper LLC |  |  |
|  | 18727000 | 4.542 | 06/02/25 |  | 18724701 |
|  | 28049000 | 4.481 | 06/04/25 |  | 28038668 |
|  Victory Receivables Corporation | Victory Receivables Corporation | Victory Receivables Corporation | Victory Receivables Corporation |  |  |
|  | 27425000 | 4.561 | 07/07/25 |  | 27302959 |
|  | 36537000 | 4.499 | 07/08/25 |  | 36369894 |
|  | 11997000 | 4.445 | 07/28/25 |  | 11913421 |
| TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS | TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS | TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS | TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS | $| 1952557392 |
| Certificate of Deposit - 13.5% | Certificate of Deposit - 13.5% | Certificate of Deposit - 13.5% | Certificate of Deposit - 13.5% | Certificate of Deposit - 13.5% | Certificate of Deposit - 13.5% |
|  Banco Santander, S.A.-New York Branch | Banco Santander, S.A.-New York Branch | Banco Santander, S.A.-New York Branch | Banco Santander, S.A.-New York Branch |  |  |
|  | 12715000 | 4.540 | 07/08/25 |  | 12714626 |
|  | 53976000 | 4.530 | 08/12/25 |  | 53976000 |
|  | 26500000 | 4.420 | 05/27/26 |  | 26500000 |
|  Banco Santander, S.A.-New York Branch (SOFR + 0.24%) | Banco Santander, S.A.-New York Branch (SOFR + 0.24%) | Banco Santander, S.A.-New York Branch (SOFR + 0.24%) | Banco Santander, S.A.-New York Branch (SOFR + 0.24%) | Banco Santander, S.A.-New York Branch (SOFR + 0.24%) | Banco Santander, S.A.-New York Branch (SOFR + 0.24%) |
|  | 53355000 | 4.570 <sup>(b)</sup> | 11/03/25 |  | 53355000 |
|  Bank of America, National Association | Bank of America, National Association | Bank of America, National Association | Bank of America, National Association | Bank of America, National Association | Bank of America, National Association |
|  | 60000000 | 4.430 | 11/10/25 |  | 60000000 |
|  Bank of Montreal - Chicago Branch | Bank of Montreal - Chicago Branch | Bank of Montreal - Chicago Branch | Bank of Montreal - Chicago Branch |  |  |
|  | 25700000 | 4.540 | 12/17/25 |  | 25700000 |
|  Bank of Montreal - Chicago Branch (SOFR + 0.40%) | Bank of Montreal - Chicago Branch (SOFR + 0.40%) | Bank of Montreal - Chicago Branch (SOFR + 0.40%) | Bank of Montreal - Chicago Branch (SOFR + 0.40%) | Bank of Montreal - Chicago Branch (SOFR + 0.40%) | Bank of Montreal - Chicago Branch (SOFR + 0.40%) |
|  | 14900000 | 4.730 <sup>(b)</sup> | 11/07/25 |  | 14900000 |
|  | 17867000 | 4.730 <sup>(b)</sup> | 02/06/26 |  | 17867000 |
|  Barclays Bank PLC - New York Branch (SOFR + 0.34%) | Barclays Bank PLC - New York Branch (SOFR + 0.34%) | Barclays Bank PLC - New York Branch (SOFR + 0.34%) | Barclays Bank PLC - New York Branch (SOFR + 0.34%) | Barclays Bank PLC - New York Branch (SOFR + 0.34%) | Barclays Bank PLC - New York Branch (SOFR + 0.34%) |
|  | 46656000 | 4.670 <sup>(b)</sup> | 12/31/25 |  | 46656000 |
|  Barclays Bank PLC - New York Branch (SOFR + 0.40%) | Barclays Bank PLC - New York Branch (SOFR + 0.40%) | Barclays Bank PLC - New York Branch (SOFR + 0.40%) | Barclays Bank PLC - New York Branch (SOFR + 0.40%) | Barclays Bank PLC - New York Branch (SOFR + 0.40%) | Barclays Bank PLC - New York Branch (SOFR + 0.40%) |
|  | 22500000 | 4.730 <sup>(b)</sup> | 12/09/25 |  | 22500000 |
|  | 10000000 | 4.730 <sup>(b)</sup> | 05/08/26 |  | 10000000 |
|  BNP Paribas | BNP Paribas | BNP Paribas | BNP Paribas |  |  |
|  | 20188000 | 4.390 | 10/07/25 |  | 20188000 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |  |  |
|  | 16252000 | 4.400 | 02/09/26 |  | 16252000 |
|  Citibank, National Association | Citibank, National Association | Citibank, National Association | Citibank, National Association |  |  |
|  | 38100000 | 4.400 | 11/21/25 |  | 38100000 |
|  Credit Agricole Corporate and Investment Bank | Credit Agricole Corporate and Investment Bank | Credit Agricole Corporate and Investment Bank | Credit Agricole Corporate and Investment Bank |  |  |
|  | 6000000 | 5.500 | 06/02/25 |  | 6000000 |
|  Credit Agricole Corporate and Investment Bank-New York Branch | Credit Agricole Corporate and Investment Bank-New York Branch | Credit Agricole Corporate and Investment Bank-New York Branch | Credit Agricole Corporate and Investment Bank-New York Branch |  |  |
|  | 31185000 | 4.640 | 11/13/25 |  | 31185000 |
|  Credit Agricole S.A.-London Branch | Credit Agricole S.A.-London Branch | Credit Agricole S.A.-London Branch | Credit Agricole S.A.-London Branch |  |  |
|  | 50000000 | 4.500 | 09/15/25 |  | 49347532 |
|  Credit Industriel ET Commercial-New York Branch | Credit Industriel ET Commercial-New York Branch | Credit Industriel ET Commercial-New York Branch | Credit Industriel ET Commercial-New York Branch |  |  |
|  | 25000000 | 4.440 | 05/12/26 |  | 25000000 |
|  Deutsche Bank AG-New York Branch | Deutsche Bank AG-New York Branch | Deutsche Bank AG-New York Branch | Deutsche Bank AG-New York Branch |  |  |
|  | 27300000 | 4.630 | 11/06/25 |  | 27300000 |
|  Deutsche Bank AG-New York Branch (SOFR + 0.29%) | Deutsche Bank AG-New York Branch (SOFR + 0.29%) | Deutsche Bank AG-New York Branch (SOFR + 0.29%) | Deutsche Bank AG-New York Branch (SOFR + 0.29%) | Deutsche Bank AG-New York Branch (SOFR + 0.29%) | Deutsche Bank AG-New York Branch (SOFR + 0.29%) |
|  | 18380000 | 4.620 <sup>(b)</sup> | 11/19/25 |  | 18380000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Certificate of Deposit – (continued) | Certificate of Deposit – (continued) | Certificate of Deposit – (continued) | Certificate of Deposit – (continued) | Certificate of Deposit – (continued) |
| Deutsche Bank AG-New York Branch (SOFR + 0.37%) | Deutsche Bank AG-New York Branch (SOFR + 0.37%) | Deutsche Bank AG-New York Branch (SOFR + 0.37%) | Deutsche Bank AG-New York Branch (SOFR + 0.37%) | Deutsche Bank AG-New York Branch (SOFR + 0.37%) |
|  $ | 24148000 | 4.700 %<sup>(b)</sup> | 02/11/26 | $24148000 |
| Deutsche Bank AG-New York Branch (SOFR + 0.39%) | Deutsche Bank AG-New York Branch (SOFR + 0.39%) | Deutsche Bank AG-New York Branch (SOFR + 0.39%) | Deutsche Bank AG-New York Branch (SOFR + 0.39%) | Deutsche Bank AG-New York Branch (SOFR + 0.39%) |
|  | 16211000 | 4.720 <sup>(b)</sup> | 11/21/25 | 16211000 |
| Deutsche Bank AG-New York Branch (SOFR + 0.40%) | Deutsche Bank AG-New York Branch (SOFR + 0.40%) | Deutsche Bank AG-New York Branch (SOFR + 0.40%) | Deutsche Bank AG-New York Branch (SOFR + 0.40%) | Deutsche Bank AG-New York Branch (SOFR + 0.40%) |
|  | 13400000 | 4.730 <sup>(b)</sup> | 10/10/25 | 13400000 |
|  | 15281000 | 4.730 <sup>(b)</sup> | 10/21/25 | 15281000 |
| Deutsche Bank AG-New York Branch (SOFR + 0.41%) | Deutsche Bank AG-New York Branch (SOFR + 0.41%) | Deutsche Bank AG-New York Branch (SOFR + 0.41%) | Deutsche Bank AG-New York Branch (SOFR + 0.41%) | Deutsche Bank AG-New York Branch (SOFR + 0.41%) |
|  | 31000000 | 4.740 <sup>(b)</sup> | 01/08/26 | 31000000 |
| HSBC Bank USA, National Association (SOFR + 0.36%) | HSBC Bank USA, National Association (SOFR + 0.36%) | HSBC Bank USA, National Association (SOFR + 0.36%) | HSBC Bank USA, National Association (SOFR + 0.36%) | HSBC Bank USA, National Association (SOFR + 0.36%) |
|  | 10394000 | 4.690 <sup>(b)</sup> | 09/24/25 | 10394000 |
|  Lloyds Bank Corporate Markets PLC/New York NY | Lloyds Bank Corporate Markets PLC/New York NY | Lloyds Bank Corporate Markets PLC/New York NY | Lloyds Bank Corporate Markets PLC/New York NY | Lloyds Bank Corporate Markets PLC/New York NY |
|  | 16276000 | 4.330 | 05/26/26 | 16276000 |
|  Lloyds Bank Corporate Markets PLC/New York NY (SOFR + 0.27%) | Lloyds Bank Corporate Markets PLC/New York NY (SOFR + 0.27%) | Lloyds Bank Corporate Markets PLC/New York NY (SOFR + 0.27%) | Lloyds Bank Corporate Markets PLC/New York NY (SOFR + 0.27%) | Lloyds Bank Corporate Markets PLC/New York NY (SOFR + 0.27%) |
|  | 23441000 | 4.600 <sup>(b)</sup> | 08/18/25 | 23441000 |
|  Lloyds Bank Corporate Markets PLC/New York NY (SOFR + 0.32%) | Lloyds Bank Corporate Markets PLC/New York NY (SOFR + 0.32%) | Lloyds Bank Corporate Markets PLC/New York NY (SOFR + 0.32%) | Lloyds Bank Corporate Markets PLC/New York NY (SOFR + 0.32%) | Lloyds Bank Corporate Markets PLC/New York NY (SOFR + 0.32%) |
|  | 20067000 | 4.650 <sup>(b)</sup> | 11/06/25 | &nbsp;&nbsp;&nbsp;&nbsp;20067000 |
|  Mitsubishi UFJ Trust and Banking Corporation-London Branch | Mitsubishi UFJ Trust and Banking Corporation-London Branch | Mitsubishi UFJ Trust and Banking Corporation-London Branch | Mitsubishi UFJ Trust and Banking Corporation-London Branch | Mitsubishi UFJ Trust and Banking Corporation-London Branch |
|  | 9000000 | 4.450 | 06/20/25 | 8979100 |
|  | 9400000 | 4.500 | 07/24/25 | 9339103 |
|  Mitsubishi UFJ Trust and Banking Corporation-New York Branch (SOFR + 0.20%) | Mitsubishi UFJ Trust and Banking Corporation-New York Branch (SOFR + 0.20%) | Mitsubishi UFJ Trust and Banking Corporation-New York Branch (SOFR + 0.20%) | Mitsubishi UFJ Trust and Banking Corporation-New York Branch (SOFR + 0.20%) | Mitsubishi UFJ Trust and Banking Corporation-New York Branch (SOFR + 0.20%) |
|  | 7000000 | 4.530 <sup>(b)</sup> | 08/19/25 | 7000000 |
|  Mitsubishi UFJ Trust and Banking Corporation-New York Branch (SOFR + 0.23%) | Mitsubishi UFJ Trust and Banking Corporation-New York Branch (SOFR + 0.23%) | Mitsubishi UFJ Trust and Banking Corporation-New York Branch (SOFR + 0.23%) | Mitsubishi UFJ Trust and Banking Corporation-New York Branch (SOFR + 0.23%) | Mitsubishi UFJ Trust and Banking Corporation-New York Branch (SOFR + 0.23%) |
|  | 34822000 | 4.560 <sup>(b)</sup> | 08/28/25 | 34822000 |
|  Mitsubishi UFJ Trust and Banking Corporation-New York Branch<br>(SOFR + 0.40%) | Mitsubishi UFJ Trust and Banking Corporation-New York Branch<br>(SOFR + 0.40%) | Mitsubishi UFJ Trust and Banking Corporation-New York Branch<br>(SOFR + 0.40%) | Mitsubishi UFJ Trust and Banking Corporation-New York Branch<br>(SOFR + 0.40%) | Mitsubishi UFJ Trust and Banking Corporation-New York Branch<br>(SOFR + 0.40%) |
|  | 18330000 | 4.730 <sup>(b)</sup> | 07/01/25 | 18330000 |
|  Mizuho Bank, Ltd.-London Branch | Mizuho Bank, Ltd.-London Branch | Mizuho Bank, Ltd.-London Branch | Mizuho Bank, Ltd.-London Branch | Mizuho Bank, Ltd.-London Branch |
|  | 62000000 | 4.445 | 06/10/25 | 61931876 |
|  | 52000000 | 4.440 | 06/16/25 | 51904903 |
|  Mizuho Bank, Ltd-New York Branch (SOFR + 0.22%) | Mizuho Bank, Ltd-New York Branch (SOFR + 0.22%) | Mizuho Bank, Ltd-New York Branch (SOFR + 0.22%) | Mizuho Bank, Ltd-New York Branch (SOFR + 0.22%) | Mizuho Bank, Ltd-New York Branch (SOFR + 0.22%) |
|  | 23990000 | 4.550 <sup>(b)</sup> | 08/11/25 | 23990000 |
|  MUFG Bank, Ltd.-New York Branch | MUFG Bank, Ltd.-New York Branch | MUFG Bank, Ltd.-New York Branch | MUFG Bank, Ltd.-New York Branch | MUFG Bank, Ltd.-New York Branch |
|  | 3000000 | 4.450 | 06/10/25 | 3000051 |
|  MUFG Bank, Ltd.-New York Branch (SOFR + 0.20%) | MUFG Bank, Ltd.-New York Branch (SOFR + 0.20%) | MUFG Bank, Ltd.-New York Branch (SOFR + 0.20%) | MUFG Bank, Ltd.-New York Branch (SOFR + 0.20%) | MUFG Bank, Ltd.-New York Branch (SOFR + 0.20%) |
|  | 28708000 | 4.530 <sup>(b)</sup> | 06/02/25 | 28708000 |
|  National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait |
|  | 11552000 | 4.630 | 08/28/25 | 11552279 |
|  National Bank of Kuwait S.A.K.P - New York Branch | National Bank of Kuwait S.A.K.P - New York Branch | National Bank of Kuwait S.A.K.P - New York Branch | National Bank of Kuwait S.A.K.P - New York Branch | National Bank of Kuwait S.A.K.P - New York Branch |
|  | 89999000 | 4.360 | 06/03/25 | 89999050 |
|  | 38000000 | 4.610 | 08/19/25 | 38000824 |
|  Norddeutsche Landesbank - Girozentrale - New York Branch | Norddeutsche Landesbank - Girozentrale - New York Branch | Norddeutsche Landesbank - Girozentrale - New York Branch | Norddeutsche Landesbank - Girozentrale - New York Branch | Norddeutsche Landesbank - Girozentrale - New York Branch |
|  | 63537000 | 4.350 | 06/02/25 | 63537018 |
|  | 63537000 | 4.350 | 06/03/25 | 63537035 |
|  | 42453000 | 4.350 | 06/06/25 | 42453059 |
|  Sumitomo Mitsui Banking Corporation - London Branch | Sumitomo Mitsui Banking Corporation - London Branch | Sumitomo Mitsui Banking Corporation - London Branch | Sumitomo Mitsui Banking Corporation - London Branch | Sumitomo Mitsui Banking Corporation - London Branch |
|  | 61500000 | 4.475 | 06/05/25 | 61469766 |
|  Sumitomo Mitsui Banking Corporation - New York Branch (SOFR + 0.27%) | Sumitomo Mitsui Banking Corporation - New York Branch (SOFR + 0.27%) | Sumitomo Mitsui Banking Corporation - New York Branch (SOFR + 0.27%) | Sumitomo Mitsui Banking Corporation - New York Branch (SOFR + 0.27%) | Sumitomo Mitsui Banking Corporation - New York Branch (SOFR + 0.27%) |
|  | 62000000 | 4.600 <sup>(b)</sup> | 07/02/25 | 62000000 |
|  Sumitomo Mitsui Trust Bank, Limited - New York Branch (SOFR + 0.29%) | Sumitomo Mitsui Trust Bank, Limited - New York Branch (SOFR + 0.29%) | Sumitomo Mitsui Trust Bank, Limited - New York Branch (SOFR + 0.29%) | Sumitomo Mitsui Trust Bank, Limited - New York Branch (SOFR + 0.29%) | Sumitomo Mitsui Trust Bank, Limited - New York Branch (SOFR + 0.29%) |
|  | 29215000 | 4.620 <sup>(b)</sup> | 11/05/25 | 29215000 |
|  Toronto-Dominion Bank (The) - New York Branch | Toronto-Dominion Bank (The) - New York Branch | Toronto-Dominion Bank (The) - New York Branch | Toronto-Dominion Bank (The) - New York Branch | Toronto-Dominion Bank (The) - New York Branch |
|  | 11483000 | 4.500 | 10/07/25 | 11483000 |
|  | 27090000 | 4.580 | 12/17/25 | 27090000 |
|  | 20000000 | 4.230 | 04/21/26 | 20000000 |

---

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

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

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------

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

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

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

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

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Certificate of Deposit – (continued) | Certificate of Deposit – (continued) | Certificate of Deposit – (continued) | Certificate of Deposit – (continued) | Certificate of Deposit – (continued) |
| Toronto-Dominion Bank (The) - New York Branch (SOFR + 0.45%) | Toronto-Dominion Bank (The) - New York Branch (SOFR + 0.45%) | Toronto-Dominion Bank (The) - New York Branch (SOFR + 0.45%) | Toronto-Dominion Bank (The) - New York Branch (SOFR + 0.45%) | Toronto-Dominion Bank (The) - New York Branch (SOFR + 0.45%) |
|  $ | 21946000 | 4.780 %<sup>(b)</sup> | 04/23/26 | $21946000 |
| TOTAL CERTIFICATE OF DEPOSIT | TOTAL CERTIFICATE OF DEPOSIT | TOTAL CERTIFICATE OF DEPOSIT | TOTAL CERTIFICATE OF DEPOSIT | $1536427222 |
| Medium Term Notes - 1.2% | Medium Term Notes - 1.2% | Medium Term Notes - 1.2% | Medium Term Notes - 1.2% | Medium Term Notes - 1.2% |
|  Apple, Inc. | Apple, Inc. | Apple, Inc. | Apple, Inc. | Apple, Inc. |
|  | 220000 | 4.499 | 08/20/25 | 218115 |
|  | 5214000 | 4.421 | 05/08/26 | 5214000 |
|  Bank of America, National Association | Bank of America, National Association | Bank of America, National Association | Bank of America, National Association | Bank of America, National Association |
|  | 1271000 | 4.980 | 08/18/25 | 1272685 |
|  Bank of America, National Association (SOFR + 0.78%) | Bank of America, National Association (SOFR + 0.78%) | Bank of America, National Association (SOFR + 0.78%) | Bank of America, National Association (SOFR + 0.78%) | Bank of America, National Association (SOFR + 0.78%) |
|  | 288000 | 5.106 <sup>(b)</sup> | 08/18/25 | 288169 |
|  BPCE | BPCE | BPCE | BPCE | BPCE |
|  | 5014000 | 4.542 <sup>(c)</sup> | 01/20/26 | 4903536 |
|  | 251000 | 4.577 <sup>(c)</sup> | 01/20/26 | 245471 |
|  | 290000 | 4.615 <sup>(c)</sup> | 01/20/26 | 283611 |
|  | 991000 | 4.620 <sup>(c)</sup> | 01/20/26 | 969167 |
|  Citibank, National Association | Citibank, National Association | Citibank, National Association | Citibank, National Association | Citibank, National Association |
|  | 6200000 | 4.830 | 09/29/25 | 6219105 |
|  | 7001000 | 4.861 | 09/29/25 | 7022573 |
|  | 11694000 | 4.382 | 04/30/26 | 11792931 |
|  | 686000 | 4.407 | 04/30/26 | 691803 |
|  | 995000 | 4.423 | 04/30/26 | 1003418 |
|  | 297000 | 4.433 | 04/30/26 | 299513 |
|  | 1284000 | 4.463 | 04/30/26 | 1294863 |
|  | 658000 | 4.531 | 04/30/26 | 663567 |
|  | 1255000 | 4.551 | 04/30/26 | 1265617 |
|  | 1210000 | 4.562 | 04/30/26 | 1220237 |
|  | 8671000 | 4.574 | 04/30/26 | 8744357 |
|  Citibank, National Association (SOFR + 0.81%) | Citibank, National Association (SOFR + 0.81%) | Citibank, National Association (SOFR + 0.81%) | Citibank, National Association (SOFR + 0.81%) | Citibank, National Association (SOFR + 0.81%) |
|  | 991000 | 5.128 <sup>(b)</sup> | 09/29/25 | 992293 |
|  Cooeperatieve Rabobank U.A.-New York Branch | Cooeperatieve Rabobank U.A.-New York Branch | Cooeperatieve Rabobank U.A.-New York Branch | Cooeperatieve Rabobank U.A.-New York Branch | Cooeperatieve Rabobank U.A.-New York Branch |
|  | 991000 | 4.597 | 07/18/25 | 992144 |
|  Deutsche Bank AG-New York Branch | Deutsche Bank AG-New York Branch | Deutsche Bank AG-New York Branch | Deutsche Bank AG-New York Branch | Deutsche Bank AG-New York Branch |
|  | 3993000 | 4.501 | 03/19/26 | 3905833 |
|  Morgan Stanley Bank, National Association | Morgan Stanley Bank, National Association | Morgan Stanley Bank, National Association | Morgan Stanley Bank, National Association | Morgan Stanley Bank, National Association |
|  | 2557000 | 4.692 | 07/16/25 | 2558960 |
|  | 933000 | 5.271 | 07/16/25 | 933715 |
|  | 17027000 | 4.375 | 04/21/26 | 17078611 |
|  | 3500000 | 4.384 | 04/21/26 | 3510609 |
|  | 429000 | 4.408 | 04/21/26 | 430300 |
|  | 1697000 | 4.426 | 04/21/26 | 1702144 |
|  | 3200000 | 4.432 | 04/21/26 | 3209700 |
|  | 380000 | 4.435 | 04/21/26 | 381152 |
|  | 757000 | 4.436 | 04/21/26 | 759295 |
|  | 3352000 | 4.465 | 04/21/26 | 3362161 |
|  | 395000 | 4.493 <sup>(a)</sup> | 04/21/26 | 396197 |
|  Societe Generale | Societe Generale | Societe Generale | Societe Generale | Societe Generale |
|  | 210000 | 5.018 <sup>(c)</sup> | 06/13/25 | 209955 |
|  | 215000 | 4.723 <sup>(c)</sup> | 07/08/25 | 214287 |
|  Sumitomo Mitsui Trust Bank, Limited | Sumitomo Mitsui Trust Bank, Limited | Sumitomo Mitsui Trust Bank, Limited | Sumitomo Mitsui Trust Bank, Limited | Sumitomo Mitsui Trust Bank, Limited |
|  | 241000 | 4.438 <sup>(c)</sup> | 03/09/26 | 243145 |
|  | 379000 | 4.476 <sup>(c)</sup> | 03/09/26 | 382374 |
|  Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
|  | 480000 | 4.368 <sup>(c)</sup> | 06/15/26 | 484251 |
|  Toronto-Dominion Bank (The) (SOFR + 0.78%) | Toronto-Dominion Bank (The) (SOFR + 0.78%) | Toronto-Dominion Bank (The) (SOFR + 0.78%) | Toronto-Dominion Bank (The) (SOFR + 0.78%) | Toronto-Dominion Bank (The) (SOFR + 0.78%) |
|  | 1066000 | 4.803 <sup>(b)</sup> | 08/29/25 | 1066034 |
|  | 22408000 | 4.810 <sup>(b)</sup> | 08/29/25 | 22408715 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Medium Term Notes – (continued) | Medium Term Notes – (continued) | Medium Term Notes – (continued) | Medium Term Notes – (continued) | Medium Term Notes – (continued) |
|  UBS AG - London Branch | UBS AG - London Branch | UBS AG - London Branch | UBS AG - London Branch |  |
|  $ | 1400000 | 4.604% | 09/11/25 | $1404536 |
|  | 2090000 | 4.462 | 06/01/26 | 2025097 |
|  Wells Fargo Bank, National Association | Wells Fargo Bank, National Association | Wells Fargo Bank, National Association | Wells Fargo Bank, National Association | Wells Fargo Bank, National Association |
|  | 18396000 | 4.751 | 08/01/25 | 18419799 |
|  | 1384000 | 4.544 | 01/15/26 | 1386242 |
|  Westpac Banking Corp. | Westpac Banking Corp. | Westpac Banking Corp. | Westpac Banking Corp. |  |
|  | 154000 | 2.850 | 05/13/26 | 151861 |
| TOTAL MEDIUM TERM NOTES | TOTAL MEDIUM TERM NOTES | TOTAL MEDIUM TERM NOTES | TOTAL MEDIUM TERM NOTES | $&nbsp;&nbsp;&nbsp;&nbsp;142222148 |
| Time Deposits - 7.2% | Time Deposits - 7.2% | Time Deposits - 7.2% | Time Deposits - 7.2% | Time Deposits - 7.2% |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  | 100000000 | 4.330 | 06/02/25 | 100000000 |
|  | 200000000 | 4.330 | 06/02/25 | 200000000 |
|  Canadian Imperial Bank of Commerce - New York Branch | Canadian Imperial Bank of Commerce - New York Branch | Canadian Imperial Bank of Commerce - New York Branch | Canadian Imperial Bank of Commerce - New York Branch | Canadian Imperial Bank of Commerce - New York Branch |
|  | 100000000 | 4.330 | 06/02/25 | 100000000 |
|  Credit Agricole Corporate and Investment Bank - New York Branch | Credit Agricole Corporate and Investment Bank - New York Branch | Credit Agricole Corporate and Investment Bank - New York Branch | Credit Agricole Corporate and Investment Bank - New York Branch | Credit Agricole Corporate and Investment Bank - New York Branch |
|  | 64000000 | 4.320 | 06/02/25 | 64000000 |
|  National Bank of Canada | National Bank of Canada | National Bank of Canada | National Bank of Canada |  |
|  | 50000000 | 4.330 | 06/02/25 | 50000000 |
|  Skandinaviska Enskilda Banken AB - New York Branch | Skandinaviska Enskilda Banken AB - New York Branch | Skandinaviska Enskilda Banken AB - New York Branch | Skandinaviska Enskilda Banken AB - New York Branch | Skandinaviska Enskilda Banken AB - New York Branch |
|  | 300000000 | 4.320 | 06/02/25 | 300000000 |
| TOTAL TIME DEPOSITS | TOTAL TIME DEPOSITS | TOTAL TIME DEPOSITS | TOTAL TIME DEPOSITS | $814000000 |
| U.S. Government Agency Obligations - 1.1% | U.S. Government Agency Obligations - 1.1% | U.S. Government Agency Obligations - 1.1% | U.S. Government Agency Obligations - 1.1% | U.S. Government Agency Obligations - 1.1% |
|  Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.03%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.03%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.03%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.03%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.03%) |
|  | 5002000 | 4.468 <sup>(b)</sup> | 04/17/26 | 5002950 |
|  Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.04%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.04%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.04%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.04%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.04%) |
|  | 3857000 | 4.460 <sup>(b)</sup> | 06/12/26 | 3857000 |
|  Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.06%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.06%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.06%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.06%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.06%) |
|  | 5576000 | 4.440 <sup>(b)</sup> | 03/24/26 | 5576000 |
|  Federal Farm Credit Banks Funding Corp. (SOFR + 0.09%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.09%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.09%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.09%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.09%) |
|  | 5510000 | 4.420 <sup>(b)</sup> | 02/09/26 | 5510000 |
|  Federal Farm Credit Banks Funding Corp. (SOFR + 0.11%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.11%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.11%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.11%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.11%) |
|  | 3605000 | 4.435 <sup>(b)</sup> | 03/18/26 | 3605199 |
|  Federal Farm Credit Banks Funding Corp. (SOFR + 0.12%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.12%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.12%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.12%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.12%) |
|  | 4845000 | 4.450 <sup>(b)</sup> | 07/15/26 | 4845000 |
|  Federal Home Loan Bank System | Federal Home Loan Bank System | Federal Home Loan Bank System | Federal Home Loan Bank System |  |
|  | 24000000 | 4.306 | 07/07/25 | 23899200 |
|  | 2195000 | 4.146 | 12/26/25 | 2143578 |
|  | 10296000 | 4.224 | 12/26/25 | 10054798 |
|  | 6351000 | 4.234 | 12/26/25 | 6202216 |
|  Federal Home Loan Bank System (SOFR + 0.09%) | Federal Home Loan Bank System (SOFR + 0.09%) | Federal Home Loan Bank System (SOFR + 0.09%) | Federal Home Loan Bank System (SOFR + 0.09%) | Federal Home Loan Bank System (SOFR + 0.09%) |
|  | 18450000 | 4.415 <sup>(b)</sup> | 01/02/26 | 18450000 |
|  | 1955000 | 4.420 <sup>(b)</sup> | 02/02/26 | 1955000 |
|  Federal National Mortgage Association (SOFR + 0.12%) | Federal National Mortgage Association (SOFR + 0.12%) | Federal National Mortgage Association (SOFR + 0.12%) | Federal National Mortgage Association (SOFR + 0.12%) | Federal National Mortgage Association (SOFR + 0.12%) |
|  | 12591000 | 4.450 <sup>(b)</sup> | 07/29/26 | 12591000 |
|  U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%) | U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%) | U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%) | U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%) | U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%) |
|  | 3600000 | 4.580 <sup>(b)</sup> | 09/15/26 | 3600000 |
|  | 3500001 | 4.580 <sup>(b)</sup> | 06/20/28 | 3500001 |
|  | 6162864 | 4.580 <sup>(b)</sup> | 11/15/28 | 6162864 |
|  | 9027778 | 4.580 <sup>(b)</sup> | 08/15/31 | 9027778 |
|  | 5271584 | 4.500 <sup>(b)</sup> | 06/15/34 | 5271584 |
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS | TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS | TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS | TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS | $&nbsp;&nbsp;&nbsp;&nbsp;131254168 |

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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>5</sub>

------

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

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

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

Schedule of Investments (continued) *May 31, 2025 (Unaudited)*

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations - 15.2% | U.S. Treasury Obligations - 15.2% | U.S. Treasury Obligations - 15.2% | U.S. Treasury Obligations - 15.2% |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| $86882000 | 4.309% | 11/28/25 | $85074854 |
| United States Treasury Bills | United States Treasury Bills | United States Treasury Bills | United States Treasury Bills |
| 33209000 | 4.318 | 08/05/25 | 32957054 |
| 1402500 | 4.323 | 08/05/25 | 1391860 |
| 7494400 | 4.370 | 08/12/25 | 7430698 |
| 5808400 | 4.331 | 08/19/25 | 5754599 |
| 15557400 | 4.334 | 08/19/25 | 15413298 |
| 3311900 | 4.339 | 08/19/25 | 3281223 |
| 33989200 | 4.344 | 08/19/25 | 33674372 |
| 65536800 | 4.387 | 08/21/25 | 64905158 |
| 11477000 | 4.392 | 08/21/25 | 11366385 |
| 23532100 | 4.318 | 08/26/25 | 23295693 |
| 2461000 | 4.321 | 08/26/25 | 2436276 |
| 4082200 | 4.323 | 08/26/25 | 4041190 |
| 1525900 | 4.324 | 08/26/25 | 1510571 |
| 28172200 | 4.329 | 08/26/25 | 27889178 |
| 442300 | 4.330 | 08/28/25 | 437697 |
| 2754200 | 4.335 | 08/28/25 | 2725539 |
| 3273700 | 4.351 | 08/28/25 | 3239633 |
| 16769700 | 4.361 | 08/28/25 | 16595193 |
| 5540300 | 4.366 | 08/28/25 | 5482647 |
| 8225000 | 4.356 <sup>(a)</sup> | 09/04/25 | 8136638 |
| 23041500 | 4.318 | 09/09/25 | 22772623 |
| 577000 | 4.323 | 09/09/25 | 570267 |
| 301400 | 4.324 | 09/09/25 | 297883 |
| 96100 | 4.360 | 09/09/25 | 94979 |
| 136841400 | 4.360 | 09/16/25 | 135116490 |
| 19600 | 4.381 | 09/16/25 | 19353 |
| 329100 | 4.229 | 09/18/25 | 325030 |
| 8500 | 4.334 | 09/23/25 | 8386 |
| 22800 | 4.339 | 09/23/25 | 22495 |
| 51727500 | 4.344 | 09/23/25 | 51034666 |
| 34271800 | 4.349 | 09/23/25 | 33812766 |
| 3757900 | 4.337 <sup>(a)</sup> | 09/30/25 | 3705491 |
| 6714700 | 4.339 <sup>(a)</sup> | 09/30/25 | 6621054 |
| 4466700 | 4.213 | 10/02/25 | 4404586 |
| 10100 | 4.224 | 10/02/25 | 9960 |
| 72997000 | 4.187 | 10/16/25 | 71871146 |
| 517700 | 4.189 | 10/16/25 | 509715 |
| 7947900 | 4.192 | 10/16/25 | 7825317 |
| 25925700 | 4.194 | 10/16/25 | 25525840 |
| 2617800 | 4.200 | 10/16/25 | 2577425 |
| 70589100 | 4.203 | 10/16/25 | 69500384 |
| 969800 | 4.210 | 10/16/25 | 954842 |
| 1098900 | 4.187 | 10/23/25 | 1081077 |
| 8416600 | 4.192 | 10/23/25 | 8280089 |
| 9614500 | 4.197 | 10/23/25 | 9458560 |
| 760800 | 4.261 | 10/23/25 | 748460 |
| 155300 | 4.187 | 10/30/25 | 152641 |
| 1807600 | 4.220 | 10/30/25 | 1776648 |
| 5215300 | 4.226 | 10/30/25 | 5125996 |
| 136800 | 4.227 | 10/30/25 | 134457 |
| 969900 | 4.229 | 10/30/25 | 953292 |
| 328700 | 4.240 | 10/30/25 | 323071 |
| 475600 | 4.256 | 10/30/25 | 467456 |
| 1549300 | 4.296 | 10/30/25 | 1522771 |
| 2666900 | 4.302 | 10/30/25 | 2621233 |
| 693400 | 4.314 | 10/30/25 | 681527 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) |
| $| 3474700 | 4.320% | 10/30/25 | $3415201 |
|  | 3474700 | 4.326 | 10/30/25 | 3415201 |
|  | 6859600 | 4.282 | 11/20/25 | 6724001 |
|  | 372800 | 4.301 | 11/20/25 | 365431 |
|  | 271600 | 4.321 | 11/20/25 | 266231 |
|  | 98951200 | 4.304 | 12/26/25 | 96624307 |
|  | 1287000 | 4.238 | 01/22/26 | 1253190 |
|  | 8605300 | 4.249 | 01/22/26 | 8379238 |
|  | 85623200 | 4.254 | 01/22/26 | 83373875 |
|  | 35894600 | 4.166 | 03/19/26 | 34749966 |
|  | 58215100 | 4.029 | 04/16/26 | 56244551 |
|  | 59296600 | 4.149 | 05/14/26 | 57050395 |
|  United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note |
|  | 13963200 | 4.285 | 08/15/25 | 13898282 |
|  | 1556100 | 4.287 | 08/15/25 | 1552413 |
|  | 358100 | 4.289 | 08/15/25 | 357252 |
|  | 24186800 | 4.290 | 08/15/25 | 24129500 |
|  | 5643500 | 4.292 | 08/15/25 | 5617262 |
|  | 1206100 | 4.299 | 08/15/25 | 1203243 |
|  | 422600 | 4.391 | 08/15/25 | 420635 |
|  | 481600 | 4.394 | 08/15/25 | 480459 |
|  | 4482600 | 4.062 | 03/31/26 | 4363005 |
|  | 16793600 | 3.863 | 04/30/26 | 16936489 |
|  | 11995400 | 3.894 | 04/30/26 | 12097464 |
|  | 81558400 | 3.940 | 04/30/26 | 79253762 |
|  | 10212400 | 3.955 | 04/30/26 | 9923823 |
|  | 12254800 | 3.960 | 04/30/26 | 12359071 |
|  | 10475000 | 3.966 | 04/30/26 | 10564127 |
|  | 6285000 | 3.938 | 05/15/26 | 6266818 |
|  | 5287600 | 4.197 | 06/30/26 | 5103990 |
|  United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.125%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.125%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.125%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.125%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.125%) |
|  | 116802100 | 4.431 <sup>(b)</sup> | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;116791226 |
|  | 7090700 | 4.432 <sup>(b)</sup> | 07/31/25 | 7090040 |
|  United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.17%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.17%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.17%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.17%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.17%) |
|  | 83746900 | 4.478 <sup>(b)</sup> | 10/31/25 | 83719337 |
|  United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.182%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.182%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.182%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.182%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.182%) |
|  | 147200 | 4.479 <sup>(b)</sup> | 07/31/26 | 147168 |
|  | 1249300 | 4.485 <sup>(b)</sup> | 07/31/26 | 1249028 |
|  United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.205%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.205%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.205%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.205%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.205%) |
|  | 58513600 | 4.501 <sup>(b)</sup> | 10/31/26 | 58559350 |
|  | 2282600 | 4.505 <sup>(b)</sup> | 10/31/26 | 2284385 |
|  | 4860800 | 4.506 <sup>(b)</sup> | 10/31/26 | 4864601 |
|  United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.245%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.245%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.245%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.245%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.245%) |
|  | 68243000 | 4.546 <sup>(b)</sup> | 01/31/26 | 68243000 |
| TOTAL U.S. TREASURY OBLIGATIONS | TOTAL U.S. TREASURY OBLIGATIONS | TOTAL U.S. TREASURY OBLIGATIONS | TOTAL U.S. TREASURY OBLIGATIONS | $1727285049 |
| Variable Rate Municipal Debt Obligations - 10.5% | Variable Rate Municipal Debt Obligations - 10.5% | Variable Rate Municipal Debt Obligations - 10.5% | Variable Rate Municipal Debt Obligations - 10.5% | Variable Rate Municipal Debt Obligations - 10.5% |
|  Alaska Housing Finance Corporation | Alaska Housing Finance Corporation | Alaska Housing Finance Corporation | Alaska Housing Finance Corporation |  |
|  | 5700000 | 4.350 <sup>(d)</sup> | 12/01/44 | 5700000 |
|  | 12000000 | 4.360 <sup>(d)</sup> | 12/01/47 | 12000000 |
|  | 94000000 | 4.350 <sup>(d)</sup> | 06/01/52 | 94000000 |
|  Banner Health | Banner Health | Banner Health |  |  |
|  | 82700000 | 4.350 <sup>(d)</sup> | 01/01/56 | 82700000 |

---

&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 INVESTOR MONEY MARKET FUND

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Variable Rate Municipal Debt Obligations – (continued) | Variable Rate Municipal Debt Obligations – (continued) | Variable Rate Municipal Debt Obligations – (continued) | Variable Rate Municipal Debt Obligations – (continued) |
| Colorado Housing and Finance Authority | Colorado Housing and Finance Authority | Colorado Housing and Finance Authority | Colorado Housing and Finance Authority |
| 10555000 | 4.350 %<sup>(d)</sup> | 05/01/43 | $10555000 |
| 12540000 | 4.350 <sup>(d)</sup> | 05/01/44 | 12540000 |
| 18380000 | 4.350 <sup>(d)</sup> | 11/01/48 | 18380000 |
| 17500000 | 4.350 <sup>(d)</sup> | 05/01/49 | 17500000 |
| 10300000 | 4.350 <sup>(d)</sup> | 11/01/50 | 10300000 |
| 14640000 | 4.350 <sup>(d)</sup> | 05/01/51 | 14640000 |
| 3000000 | 4.350 <sup>(d)</sup> | 11/01/51 | 3000000 |
| 22300000 | 4.350 <sup>(d)</sup> | 11/01/51 | 22300000 |
| 7000000 | 4.350 <sup>(d)</sup> | 05/01/52 | 7000000 |
| 15900000 | 4.350 <sup>(d)</sup> | 05/01/53 | 15900000 |
| 41000000 | 4.350 (<sup>d)</sup> | 11/01/54 | 41000000 |
| 11320000 | 4.370 <sup>(d)</sup> | 05/01/55 | 11320000 |
| Illinois Housing Development Authority | Illinois Housing Development Authority | Illinois Housing Development Authority | Illinois Housing Development Authority |
| 5500000 | 4.350 <sup>(d)</sup> | 10/01/48 | 5500000 |
| Kimberly-Clark Corporation | Kimberly-Clark Corporation | Kimberly-Clark Corporation | Kimberly-Clark Corporation |
| 38000000 | 4.350 <sup>(c)(d)</sup> | 08/01/45 | 38000000 |
| Maine State Housing Authority | Maine State Housing Authority | Maine State Housing Authority | Maine State Housing Authority |
| 37940000 | 4.350 <sup>(d)</sup> | 11/15/52 | 37940000 |
| Massachusetts Housing Finance Agency | Massachusetts Housing Finance Agency | Massachusetts Housing Finance Agency | Massachusetts Housing Finance Agency |
| 2535000 | 4.370 <sup>(d)</sup> | 01/01/44 | 2535000 |
| 16000000 | 4.350 <sup>(d)</sup> | 12/01/55 | 16000000 |
| Metropolitan Water District of Southern California (The) | Metropolitan Water District of Southern California (The) | Metropolitan Water District of Southern California (The) | Metropolitan Water District of Southern California (The) |
| 26150000 | 4.370 <sup>(d)</sup> | 07/01/37 | 26150000 |
| 19700000 | 4.350 <sup>(d)</sup> | 07/01/42 | 19700000 |
| Michigan State Housing Development Authority | Michigan State Housing Development Authority | Michigan State Housing Development Authority | Michigan State Housing Development Authority |
| 22000000 | 4.350 <sup>(d)</sup> | 12/01/55 | 22000000 |
| Minnesota State Housing Finance Agency | Minnesota State Housing Finance Agency | Minnesota State Housing Finance Agency | Minnesota State Housing Finance Agency |
| 7500000 | 4.350 <sup>(d)</sup> | 01/01/50 | 7500000 |
| 5000000 | 4.350 <sup>(d)</sup> | 07/01/50 | 5000000 |
| 17475000 | 4.350 <sup>(d)</sup> | 07/01/54 | 17475000 |
| 52000000 | 4.350 <sup>(d)</sup> | 01/01/55 | 52000000 |
| 37000000 | 4.350 <sup>(d)</sup> | 07/01/55 | 37000000 |
| 28000000 | 4.350 <sup>(d)</sup> | 01/01/56 | 28000000 |
| New York State Housing Finance Agency | New York State Housing Finance Agency | New York State Housing Finance Agency | New York State Housing Finance Agency |
| 2800000 | 4.350 <sup>(d)</sup> | 05/15/33 | 2800000 |
| 21965000 | 4.350 <sup>(d)</sup> | 11/01/45 | 21965000 |
| Nuveen Credit Strategies Income Fund | Nuveen Credit Strategies Income Fund | Nuveen Credit Strategies Income Fund | Nuveen Credit Strategies Income Fund |
| 31000000 | 4.450 <sup>(b)(c)</sup> | 07/01/32 | 31000000 |
| 15000000 | 4.450 <sup>(b)(c)</sup> | 08/01/37 | 15000000 |
| Nuveen Preferred & Income Opportunities Fund | Nuveen Preferred & Income Opportunities Fund | Nuveen Preferred & Income Opportunities Fund | Nuveen Preferred & Income Opportunities Fund |
| 35000000 | 4.450 <sup>(b)(c)</sup> | 07/01/32 | 35000000 |
| Regents of The University of California (The) | Regents of The University of California (The) | Regents of The University of California (The) | Regents of The University of California (The) |
| 49675000 | 4.390 <sup>(d)</sup> | 07/01/41 | 49675000 |
| Rhode Island Housing and Mortgage Finance Corporation | Rhode Island Housing and Mortgage Finance Corporation | Rhode Island Housing and Mortgage Finance Corporation | Rhode Island Housing and Mortgage Finance Corporation |
| 47055000 | 4.350 <sup>(d)</sup> | 10/01/53 | 47055000 |
| Santa Clara Valley Transportation Authority | Santa Clara Valley Transportation Authority | Santa Clara Valley Transportation Authority | Santa Clara Valley Transportation Authority |
| 25555000 | 4.360 <sup>(d)</sup> | 06/01/55 | 25555000 |
| SSM Health Care Corporation | SSM Health Care Corporation | SSM Health Care Corporation | SSM Health Care Corporation |
| 112285000 | 4.330 <sup>(d)</sup> | 06/01/53 | 112285000 |
| 45750000 | 4.340 <sup>(d)</sup> | 06/01/53 | 45750000 |
| State of New York Mortgage Agency | State of New York Mortgage Agency | State of New York Mortgage Agency | State of New York Mortgage Agency |
| 25000000 | 4.400 <sup>(d)</sup> | 10/01/53 | 25000000 |
| State of Texas | State of Texas | State of Texas | State of Texas |
| 22400000 | 4.400 <sup>(d)</sup> | 12/01/54 | 22400000 |
| Triborough Bridge and Tunnel Authority | Triborough Bridge and Tunnel Authority | Triborough Bridge and Tunnel Authority | Triborough Bridge and Tunnel Authority |
| 5000000 | 4.340 <sup>(d)</sup> | 11/15/32 | 5000000 |
| University of Chicago (The) | University of Chicago (The) | University of Chicago (The) | University of Chicago (The) |
| 48000000 | 4.330 <sup>(d)</sup> | 10/01/42 | 48000000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Variable Rate Municipal Debt Obligations – (continued) | Variable Rate Municipal Debt Obligations – (continued) | Variable Rate Municipal Debt Obligations – (continued) | Variable Rate Municipal Debt Obligations – (continued) | Variable Rate Municipal Debt Obligations – (continued) |
|  Utah Hsg Corp Single Family Mtg Rev | Utah Hsg Corp Single Family Mtg Rev | Utah Hsg Corp Single Family Mtg Rev | Utah Hsg Corp Single Family Mtg Rev | Utah Hsg Corp Single Family Mtg Rev |
| $| 14000000 | 4.350 %<sup>(d)</sup> | 07/01/55 | 14000000 |
| TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS | TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS | TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS | TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS | 1194120000 |
| Variable Rate Obligations - 8.5% | Variable Rate Obligations - 8.5% | Variable Rate Obligations - 8.5% | Variable Rate Obligations - 8.5% | Variable Rate Obligations - 8.5% |
|  Atlantic Asset Securitization LLC | Atlantic Asset Securitization LLC | Atlantic Asset Securitization LLC | Atlantic Asset Securitization LLC | Atlantic Asset Securitization LLC |
|  | 48224000 | 4.450 | 07/10/25 | 48224000 |
|  | 50000000 | 4.610 | 11/05/25 | 50000000 |
|  Barclays US CCP Funding LLC | Barclays US CCP Funding LLC | Barclays US CCP Funding LLC | Barclays US CCP Funding LLC | Barclays US CCP Funding LLC |
|  | 15700000 | 4.550 | 08/05/25 | 15700000 |
|  | 35362000 | 4.550 | 09/19/25 | 35362000 |
|  | 25000000 | 4.540 | 09/23/25 | 25000000 |
|  BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. |
|  | 20057000 | 4.640 | 06/06/25 | 20057000 |
|  Collateralized Commercial Paper Flex Co., LLC | Collateralized Commercial Paper Flex Co., LLC | Collateralized Commercial Paper Flex Co., LLC | Collateralized Commercial Paper Flex Co., LLC | Collateralized Commercial Paper Flex Co., LLC |
|  | 9342000 | 4.670 | 09/02/25 | 9342000 |
|  | 48182000 | 4.730 | 12/02/25 | 48182000 |
|  | 20577000 | 4.780 | 12/10/25 | 20577000 |
|  | 13913000 | 4.690 | 02/18/26 | 13913000 |
|  Collateralized Commercial Paper V Co., LLC | Collateralized Commercial Paper V Co., LLC | Collateralized Commercial Paper V Co., LLC | Collateralized Commercial Paper V Co., LLC | Collateralized Commercial Paper V Co., LLC |
|  | 18694000 | 4.630 | 10/27/25 | 18694000 |
|  | 56500000 | 4.630 | 10/31/25 | 56500000 |
|  Falcon Asset Funding LLC | Falcon Asset Funding LLC | Falcon Asset Funding LLC | Falcon Asset Funding LLC | Falcon Asset Funding LLC |
|  | 50000000 | 4.580 | 10/06/25 | 50000000 |
|  | 15000000 | 4.580 | 10/17/25 | 15000000 |
|  Ing (U.S.) Funding LLC | Ing (U.S.) Funding LLC | Ing (U.S.) Funding LLC | Ing (U.S.) Funding LLC | Ing (U.S.) Funding LLC |
|  | 27241000 | 4.530 | 09/25/25 | 27241000 |
|  | 27995000 | 4.580 | 12/23/25 | 27995000 |
|  | 20000000 | 4.670 | 12/24/25 | 20000000 |
|  Matchpoint Finance Public Limited Company | Matchpoint Finance Public Limited Company | Matchpoint Finance Public Limited Company | Matchpoint Finance Public Limited Company | Matchpoint Finance Public Limited Company |
|  | 10000000 | 4.490 | 08/04/25 | 10000000 |
|  Morgan Stanley Bank, National Association (SOFR + 0.78%) | Morgan Stanley Bank, National Association (SOFR + 0.78%) | Morgan Stanley Bank, National Association (SOFR + 0.78%) | Morgan Stanley Bank, National Association (SOFR + 0.78%) | Morgan Stanley Bank, National Association (SOFR + 0.78%) |
|  | 1000000 | 5.092 <sup>(b)</sup> | 07/16/25 | 1000229 |
|  | 10000000 | 5.098 <sup>(b)</sup> | 07/16/25 | 10002288 |
|  Old Line Funding, LLC | Old Line Funding, LLC | Old Line Funding, LLC | Old Line Funding, LLC | Old Line Funding, LLC |
|  | 65000000 | 4.490 | 07/21/25 | 65000000 |
|  | 50000000 | 4.490 | 08/18/25 | 50000000 |
|  | 20000000 | 4.640 | 11/14/25 | 20000000 |
|  Paradelle Funding LLC | Paradelle Funding LLC | Paradelle Funding LLC | Paradelle Funding LLC | Paradelle Funding LLC |
|  | 17225000 | 4.590 | 11/24/25 | 17224615 |
|  | 31000000 | 4.710 | 01/02/26 | 31000000 |
|  Podium Funding Trust | Podium Funding Trust | Podium Funding Trust | Podium Funding Trust | Podium Funding Trust |
|  | 25200000 | 4.550 | 09/03/25 | 25200000 |
|  | 15000000 | 4.550 | 10/01/25 | 15000000 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  | 25000000 | 4.531 | 06/16/25 | 24999541 |
|  Sheffield Receivables Company LLC | Sheffield Receivables Company LLC | Sheffield Receivables Company LLC | Sheffield Receivables Company LLC | Sheffield Receivables Company LLC |
|  | 15000000 | 4.520 | 09/17/25 | 15000000 |
|  Thunder Bay Funding, LLC | Thunder Bay Funding, LLC | Thunder Bay Funding, LLC | Thunder Bay Funding, LLC | Thunder Bay Funding, LLC |
|  | 25000000 | 4.510 | 06/24/25 | 25000000 |
|  | 18000000 | 4.640 | 11/14/25 | 18000000 |
|  UBS AG - London Branch | UBS AG - London Branch | UBS AG - London Branch | UBS AG - London Branch | UBS AG - London Branch |
|  | 4596000 | 4.710 | 10/24/25 | 4596000 |
|  | 38465000 | 4.720 | 01/02/26 | 38465000 |
|  UBS AG - London Branch (SOFR + 0.93%) | UBS AG - London Branch (SOFR + 0.93%) | UBS AG - London Branch (SOFR + 0.93%) | UBS AG - London Branch (SOFR + 0.93%) | UBS AG - London Branch (SOFR + 0.93%) |
|  | 1200000 | 5.249 <sup>(b)</sup> | 09/11/25 | 1202301 |
|  Versailles Commercial Paper LLC | Versailles Commercial Paper LLC | Versailles Commercial Paper LLC | Versailles Commercial Paper LLC | Versailles Commercial Paper LLC |
|  | 75000000 | 4.480 | 07/01/25 | 75000000 |
|  | 17406000 | 4.510 | 07/07/25 | 17406000 |

---

&nbsp;&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 INVESTOR MONEY MARKET FUND

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

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

Schedule of Investments (continued) *May 31, 2025 (Unaudited)*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Variable Rate Obligations – (continued) | Variable Rate Obligations – (continued) | Variable Rate Obligations – (continued) | Variable Rate Obligations – (continued) | Variable Rate Obligations – (continued) |
| Wells Fargo Bank, National Association (SOFR + 0.80%) | Wells Fargo Bank, National Association (SOFR + 0.80%) | Wells Fargo Bank, National Association (SOFR + 0.80%) | Wells Fargo Bank, National Association (SOFR + 0.80%) | Wells Fargo Bank, National Association (SOFR + 0.80%) |
| $— | 2350000 | 5.127 %<sup>(b)</sup> | 08/01/25 | $2351147 |
| TOTAL VARIABLE RATE OBLIGATIONS | TOTAL VARIABLE RATE OBLIGATIONS | TOTAL VARIABLE RATE OBLIGATIONS | TOTAL VARIABLE RATE OBLIGATIONS | $968234121 |
| TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | $8466100100 |
| Repurchase Agreements<sup>(e)</sup> - 25.1% | Repurchase Agreements<sup>(e)</sup> - 25.1% | Repurchase Agreements<sup>(e)</sup> - 25.1% | Repurchase Agreements<sup>(e)</sup> - 25.1% | Repurchase Agreements<sup>(e)</sup> - 25.1% |
| Bank of America, National Association | Bank of America, National Association | Bank of America, National Association | Bank of America, National Association | Bank of America, National Association |
|  | 40000000 | 3.900 | 03/31/26 | $40000000 |
| Maturity Value: $41,547,000 | Maturity Value: $41,547,000 | Maturity Value: $41,547,000 | Maturity Value: $41,547,000 | Maturity Value: $41,547,000 |
| Settlement Date: 04/08/25 | Settlement Date: 04/08/25 | Settlement Date: 04/08/25 | Settlement Date: 04/08/25 | Settlement Date: 04/08/25 |
| Collateralized by Federal National Mortgage Association, 2.500% to 3.000%, due 11/01/49 to 06/01/51. The aggregate market value of the collateral, including accrued interest, was $41,200,000. | Collateralized by Federal National Mortgage Association, 2.500% to 3.000%, due 11/01/49 to 06/01/51. The aggregate market value of the collateral, including accrued interest, was $41,200,000. | Collateralized by Federal National Mortgage Association, 2.500% to 3.000%, due 11/01/49 to 06/01/51. The aggregate market value of the collateral, including accrued interest, was $41,200,000. | Collateralized by Federal National Mortgage Association, 2.500% to 3.000%, due 11/01/49 to 06/01/51. The aggregate market value of the collateral, including accrued interest, was $41,200,000. | Collateralized by Federal National Mortgage Association, 2.500% to 3.000%, due 11/01/49 to 06/01/51. The aggregate market value of the collateral, including accrued interest, was $41,200,000. |
| BNP Paribas | BNP Paribas | BNP Paribas | BNP Paribas | BNP Paribas |
|  | 150000000 | 4.410 | 06/02/25 | $150000000 |
| Maturity Value: $150,055,125 | Maturity Value: $150,055,125 | Maturity Value: $150,055,125 | Maturity Value: $150,055,125 | Maturity Value: $150,055,125 |
| Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
| Collateralized by mortgage-backed obligations, 3.250% to 6.929%, due 06/10/34 to 12/25/68, various asset-backed obligations, 5.020% to 8.241%, due 07/16/29 to 11/25/69, various corporate security issuers, 0.750% to 8.625%, due 06/03/25 to 12/31/99 and various sovereign debt security issuers, 1.750% to 6.050%, due 01/12/27 to 03/12/54. The aggregate market value of the collateral, including accrued interest, was $161,092,680. | Collateralized by mortgage-backed obligations, 3.250% to 6.929%, due 06/10/34 to 12/25/68, various asset-backed obligations, 5.020% to 8.241%, due 07/16/29 to 11/25/69, various corporate security issuers, 0.750% to 8.625%, due 06/03/25 to 12/31/99 and various sovereign debt security issuers, 1.750% to 6.050%, due 01/12/27 to 03/12/54. The aggregate market value of the collateral, including accrued interest, was $161,092,680. | Collateralized by mortgage-backed obligations, 3.250% to 6.929%, due 06/10/34 to 12/25/68, various asset-backed obligations, 5.020% to 8.241%, due 07/16/29 to 11/25/69, various corporate security issuers, 0.750% to 8.625%, due 06/03/25 to 12/31/99 and various sovereign debt security issuers, 1.750% to 6.050%, due 01/12/27 to 03/12/54. The aggregate market value of the collateral, including accrued interest, was $161,092,680. | Collateralized by mortgage-backed obligations, 3.250% to 6.929%, due 06/10/34 to 12/25/68, various asset-backed obligations, 5.020% to 8.241%, due 07/16/29 to 11/25/69, various corporate security issuers, 0.750% to 8.625%, due 06/03/25 to 12/31/99 and various sovereign debt security issuers, 1.750% to 6.050%, due 01/12/27 to 03/12/54. The aggregate market value of the collateral, including accrued interest, was $161,092,680. | Collateralized by mortgage-backed obligations, 3.250% to 6.929%, due 06/10/34 to 12/25/68, various asset-backed obligations, 5.020% to 8.241%, due 07/16/29 to 11/25/69, various corporate security issuers, 0.750% to 8.625%, due 06/03/25 to 12/31/99 and various sovereign debt security issuers, 1.750% to 6.050%, due 01/12/27 to 03/12/54. The aggregate market value of the collateral, including accrued interest, was $161,092,680. |
|  | 25000000 | 4.500 | 06/11/25 | $25000000 |
| Maturity Value: $26,309,375 | Maturity Value: $26,309,375 | Maturity Value: $26,309,375 | Maturity Value: $26,309,375 | Maturity Value: $26,309,375 |
| Settlement Date: 04/18/24 | Settlement Date: 04/18/24 | Settlement Date: 04/18/24 | Settlement Date: 04/18/24 | Settlement Date: 04/18/24 |
| Collateralized by various asset-backed obligations, 3.473% to 11.518%, due 07/15/29 to 03/25/68. The aggregate market value of the collateral, including accrued interest, was $30,285,227. | Collateralized by various asset-backed obligations, 3.473% to 11.518%, due 07/15/29 to 03/25/68. The aggregate market value of the collateral, including accrued interest, was $30,285,227. | Collateralized by various asset-backed obligations, 3.473% to 11.518%, due 07/15/29 to 03/25/68. The aggregate market value of the collateral, including accrued interest, was $30,285,227. | Collateralized by various asset-backed obligations, 3.473% to 11.518%, due 07/15/29 to 03/25/68. The aggregate market value of the collateral, including accrued interest, was $30,285,227. | Collateralized by various asset-backed obligations, 3.473% to 11.518%, due 07/15/29 to 03/25/68. The aggregate market value of the collateral, including accrued interest, was $30,285,227. |
| BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. |
|  | 25000000 | 4.350 | 06/02/25 | $25000000 |
| Maturity Value: $25,009,063 | Maturity Value: $25,009,063 | Maturity Value: $25,009,063 | Maturity Value: $25,009,063 | Maturity Value: $25,009,063 |
| Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
| Collateralized by various corporate security issuers, 0.000%, due 06/09/25 to 05/08/26. The aggregate market value of the collateral, including accrued interest, was $25,500,001. | Collateralized by various corporate security issuers, 0.000%, due 06/09/25 to 05/08/26. The aggregate market value of the collateral, including accrued interest, was $25,500,001. | Collateralized by various corporate security issuers, 0.000%, due 06/09/25 to 05/08/26. The aggregate market value of the collateral, including accrued interest, was $25,500,001. | Collateralized by various corporate security issuers, 0.000%, due 06/09/25 to 05/08/26. The aggregate market value of the collateral, including accrued interest, was $25,500,001. | Collateralized by various corporate security issuers, 0.000%, due 06/09/25 to 05/08/26. The aggregate market value of the collateral, including accrued interest, was $25,500,001. |
| Federal Reserve Bank of New York | Federal Reserve Bank of New York | Federal Reserve Bank of New York | Federal Reserve Bank of New York | Federal Reserve Bank of New York |
|  | 200000000 | 4.250 | 06/02/25 | $200000000 |
| Maturity Value: $200,070,833 | Maturity Value: $200,070,833 | Maturity Value: $200,070,833 | Maturity Value: $200,070,833 | Maturity Value: $200,070,833 |
| Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
| Collateralized by a U.S. Treasury Note, 1.375%, due 11/15/31. The market value of the collateral, including accrued interest, was $200,070,843. | Collateralized by a U.S. Treasury Note, 1.375%, due 11/15/31. The market value of the collateral, including accrued interest, was $200,070,843. | Collateralized by a U.S. Treasury Note, 1.375%, due 11/15/31. The market value of the collateral, including accrued interest, was $200,070,843. | Collateralized by a U.S. Treasury Note, 1.375%, due 11/15/31. The market value of the collateral, including accrued interest, was $200,070,843. | Collateralized by a U.S. Treasury Note, 1.375%, due 11/15/31. The market value of the collateral, including accrued interest, was $200,070,843. |
| Fixed Income Clearing Corporation / State Street Bank and Trust Company | Fixed Income Clearing Corporation / State Street Bank and Trust Company | Fixed Income Clearing Corporation / State Street Bank and Trust Company | Fixed Income Clearing Corporation / State Street Bank and Trust Company | Fixed Income Clearing Corporation / State Street Bank and Trust Company |
|  | 1000000000 | 4.340 | 06/02/25 | $1000000000 |
| Maturity Value: $1,000,361,667 | Maturity Value: $1,000,361,667 | Maturity Value: $1,000,361,667 | Maturity Value: $1,000,361,667 | Maturity Value: $1,000,361,667 |
| Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
| Collateralized by U.S. Treasury Bonds, 1.125% to 4.375%, due 05/15/40 and a U.S. Treasury Note, 1.125%, due 08/15/40. The aggregate market value of the collateral, including accrued interest, was $1,020,000,000. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.375%, due 05/15/40 and a U.S. Treasury Note, 1.125%, due 08/15/40. The aggregate market value of the collateral, including accrued interest, was $1,020,000,000. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.375%, due 05/15/40 and a U.S. Treasury Note, 1.125%, due 08/15/40. The aggregate market value of the collateral, including accrued interest, was $1,020,000,000. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.375%, due 05/15/40 and a U.S. Treasury Note, 1.125%, due 08/15/40. The aggregate market value of the collateral, including accrued interest, was $1,020,000,000. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.375%, due 05/15/40 and a U.S. Treasury Note, 1.125%, due 08/15/40. The aggregate market value of the collateral, including accrued interest, was $1,020,000,000. |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(e)</sup> – (continued) | Repurchase Agreements<sup>(e)</sup> – (continued) | Repurchase Agreements<sup>(e)</sup> – (continued) | Repurchase Agreements<sup>(e)</sup> – (continued) | Repurchase Agreements<sup>(e)</sup> – (continued) |
|  J.P. Morgan Securities LLC | J.P. Morgan Securities LLC | J.P. Morgan Securities LLC | J.P. Morgan Securities LLC | J.P. Morgan Securities LLC |
| $| 200000000 | 4.530 %<sup>(f)</sup> | 06/23/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000000 |
|  Maturity Value: $202,264,999 | Maturity Value: $202,264,999 | Maturity Value: $202,264,999 | Maturity Value: $202,264,999 | Maturity Value: $202,264,999 |
|  Settlement Date: 03/25/25 | Settlement Date: 03/25/25 | Settlement Date: 03/25/25 | Settlement Date: 03/25/25 | Settlement Date: 03/25/25 |
|  Collateralized by various corporate security issuers, 0.000% to 12.250%, due 06/15/25 to 12/31/99. The aggregate market value of the collateral, including accrued interest, was $220,885,867. | Collateralized by various corporate security issuers, 0.000% to 12.250%, due 06/15/25 to 12/31/99. The aggregate market value of the collateral, including accrued interest, was $220,885,867. | Collateralized by various corporate security issuers, 0.000% to 12.250%, due 06/15/25 to 12/31/99. The aggregate market value of the collateral, including accrued interest, was $220,885,867. | Collateralized by various corporate security issuers, 0.000% to 12.250%, due 06/15/25 to 12/31/99. The aggregate market value of the collateral, including accrued interest, was $220,885,867. | Collateralized by various corporate security issuers, 0.000% to 12.250%, due 06/15/25 to 12/31/99. The aggregate market value of the collateral, including accrued interest, was $220,885,867. |
|  | 100000000 | 4.450 <sup>(f)</sup> | 08/20/25 | $100000000 |
|  Maturity Value: $101,112,500 | Maturity Value: $101,112,500 | Maturity Value: $101,112,500 | Maturity Value: $101,112,500 | Maturity Value: $101,112,500 |
|  Settlement Date: 05/22/25 | Settlement Date: 05/22/25 | Settlement Date: 05/22/25 | Settlement Date: 05/22/25 | Settlement Date: 05/22/25 |
|  Collateralized by auction rate preferred securities, 4.750% to 11.798%, due 01/31/29 to 01/01/49, various Exchange-Traded Funds, various corporate security issuers, 1.750% to 9.250%, due 10/01/25 to 04/30/30 and various equity securities. The aggregate market value of the collateral, including accrued interest, was $109,509,415. | Collateralized by auction rate preferred securities, 4.750% to 11.798%, due 01/31/29 to 01/01/49, various Exchange-Traded Funds, various corporate security issuers, 1.750% to 9.250%, due 10/01/25 to 04/30/30 and various equity securities. The aggregate market value of the collateral, including accrued interest, was $109,509,415. | Collateralized by auction rate preferred securities, 4.750% to 11.798%, due 01/31/29 to 01/01/49, various Exchange-Traded Funds, various corporate security issuers, 1.750% to 9.250%, due 10/01/25 to 04/30/30 and various equity securities. The aggregate market value of the collateral, including accrued interest, was $109,509,415. | Collateralized by auction rate preferred securities, 4.750% to 11.798%, due 01/31/29 to 01/01/49, various Exchange-Traded Funds, various corporate security issuers, 1.750% to 9.250%, due 10/01/25 to 04/30/30 and various equity securities. The aggregate market value of the collateral, including accrued interest, was $109,509,415. | Collateralized by auction rate preferred securities, 4.750% to 11.798%, due 01/31/29 to 01/01/49, various Exchange-Traded Funds, various corporate security issuers, 1.750% to 9.250%, due 10/01/25 to 04/30/30 and various equity securities. The aggregate market value of the collateral, including accrued interest, was $109,509,415. |
|  Joint Account III | Joint Account III | Joint Account III | Joint Account III | Joint Account III |
|  | 285000000 | 4.353 | 06/02/25 | $285000000 |
|  Maturity Value: $285,103,377 | Maturity Value: $285,103,377 | Maturity Value: $285,103,377 | Maturity Value: $285,103,377 | Maturity Value: $285,103,377 |
|  Mizuho Securities USA LLC | Mizuho Securities USA LLC | Mizuho Securities USA LLC | Mizuho Securities USA LLC | Mizuho Securities USA LLC |
|  | 100000000 | 4.430 | 06/02/25 | $100000000 |
|  Maturity Value: $100,036,917 | Maturity Value: $100,036,917 | Maturity Value: $100,036,917 | Maturity Value: $100,036,917 | Maturity Value: $100,036,917 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by various asset-backed obligations, 1.645% to 9.250%, due 10/18/28 to 01/25/68. The aggregate market value of the collateral, including accrued interest, was $115,000,723. | Collateralized by various asset-backed obligations, 1.645% to 9.250%, due 10/18/28 to 01/25/68. The aggregate market value of the collateral, including accrued interest, was $115,000,723. | Collateralized by various asset-backed obligations, 1.645% to 9.250%, due 10/18/28 to 01/25/68. The aggregate market value of the collateral, including accrued interest, was $115,000,723. | Collateralized by various asset-backed obligations, 1.645% to 9.250%, due 10/18/28 to 01/25/68. The aggregate market value of the collateral, including accrued interest, was $115,000,723. | Collateralized by various asset-backed obligations, 1.645% to 9.250%, due 10/18/28 to 01/25/68. The aggregate market value of the collateral, including accrued interest, was $115,000,723. |
|  RBC Capital Markets, LLC | RBC Capital Markets, LLC | RBC Capital Markets, LLC | RBC Capital Markets, LLC | RBC Capital Markets, LLC |
|  | 200000000 | 4.430 | 06/02/25 | $200000000 |
|  Maturity Value: $200,073,833 | Maturity Value: $200,073,833 | Maturity Value: $200,073,833 | Maturity Value: $200,073,833 | Maturity Value: $200,073,833 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by various corporate security issuers, 0.000% to 11.500%, due 06/02/25 to 12/31/99. The aggregate market value of the collateral, including accrued interest, was $210,428,883. | Collateralized by various corporate security issuers, 0.000% to 11.500%, due 06/02/25 to 12/31/99. The aggregate market value of the collateral, including accrued interest, was $210,428,883. | Collateralized by various corporate security issuers, 0.000% to 11.500%, due 06/02/25 to 12/31/99. The aggregate market value of the collateral, including accrued interest, was $210,428,883. | Collateralized by various corporate security issuers, 0.000% to 11.500%, due 06/02/25 to 12/31/99. The aggregate market value of the collateral, including accrued interest, was $210,428,883. | Collateralized by various corporate security issuers, 0.000% to 11.500%, due 06/02/25 to 12/31/99. The aggregate market value of the collateral, including accrued interest, was $210,428,883. |
|  Societe Generale | Societe Generale | Societe Generale | Societe Generale | Societe Generale |
|  | 300000000 | 4.450 | 06/02/25 | $300000000 |
|  Maturity Value: $300,111,250 | Maturity Value: $300,111,250 | Maturity Value: $300,111,250 | Maturity Value: $300,111,250 | Maturity Value: $300,111,250 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by mortgage-backed obligations, 3.142% to 8.983%, due 11/25/35 to 12/25/68, various asset-backed obligations, 4.007% to 10.349%, due 06/15/31 to 10/25/46, various corporate security issuers, 1.650% to 11.750%, due 06/16/25 to 12/31/99 and various sovereign debt security issuers, 2.550% to 8.950%, due 01/11/26 to 07/23/60. The aggregate market value of the collateral, including accrued interest, was $357,520,055. | Collateralized by mortgage-backed obligations, 3.142% to 8.983%, due 11/25/35 to 12/25/68, various asset-backed obligations, 4.007% to 10.349%, due 06/15/31 to 10/25/46, various corporate security issuers, 1.650% to 11.750%, due 06/16/25 to 12/31/99 and various sovereign debt security issuers, 2.550% to 8.950%, due 01/11/26 to 07/23/60. The aggregate market value of the collateral, including accrued interest, was $357,520,055. | Collateralized by mortgage-backed obligations, 3.142% to 8.983%, due 11/25/35 to 12/25/68, various asset-backed obligations, 4.007% to 10.349%, due 06/15/31 to 10/25/46, various corporate security issuers, 1.650% to 11.750%, due 06/16/25 to 12/31/99 and various sovereign debt security issuers, 2.550% to 8.950%, due 01/11/26 to 07/23/60. The aggregate market value of the collateral, including accrued interest, was $357,520,055. | Collateralized by mortgage-backed obligations, 3.142% to 8.983%, due 11/25/35 to 12/25/68, various asset-backed obligations, 4.007% to 10.349%, due 06/15/31 to 10/25/46, various corporate security issuers, 1.650% to 11.750%, due 06/16/25 to 12/31/99 and various sovereign debt security issuers, 2.550% to 8.950%, due 01/11/26 to 07/23/60. The aggregate market value of the collateral, including accrued interest, was $357,520,055. | Collateralized by mortgage-backed obligations, 3.142% to 8.983%, due 11/25/35 to 12/25/68, various asset-backed obligations, 4.007% to 10.349%, due 06/15/31 to 10/25/46, various corporate security issuers, 1.650% to 11.750%, due 06/16/25 to 12/31/99 and various sovereign debt security issuers, 2.550% to 8.950%, due 01/11/26 to 07/23/60. The aggregate market value of the collateral, including accrued interest, was $357,520,055. |
|  TD Securities (USA) LLC | TD Securities (USA) LLC | TD Securities (USA) LLC | TD Securities (USA) LLC | TD Securities (USA) LLC |
|  | 150000000 | 4.400 | 06/02/25 | $150000000 |
|  Maturity Value: $150,055,000 | Maturity Value: $150,055,000 | Maturity Value: $150,055,000 | Maturity Value: $150,055,000 | Maturity Value: $150,055,000 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by various corporate security issuers, 4.750% to 10.500%, due 10/15/25 to 03/15/42. The aggregate market value of the collateral, including accrued interest, was $165,000,204. | Collateralized by various corporate security issuers, 4.750% to 10.500%, due 10/15/25 to 03/15/42. The aggregate market value of the collateral, including accrued interest, was $165,000,204. | Collateralized by various corporate security issuers, 4.750% to 10.500%, due 10/15/25 to 03/15/42. The aggregate market value of the collateral, including accrued interest, was $165,000,204. | Collateralized by various corporate security issuers, 4.750% to 10.500%, due 10/15/25 to 03/15/42. The aggregate market value of the collateral, including accrued interest, was $165,000,204. | Collateralized by various corporate security issuers, 4.750% to 10.500%, due 10/15/25 to 03/15/42. The aggregate market value of the collateral, including accrued interest, was $165,000,204. |

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

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GOLDMAN SACHS INVESTOR MONEY MARKET FUND

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(e)</sup> – (continued) | Repurchase Agreements<sup>(e)</sup> – (continued) | Repurchase Agreements<sup>(e)</sup> – (continued) | Repurchase Agreements<sup>(e)</sup> – (continued) | Repurchase Agreements<sup>(e)</sup> – (continued) |
|  Wells Fargo Securities, LLC | Wells Fargo Securities, LLC | Wells Fargo Securities, LLC | Wells Fargo Securities, LLC | Wells Fargo Securities, LLC |
| $| 80000000 | 4.930% | 11/10/25 | $80000000 |
|  Maturity Value: $84,097,377 | Maturity Value: $84,097,377 | Maturity Value: $84,097,377 | Maturity Value: $84,097,377 |  |
|  Settlement Date: 11/01/24 | Settlement Date: 11/01/24 | Settlement Date: 11/01/24 | Settlement Date: 11/01/24 |  |
|  Collateralized by various corporate security issuers, 0.000% to 8.250%, due 06/01/25 to 12/31/99. The aggregate market value of the collateral, including accrued interest, was $84,756,743. | Collateralized by various corporate security issuers, 0.000% to 8.250%, due 06/01/25 to 12/31/99. The aggregate market value of the collateral, including accrued interest, was $84,756,743. | Collateralized by various corporate security issuers, 0.000% to 8.250%, due 06/01/25 to 12/31/99. The aggregate market value of the collateral, including accrued interest, was $84,756,743. | Collateralized by various corporate security issuers, 0.000% to 8.250%, due 06/01/25 to 12/31/99. The aggregate market value of the collateral, including accrued interest, was $84,756,743. | Collateralized by various corporate security issuers, 0.000% to 8.250%, due 06/01/25 to 12/31/99. The aggregate market value of the collateral, including accrued interest, was $84,756,743. |
| TOTAL REPURCHASE AGREEMENTS | TOTAL REPURCHASE AGREEMENTS | TOTAL REPURCHASE AGREEMENTS | TOTAL REPURCHASE AGREEMENTS | $2855000000 |
| TOTAL INVESTMENTS - 99.6% | TOTAL INVESTMENTS - 99.6% | TOTAL INVESTMENTS - 99.6% | TOTAL INVESTMENTS - 99.6% | $11321100100 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES -0.4%** | **OTHER ASSETS IN EXCESS OF LIABILITIES -0.4%** | **OTHER ASSETS IN EXCESS OF LIABILITIES -0.4%** | **OTHER ASSETS IN EXCESS OF LIABILITIES -0.4%** | 43857458 |
| NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% | $11364957558 |

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|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | All or a portion represents a forward commitment. |
| (b) | Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on May 31, 2025. |
| (c) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (d) | Rate shown is that which is in effect on May 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. |
| (e) | Unless noted, all repurchase agreements were entered into on May 31, 2025. Additional information on Joint Repurchase Agreement Account III appears in the Additional Investment Information section. |
| (f) | The instrument is subject to a demand feature. |
| Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices. | Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices. |
| Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities. | Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| MMY | —Money Market Yield |
| PLC | —Public Limited Company |
| Prime | —Federal Reserve Bank Prime Loan Rate US |
| SOFR | —Secured Overnight Financing Rate |
| T-Bill | —Treasury Bill |

---

&nbsp;&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 INVESTOR TAX-EXEMPT CALIFORNIA MONEY MARKET FUND

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

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

Schedule of Investments *May 31, 2025 (Unaudited)*

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized<br>Cost** |
| Non-Financial Company Commercial Paper - 18.9% | Non-Financial Company Commercial Paper - 18.9% | Non-Financial Company Commercial Paper - 18.9% | Non-Financial Company Commercial Paper - 18.9% |
| California - 18.9% | California - 18.9% | California - 18.9% | California - 18.9% |
| California State University | California State University | California State University |  |
| $100000 | 2.640 %<sup>(a)</sup> | 06/04/2025 | $100000 |
| Kaiser Foundation Hospitals | Kaiser Foundation Hospitals | Kaiser Foundation Hospitals |  |
| 100000 | 2.950 | 08/12/2025 | 100000 |
| Kaiser Permanente | Kaiser Permanente | Kaiser Permanente |  |
| 100000 | 2.970 | 08/13/2025 | 100000 |
| Regents of The University of California (The) | Regents of The University of California (The) | Regents of The University of California (The) |  |
| 170000 | 3.001 | 10/08/2025 | 169970 |
| Sacramento Municipal Utility District | Sacramento Municipal Utility District | Sacramento Municipal Utility District |  |
| 100000 | 3.150 | 06/04/2025 | 100000 |
| 100000 | 2.900 | 07/08/2025 | 100000 |
| San Diego County Water Authority | San Diego County Water Authority | San Diego County Water Authority |  |
| 200000 | 2.900 | 06/04/2025 | 200000 |
| San Francisco Public Utilities Commission | San Francisco Public Utilities Commission | San Francisco Public Utilities Commission |  |
| 200000 | 2.900 | 06/12/2025 | 200000 |
| Stanford Health Care | Stanford Health Care | Stanford Health Care |  |
| 200000 | 2.700 | 06/16/2025 | 200000 |
|  |  |  | 1269970 |
| TOTAL NON-FINANCIAL COMPANY COMMERCIAL PAPER | TOTAL NON-FINANCIAL COMPANY COMMERCIAL PAPER | TOTAL NON-FINANCIAL COMPANY COMMERCIAL PAPER | &nbsp;&nbsp;&nbsp;&nbsp;1269970 |
| Other Municipal Security - 24.9% | Other Municipal Security - 24.9% | Other Municipal Security - 24.9% | Other Municipal Security - 24.9% |
| California - 24.9% | California - 24.9% | California - 24.9% | California - 24.9% |
| Berkeley, California (City of) | Berkeley, California (City of) | Berkeley, California (City of) |  |
| 100000 | 3.514 | 07/29/2025 | 100231 |
| California Municipal Finance Authority | California Municipal Finance Authority | California Municipal Finance Authority |  |
| 50000 | 2.463 | 06/01/2025 | 50000 |
| 20000 | 3.340 | 06/01/2025 | 20000 |
| County of Riverside | County of Riverside | County of Riverside |  |
| 20000 | 2.620 | 06/30/2025 | 20031 |
| 5000 | 2.921 | 06/30/2025 | 5008 |
| 100000 | 3.032 | 06/30/2025 | 100155 |
| 5000 | 3.134 | 06/30/2025 | 5008 |
| 10000 | 3.329 | 06/30/2025 | 10016 |
| Los Angeles Unified School District | Los Angeles Unified School District | Los Angeles Unified School District |  |
| 40000 | 2.717 | 07/01/2025 | 40046 |
| 150000 | 3.813 | 07/01/2025 | 150174 |
| Los Angeles, California (City of) | Los Angeles, California (City of) | Los Angeles, California (City of) |  |
| 10000 | 2.720 | 06/26/2025 | 10013 |
| 100000 | 2.982 | 06/26/2025 | 100126 |
| 285000 | 3.177 | 06/26/2025 | 285360 |
| Los Angeles, California (County of) | Los Angeles, California (County of) | Los Angeles, California (County of) |  |
| 55000 | 2.617 | 06/30/2025 | 55085 |
| 140000 | 3.161 | 06/30/2025 | 140216 |
| 5000 | 3.381 | 06/30/2025 | 5007 |
| San Diego California Unified School District | San Diego California Unified School District | San Diego California Unified School District |  |
| 35000 | 2.726 | 07/01/2025 | 35058 |
| 70000 | 2.876 | 07/01/2025 | 70117 |
| 15000 | 3.834 | 07/01/2025 | 15025 |
| San Francisco Bay Area Rapid Transit District | San Francisco Bay Area Rapid Transit District | San Francisco Bay Area Rapid Transit District |  |
| 100000 | 2.351 | 08/01/2025 | 100436 |
| 60000 | 2.418 | 08/01/2025 | 60255 |
| Santa Clara Valley Transportation Authority | Santa Clara Valley Transportation Authority | Santa Clara Valley Transportation Authority | Santa Clara Valley Transportation Authority |
| 100000 | 2.332 | 06/01/2025 | 100000 |
| State of California | State of California | State of California |  |
| 100000 | 2.713 | 03/01/2026 | 101681 |
| 90000 | 3.000 | 03/01/2026 | 89989 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized<br>Cost** | **Amortized<br>Cost** |
| Other Municipal Security – (continued) | Other Municipal Security – (continued) | Other Municipal Security – (continued) | Other Municipal Security – (continued) | Other Municipal Security – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) | California – (continued) |
| State of California – (continued) | State of California – (continued) | State of California – (continued) |  |  |
| 10000 | 3.167% | 03/01/2026 | $| 9999 |
|  |  |  |  | 1679036 |
| TOTAL OTHER MUNICIPAL SECURITY | TOTAL OTHER MUNICIPAL SECURITY | TOTAL OTHER MUNICIPAL SECURITY |  | &nbsp;&nbsp;&nbsp;&nbsp;1679036 |
| Tender Option Bond - 4.8% | Tender Option Bond - 4.8% | Tender Option Bond - 4.8% | Tender Option Bond - 4.8% | Tender Option Bond - 4.8% |
| California - 4.8% | California - 4.8% | California - 4.8% | California - 4.8% | California - 4.8% |
| Deutsche Bank Spears/Lifers Trust | Deutsche Bank Spears/Lifers Trust | Deutsche Bank Spears/Lifers Trust |  |  |
| 100000 | 2.070 <sup>(a)(b)</sup> | 05/15/2050 |  | 100000 |
| Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates |  |  |
| 225000 | 2.850 <sup>(a)(b)</sup> | 11/15/2032 |  | 225000 |
|  |  |  |  | 325000 |
| TOTAL TENDER OPTION BOND | TOTAL TENDER OPTION BOND | TOTAL TENDER OPTION BOND |  | 325000 |
| U.S. Treasury Debt - 7.4% | U.S. Treasury Debt - 7.4% | U.S. Treasury Debt - 7.4% | U.S. Treasury Debt - 7.4% | U.S. Treasury Debt - 7.4% |
| United States Treasury Bills | United States Treasury Bills |  |  |  |
| 500000 | 4.241 | 06/03/2025 |  | 499884 |
| TOTAL U.S. TREASURY DEBT | TOTAL U.S. TREASURY DEBT | TOTAL U.S. TREASURY DEBT |  | 499884 |
| Variable Rate Demand Note - 43.5% | Variable Rate Demand Note - 43.5% | Variable Rate Demand Note - 43.5% | Variable Rate Demand Note - 43.5% | Variable Rate Demand Note - 43.5% |
| California - 43.5% | California - 43.5% | California - 43.5% | California - 43.5% | California - 43.5% |
| Airport Commission of The City and County of San Francisco | Airport Commission of The City and County of San Francisco | Airport Commission of The City and County of San Francisco |  |  |
| 100000 | 1.000 <sup>(a</sup>) | 05/01/2058 |  | 100000 |
| Bay Area Toll Authority | Bay Area Toll Authority | Bay Area Toll Authority |  |  |
| 200000 | 1.000 <sup>(a)</sup> | 04/01/2059 |  | 200000 |
| Blackrock Muniholdings California Quality Fund, Inc. | Blackrock Muniholdings California Quality Fund, Inc. | Blackrock Muniholdings California Quality Fund, Inc. |  |  |
| 200000 | 2.110 <sup>(a)</sup> | 09/01/2054 |  | 200000 |
| California Educational Facilities Authority | California Educational Facilities Authority | California Educational Facilities Authority |  |  |
| 100000 | 0.820 <sup>(a)</sup> | 10/01/2036 |  | 100000 |
| California Health Facilities Financing Authority | California Health Facilities Financing Authority | California Health Facilities Financing Authority |  |  |
| 260000 | 0.850 <sup>(a)</sup> | 10/01/2043 |  | 260000 |
| California Institute of Technology | California Institute of Technology | California Institute of Technology |  |  |
| 125000 | 0.630 <sup>(a)</sup> | 10/01/2036 |  | 125000 |
| Housing Authority of The County of Sacramento (FNMA) | Housing Authority of The County of Sacramento (FNMA) | Housing Authority of The County of Sacramento (FNMA) |  |  |
| 265000 | 1.550 <sup>(a)</sup> | 07/15/2029 |  | 265000 |
| Metropolitan Water District of Southern California (The) | Metropolitan Water District of Southern California (The) | Metropolitan Water District of Southern California (The) |  |  |
| 200000 | 4.370 <sup>(a)</sup> | 07/01/2037 |  | 200000 |
| Orange County Water District | Orange County Water District | Orange County Water District |  |  |
| 125000 | 0.950 <sup>(a)</sup> | 08/01/2042 |  | 125000 |
| Pasadena, California (City of) | Pasadena, California (City of) | Pasadena, California (City of) |  |  |
| 200000 | 1.330 <sup>(a)</sup> | 02/01/2035 |  | 200000 |
| Rady Children's Hospital-San Diego | Rady Children's Hospital-San Diego | Rady Children's Hospital-San Diego |  |  |
| 200000 | 2.200 <sup>(a)</sup> | 08/15/2047 |  | 200000 |
| Sacramento County Water Authority | Sacramento County Water Authority | Sacramento County Water Authority |  |  |
| 15000 | 2.503 | 06/01/2025 |  | 15000 |
| 40000 | 2.738 | 06/01/2025 |  | 40000 |
| 25000 | 3.841 | 06/01/2025 |  | 25000 |
| San Mateo County Joint Powers Financing Authority | San Mateo County Joint Powers Financing Authority | San Mateo County Joint Powers Financing Authority |  |  |
| 165000 | 1.050 <sup>(a)</sup> | 04/01/2039 |  | 165000 |
| San Mateo County Transportation Authority | San Mateo County Transportation Authority | San Mateo County Transportation Authority |  |  |
| 225000 | 1.220 <sup>(a)</sup> | 06/01/2049 |  | 225000 |
| Santa Clara Valley Transportation Authority | Santa Clara Valley Transportation Authority | Santa Clara Valley Transportation Authority |  |  |
| 185000 | 4.360 <sup>(a)</sup> | 06/01/2055 |  | 185000 |
| Santa Clara, California (County of) | Santa Clara, California (County of) | Santa Clara, California (County of) |  |  |
| 100000 | 1.220 <sup>(a)</sup> | 05/15/2035 |  | 100000 |

---

&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 INVESTOR TAX-EXEMPT CALIFORNIA MONEY MARKET FUND

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized<br>Cost** |
| Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) | California – (continued) |
|  Scripps Health | Scripps Health | Scripps Health |  |  |
| $| 200000 | 1.350 %<sup>(a)</sup> | 08/01/2035 | $200000 |
|  |  |  |  | 2930000 |
| TOTAL VARIABLE RATE DEMAND NOTE | TOTAL VARIABLE RATE DEMAND NOTE | TOTAL VARIABLE RATE DEMAND NOTE | TOTAL VARIABLE RATE DEMAND NOTE | 2930000 |
| TOTAL INVESTMENTS - 99.5% (Cost $6,703,890) | TOTAL INVESTMENTS - 99.5% (Cost $6,703,890) | TOTAL INVESTMENTS - 99.5% (Cost $6,703,890) | TOTAL INVESTMENTS - 99.5% (Cost $6,703,890) | $6703890 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5% | OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5% | OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5% | OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5% | 31062 |
| NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% | $6734952 |

---

---

| | |
|:---|:---|
| 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) | Variable Rate Demand Instruments – rate shown is that which is in effect on May 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.<br>Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities. | Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.<br>Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| FNMA | —Insured by Federal National Mortgage Association |
| SPEARS | —Short Puttable Exempt Adjustable Receipts |

---

&nbsp;&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 INVESTOR TAX-EXEMPT MONEY MARKET FUND

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

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

Schedule of Investments *May 31, 2025 (Unaudited)*

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Amortized<br>Cost** |
| U.S. Treasury Obligations - 10.7% | U.S. Treasury Obligations - 10.7% | U.S. Treasury Obligations - 10.7% | U.S. Treasury Obligations - 10.7% |
| United States Treasury Bills | United States Treasury Bills | United States Treasury Bills | United States Treasury Bills |
| 29900000 | 4.218% | 06/03/25 | $29893040 |
| 99450000 | 4.241 | 06/03/25 | 99426850 |
| 97400000 | 4.271 | 06/03/25 | 97377328 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;226697218 |
| Sovereign - 2.6% | Sovereign - 2.6% | Sovereign - 2.6% | Sovereign - 2.6% |
| United States Treasury Bills | United States Treasury Bills | United States Treasury Bills | United States Treasury Bills |
| 73000000 | 4.265% | 06/10/25 | 72923350 |
| TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $299,620,568) | TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $299,620,568) | TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $299,620,568) | 299620568 |
| Non-Financial Company Commercial Paper - 28.0% | Non-Financial Company Commercial Paper - 28.0% | Non-Financial Company Commercial Paper - 28.0% | Non-Financial Company Commercial Paper - 28.0% |
| California - 1.6% | California - 1.6% | California - 1.6% | California - 1.6% |
| Kaiser Foundation Hospitals | Kaiser Foundation Hospitals | Kaiser Foundation Hospitals | Kaiser Foundation Hospitals |
| 15185000 | 2.950 | 08/12/2025 | 15185000 |
| Regents of The University of California (The) | Regents of The University of California (The) | Regents of The University of California (The) | Regents of The University of California (The) |
| 29830000 | 3.001 | 10/08/2025 | 29824760 |
|  |  |  | 45009760 |
| Colorado - 1.4% | Colorado - 1.4% | Colorado - 1.4% | Colorado - 1.4% |
| Denver Board of Water Commissioners | Denver Board of Water Commissioners | Denver Board of Water Commissioners | Denver Board of Water Commissioners |
| 27000000 | 2.900 | 06/10/2025 | 27000000 |
| Lower Colorado River Authority | Lower Colorado River Authority | Lower Colorado River Authority | Lower Colorado River Authority |
| 9836000 | 3.400 | 06/25/2025 | 9836000 |
|  |  |  | 36836000 |
| Indiana - 0.1% | Indiana - 0.1% | Indiana - 0.1% | Indiana - 0.1% |
| Indiana University | Indiana University | Indiana University | Indiana University |
| 3953000 | 2.880 | 06/04/2025 | 3953000 |
| Massachusetts - 1.4% | Massachusetts - 1.4% | Massachusetts - 1.4% | Massachusetts - 1.4% |
| Massachusetts Bay Transportation Authority | Massachusetts Bay Transportation Authority | Massachusetts Bay Transportation Authority | Massachusetts Bay Transportation Authority |
| 20000000 | 3.100 | 06/12/2025 | 20000000 |
| Massachusetts Development Finance Agency | Massachusetts Development Finance Agency | Massachusetts Development Finance Agency | Massachusetts Development Finance Agency |
| 20000000 | 2.890 | 07/08/2025 | 20000000 |
|  |  |  | 40000000 |
| Michigan - 0.6% | Michigan - 0.6% | Michigan - 0.6% | Michigan - 0.6% |
| University of Michigan | University of Michigan | University of Michigan | University of Michigan |
| 17050000 | 3.200 | 07/16/2025 | 17050000 |
| Minnesota - 2.1% | Minnesota - 2.1% | Minnesota - 2.1% | Minnesota - 2.1% |
| Mayo Clinic | Mayo Clinic | Mayo Clinic | Mayo Clinic |
| 23250000 | 2.970 | 10/02/2025 | 23250000 |
| Minnesota Agricultural and Economic Development | Minnesota Agricultural and Economic Development | Minnesota Agricultural and Economic Development | Minnesota Agricultural and Economic Development |
| 8546000 | 3.350 | 08/05/2025 | 8546000 |
| 8546000 | 3.350 | 08/13/2025 | 8546000 |
| 5535000 | 3.350 | 08/21/2025 | 5535000 |
| 5961000 | 3.350 | 09/03/2025 | 5961000 |
| Regents of The University of Minnesota | Regents of The University of Minnesota | Regents of The University of Minnesota | Regents of The University of Minnesota |
| 6600000 | 3.220 | 06/16/2025 | 6600000 |
| 2900000 | 3.050 | 09/18/2025 | 2900000 |
|  |  |  | 61338000 |
| Nashville - 0.7% | Nashville - 0.7% | Nashville - 0.7% | Nashville - 0.7% |
| Metropolitan Government of Nashville | Metropolitan Government of Nashville | Metropolitan Government of Nashville | Metropolitan Government of Nashville |
| 21000000 | 3.450 | 06/12/2025 | 21000000 |
| Nebraska - 3.0% | Nebraska - 3.0% | Nebraska - 3.0% | Nebraska - 3.0% |
| Lincoln Electric System | Lincoln Electric System | Lincoln Electric System | Lincoln Electric System |
| 3500000 | 2.950 | 06/05/2025 | 3500000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Amortized<br>Cost** |
| Non-Financial Company Commercial Paper – (continued) | Non-Financial Company Commercial Paper – (continued) | Non-Financial Company Commercial Paper – (continued) | Non-Financial Company Commercial Paper – (continued) | Non-Financial Company Commercial Paper – (continued) |
| Nebraska – (continued) | Nebraska – (continued) | Nebraska – (continued) | Nebraska – (continued) | Nebraska – (continued) |
|  Lincoln Electric System – (continued) | Lincoln Electric System – (continued) | Lincoln Electric System – (continued) | Lincoln Electric System – (continued) | Lincoln Electric System – (continued) |
| $| 27205000 | 3.000% | 08/04/2025 | 27205000 |
|  | 10697900 | 3.000 | 08/07/2025 | 10697900 |
|  Omaha Public Power District | Omaha Public Power District | Omaha Public Power District | Omaha Public Power District | Omaha Public Power District |
|  | 13150000 | 2.850 | 07/02/2025 | 13150000 |
|  | 10000000 | 3.100 | 08/05/2025 | 10000000 |
|  | 7300000 | 3.000 | 09/09/2025 | 7300000 |
|  | 12500000 | 2.950 | 09/18/2025 | 12500000 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;84352900 |
| New Jersey - 0.7% | New Jersey - 0.7% | New Jersey - 0.7% | New Jersey - 0.7% | New Jersey - 0.7% |
|  Rutgers, The State University of New Jersey | Rutgers, The State University of New Jersey | Rutgers, The State University of New Jersey | Rutgers, The State University of New Jersey | Rutgers, The State University of New Jersey |
|  | 18590000 | 3.200 | 07/17/2025 | 18590000 |
| New York - 2.6% | New York - 2.6% | New York - 2.6% | New York - 2.6% | New York - 2.6% |
|  Power Authority of The State of New York | Power Authority of The State of New York | Power Authority of The State of New York | Power Authority of The State of New York | Power Authority of The State of New York |
|  | 30000000 | 2.810 | 06/03/2025 | 30000000 |
|  | 19850000 | 2.850 | 07/08/2025 | 19850000 |
|  | 4400000 | 2.840 | 07/09/2025 | 4400000 |
|  | 7700000 | 2.950 | 07/10/2025 | 7700000 |
|  Trustees of Columbia University in The City of New York (The) | Trustees of Columbia University in The City of New York (The) | Trustees of Columbia University in The City of New York (The) | Trustees of Columbia University in The City of New York (The) | Trustees of Columbia University in The City of New York (The) |
|  | 10000000 | 2.800 | 08/05/2025 | 10000000 |
|  |  |  |  | 71950000 |
| North Carolina - 0.2% | North Carolina - 0.2% | North Carolina - 0.2% | North Carolina - 0.2% | North Carolina - 0.2% |
|  University of North Carolina System | University of North Carolina System | University of North Carolina System | University of North Carolina System | University of North Carolina System |
|  | 5050000 | 3.180 | 07/23/2025 | 5050000 |
| Ohio - 0.8% | Ohio - 0.8% | Ohio - 0.8% | Ohio - 0.8% | Ohio - 0.8% |
|  Ohio Water Development Authority | Ohio Water Development Authority | Ohio Water Development Authority | Ohio Water Development Authority | Ohio Water Development Authority |
|  | 5000000 | 2.820 | 06/02/2025 | 5000000 |
|  | 16500000 | 2.800 | 07/02/2025 | 16500000 |
|  |  |  |  | 21500000 |
| Tennessee - 0.2% | Tennessee - 0.2% | Tennessee - 0.2% | Tennessee - 0.2% | Tennessee - 0.2% |
|  The Vanderbilt University | The Vanderbilt University | The Vanderbilt University | The Vanderbilt University | The Vanderbilt University |
|  | 6500000 | 3.000 | 06/03/2025 | 6500000 |
| Texas - 11.4% | Texas - 11.4% | Texas - 11.4% | Texas - 11.4% | Texas - 11.4% |
|  Austin, Texas (City of) | Austin, Texas (City of) | Austin, Texas (City of) | Austin, Texas (City of) | Austin, Texas (City of) |
|  | 17580000 | 2.900 | 06/16/2025 | 17580000 |
|  | 29400000 | 2.870 | 06/25/2025 | 29400000 |
|  | 7495000 | 2.880 | 07/23/2025 | 7495000 |
|  | 21930000 | 3.150 | 08/20/2025 | 21930000 |
|  Board of Regents of The Texas A&M University System | Board of Regents of The Texas A&M University System | Board of Regents of The Texas A&M University System | Board of Regents of The Texas A&M University System | Board of Regents of The Texas A&M University System |
|  | 22000000 | 3.200 | 07/23/2025 | 22000000 |
|  | 10000000 | 3.000 | 07/24/2025 | 10000000 |
|  | 15000000 | 2.970 | 09/10/2025 | 15000000 |
|  City Public Service Board of San Antonio | City Public Service Board of San Antonio | City Public Service Board of San Antonio | City Public Service Board of San Antonio | City Public Service Board of San Antonio |
|  | 25000000 | 3.050 | 06/05/2025 | 25000000 |
|  DAL RAPID TRANS 6/5/25 | DAL RAPID TRANS 6/5/25 | DAL RAPID TRANS 6/5/25 | DAL RAPID TRANS 6/5/25 | DAL RAPID TRANS 6/5/25 |
|  | 10763780 | 3.200 | 06/05/2025 | 10763780 |
|  Harris County Cultural Education Facilities Finance Corporation | Harris County Cultural Education Facilities Finance Corporation | Harris County Cultural Education Facilities Finance Corporation | Harris County Cultural Education Facilities Finance Corporation | Harris County Cultural Education Facilities Finance Corporation |
|  | 43940000 | 2.950 | 06/02/2025 | 43940000 |
|  Harris Texas (County of) | Harris Texas (County of) | Harris Texas (County of) | Harris Texas (County of) | Harris Texas (County of) |
|  | 5280000 | 2.880 | 06/02/2025 | 5280000 |
|  | 8875000 | 2.850 | 06/16/2025 | 8875000 |
|  | 760000 | 3.750 | 06/16/2025 | 760000 |
|  | 11080000 | 2.920 | 07/08/2025 | 11080000 |

---

&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 INVESTOR TAX-EXEMPT MONEY MARKET FUND

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Amortized<br>Cost** |
| Non-Financial Company Commercial Paper – (continued) | Non-Financial Company Commercial Paper – (continued) | Non-Financial Company Commercial Paper – (continued) | Non-Financial Company Commercial Paper – (continued) | Non-Financial Company Commercial Paper – (continued) |
| Texas – (continued) | Texas – (continued) | Texas – (continued) | Texas – (continued) | Texas – (continued) |
|  Health Care Authority of The City of Huntsville (The) | Health Care Authority of The City of Huntsville (The) | Health Care Authority of The City of Huntsville (The) | Health Care Authority of The City of Huntsville (The) | Health Care Authority of The City of Huntsville (The) |
| $| 25789000 | 3.050% | 10/07/2025 | 25789000 |
|  Permanent University Fund | Permanent University Fund | Permanent University Fund | Permanent University Fund | Permanent University Fund |
|  | 15000000 | 2.850 | 07/01/2025 | 15000000 |
|  | 4650000 | 3.100 | 09/03/2025 | 4650000 |
|  The University of Texas System | The University of Texas System | The University of Texas System | The University of Texas System | The University of Texas System |
|  | 5000000 | 2.900 | 07/09/2025 | 5000000 |
|  | 8000000 | 2.940 | 08/04/2025 | 8000000 |
|  | 20000000 | 2.900 | 08/19/2025 | 20000000 |
|  | 11420400 | 3.050 | 09/30/2025 | 11420400 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;318963180 |
| Texs - 0.1% | Texs - 0.1% | Texs - 0.1% | Texs - 0.1% | Texs - 0.1% |
|  Texas Tech University System | Texas Tech University System | Texas Tech University System | Texas Tech University System | Texas Tech University System |
|  | 3559000 | 2.950 | 08/13/2025 | 3559000 |
| Washington - 1.1% | Washington - 1.1% | Washington - 1.1% | Washington - 1.1% | Washington - 1.1% |
|  King, Washington (County of) | King, Washington (County of) | King, Washington (County of) | King, Washington (County of) | King, Washington (County of) |
|  | 30400000 | 3.010 | 07/21/2025 | 30400000 |
| **TOTAL NON-FINANCIAL COMPANY**<br> **COMMERCIAL PAPER** | **TOTAL NON-FINANCIAL COMPANY**<br> **COMMERCIAL PAPER** | **TOTAL NON-FINANCIAL COMPANY**<br> **COMMERCIAL PAPER** | **TOTAL NON-FINANCIAL COMPANY**<br> **COMMERCIAL PAPER** | 786051840 |
| Other Municipal Security - 14.5% | Other Municipal Security - 14.5% | Other Municipal Security - 14.5% | Other Municipal Security - 14.5% | Other Municipal Security - 14.5% |
| California - 2.9% | California - 2.9% | California - 2.9% | California - 2.9% | California - 2.9% |
|  County of Riverside | County of Riverside | County of Riverside | County of Riverside | County of Riverside |
|  | 2900000 | 3.032 | 06/30/2025 | 2904103 |
|  | 30000 | 3.084 | 06/30/2025 | 30043 |
|  | 4705000 | 3.250 | 06/30/2025 | 4711657 |
|  Los Angeles Unified School District | Los Angeles Unified School District | Los Angeles Unified School District | Los Angeles Unified School District | Los Angeles Unified School District |
|  | 3695000 | 2.717 | 07/01/2025 | 3701748 |
|  | 105000 | 3.813 | 07/01/2025 | 105192 |
|  Los Angeles, California (City of) | Los Angeles, California (City of) | Los Angeles, California (City of) | Los Angeles, California (City of) | Los Angeles, California (City of) |
|  | 32260000 | 3.420 | 06/26/2025 | 32293772 |
|  Los Angeles, California (County of) | Los Angeles, California (County of) | Los Angeles, California (County of) | Los Angeles, California (County of) | Los Angeles, California (County of) |
|  | 11500000 | 3.250 | 06/30/2025 | 11513851 |
|  | 3015000 | 4.145 | 06/30/2025 | 3018631 |
|  State of California | State of California | State of California | State of California | State of California |
|  | 8130000 | 2.713 | 03/01/2026 | 8266652 |
|  | 15190000 | 3.000 | 03/01/2026 | 15190000 |
|  |  |  |  | 81735649 |
| Colorado - 1.6% | Colorado - 1.6% | Colorado - 1.6% | Colorado - 1.6% | Colorado - 1.6% |
|  Colorado State Education Loan Program | Colorado State Education Loan Program | Colorado State Education Loan Program | Colorado State Education Loan Program | Colorado State Education Loan Program |
|  | 43135000 | 2.819 | 06/30/2025 | 43207382 |
|  | 2295000 | 3.332 | 06/30/2025 | 2298851 |
|  |  |  |  | 45506233 |
| Connecticut - 0.4% | Connecticut - 0.4% | Connecticut - 0.4% | Connecticut - 0.4% | Connecticut - 0.4% |
|  State of Connecticut | State of Connecticut | State of Connecticut | State of Connecticut | State of Connecticut |
|  | 11380000 | 3.311 | 12/01/2025 | 11474515 |
| Florida - 0.9% | Florida - 0.9% | Florida - 0.9% | Florida - 0.9% | Florida - 0.9% |
|  Pinellas County School Board | Pinellas County School Board | Pinellas County School Board | Pinellas County School Board | Pinellas County School Board |
|  | 24085000 | 3.232 | 06/30/2025 | 24117962 |
| Georgia - 2.7% | Georgia - 2.7% | Georgia - 2.7% | Georgia - 2.7% | Georgia - 2.7% |
|  Cobb County School District | Cobb County School District | Cobb County School District | Cobb County School District | Cobb County School District |
|  | 21830000 | 2.794 | 12/15/2025 | 21968482 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Amortized<br>Cost** |
| Other Municipal Security – (continued) | Other Municipal Security – (continued) | Other Municipal Security – (continued) | Other Municipal Security – (continued) | Other Municipal Security – (continued) |
| Georgia – (continued) | Georgia – (continued) | Georgia – (continued) | Georgia – (continued) | Georgia – (continued) |
|  Fulton, Georgia (County of) | Fulton, Georgia (County of) | Fulton, Georgia (County of) | Fulton, Georgia (County of) | Fulton, Georgia (County of) |
| $| 52810000 | 2.999% | 12/30/2025 | 53109693 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;75078175 |
| Louisiana - 1.2% | Louisiana - 1.2% | Louisiana - 1.2% | Louisiana - 1.2% | Louisiana - 1.2% |
|  Louisiana (State of) | Louisiana (State of) | Louisiana (State of) | Louisiana (State of) | Louisiana (State of) |
|  | 21380000 | 3.100 | 08/01/2025 | 21447693 |
|  | 11720000 | 2.661 | 10/01/2025 | 11809820 |
|  |  |  |  | 33257513 |
| New Jersey - 1.2% | New Jersey - 1.2% | New Jersey - 1.2% | New Jersey - 1.2% | New Jersey - 1.2% |
|  Hudson, New Jersey (County of) | Hudson, New Jersey (County of) | Hudson, New Jersey (County of) | Hudson, New Jersey (County of) | Hudson, New Jersey (County of) |
|  | 20004561 | 2.700 | 02/26/2026 | 20190675 |
|  | 12625000 | 2.721 | 02/26/2026 | 12742458 |
|  |  |  |  | 32933133 |
| New York - 1.7% | New York - 1.7% | New York - 1.7% | New York - 1.7% | New York - 1.7% |
|  City of New York | City of New York | City of New York | City of New York | City of New York |
|  | 1000000 | 2.757 | 08/01/2025 | 1003669 |
|  | 225000 | 2.809 | 08/01/2025 | 225825 |
|  | 10000 | 2.897 | 08/01/2025 | 10037 |
|  Oyster Bay, Town of | Oyster Bay, Town of | Oyster Bay, Town of | Oyster Bay, Town of | Oyster Bay, Town of |
|  | 17240000 | 2.751 | 03/06/2026 | 17399670 |
|  Suffolk, New York (County of) | Suffolk, New York (County of) | Suffolk, New York (County of) | Suffolk, New York (County of) | Suffolk, New York (County of) |
|  | 32240000 | 2.991 | 07/25/2025 | 32287014 |
|  |  |  |  | 50926215 |
| South Carolina - 0.6% | South Carolina - 0.6% | South Carolina - 0.6% | South Carolina - 0.6% | South Carolina - 0.6% |
|  Greenville County School District | Greenville County School District | Greenville County School District | Greenville County School District | Greenville County School District |
|  | 17585000 | 2.938 | 06/24/2025 | 17607279 |
|  | 10000 | 3.456 | 06/24/2025 | 10013 |
|  |  |  |  | 17617292 |
| Texas - 1.0% | Texas - 1.0% | Texas - 1.0% | Texas - 1.0% | Texas - 1.0% |
|  Houston Independent School District (PSF-GTD) | Houston Independent School District (PSF-GTD) | Houston Independent School District (PSF-GTD) | Houston Independent School District (PSF-GTD) | Houston Independent School District (PSF-GTD) |
|  | 10165000 | 3.306 | 02/15/2026 | 10284381 |
|  Houston, Texas (City of) | Houston, Texas (City of) | Houston, Texas (City of) | Houston, Texas (City of) | Houston, Texas (City of) |
|  | 17715000 | 2.946 | 06/30/2025 | 17729484 |
|  |  |  |  | 28013865 |
| Washington - 0.3% | Washington - 0.3% | Washington - 0.3% | Washington - 0.3% | Washington - 0.3% |
|  Washington (State of) | Washington (State of) | Washington (State of) | Washington (State of) | Washington (State of) |
|  | 7350000 | 3.177 | 07/01/2025 | 7360871 |
|  |  |  |  | 7360871 |
| TOTAL OTHER MUNICIPAL SECURITY | TOTAL OTHER MUNICIPAL SECURITY | TOTAL OTHER MUNICIPAL SECURITY | TOTAL OTHER MUNICIPAL SECURITY | 408021423 |
| Tender Option Bond - 8.9% | Tender Option Bond - 8.9% | Tender Option Bond - 8.9% | Tender Option Bond - 8.9% | Tender Option Bond - 8.9% |
| Arizona - 0.2% | Arizona - 0.2% | Arizona - 0.2% | Arizona - 0.2% | Arizona - 0.2% |
|  Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates |
|  | 6740000 | 2.000 <sup>(a)(b)</sup> | 01/01/2054 | 6740000 |
| California - 0.4% | California - 0.4% | California - 0.4% | California - 0.4% | California - 0.4% |
|  Deutsche Bank Spears/Lifers Trust | Deutsche Bank Spears/Lifers Trust | Deutsche Bank Spears/Lifers Trust | Deutsche Bank Spears/Lifers Trust | Deutsche Bank Spears/Lifers Trust |
|  | 7180000 | 2.070 <sup>(a)(b)</sup> | 05/15/2050 | 7180000 |
|  | 3415000 | 3.000 <sup>(a)(b)</sup> | 05/15/2051 | 3415000 |
|  |  |  |  | 10595000 |
| Colorado - 0.1% | Colorado - 0.1% | Colorado - 0.1% | Colorado - 0.1% | Colorado - 0.1% |
|  Tender Option Bond Trust Receipts/Certificates (PUTABLE) | Tender Option Bond Trust Receipts/Certificates (PUTABLE) | Tender Option Bond Trust Receipts/Certificates (PUTABLE) | Tender Option Bond Trust Receipts/Certificates (PUTABLE) | Tender Option Bond Trust Receipts/Certificates (PUTABLE) |
|  | 2035000 | 2.050 <sup>(a)(b)</sup> | 11/15/2053 | 2035000 |

---

&nbsp;&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 INVESTOR TAX-EXEMPT MONEY MARKET FUND

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

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

Schedule of Investments (continued) *May 31, 2025 (Unaudited)*

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized<br>Cost** |
| Tender Option Bond – (continued) | Tender Option Bond – (continued) | Tender Option Bond – (continued) | Tender Option Bond – (continued) |
| Connecticut - 0.0% | Connecticut - 0.0% | Connecticut - 0.0% | Connecticut - 0.0% |
| Connecticut Housing Finance Authority | Connecticut Housing Finance Authority | Connecticut Housing Finance Authority | Connecticut Housing Finance Authority |
| 900000 | 2.000 %<sup>(a)(b)</sup> | 11/15/2052 | $900000 |
| Florida - 0.2% | Florida - 0.2% | Florida - 0.2% | Florida - 0.2% |
| Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates |
| 6510000 | 2.000 <sup>(a)(b)</sup> | 07/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;6510000 |
| Georgia - 0.2% | Georgia - 0.2% | Georgia - 0.2% | Georgia - 0.2% |
| Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates |
| 4445000 | 2.000 <sup>(a)(b)</sup> | 12/01/2050 | 4445000 |
| Hawaii - 0.2% | Hawaii - 0.2% | Hawaii - 0.2% | Hawaii - 0.2% |
| Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates |
| 2665000 | 2.000 <sup>(a)(b)</sup> | 07/01/2049 | 2665000 |
| 4000000 | 2.020 <sup>(a)(b)</sup> | 07/01/2054 | 4000000 |
|  |  |  | 6665000 |
| Illinois - 1.3% | Illinois - 1.3% | Illinois - 1.3% | Illinois - 1.3% |
| Chicago Transit Authority | Chicago Transit Authority | Chicago Transit Authority |  |
| 11395000 | 2.020 <sup>(a)(b)</sup> | 12/01/2049 | 11395000 |
| Public Finance Authority | Public Finance Authority | Public Finance Authority |  |
| 16525000 | 3.100 <sup>(a)(b)</sup> | 02/15/2053 | 16525000 |
| Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates |
| 9230000 | 2.020 <sup>(a)(b)</sup> | 12/01/2049 | 9230000 |
|  |  |  | 37150000 |
| Indiana - 0.4% | Indiana - 0.4% | Indiana - 0.4% | Indiana - 0.4% |
| Tender Option Bond Trust Receipts/Certificates (GNMA/FNMA/ FHLMC) | Tender Option Bond Trust Receipts/Certificates (GNMA/FNMA/ FHLMC) | Tender Option Bond Trust Receipts/Certificates (GNMA/FNMA/ FHLMC) | Tender Option Bond Trust Receipts/Certificates (GNMA/FNMA/ FHLMC) |
| 12030000 | 2.000 <sup>(a)(b)</sup> | 07/01/2043 | 12030000 |
| Maryland - 0.1% | Maryland - 0.1% | Maryland - 0.1% | Maryland - 0.1% |
| Deutsche Bank Spears/Lifers Trust | Deutsche Bank Spears/Lifers Trust | Deutsche Bank Spears/Lifers Trust |  |
| 3865000 | 2.020 <sup>(a)(b)</sup> | 10/01/2054 | 3865000 |
| Michigan - 0.2% | Michigan - 0.2% | Michigan - 0.2% | Michigan - 0.2% |
| Tender Option Bond Trust Receipts/Certificates (AG) | Tender Option Bond Trust Receipts/Certificates (AG) | Tender Option Bond Trust Receipts/Certificates (AG) | Tender Option Bond Trust Receipts/Certificates (AG) |
| 4440000 | 2.010 <sup>(a)(b)</sup> | 11/15/2054 | 4440000 |
| Missouri - 0.3% | Missouri - 0.3% | Missouri - 0.3% | Missouri - 0.3% |
| Tender Option Bond Trust Receipts/Certificates (GNMA/FNMA/ FHLMC) | Tender Option Bond Trust Receipts/Certificates (GNMA/FNMA/ FHLMC) | Tender Option Bond Trust Receipts/Certificates (GNMA/FNMA/ FHLMC) | Tender Option Bond Trust Receipts/Certificates (GNMA/FNMA/ FHLMC) |
| 8960000 | 2.000 <sup>(a)(b)</sup> | 05/01/2047 | 8960000 |
| Nebraska - 0.7% | Nebraska - 0.7% | Nebraska - 0.7% | Nebraska - 0.7% |
| Nebraska Investment Finance Authority (GNMA/FHLMC/FNMA) | Nebraska Investment Finance Authority (GNMA/FHLMC/FNMA) | Nebraska Investment Finance Authority (GNMA/FHLMC/FNMA) | Nebraska Investment Finance Authority (GNMA/FHLMC/FNMA) |
| 5010000 | 2.000 <sup>(a)(b)</sup> | 09/01/2043 | 5010000 |
| Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates |
| 5115000 | 2.000 <sup>(a)(b)</sup> | 02/01/2049 | 5115000 |
| Tender Option Bond Trust Receipts/Certificates (PUTABLE) | Tender Option Bond Trust Receipts/Certificates (PUTABLE) | Tender Option Bond Trust Receipts/Certificates (PUTABLE) | Tender Option Bond Trust Receipts/Certificates (PUTABLE) |
| 8000000 | 2.000 <sup>(a)(b)</sup> | 02/01/2032 | 8000000 |
|  |  |  | 18125000 |
| New Jersey - 1.8% | New Jersey - 1.8% | New Jersey - 1.8% | New Jersey - 1.8% |
| New Jersey Transportation Trust Fund Authority | New Jersey Transportation Trust Fund Authority | New Jersey Transportation Trust Fund Authority | New Jersey Transportation Trust Fund Authority |
| 48560000 | 2.120 <sup>(a)(b)</sup> | 06/15/2049 | 48560000 |
| 3400000 | 2.000 <sup>(a)(b)</sup> | 06/15/2055 | 3400000 |
|  |  |  | 51960000 |
| New York - 0.8% | New York - 0.8% | New York - 0.8% | New York - 0.8% |
| Deutsche Bank Spears/Lifers Trust | Deutsche Bank Spears/Lifers Trust | Deutsche Bank Spears/Lifers Trust |  |
| 1935000 | 3.050 <sup>(a)(b)</sup> | 01/15/2055 | 1935000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized<br>Cost** |
| Tender Option Bond – (continued) | Tender Option Bond – (continued) | Tender Option Bond – (continued) | Tender Option Bond – (continued) | Tender Option Bond – (continued) |
|  New York – (continued) | New York – (continued) | New York – (continued) | New York – (continued) | New York – (continued) |
|  | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates |
| $| 2500000 | 2.000 %<sup>(a)(b)</sup> | 03/15/2047 | 2500000 |
|  | 1875000 | 3.080 <sup>(a)(b)</sup> | 03/15/2049 | 1875000 |
|  | 8540000 | 3.050 <sup>(a)(b)</sup> | 11/01/2050 | 8540000 |
|  | 3000000 | 2.000 <sup>(a)(b)</sup> | 03/15/2052 | 3000000 |
|  | 875000 | 2.000 <sup>(a)(b)</sup> | 10/01/2054 | 875000 |
|  | 1455000 | 2.000 <sup>(a)(b)</sup> | 04/01/2055 | 1455000 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;20180000 |
| North Dakota - 0.1% | North Dakota - 0.1% | North Dakota - 0.1% | North Dakota - 0.1% | North Dakota - 0.1% |
|  | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates |
|  | 3500000 | 2.000 <sup>(a)(b)</sup> | 07/01/2049 | 3500000 |
| Ohio - 0.3% | Ohio - 0.3% | Ohio - 0.3% | Ohio - 0.3% | Ohio - 0.3% |
|  | Tender Option Bond Trust Receipts/Certificates (GNMA/FNMA/<br>FHLMC) | Tender Option Bond Trust Receipts/Certificates (GNMA/FNMA/<br>FHLMC) | Tender Option Bond Trust Receipts/Certificates (GNMA/FNMA/<br>FHLMC) | Tender Option Bond Trust Receipts/Certificates (GNMA/FNMA/<br>FHLMC) |
|  | 7015000 | 2.000 <sup>(a)(b)</sup> | 09/01/2047 | 7015000 |
| Oregon - 0.2% | Oregon - 0.2% | Oregon - 0.2% | Oregon - 0.2% | Oregon - 0.2% |
|  | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates |
|  | 1250000 | 2.000 <sup>(a)(b)</sup> | 10/01/2049 | 1250000 |
|  | 1530000 | 2.000 <sup>(a)(b)</sup> | 10/01/2054 | 1530000 |
|  |  |  |  | 2780000 |
| Pennsylvania - 0.7% | Pennsylvania - 0.7% | Pennsylvania - 0.7% | Pennsylvania - 0.7% | Pennsylvania - 0.7% |
|  | Pennsylvania Housing Finance Agency (PUTABLE) | Pennsylvania Housing Finance Agency (PUTABLE) | Pennsylvania Housing Finance Agency (PUTABLE) | Pennsylvania Housing Finance Agency (PUTABLE) |
|  | 8095000 | 2.000 <sup>(a)(b)</sup> | 04/01/2031 | 8095000 |
|  | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates |
|  | 6500000 | 2.000 <sup>(a)(b)</sup> | 10/01/2049 | 6500000 |
|  | 1640000 | 2.000 <sup>(a)(b)</sup> | 12/01/2054 | 1640000 |
|  | Thomas Jefferson University (AG-CR) | Thomas Jefferson University (AG-CR) | Thomas Jefferson University (AG-CR) | Thomas Jefferson University (AG-CR) |
|  | 3900000 | 2.090 <sup>(a)(b)</sup> | 05/01/2047 | 3900000 |
|  |  |  |  | 20135000 |
| Rhode Island - 0.2% | Rhode Island - 0.2% | Rhode Island - 0.2% | Rhode Island - 0.2% | Rhode Island - 0.2% |
|  | Tender Option Bond Trust Receipts/Certificates (GNMA COLL) | Tender Option Bond Trust Receipts/Certificates (GNMA COLL) | Tender Option Bond Trust Receipts/Certificates (GNMA COLL) | Tender Option Bond Trust Receipts/Certificates (GNMA COLL) |
|  | 6500000 | 2.000 <sup>(a)(b)</sup> | 10/01/2046 | 6500000 |
| Texas - 0.4% | Texas - 0.4% | Texas - 0.4% | Texas - 0.4% | Texas - 0.4% |
|  | J. P. Morgan Chase Putters / Drivers Trust Various States (PSF-<br>GTD) (PUTABLE) | J. P. Morgan Chase Putters / Drivers Trust Various States (PSF-<br>GTD) (PUTABLE) | J. P. Morgan Chase Putters / Drivers Trust Various States (PSF-<br>GTD) (PUTABLE) | J. P. Morgan Chase Putters / Drivers Trust Various States (PSF-<br>GTD) (PUTABLE) |
|  | 1785000 | 2.000 <sup>(a)(b)</sup> | 02/15/2046 | 1785000 |
|  | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates |
|  | 3750000 | 2.000 <sup>(a)(b)</sup> | 10/01/2053 | 3750000 |
|  | Tender Option Bond Trust Receipts/Certificates (PUTABLE) | Tender Option Bond Trust Receipts/Certificates (PUTABLE) | Tender Option Bond Trust Receipts/Certificates (PUTABLE) | Tender Option Bond Trust Receipts/Certificates (PUTABLE) |
|  | 6560000 | 2.000 <sup>(a)(b)</sup> | 03/01/2031 | 6560000 |
|  |  |  |  | 12095000 |
| Virginia - 0.1% | Virginia - 0.1% | Virginia - 0.1% | Virginia - 0.1% | Virginia - 0.1% |
|  | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates |
|  | 3955000 | 2.000 <sup>(a)(b)</sup> | 12/01/2066 | 3955000 |
| TOTAL TENDER OPTION BOND | TOTAL TENDER OPTION BOND | TOTAL TENDER OPTION BOND | TOTAL TENDER OPTION BOND | 250580000 |
| Variable Rate Demand Note - 33.1% | Variable Rate Demand Note - 33.1% | Variable Rate Demand Note - 33.1% | Variable Rate Demand Note - 33.1% | Variable Rate Demand Note - 33.1% |
| Alaska - 4.0% | Alaska - 4.0% | Alaska - 4.0% | Alaska - 4.0% | Alaska - 4.0% |
|  Alaska Housing Finance Corporation | Alaska Housing Finance Corporation | Alaska Housing Finance Corporation | Alaska Housing Finance Corporation | Alaska Housing Finance Corporation |
|  | 12100000 | 1.920 <sup>(b)</sup> | 12/01/2040 | 12100000 |
|  | 26490000 | 1.950 <sup>(b)</sup> | 12/01/2040 | 26490000 |
|  | 51640000 | 1.920 <sup>(b)</sup> | 12/01/2041 | 51640000 |

---

&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 INVESTOR TAX-EXEMPT MONEY MARKET FUND

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized<br>Cost** |
| Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) |
| Alaska – (continued) | Alaska – (continued) | Alaska – (continued) | Alaska – (continued) | Alaska – (continued) |
| Exxon Mobil Corporation | Exxon Mobil Corporation | Exxon Mobil Corporation | Exxon Mobil Corporation | Exxon Mobil Corporation |
| $| 21200000 | 2.950 %<sup>(b)</sup> | 12/01/2033 | 21200000 |
|  |  |  |  | 111430000 |
| Arizona - 1.2% | Arizona - 1.2% | Arizona - 1.2% | Arizona - 1.2% | Arizona - 1.2% |
|  Arizona Board of Regents | Arizona Board of Regents | Arizona Board of Regents | Arizona Board of Regents | Arizona Board of Regents |
|  | 13000000 | 2.120 <sup>(b)</sup> | 07/01/2055 | 13000000 |
|  Maricopa County Arizona Industrial Development Authority | Maricopa County Arizona Industrial Development Authority | Maricopa County Arizona Industrial Development Authority | Maricopa County Arizona Industrial Development Authority | Maricopa County Arizona Industrial Development Authority |
|  | 18920000 | 1.970 <sup>(b)</sup> | 01/01/2048 | 18920000 |
|  |  |  |  | 31920000 |
| Colorado - 1.8% | Colorado - 1.8% | Colorado - 1.8% | Colorado - 1.8% | Colorado - 1.8% |
|  Colorado Health Facilities Authority | Colorado Health Facilities Authority | Colorado Health Facilities Authority | Colorado Health Facilities Authority | Colorado Health Facilities Authority |
|  | 10000000 | 1.950 <sup>(b)</sup> | 05/15/2064 | 10000000 |
|  Colorado Housing and Finance Authority | Colorado Housing and Finance Authority | Colorado Housing and Finance Authority | Colorado Housing and Finance Authority | Colorado Housing and Finance Authority |
|  | 8955000 | 1.950 <sup>(b)</sup> | 05/01/2031 | 8955000 |
|  Colorado Springs Colorado (Combined Utilities Sytem) | Colorado Springs Colorado (Combined Utilities Sytem) | Colorado Springs Colorado (Combined Utilities Sytem) | Colorado Springs Colorado (Combined Utilities Sytem) | Colorado Springs Colorado (Combined Utilities Sytem) |
|  | 565000 | 1.950 <sup>(b)</sup> | 11/01/2035 | 565000 |
|  | 12490000 | 1.850 <sup>(b)</sup> | 11/01/2036 | 12490000 |
|  | 2730000 | 1.950 <sup>(b)</sup> | 11/01/2038 | 2730000 |
|  | 8100000 | 1.900 <sup>(b)</sup> | 11/01/2040 | 8100000 |
|  Regents of The University of Colorado (The) | Regents of The University of Colorado (The) | Regents of The University of Colorado (The) | Regents of The University of Colorado (The) | Regents of The University of Colorado (The) |
|  | 920000 | 3.460 | 06/01/2025 | 920000 |
|  University of Colorado Hospital Authority | University of Colorado Hospital Authority | University of Colorado Hospital Authority | University of Colorado Hospital Authority | University of Colorado Hospital Authority |
|  | 8000000 | 1.900 <sup>(b)</sup> | 11/15/2045 | 8000000 |
|  |  |  |  | 51760000 |
| Connecticut - 0.8% | Connecticut - 0.8% | Connecticut - 0.8% | Connecticut - 0.8% | Connecticut - 0.8% |
|  Connecticut Housing Finance Authority | Connecticut Housing Finance Authority | Connecticut Housing Finance Authority | Connecticut Housing Finance Authority | Connecticut Housing Finance Authority |
|  | 4100000 | 1.970 <sup>(b)</sup> | 05/15/2034 | 4100000 |
|  | 18690000 | 1.950 <sup>(b)</sup> | 11/15/2048 | 18690000 |
|  |  |  |  | 22790000 |
| District of Columbia - 0.9% | District of Columbia - 0.9% | District of Columbia - 0.9% | District of Columbia - 0.9% | District of Columbia - 0.9% |
|  Metropolitan Washington Airports Authority | Metropolitan Washington Airports Authority | Metropolitan Washington Airports Authority | Metropolitan Washington Airports Authority | Metropolitan Washington Airports Authority |
|  | 24965000 | 1.950 <sup>(b)</sup> | 10/01/2039 | 24965000 |
|  |  |  |  | 24965000 |
| Florida - 3.1% | Florida - 3.1% | Florida - 3.1% | Florida - 3.1% | Florida - 3.1% |
|  Adventist Health System Sunbelt Healthcare Corporation | Adventist Health System Sunbelt Healthcare Corporation | Adventist Health System Sunbelt Healthcare Corporation | Adventist Health System Sunbelt Healthcare Corporation | Adventist Health System Sunbelt Healthcare Corporation |
|  | 20850000 | 1.950 <sup>(b)</sup> | 11/15/2032 | 20850000 |
|  | 28765000 | 2.000 <sup>(b)</sup> | 11/15/2034 | 28765000 |
|  | 7465000 | 1.970 <sup>(b)</sup> | 11/15/2037 | 7465000 |
|  Baptist Health System, Inc. | Baptist Health System, Inc. | Baptist Health System, Inc. | Baptist Health System, Inc. | Baptist Health System, Inc. |
|  | 3655000 | 1.970 <sup>(b)</sup> | 08/01/2036 | 3655000 |
|  Florida Power & Light Company | Florida Power & Light Company | Florida Power & Light Company | Florida Power & Light Company | Florida Power & Light Company |
|  | 27885000 | 2.300 <sup>(b)</sup> | 05/01/2046 | 27885000 |
|  |  |  |  | 88620000 |
| Georgia - 1.2% | Georgia - 1.2% | Georgia - 1.2% | Georgia - 1.2% | Georgia - 1.2% |
|  Cobb County Kennestone Hospital Authority | Cobb County Kennestone Hospital Authority | Cobb County Kennestone Hospital Authority | Cobb County Kennestone Hospital Authority | Cobb County Kennestone Hospital Authority |
|  | 33600000 | 2.020 <sup>(b)</sup> | 04/01/2047 | 33600000 |
| Idaho - 0.2% | Idaho - 0.2% | Idaho - 0.2% | Idaho - 0.2% | Idaho - 0.2% |
|  Trinity Health Corporation | Trinity Health Corporation | Trinity Health Corporation | Trinity Health Corporation | Trinity Health Corporation |
|  | 6125000 | 3.650 <sup>(b)</sup> | 12/01/2048 | 6125000 |
| Illinois - 3.1% | Illinois - 3.1% | Illinois - 3.1% | Illinois - 3.1% | Illinois - 3.1% |
|  Illinois Housing Development Authority (FNMA/GNMA/FHLMC) | Illinois Housing Development Authority (FNMA/GNMA/FHLMC) | Illinois Housing Development Authority (FNMA/GNMA/FHLMC) | Illinois Housing Development Authority (FNMA/GNMA/FHLMC) | Illinois Housing Development Authority (FNMA/GNMA/FHLMC) |
|  | 38910000 | 2.150 <sup>(b)</sup> | 04/01/2049 | 38910000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized<br>Cost** |
| Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) |
| Illinois – (continued) | Illinois – (continued) | Illinois – (continued) | Illinois – (continued) | Illinois – (continued) |
|  Northwestern University | Northwestern University | Northwestern University | Northwestern University | Northwestern University |
| $| 21900000 | 1.750 %<sup>(b)</sup> | 12/01/2046 | 21900000 |
|  | 26760000 | 2.000 <sup>(b)</sup> | 12/01/2046 | 26760000 |
|  |  |  |  | 87570000 |
| Indiana - 0.1% | Indiana - 0.1% | Indiana - 0.1% | Indiana - 0.1% | Indiana - 0.1% |
|  Franciscan Alliance, Inc. | Franciscan Alliance, Inc. | Franciscan Alliance, Inc. | Franciscan Alliance, Inc. | Franciscan Alliance, Inc. |
|  | 3450000 | 1.900 <sup>(b)</sup> | 09/01/2048 | 3450000 |
| Louisiana - 0.7% | Louisiana - 0.7% | Louisiana - 0.7% | Louisiana - 0.7% | Louisiana - 0.7% |
|  Louisiana Public Facilities Authority | Louisiana Public Facilities Authority | Louisiana Public Facilities Authority | Louisiana Public Facilities Authority | Louisiana Public Facilities Authority |
|  | 20315000 | 1.970 <sup>(b)</sup> | 09/01/2057 | 20315000 |
| Maryland - 0.7% | Maryland - 0.7% | Maryland - 0.7% | Maryland - 0.7% | Maryland - 0.7% |
|  Maryland Health and Higher Educational Facilities Authority | Maryland Health and Higher Educational Facilities Authority | Maryland Health and Higher Educational Facilities Authority | Maryland Health and Higher Educational Facilities Authority | Maryland Health and Higher Educational Facilities Authority |
|  | 19325000 | 1.950 <sup>(b)</sup> | 07/01/2055 | 19325000 |
| Massachusetts - 0.6% | Massachusetts - 0.6% | Massachusetts - 0.6% | Massachusetts - 0.6% | Massachusetts - 0.6% |
|  Massachusetts Housing Finance Agency | Massachusetts Housing Finance Agency | Massachusetts Housing Finance Agency | Massachusetts Housing Finance Agency | Massachusetts Housing Finance Agency |
|  | 16210000 | 1.950 <sup>(b)</sup> | 11/01/2048 | 16210000 |
| Michigan - 1.1% | Michigan - 1.1% | Michigan - 1.1% | Michigan - 1.1% | Michigan - 1.1% |
|  Michigan Finance Authority | Michigan Finance Authority | Michigan Finance Authority | Michigan Finance Authority | Michigan Finance Authority |
|  | 4165000 | 1.850 <sup>(b)</sup> | 01/15/2055 | 4165000 |
|  Michigan Hospital Finance Authority | Michigan Hospital Finance Authority | Michigan Hospital Finance Authority | Michigan Hospital Finance Authority | Michigan Hospital Finance Authority |
|  | 6050000 | 1.750 <sup>(b)</sup> | 01/15/2055 | 6050000 |
|  Michigan State Housing Development Authority | Michigan State Housing Development Authority | Michigan State Housing Development Authority | Michigan State Housing Development Authority | Michigan State Housing Development Authority |
|  | 22770000 | 1.960 <sup>(b)</sup> | 10/01/2040 | 22770000 |
|  |  |  |  | 32985000 |
| Minnesota - 0.9% | Minnesota - 0.9% | Minnesota - 0.9% | Minnesota - 0.9% | Minnesota - 0.9% |
| Minnesota State Housing Finance Agency (GNMA/FNMA/ FHLMC) | Minnesota State Housing Finance Agency (GNMA/FNMA/ FHLMC) | Minnesota State Housing Finance Agency (GNMA/FNMA/ FHLMC) | Minnesota State Housing Finance Agency (GNMA/FNMA/ FHLMC) | Minnesota State Housing Finance Agency (GNMA/FNMA/ FHLMC) |
|  | 26360000 | 1.950 <sup>(b)</sup> | 01/01/2042 | 26360000 |
| Mississippi - 0.5% | Mississippi - 0.5% | Mississippi - 0.5% | Mississippi - 0.5% | Mississippi - 0.5% |
| Chevron Corporation | Chevron Corporation | Chevron Corporation | Chevron Corporation | Chevron Corporation |
|  | 12980000 | 3.000 <sup>(b)</sup> | 11/01/2035 | 12980000 |
| New York - 1.1% | New York - 1.1% | New York - 1.1% | New York - 1.1% | New York - 1.1% |
|  City of New York | City of New York | City of New York | City of New York | City of New York |
|  | 1850000 | 3.000 <sup>(b)</sup> | 04/01/2042 | 1850000 |
|  | 2520000 | 3.010 <sup>(b)</sup> | 08/01/2044 | 2520000 |
|  Nassau County Local Economic Assistance and Financing Corporation | Nassau County Local Economic Assistance and Financing Corporation | Nassau County Local Economic Assistance and Financing Corporation | Nassau County Local Economic Assistance and Financing Corporation | Nassau County Local Economic Assistance and Financing Corporation |
|  | 17030000 | 1.950 <sup>(b)</sup> | 01/01/2045 | 17030000 |
|  New York City Transitional Finance Authority | New York City Transitional Finance Authority | New York City Transitional Finance Authority | New York City Transitional Finance Authority | New York City Transitional Finance Authority |
|  | 2500000 | 1.970 <sup>(b)</sup> | 05/01/2053 | 2500000 |
|  State of New York Mortgage Agency | State of New York Mortgage Agency | State of New York Mortgage Agency | State of New York Mortgage Agency | State of New York Mortgage Agency |
|  | 5000000 | 1.850 <sup>(b)</sup> | 04/01/2051 | 5000000 |
|  |  |  |  | 28900000 |
| North Carolina - 0.6% | North Carolina - 0.6% | North Carolina - 0.6% | North Carolina - 0.6% | North Carolina - 0.6% |
|  The Charlotte-Mecklenburg Hospital Authority | The Charlotte-Mecklenburg Hospital Authority | The Charlotte-Mecklenburg Hospital Authority | The Charlotte-Mecklenburg Hospital Authority | The Charlotte-Mecklenburg Hospital Authority |
|  | 17100000 | 2.050 <sup>(b)</sup> | 01/15/2048 | 17100000 |
|  University of North Carolina Hospital | University of North Carolina Hospital | University of North Carolina Hospital | University of North Carolina Hospital | University of North Carolina Hospital |
|  | 1255000 | 1.950 <sup>(b)</sup> | 02/01/2029 | 1255000 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;18355000 |

---

&nbsp;&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 INVESTOR TAX-EXEMPT MONEY MARKET FUND

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

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

Schedule of Investments (continued) *May 31, 2025 (Unaudited)*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Amortized<br>Cost** |
| Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) |
| Ohio - 2.4% | Ohio - 2.4% | Ohio - 2.4% | Ohio - 2.4% | Ohio - 2.4% |
| Columbus Ohio Sewerage System (City of) | Columbus Ohio Sewerage System (City of) | Columbus Ohio Sewerage System (City of) | Columbus Ohio Sewerage System (City of) |  |
| $— | 21545000 | 1.850 %<sup>(b)</sup> | 06/01/2032 | $21545000 |
| Nationwide Children's Hospital | Nationwide Children's Hospital | Nationwide Children's Hospital | Nationwide Children's Hospital |  |
|  | 5500000 | 1.900 <sup>(b)</sup> | 11/01/2040 | 5500000 |
| Ohio State University (The) | Ohio State University (The) | Ohio State University (The) | Ohio State University (The) |  |
|  | 19400000 | 1.750 <sup>(b)</sup> | 12/01/2044 | 19400000 |
| State of Ohio | State of Ohio | State of Ohio | State of Ohio |  |
|  | 10000000 | 2.000 <sup>(b)</sup> | 10/01/2040 | 10000000 |
| Trinity Health Corporation | Trinity Health Corporation | Trinity Health Corporation | Trinity Health Corporation |  |
|  | 9035000 | 3.650 <sup>(b)</sup> | 12/01/2046 | 9035000 |
|  |  |  |  | 65480000 |
| Other - 2.7% | Other - 2.7% | Other - 2.7% | Other - 2.7% | Other - 2.7% |
| Nuveen Insd Tax-Free Advantage Mun Fd | Nuveen Insd Tax-Free Advantage Mun Fd | Nuveen Insd Tax-Free Advantage Mun Fd | Nuveen Insd Tax-Free Advantage Mun Fd |  |
|  | 75000000 | 2.050 <sup>(a)(b)</sup> | 09/11/2026 | 75000000 |
| Pennsylvania - 0.9% | Pennsylvania - 0.9% | Pennsylvania - 0.9% | Pennsylvania - 0.9% | Pennsylvania - 0.9% |
| Pennsylvania Housing Finance Agency | Pennsylvania Housing Finance Agency | Pennsylvania Housing Finance Agency | Pennsylvania Housing Finance Agency |  |
|  | 25550000 | 1.950 <sup>(b)</sup> | 10/01/2050 | 25550000 |
| **South Carolina - 1.1%** | **South Carolina - 1.1%** | **South Carolina - 1.1%** | **South Carolina - 1.1%** | **South Carolina - 1.1%** |
| South Carolina Public Service Authority Variable Rate Revenue Obligations, 2019 Tax-Exempt Refunding Series A (Sc) | South Carolina Public Service Authority Variable Rate Revenue Obligations, 2019 Tax-Exempt Refunding Series A (Sc) | South Carolina Public Service Authority Variable Rate Revenue Obligations, 2019 Tax-Exempt Refunding Series A (Sc) | South Carolina Public Service Authority Variable Rate Revenue Obligations, 2019 Tax-Exempt Refunding Series A (Sc) |  |
|  | 29700000 | 2.220 <sup>(b)</sup> | 01/01/2036 | 29700000 |
| Texas - 1.5% | Texas - 1.5% | Texas - 1.5% | Texas - 1.5% | Texas - 1.5% |
| Houston Texas (Combined Utilities System) | Houston Texas (Combined Utilities System) | Houston Texas (Combined Utilities System) | Houston Texas (Combined Utilities System) |  |
|  | 4500000 | 2.000 <sup>(b)</sup> | 05/15/2034 | 4500000 |
| State of Texas | State of Texas | State of Texas | State of Texas |  |
|  | 200000 | 2.300 <sup>(b)</sup> | 06/01/2053 | 200000 |
| Texas Health Resources | Texas Health Resources | Texas Health Resources | Texas Health Resources |  |
|  | 34970000 | 1.850 <sup>(b)</sup> | 11/15/2047 | 34970000 |
|  | 1950000 | 1.970 <sup>(b)</sup> | 11/15/2051 | 1950000 |
|  |  |  |  | 41620000 |
| Virginia - 0.2% | Virginia - 0.2% | Virginia - 0.2% | Virginia - 0.2% | Virginia - 0.2% |
| Sentara Health | Sentara Health | Sentara Health | Sentara Health |  |
|  | 3905000 | 1.950 <sup>(b)</sup> | 11/01/2034 | 3905000 |
| Smithsonian Institution | Smithsonian Institution | Smithsonian Institution | Smithsonian Institution |  |
|  | 1500000 | 1.870 <sup>(b)</sup> | 12/01/2033 | 1500000 |
|  |  |  |  | 5405000 |
| Wisconsin - 1.7% | Wisconsin - 1.7% | Wisconsin - 1.7% | Wisconsin - 1.7% | Wisconsin - 1.7% |
| Public Finance Authority | Public Finance Authority | Public Finance Authority | Public Finance Authority |  |
|  | 48000000 | 1.970 <sup>(b)</sup> | 10/01/2044 | 48000000 |
| TOTAL VARIABLE RATE DEMAND NOTE | TOTAL VARIABLE RATE DEMAND NOTE | TOTAL VARIABLE RATE DEMAND NOTE | TOTAL VARIABLE RATE DEMAND NOTE | 928415000 |
| **TOTAL INVESTMENTS - 95.2%**<br> **(Cost $2,672,688,831)** | **TOTAL INVESTMENTS - 95.2%**<br> **(Cost $2,672,688,831)** | **TOTAL INVESTMENTS - 95.2%**<br> **(Cost $2,672,688,831)** | **TOTAL INVESTMENTS - 95.2%**<br> **(Cost $2,672,688,831)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2672688831 |
| **OTHER ASSETS IN EXCESS<br> OF LIABILITIES - 4.8%** | **OTHER ASSETS IN EXCESS<br> OF LIABILITIES - 4.8%** | **OTHER ASSETS IN EXCESS<br> OF LIABILITIES - 4.8%** | **OTHER ASSETS IN EXCESS<br> OF LIABILITIES - 4.8%** | 135457375 |
| NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% | $2808146206 |

---

---

| | |
|:---|:---|
| 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) | Exempt from registration under Rule 144A of the Securities Act of 1933. |

---

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

---

| | |
|:---|:---|
| (b) | Variable Rate Demand Instruments – rate shown is that which is in effect on May 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. |
| Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices. | Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices. |
| Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities. | Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| FHLMC | - Insured by Federal Home Loan Mortgage Corp. |
| FNMA | - Insured by Federal National Mortgage Association |
| GNMA | - Insured by Government National Mortgage Association |
| PSF-GTD | - Guaranteed by Permanent School Fund |
| SPEARS | - Short Puttable Exempt Adjustable Receipts |
| TRANS | - Tax Revenue Anticipation Notes |

---

&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 INVESTOR TAX-EXEMPT NEW YORK MONEY MARKET FUND

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

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

Schedule of Investments *May 31, 2025 (Unaudited)*

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Amortized<br>Cost** |
| Non-Financial Company Commercial Paper - 5.5% | Non-Financial Company Commercial Paper - 5.5% | Non-Financial Company Commercial Paper - 5.5% | Non-Financial Company Commercial Paper - 5.5% |
| New York - 5.5% | New York - 5.5% | New York - 5.5% | New York - 5.5% |
| New York University | New York University | New York University |  |
| 200000 | 2.750% | 06/10/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;200000 |
| Power Authority of The State of New York | Power Authority of The State of New York | Power Authority of The State of New York | Power Authority of The State of New York |
| 150000 | 2.850 | 07/08/2025 | 150000 |
| 600000 | 2.840 | 07/09/2025 | 600000 |
| Trustees of Columbia University in The City of New York (The) | Trustees of Columbia University in The City of New York (The) | Trustees of Columbia University in The City of New York (The) | Trustees of Columbia University in The City of New York (The) |
| 200000 | 2.770 | 06/03/2025 | 200000 |
| 100000 | 2.820 | 06/17/2025 | 100000 |
| 250000 | 2.800 | 07/01/2025 | 250000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1500000 |
| TOTAL NON-FINANCIAL COMPANY COMMERCIAL PAPER | TOTAL NON-FINANCIAL COMPANY COMMERCIAL PAPER | TOTAL NON-FINANCIAL COMPANY COMMERCIAL PAPER | 1500000 |
| Other Municipal Security - 17.4% | Other Municipal Security - 17.4% | Other Municipal Security - 17.4% | Other Municipal Security - 17.4% |
| New York - 17.4% | New York - 17.4% | New York - 17.4% | New York - 17.4% |
| Albany New York (County of) | Albany New York (County of) | Albany New York (County of) |  |
| 75000 | 2.636 | 06/01/2025 | 75000 |
| 50000 | 2.974 | 06/01/2025 | 50000 |
| Brookhaven, New York (Town of) | Brookhaven, New York (Town of) | Brookhaven, New York (Town of) |  |
| 245000 | 2.528 | 07/15/2025 | 245428 |
| 15000 | 2.770 | 07/15/2025 | 15026 |
| City of New York | City of New York |  |  |
| 1000000 | 3.000 <sup>(a)</sup> | 09/01/2049 | 1000000 |
| City of Rochester (The) | City of Rochester (The) | City of Rochester (The) |  |
| 300000 | 2.580 | 08/01/2025 | 300678 |
| 20000 | 2.938 | 08/01/2025 | 20045 |
| 200000 | 3.193 | 08/01/2025 | 200602 |
| 15000 | 3.540 | 08/01/2025 | 15034 |
| Hempstead Union Free School District (ST AID WITHHLDG) | Hempstead Union Free School District (ST AID WITHHLDG) | Hempstead Union Free School District (ST AID WITHHLDG) | Hempstead Union Free School District (ST AID WITHHLDG) |
| 200000 | 2.958 | 06/30/2025 | 200239 |
| Monroe, New York (County of) (BAM) | Monroe, New York (County of) (BAM) | Monroe, New York (County of) (BAM) | Monroe, New York (County of) (BAM) |
| 25000 | 3.055 | 06/01/2025 | 25000 |
| 135000 | 2.673 | 06/01/2026 | 138079 |
| Monroe, New York (County of) | Monroe, New York (County of) | Monroe, New York (County of) |  |
| 25000 | 3.132 | 06/01/2025 | 25000 |
| 325000 | 3.841 | 06/01/2025 | 325000 |
| New York City Transitional Finance Authority | New York City Transitional Finance Authority | New York City Transitional Finance Authority | New York City Transitional Finance Authority |
| 190000 | 1.900 <sup>(a)</sup> | 08/01/2039 | 190000 |
| Oyster Bay, Town of | Oyster Bay, Town of |  |  |
| 400000 | 2.751 | 03/06/2026 | 403538 |
| 60000 | 3.142 | 03/06/2026 | 60531 |
| 5000 | 3.259 | 03/06/2026 | 5044 |
| Rockland New York (County of) | Rockland New York (County of) | Rockland New York (County of) |  |
| 245000 | 2.591 | 06/01/2025 | 245000 |
| 200000 | 2.839 | 06/01/2025 | 200000 |
| Suffolk, New York (County of) | Suffolk, New York (County of) | Suffolk, New York (County of) |  |
| 225000 | 2.991 | 07/25/2025 | 225324 |
| 20000 | 3.001 | 07/25/2025 | 20029 |
| 5000 | 3.647 | 07/25/2025 | 5007 |
| Syracuse, City of | Syracuse, City of |  |  |
| 205000 | 2.841 | 06/01/2025 | 205000 |
| The Port Authority of New York and New Jersey Consolidated<br>Bonds Two Hundred Forty-Fifth Series Consolidated Bonds<br>Two Hundred Forty-Sixth Series | The Port Authority of New York and New Jersey Consolidated<br>Bonds Two Hundred Forty-Fifth Series Consolidated Bonds<br>Two Hundred Forty-Sixth Series | The Port Authority of New York and New Jersey Consolidated<br>Bonds Two Hundred Forty-Fifth Series Consolidated Bonds<br>Two Hundred Forty-Sixth Series | The Port Authority of New York and New Jersey Consolidated<br>Bonds Two Hundred Forty-Fifth Series Consolidated Bonds<br>Two Hundred Forty-Sixth Series |
| 20000 | 2.657 | 09/01/2025 | 20112 |
| 75000 | 2.707 | 09/01/2025 | 75421 |
| 105000 | 2.758 | 09/01/2025 | 105589 |
| 100000 | 3.205 | 09/01/2025 | 100442 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Amortized<br>Cost** |
| Other Municipal Security – (continued) | Other Municipal Security – (continued) | Other Municipal Security – (continued) | Other Municipal Security – (continued) | Other Municipal Security – (continued) |
| New York – (continued) | New York – (continued) | New York – (continued) |  |  |
|  The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred Forty-Fifth Series Consolidated Bonds Two Hundred Forty-Sixth Series – (continued) | The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred Forty-Fifth Series Consolidated Bonds Two Hundred Forty-Sixth Series – (continued) | The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred Forty-Fifth Series Consolidated Bonds Two Hundred Forty-Sixth Series – (continued) | The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred Forty-Fifth Series Consolidated Bonds Two Hundred Forty-Sixth Series – (continued) | The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred Forty-Fifth Series Consolidated Bonds Two Hundred Forty-Sixth Series – (continued) |
| $| 200000 | 2.457% | 12/01/2025 | 202509 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4698677 |
| TOTAL OTHER MUNICIPAL SECURITY | TOTAL OTHER MUNICIPAL SECURITY | TOTAL OTHER MUNICIPAL SECURITY | TOTAL OTHER MUNICIPAL SECURITY | 4698677 |
| Tender Option Bond - 9.0% | Tender Option Bond - 9.0% | Tender Option Bond - 9.0% | Tender Option Bond - 9.0% | Tender Option Bond - 9.0% |
| New York - 9.0% | New York - 9.0% | New York - 9.0% | New York - 9.0% | New York - 9.0% |
|  Deutsche Bank Spears/Lifers Trust | Deutsche Bank Spears/Lifers Trust | Deutsche Bank Spears/Lifers Trust | Deutsche Bank Spears/Lifers Trust |  |
|  | 200000 | 3.050 <sup>(a)(b)</sup> | 01/15/2055 | 200000 |
|  Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates |
|  | 750000 | 3.100 <sup>(a)(b)</sup> | 01/01/2033 | 750000 |
|  | 650000 | 3.080 <sup>(a)(b)</sup> | 03/15/2049 | 650000 |
|  | 200000 | 2.000 <sup>(a)(b)</sup> | 10/01/2054 | 200000 |
|  | 650000 | 2.000 <sup>(a)(b)</sup> | 04/01/2055 | 650000 |
|  |  |  |  | 2450000 |
| TOTAL TENDER OPTION BOND | TOTAL TENDER OPTION BOND | TOTAL TENDER OPTION BOND | TOTAL TENDER OPTION BOND | 2450000 |
| U.S. Treasury Debt - 13.3% | U.S. Treasury Debt - 13.3% | U.S. Treasury Debt - 13.3% | U.S. Treasury Debt - 13.3% | U.S. Treasury Debt - 13.3% |
|  United States Treasury Bills | United States Treasury Bills | United States Treasury Bills | United States Treasury Bills |  |
|  | 100000 | 4.217 | 06/03/2025 | 99977 |
|  | 2600000 | 4.271 | 06/03/2025 | 2599392 |
|  | 900000 | 4.265 | 06/10/2025 | 899055 |
|  |  |  |  | 3598424 |
| TOTAL U.S. TREASURY DEBT | TOTAL U.S. TREASURY DEBT | TOTAL U.S. TREASURY DEBT | TOTAL U.S. TREASURY DEBT | 3598424 |
| Variable Rate Demand Note - 54.0% | Variable Rate Demand Note - 54.0% | Variable Rate Demand Note - 54.0% | Variable Rate Demand Note - 54.0% | Variable Rate Demand Note - 54.0% |
| New York - 54.0% | New York - 54.0% | New York - 54.0% | New York - 54.0% | New York - 54.0% |
|  Blackrock Muniholdings New York Quality Fund, Inc. | Blackrock Muniholdings New York Quality Fund, Inc. | Blackrock Muniholdings New York Quality Fund, Inc. | Blackrock Muniholdings New York Quality Fund, Inc. | Blackrock Muniholdings New York Quality Fund, Inc. |
|  | 200000 | 2.110 <sup>(a)</sup> | 07/01/2041 | 200000 |
|  Blackrock New York Municipal Income Trust | Blackrock New York Municipal Income Trust | Blackrock New York Municipal Income Trust | Blackrock New York Municipal Income Trust | Blackrock New York Municipal Income Trust |
|  | 200000 | 2.110 <sup>(a)(b)</sup> | 03/31/2051 | 200000 |
|  City of New York | City of New York | City of New York |  |  |
|  | 1000000 | 1.900 <sup>(a)</sup> | 03/01/2039 | 1000000 |
|  | 250000 | 1.950 <sup>(a)</sup> | 08/01/2041 | 250000 |
|  | 100000 | 1.900 <sup>(a)</sup> | 10/01/2041 | 100000 |
|  Cold Spring Harbor Laboratory, Inc. | Cold Spring Harbor Laboratory, Inc. | Cold Spring Harbor Laboratory, Inc. | Cold Spring Harbor Laboratory, Inc. |  |
|  | 550000 | 3.000 <sup>(a)</sup> | 01/01/2034 | 550000 |
|  Cornell University | Cornell University | Cornell University |  |  |
|  | 15000 | 2.550 | 07/01/2025 | 15016 |
|  | 20000 | 2.572 | 07/01/2025 | 20027 |
|  | 20000 | 3.188 | 07/01/2025 | 20027 |
|  | 15000 | 3.597 | 07/01/2025 | 15016 |
|  | 40000 | 3.848 | 07/01/2025 | 40053 |
|  | 75000 | 3.947 | 07/01/2025 | 75080 |
|  Dormitory Authority of The State of New York | Dormitory Authority of The State of New York | Dormitory Authority of The State of New York | Dormitory Authority of The State of New York | Dormitory Authority of The State of New York |
|  | 55000 | 2.527 | 07/01/2025 | 55063 |
|  | 10000 | 2.777 | 07/01/2025 | 10011 |
|  | 5000 | 3.255 | 07/01/2025 | 5006 |
|  | 700000 | 1.910 <sup>(a)</sup> | 07/01/2032 | 700000 |
|  Long Island Power Authority | Long Island Power Authority | Long Island Power Authority | Long Island Power Authority |  |
|  | 850000 | 1.900 <sup>(a)</sup> | 05/01/2033 | 850000 |
|  Madison County Capital Resource Corporation | Madison County Capital Resource Corporation | Madison County Capital Resource Corporation | Madison County Capital Resource Corporation | Madison County Capital Resource Corporation |
|  | 110000 | 3.000 | 07/01/2025 | 110180 |
|  Memorial Sloan-Kettering Cancer Center | Memorial Sloan-Kettering Cancer Center | Memorial Sloan-Kettering Cancer Center | Memorial Sloan-Kettering Cancer Center | Memorial Sloan-Kettering Cancer Center |
|  | 100000 | 2.887 | 07/01/2025 | 100174 |

---

&nbsp;&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 INVESTOR TAX-EXEMPT NEW YORK MONEY MARKET FUND

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

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

Schedule of Investments (continued) *May 31, 2025 (Unaudited)*

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Amortized<br>Cost** |
| Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) |
| New York – (continued) | New York – (continued) | New York – (continued) | New York – (continued) |
| Metropolitan Museum of Art (The) | Metropolitan Museum of Art (The) | Metropolitan Museum of Art (The) | Metropolitan Museum of Art (The) |
| $1190000 | 1.870 %<sup>(a)</sup> | 10/01/2036 | $1190000 |
| Metropolitan Transportation Authority | Metropolitan Transportation Authority | Metropolitan Transportation Authority | Metropolitan Transportation Authority |
| 215000 | 3.000 <sup>(a)</sup> | 11/01/2026 | 215000 |
| 985000 | 3.000 <sup>(a)</sup> | 11/01/2031 | 985000 |
| Monroe County Industrial Development Corporation | Monroe County Industrial Development Corporation | Monroe County Industrial Development Corporation | Monroe County Industrial Development Corporation |
| 20000 | 3.198 <sup>(c)</sup> | 07/01/2025 | 20022 |
| 225000 | 3.663 <sup>(c)</sup> | 07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;225245 |
| Nassau County Local Economic Assistance and Financing Corporation | Nassau County Local Economic Assistance and Financing Corporation | Nassau County Local Economic Assistance and Financing Corporation | Nassau County Local Economic Assistance and Financing Corporation |
| 125000 | 1.950 <sup>(a)</sup> | 01/01/2045 | 125000 |
| New York Botanical Garden | New York Botanical Garden | New York Botanical Garden | New York Botanical Garden |
| 1185000 | 1.960 <sup>(a)</sup> | 07/01/2032 | 1185000 |
| New York City Housing Development Corporation | New York City Housing Development Corporation | New York City Housing Development Corporation | New York City Housing Development Corporation |
| 200000 | 1.960 <sup>(a)</sup> | 04/01/2045 | 200000 |
| 200000 | 1.920 <sup>(a)</sup> | 11/01/2048 | 200000 |
| 200000 | 1.750 <sup>(a)</sup> | 09/01/2049 | 200000 |
| New York City Housing Development Corporation (FHA 542 (C)) | New York City Housing Development Corporation (FHA 542 (C)) | New York City Housing Development Corporation (FHA 542 (C)) | New York City Housing Development Corporation (FHA 542 (C)) |
| 630000 | 4.350 <sup>(a)</sup> | 05/01/2060 | 630000 |
| New York City Transitional Finance Authority | New York City Transitional Finance Authority | New York City Transitional Finance Authority | New York City Transitional Finance Authority |
| 100000 | 1.950 <sup>(a)</sup> | 02/01/2044 | 100000 |
| 200000 | 1.920 <sup>(a)</sup> | 05/01/2053 | 200000 |
| New York State Energy Research and Development Authority | New York State Energy Research and Development Authority | New York State Energy Research and Development Authority | New York State Energy Research and Development Authority |
| 900000 | 1.650 <sup>(a)</sup> | 05/01/2039 | 900000 |
| New York State Housing Finance Agency | New York State Housing Finance Agency | New York State Housing Finance Agency | New York State Housing Finance Agency |
| 700000 | 1.850 <sup>(a)</sup> | 11/15/2037 | 700000 |
| 345000 | 4.350 <sup>(a)</sup> | 11/01/2055 | 345000 |
| New York State Housing Finance Agency (SONYMA HUD SECT 8) | New York State Housing Finance Agency (SONYMA HUD SECT 8) | New York State Housing Finance Agency (SONYMA HUD SECT 8) | New York State Housing Finance Agency (SONYMA HUD SECT 8) |
| 200000 | 1.920 <sup>(a)</sup> | 11/01/2061 | 200000 |
| New York University | New York University | New York University | New York University |
| 50000 | 2.431 | 07/01/2025 | 50097 |
| 40000 | 2.670 | 07/01/2025 | 40077 |
| 50000 | 2.672 | 07/01/2025 | 50094 |
| 110000 | 2.705 | 07/01/2025 | 110202 |
| 15000 | 3.164 | 07/01/2025 | 15028 |
| 10000 | 3.429 | 07/01/2025 | 10019 |
| Nyu Langone Hospitals | Nyu Langone Hospitals | Nyu Langone Hospitals | Nyu Langone Hospitals |
| 140000 | 2.774 | 07/01/2025 | 140253 |
| 15000 | 2.971 | 07/01/2025 | 15027 |
| State of New York Mortgage Agency | State of New York Mortgage Agency | State of New York Mortgage Agency | State of New York Mortgage Agency |
| 565000 | 1.850 <sup>(a)</sup> | 04/01/2051 | 565000 |
| Triborough Bridge and Tunnel Authority | Triborough Bridge and Tunnel Authority | Triborough Bridge and Tunnel Authority | Triborough Bridge and Tunnel Authority |
| 375000 | 2.020 <sup>(a)</sup> | 01/01/2032 | 375000 |
| 115000 | 3.000 <sup>(a)</sup> | 01/01/2032 | 115000 |
| 200000 | 3.000 <sup>(a)</sup> | 01/01/2033 | 200000 |
| 370000 | 1.900 <sup>(a)</sup> | 11/01/2041 | 370000 |
| Trustees of Columbia University in The City of New York (The) | Trustees of Columbia University in The City of New York (The) | Trustees of Columbia University in The City of New York (The) | Trustees of Columbia University in The City of New York (The) |
| 100000 | 1.870 <sup>(a)</sup> | 07/01/2028 | 100000 |
| 185000 | 1.650 <sup>(a)</sup> | 09/01/2039 | 185000 |
| University of Rochester | University of Rochester | University of Rochester | University of Rochester |
| 100000 | 2.471 | 07/01/2025 | 100199 |
| 40000 | 2.600 | 07/01/2025 | 40080 |
| 185000 | 2.721 | 07/01/2025 | 185334 |
| 20000 | 3.518 | 07/01/2025 | 20036 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Amortized<br>Cost** |
| Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) |
| New York – (continued) | New York – (continued) | New York – (continued) | New York – (continued) | New York – (continued) |
|  University of Rochester – (continued) | University of Rochester – (continued) | University of Rochester – (continued) | University of Rochester – (continued) | University of Rochester – (continued) |
| $| 5000 | 3.614% | 07/01/2025 | $5010 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14627376 |
| TOTAL VARIABLE RATE DEMAND NOTE | TOTAL VARIABLE RATE DEMAND NOTE | TOTAL VARIABLE RATE DEMAND NOTE | TOTAL VARIABLE RATE DEMAND NOTE | 14627376 |
| **TOTAL INVESTMENTS - 99.2%**<br> **(Cost $26,874,477)** | **TOTAL INVESTMENTS - 99.2%**<br> **(Cost $26,874,477)** | **TOTAL INVESTMENTS - 99.2%**<br> **(Cost $26,874,477)** | **TOTAL INVESTMENTS - 99.2%**<br> **(Cost $26,874,477)** | $26874477 |
|  **OTHER ASSETS IN EXCESS<br> OF LIABILITIES - 0.8%** | **OTHER ASSETS IN EXCESS<br> OF LIABILITIES - 0.8%** | **OTHER ASSETS IN EXCESS<br> OF LIABILITIES - 0.8%** | **OTHER ASSETS IN EXCESS<br> OF LIABILITIES - 0.8%** | 204945 |
| NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% | $27079422 |

---

---

| | |
|:---|:---|
|  | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Variable Rate Demand Instruments – rate shown is that which is in effect on May 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (c) | All or a portion represents a forward commitment. |
|  | Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices. |
|  | Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities. |

---

&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 FUNDS – INVESTOR 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;*May 31, 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;

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT III—At May 31, 2025, the Investor Money Market Fund had undivided interests in the Joint Repurchase Agreement Account III with a maturity date of June 2, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Principal Amount** | **Maturity Value** | **Collateral Value<br>Allocation** |
|  Investor Money Market Fund | $285000000 | $285103377 | $292902275 |

---

REPURCHASE AGREEMENTS— At May 31, 2025, the Principal Amounts of the Investor Money Market Fund's interest in the Joint Repurchase Agreement Account III were as follows:

---

| | | |
|:---|:---|:---|
| **Counterparty** | **Interest Rate** | **Investor Money Market Fund** |
|  ABN Amro Bank N.V. | 4.380% | $25909091 |
|  Bank of America, N.A. | 4.350 | 97159091 |
|  Bank of Montreal | 4.350 | 64772727 |
|  Wells Fargo Securities, LLC | 4.350 | 97159091 |
| Total |  | $285000000 |

---

At May 31, 2025, the Joint Repurchase Agreement Account III was fully collateralized by:

---

| | | |
|:---|:---|:---|
| **Issuer** | **Interest Rate** | **Maturity Dates** |
|  Federal Home Loan Mortgage Corp. | 3.000% to 5.500% | 06/01/51 to 11/01/54 |
|  Federal National Mortgage Association | 2.000 to 7.000 | 08/01/33 to 04/01/55 |
|  Government National Mortgage Association | 1.500 to 7.500 | 02/20/26 to 05/20/55 |
|  U.S. Treasury Bonds | 1.125 to 6.875 | 08/15/25 to 11/15/54 |

---

&nbsp;&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 FUNDS – INVESTOR FUNDS

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

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

Statements of Assets and Liabilities *May 31, 2025 (Unaudited)*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investor Money<br>Market Fund** | **Investor Tax-Exempt<br>California Money<br>Market Fund** | **Investor Tax-Exempt<br>Money Market Fund** | **Investor Tax-Exempt<br>New York Money<br>Market Fund** |
| Assets: |  |  |  |  |
|  Investments, at value (cost $8,466,100,100, $6,703,890, $2,672,688,831 and $26,874,477, respectively) | $8466100100 | $6703890 | $2672688831 | $26874477 |
|  Repurchase agreements, at value (Cost $2,855,000,000, $–, $– and $–, respectively) | 2855000000 |  |  |  |
|  Cash | 91432662 | 19685 | 44066 | 31447 |
|  Receivables: |  |  |  |  |
|  Fund shares sold | 31555253 |  | 1275284 |  |
|  Interest | 25629679 | 66979 | 15874257 | 146955 |
|  Investments sold | 17968375 |  | 124954181 | 380052 |
|  Reimbursement from investment adviser | 6970 | 18945 | 7963 | 18887 |
|  Deferred offering costs |  | 55790 |  | 55790 |
|  Other assets | 472266 | 12506 | 44089 | 12507 |
|  **Total assets** | 11488165305 | 6877795 | 2814888671 | 27520115 |
| Liabilities: |  |  |  |  |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 92147527 |  |  | 250405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 28536005 |  | 2774003 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distribution | 1154278 |  | 3690218 | 46306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 794965 | 468 | 195371 | 1574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 547209 | 345 | 41866 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organizational costs |  | 12000 |  | 12000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Offering costs |  | 62976 |  | 62989 |
|  Accrued expenses | 27763 | 67054 | 41007 | 67004 |
|  **Total liabilities** | 123207747 | 142843 | 6742465 | 440693 |
| Net Assets: |  |  |  |  |
|  Paid-in capital | 11364818065 | 6735059 | 2808146370 | 27079373 |
|  Total distributable earnings (loss) | 139493 | (107) | (164) | 49 |
|  **NET ASSETS** | $11364957558 | $6734952 | $2808146206 | $27079422 |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | $3478631839 | $50826 | $107471037 | $50839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | 55191 |  | 10004 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class D Shares | 15957138 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | 7331721380 | 6531687 | 2678122035 | 26876098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Shares | 9527272 | 50734 | 18652367 | 50758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares |  | 50880 | 214262 | 50888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration Shares | 507559489 | 50825 | 3676501 | 50839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Management Shares | 21505249 |  |  |  |
|  Total Net Assets | $11364957558 | $6734952 | $2808146206 | $27079422 |
| Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | 3478671722 | 50827 | 137569281 | 50839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | 55192 |  | 9556 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class D Shares | 15957330 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | 7331805512 | 6531897 | 2649360659 | 26876141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Shares | 9527381 | 50736 | 16928177 | 50758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares |  | 50882 | 1122 | 50888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration Shares | 507565303 | 50827 | 4254292 | 50839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Management Shares | 21505496 |  |  |  |
|  Net asset value, offering and redemption price per share: | $1.00 | $1.00 | $1.00 | $1.00 |

---

&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 FUNDS – INVESTOR FUNDS

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

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

Statements of Operations *For the Six Months Ended May 31, 2025 (Unaudited)*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investor Money<br>Market Fund** | **Investor Tax-Exempt<br>California Money<br>Market Fund** | **Investor Tax-Exempt<br>Money Market Fund** | **Investor Tax-Exempt<br>New York Money<br>Market Fund** |
| Investment Income: |  |  |  |  |
|  Interest income | $248120409 | $72401 | $40278049 | $274061 |
| Expenses: |  |  |  |  |
|  **Fund-Level Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 8749538 | 4387 | 2128358 | 15142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agency fees | 546897 | 275 | 133034 | 947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 457287 | 5253 | 83934 | 5253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage fees | 121326 | 9181 | 26441 | 9181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody, accounting and administrative services | 114360 | 36686 | 34841 | 36850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 60304 | 62113 | 49904 | 62260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees | 30643 | 12801 | 19835 | 12802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization of offering costs |  | 100531 |  | 100531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 67644 | 10189 | 45808 | 10189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 10147999 | 241416 | 2522155 | 253155 |
|  **Class Specific Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees - Class A Shares | 3994316 | 63 | 127272 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Share fees | 569333 | 63 | 4354 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Management Share fees | 77482 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Share fees | 47720 | 126 | 44178 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Cash Management Shares | 46489 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class C Shares | 275 |  | 47 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Share fees |  | 25 | 101 | 25 |
|  **Total expenses** | 14883614 | 241693 | 2698107 | 253433 |
|  Less - expense reductions | (93436) | (236372) | (75575) | (235743) |
|  **Net expenses** | 14790178 | 5321 | 2622532 | 17690 |
|  **NET INVESTMENT INCOME** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233330231 | $67080 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37655517 | $256371 |
|  **Net realized gain (loss) from investment transactions** | 799838 | (220) | (1919) | (44) |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $234130069 | $66860 | $37653598 | $256327 |

---

&nbsp;&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 FUNDS – INVESTOR FUNDS

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

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

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Tax-Exempt California Money<br>Market Fund** | **Investor Tax-Exempt California Money<br>Market Fund** |
|  | **For the<br>Six Months Ended<br>May 31, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>November 30, 2024** | **For the<br>Six Months Ended<br>May 31, 2025<br>(Unaudited)** | **For the Period<br>September 10, 2024\*<br>to<br>November 30, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $233330231 | $472167232 | $67080 | $29599 |
|  Net realized gain (loss) | 799838 | 2847059 | (220) | 4 |
|  **Net increase in net assets resulting from operations** | 234130069 | 475014291 | 66860 | 29603 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (66013287) | (114116098) | (558) | (269) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (929) | (554) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class D Shares | (317416) | (595068) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | (158262923) | (340133487) | (64875) | (28533) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (371561) | (852823) | (494) | (241) |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares |  |  | (596) | (286) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Shares | (9401445) | (17335597) | (558) | (270) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Management Shares | (555708) | (1135378) |  |  |
|  **Total distributions to shareholders** | (234923269) | (474169005) | (67081) | (29599) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 6938697437 | 10632460885 | 4624895 | 5000041 |
|  Reinvestment of distributions | 228022753 | 458800936 | 67085 | 29599 |
|  Cost of shares redeemed | (6021081538) | (9352011096) | (2986410) | (41) |
|  **Net increase in net assets resulting from share transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145638652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1739250725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5029599 |
|  **TOTAL INCREASE** | 1144845452 | 1740096011 | 1705349 | 5029603 |
| Net Assets: |  |  |  |  |
|  Beginning of period | $10220112106 | $8480016095 | $5029603 | $— |
|  End of period | $11364957558 | $10220112106 | $6734952 | $5029603 |

---

\* Commencement of operations.

&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 FUNDS — INVESTOR FUNDS

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

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

Statements of Changes in Net Assets (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt New York Money Market Fund** | **Investor Tax-Exempt New York Money Market Fund** |
|  | **For the<br>Six Months Ended<br>May 31, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>November 30,<br>2024** | **For the<br>Six Months Ended<br>May 31, 2025<br>(Unaudited)** | **For the Period<br>September 10, 2024\***<br> **to**<br> **November 30, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $37655517 | $72677807 | $256371 | $37808 |
|  Net realized gain (loss) | (1919) | (26) | (44) | 1 |
| **Net increase in net assets resulting from operations** | 37653598 | 72677781 | 256327 | 37809 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | (622) | (318) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (1324172) | (1765205) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (89) | (207) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  | (253907) | (36550) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | (36075648) | (70825601) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Shares |  | (4) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (207486) | (40484) | (559) | (289) |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares | (2761) | (15391) | (661) | (334) |
| &nbsp;&nbsp;&nbsp;&nbsp; Select Shares |  | (5) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Shares | (45359) | (43354) | (622) | (317) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Management Shares |  | (4) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Premier Shares |  | (4) |  |  |
|  **Total distributions to shareholders** | (37655515) | (72690259) | (256371) | (37808) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1941122622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3023912047 | 40557147 | 5675387 |
|  Reinvestment of distributions | 14909114 | 21104007 | 210065 | 37807 |
|  Cost of shares redeemed | (1618359598) | (2704944600) | (19395230) | (5711) |
| **Net increase in net assets resulting from share transactions** | 337672138 | 340071454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21371982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5707483 |
|  **TOTAL INCREASE** | 337670221 | 340058976 | 21371938 | 5707484 |
| Net Assets: |  |  |  |  |
|  Beginning of period | $2470475985 | $2130417009 | $5707484 | $— |
|  End of period | $2808146206 | $2470475985 | $27079422 | $5707484 |

---

\* Commencement of operations.

&nbsp;&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** |

---

------

FINANCIAL HIGHLIGHTS

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

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

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the<br>Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended<br>August 31, 2020** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **For the<br>Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended<br>August 31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.020 | 0.049 | 0.048 | 0.012 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.009 |
|  Net realized gain (loss) | – <sup>(b)</sup> | 0.001 | (0.001) | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.001 |
|  Total from investment operations | 0.020 | 0.050 | 0.047 | 0.012 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.010 |
|  Distributions to shareholders from net investment income | (0.020) | (0.050) | (0.047) | (0.012) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.010) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions<sup>(c)</sup> | (0.020) | (0.050) | (0.047) | (0.012) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.010) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.08% | 5.09% | 4.80% | 1.17% | 0.03% | – %<sup>(e)</sup> | 0.98% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3478632 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2943597 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442390 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140297 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221008 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249228 |
|  Ratio of net expenses to average net assets | 0.43 %<sup>(f)</sup> | 0.43% | 0.43% | 0.38% | 0.12% | 0.24 %<sup>(f)</sup> | 0.42% |
|  Ratio of total expenses to average net assets | 0.44 %<sup>(f)</sup> | 0.44% | 0.44% | 0.45% | 0.45% | 0.47 %<sup>(f)</sup> | 0.46% |
|  Ratio of net investment income (loss) to average net assets | 4.10 %<sup>(f)</sup> | 4.93% | 4.81% | 1.69% | (0.01)% | (0.08)%<sup>(f)</sup> | 0.88% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 24 | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the<br>Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended<br>August 31, 2020** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **For the<br>Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended<br>August 31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.017 | 0.041 | 0.039 | 0.007 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.003 |
|  Net realized gain | – <sup>(b)</sup> | 0.001 | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.002 |
|  Total from investment operations | 0.017 | 0.042 | 0.039 | 0.007 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.005 |
|  Distributions to shareholders from net investment income | (0.017) | (0.042) | (0.039) | (0.007) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.005) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.042) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.039) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.007) | – <sup>(b)</sup> | – <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.005) |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
|  **Total Return<sup>(d)</sup>** | 1.70% | 4.31% | 4.02% | 0.74% | 0.03% | – %<sup>(e)</sup> | 0.46% |
|  Net assets, end of period (in 000's) | $55 | $55 | $11 | $34 | $39 | $39 | $53 |
|  Ratio of net expenses to average net assets | 1.18 %<sup>(f)</sup> | 1.19% | 1.18% | 0.79% | 0.12% | 0.24 %<sup>(f)</sup> | 0.79% |
|  Ratio of total expenses to average net assets | 1.19 %<sup>(f)</sup> | 1.19% | 1.19% | 1.20% | 1.20% | 1.22 %<sup>(f)</sup> | 1.21% |
|  Ratio of net investment income (loss) to average net assets | 3.35 %<sup>(f)</sup> | 4.12% | 3.87% | 0.62% | (0.01)% | (0.08)%<sup>(f)</sup> | 0.24% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **25** |

---

------

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** |
|  | **Class D Shares** | **Class D Shares** | **Class D Shares** |
|  | **Six Months Ended<br>May 31, 2025<br>(Unaudited)** | **For the Fiscal**<br> **Year Ended<br>November 30, 2024** | **Period Ended<br>November 30, 2023<sup>(a)</sup>** |
| Per Share Data |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup> | 0.022 | 0.052 | 0.043 |
|  Net realized loss | – <sup>(c)</sup> |  | (0.001) |
|  Total from investment operations | 0.022 | 0.052 | 0.042 |
|  Distributions to shareholders from net investment income | (0.022) | (0.052) | (0.042) |
|  Distributions to shareholders from net realized gains | – <sup>(c)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> |
|  Total distributions<sup>(d)</sup> | (0.022) | (0.052) | (0.042) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(e)</sup>** | 2.21% | 5.35% | 4.30% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15957 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11748 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6124 |
|  Ratio of net expenses to average net assets | 0.18 %<sup>(f)</sup> | 0.18% | 0.18 %<sup>(f)</sup> |
|  Ratio of total expenses to average net assets | 0.19 %<sup>(f)</sup> | 0.19% | 0.19 %<sup>(f)</sup> |
|  Ratio of net investment income to average net assets | 4.35 %<sup>(f)</sup> | 5.18% | 5.17 %<sup>(f)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on January 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 26 | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** |
|  | **Class I Shares** | **Class I Shares** | **Class I Shares** | **Class I Shares** | **Class I Shares** | **Class I Shares** | **Class I Shares** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the<br>Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended<br>August 31, 2020** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **For the<br>Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended<br>August 31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.022 | 0.052 | 0.050 | 0.013 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.011 |
|  Net realized gain (loss) | – <sup>(b)</sup> |  | (0.001) | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.001 |
|  Total from investment operations | 0.022 | 0.052 | 0.049 | 0.013 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.012 |
|  Distributions to shareholders from net investment income | (0.022) | (0.052) | (0.049) | (0.013) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.012) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |  | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions<sup>(c)</sup> | (0.022) | (0.052) | (0.049) | (0.013) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.012) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.21% | 5.35% | 5.06% | 1.35% | 0.04% | 0.02% | 1.22% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7331721 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6830806 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6386610 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5066681 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400101 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527628 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025657 |
|  Ratio of net expenses to average net assets | 0.18 %<sup>(e)</sup> | 0.18% | 0.18% | 0.18% | 0.12% | 0.18 %<sup>(e)</sup> | 0.18% |
|  Ratio of total expenses to average net assets | 0.19 %<sup>(e)</sup> | 0.19% | 0.19% | 0.20% | 0.20% | 0.22 %<sup>(e)</sup> | 0.21% |
|  Ratio of net investment income (loss) to average net assets | 4.35 %<sup>(e)</sup> | 5.20% | 4.95% | 1.93% | – %<sup>(f)</sup> | (0.02)%<sup>(e)</sup> | 1.11% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **27** |

---

------

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the<br>Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended<br>August 31, 2020** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **For the<br>Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended<br>August 31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.019 | 0.047 | 0.044 | 0.010 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.006 |
|  Net realized gain | – <sup>(b)</sup> |  | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.002 |
|  Total from investment operations | 0.019 | 0.047 | 0.044 | 0.010 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.008 |
|  Distributions to shareholders from net investment income | (0.019) | (0.047) | (0.044) | (0.010) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.008) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions<sup>(c)</sup> | (0.019) | (0.047) | (0.044) | (0.010) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.008) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 1.95% | 4.83% | 4.54% | 1.00% | 0.03% | – %<sup>(e)</sup> | 0.78% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9527 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15433 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35861 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63427 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50167 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56453 |
|  Ratio of net expenses to average net assets | 0.68 %<sup>(f)</sup> | 0.68% | 0.68% | 0.54% | 0.12% | 0.24 %<sup>(f)</sup> | 0.62% |
|  Ratio of total expenses to average net assets | 0.69 %<sup>(f)</sup> | 0.69% | 0.69% | 0.70% | 0.70% | 0.72 %<sup>(f)</sup> | 0.71% |
|  Ratio of net investment income (loss) to average net assets | 3.86 %<sup>(f)</sup> | 4.73% | 4.40% | 1.14% | (0.01)% | (0.08)%<sup>(f)</sup> | 0.62% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 28 | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** |
|  | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the<br>Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended<br>August 31, 2020** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **For the<br>Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended<br>August 31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.020 | 0.049 | 0.048 | 0.012 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.009 |
|  Net realized gain (loss) | – <sup>(b)</sup> | 0.001 | (0.001) | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.001 |
|  Total from investment operations | 0.020 | 0.050 | 0.047 | 0.012 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.010 |
|  Distributions to shareholders from net investment income | (0.020) | (0.050) | (0.047) | (0.012) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.010) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions<sup>(c)</sup> | (0.020) | (0.050) | (0.047) | (0.012) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.010) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.08% | 5.09% | 4.80% | 1.17% | 0.03% | – %<sup>(e)</sup> | 0.98% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507559 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392478 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297597 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130172 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40662 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31792 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33860 |
|  Ratio of net expenses to average net assets | 0.43 %<sup>(f)</sup> | 0.43% | 0.43% | 0.39% | 0.12% | 0.24 %<sup>(f)</sup> | 0.42% |
|  Ratio of total expenses to average net assets | 0.44 %<sup>(f)</sup> | 0.44% | 0.44% | 0.45% | 0.45% | 0.47 %<sup>(f)</sup> | 0.46% |
|  Ratio of net investment income (loss) to average net assets | 4.10 %<sup>(f)</sup> | 4.94% | 4.77% | 1.64% | (0.01)% | (0.08)%<sup>(f)</sup> | 0.90% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **29** |

---

------

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** |
|  | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the<br>Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended<br>August 31, 2020** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **For the<br>Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended<br>August 31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.018 | 0.044 | 0.041 | 0.008 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.004 |
|  Net realized gain | – <sup>(b)</sup> |  | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.002 |
|  Total from investment operations | 0.018 | 0.044 | 0.041 | 0.008 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.006 |
|  Distributions to shareholders from net investment income | (0.018) | (0.044) | (0.041) | (0.008) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.006) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions<sup>(c)</sup> | (0.018) | (0.044) | (0.041) | (0.008) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.006) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 1.80% | 4.51% | 4.22% | 0.83% | 0.03% | – %<sup>(e)</sup> | 0.58% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21505 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25995 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25776 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35614 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61039 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49812 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52017 |
|  Ratio of net expenses to average net assets | 0.98 %<sup>(f)</sup> | 0.98% | 0.98% | 0.61% | 0.12% | 0.24 %<sup>(f)</sup> | 0.76% |
|  Ratio of total expenses to average net assets | 0.99 %<sup>(f)</sup> | 0.99% | 0.99% | 1.00% | 1.00% | 1.02 %<sup>(f)</sup> | 1.01% |
|  Ratio of net investment income (loss) to average net assets | 3.55 %<sup>(f)</sup> | 4.40% | 4.08% | 0.75% | – %<sup>(e)</sup> | (0.08)%<sup>(f)</sup> | 0.38% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 30 | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT CALIFORNIA MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Investor Tax-Exempt California Money<br>Market Fund** | **Investor Tax-Exempt California Money<br>Market Fund** |
|  | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended<br>May 31, 2025<br>(Unaudited)** | **Period Ended<br>November 30, 2024<sup>(a)</sup>** |
| Per Share Data |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup> | 0.011 | 0.005 |
|  Net realized gain (loss) | – <sup>(c)</sup> |  |
|  Total from investment operations | 0.011 | 0.005 |
|  Distributions to shareholders from net investment income | (0.011) | (0.005) |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
|  **Total Return<sup>(d)</sup>** | 1.11% | 0.54% |
|  Net assets, end of period (in 000's) | $51 | $50 |
|  Ratio of net expenses to average net assets | 0.43 %<sup>(e)</sup> | 0.43 %<sup>(e)</sup> |
|  Ratio of total expenses to average net assets | 7.22 %<sup>(e)</sup> | 12.02 %<sup>(e)</sup> |
|  Ratio of net investment income to average net assets | 2.22 %<sup>(e)</sup> | 2.40 %<sup>(e)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on September 10, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **31** |

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT CALIFORNIA MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Investor Tax-Exempt California Money<br>Market Fund** | **Investor Tax-Exempt California Money<br>Market Fund** |
|  | **Class I Shares** | **Class I Shares** |
|  | **Six Months Ended<br>May 31, 2025<br>(Unaudited)** | **Period Ended<br>November 30, 2024<sup>(a)</sup>** |
| Per Share Data |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup> | 0.012 | 0.006 |
|  Net realized gain (loss) | – <sup>(c)</sup> |  |
|  Total from investment operations | 0.012 | 0.006 |
|  Distributions to shareholders from net investment income | (0.012) | (0.006) |
|  Net asset value, end of period | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 1.24% | 0.59% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6532 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4829 |
|  Ratio of net expenses to average net assets | 0.18 %<sup>(e)</sup> | 0.18 %<sup>(e)</sup> |
|  Ratio of total expenses to average net assets | 6.97 %<sup>(e)</sup> | 11.77 %<sup>(e)</sup> |
|  Ratio of net investment income to average net assets | 2.46 %<sup>(e)</sup> | 2.65 %<sup>(e)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on September 10, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 32 | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT CALIFORNIA MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Investor Tax-Exempt California Money<br>Market Fund** | **Investor Tax-Exempt California Money<br>Market Fund** |
|  | **Service Shares** | **Service Shares** |
|  | **Six Months Ended<br>May 31, 2025<br>(Unaudited)** | **Period Ended<br>November 30, 2024<sup>(a)</sup>** |
| Per Share Data |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup> | 0.010 | 0.005 |
|  Net realized gain (loss) | – <sup>(c)</sup> |  |
|  Total from investment operations | 0.010 | 0.005 |
|  Distributions to shareholders from net investment income | (0.010) | (0.005) |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
|  **Total Return<sup>(d)</sup>** | 0.98% | 0.48% |
|  Net assets, end of period (in 000's) | $51 | $50 |
|  Ratio of net expenses to average net assets | 0.68 %<sup>(e)</sup> | 0.68 %<sup>(e)</sup> |
|  Ratio of total expenses to average net assets | 7.47 %<sup>(e)</sup> | 12.27 %<sup>(e)</sup> |
|  Ratio of net investment income to average net assets | 1.96 %<sup>(e)</sup> | 2.15 %<sup>(e)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on September 10, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **33** |

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT CALIFORNIA MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Investor Tax-Exempt California Money<br>Market Fund** | **Investor Tax-Exempt California Money<br>Market Fund** |
|  | **Preferred Shares** | **Preferred Shares** |
|  | **Six Months Ended<br>May 31, 2025<br>(Unaudited)** | **Period Ended<br>November 30, 2024<sup>(a)</sup>** |
| Per Share Data |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup> | 0.012 | 0.006 |
|  Net realized gain (loss) | – <sup>(c)</sup> |  |
|  Total from investment operations | 0.012 | 0.006 |
|  Distributions to shareholders from net investment income | (0.012) | (0.006) |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
|  **Total Return<sup>(d)</sup>** | 1.19% | 0.57% |
|  Net assets, end of period (in 000's) | $51 | $50 |
|  Ratio of net expenses to average net assets | 0.28 %<sup>(e)</sup> | 0.29 %<sup>(e)</sup> |
|  Ratio of total expenses to average net assets | 7.07 %<sup>(e)</sup> | 11.87 %<sup>(e)</sup> |
|  Ratio of net investment income to average net assets | 2.37 %<sup>(e)</sup> | 2.55 %<sup>(e)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on September 10, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 34 | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT CALIFORNIA MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Investor Tax-Exempt California Money<br>Market Fund** | **Investor Tax-Exempt California Money<br>Market Fund** |
|  | **Administration Shares** | **Administration Shares** |
|  | **Six Months Ended<br>May 31, 2025<br>(Unaudited)** | **Period Ended<br>November 30, 2024<sup>(a)</sup>** |
| Per Share Data |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup> | 0.011 | 0.005 |
|  Net realized gain (loss) | – <sup>(c)</sup> |  |
|  Total from investment operations | 0.011 | 0.005 |
|  Distributions to shareholders from net investment income | (0.011) | (0.005) |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
|  **Total Return<sup>(d)</sup>** | 1.11% | 0.54% |
|  Net assets, end of period (in 000's) | $51 | $50 |
|  Ratio of net expenses to average net assets | 0.43 %<sup>(e)</sup> | 0.43 %<sup>(e)</sup> |
|  Ratio of total expenses to average net assets | 7.22 %<sup>(e)</sup> | 12.02 %<sup>(e)</sup> |
|  Ratio of net investment income to average net assets | 2.22 %<sup>(e)</sup> | 2.40 %<sup>(e)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on September 10, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **35** |

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the<br>Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended<br>August 31, 2020** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **For the<br>Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended<br>August 31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.013 | 0.030 | 0.028 | 0.006 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.005 |
|  Net realized gain (loss) | – <sup>(b)</sup> | – <sup>(b)</sup> |  | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.001 |
|  Total from investment operations | 0.013 | 0.030 | 0.028 | 0.006 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.006 |
|  Distributions to shareholders from net investment income | (0.013) | (0.030) | (0.028) | (0.006) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.006) |
|  Distributions to shareholders from net realized gains |  | – <sup>(b)</sup> |  |  | – <sup>(b)</sup> |  |  |
|  Total distributions<sup>(c)</sup> | (0.013) | (0.030) | (0.028) | (0.006) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.006) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 1.30% | 3.00% | 2.80% | 0.58% | 0.01% | – %<sup>(e)</sup> | 0.55% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107471 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78674 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21573 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8728 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10756 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16678 |
|  Ratio of net expenses to average net assets | 0.43 %<sup>(f)</sup> | 0.44% | 0.43% | 0.36% | 0.04% | 0.13 %<sup>(f)</sup> | 0.36% |
|  Ratio of total expenses to average net assets | 0.44 %<sup>(f)</sup> | 0.45% | 0.44% | 0.46% | 0.45% | 0.48 %<sup>(f)</sup> | 0.45% |
|  Ratio of net investment income to average net assets | 2.60 %<sup>(f)</sup> | 2.95% | 2.80% | 0.78% | 0.01% | 0.01 %<sup>(f)</sup> | 0.42% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 36 | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the<br>Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended<br>August 31, 2020** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **For the<br>Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended<br>August 31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.009 | 0.022 | 0.020 | 0.003 |  |  | 0.001 |
|  Net realized gain (loss) | – <sup>(b)</sup> | – <sup>(b)</sup> |  | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total from investment operations | 0.009 | 0.022 | 0.020 | 0.003 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.001 |
|  Distributions to shareholders from net investment income | (0.009) | (0.022) | (0.020) | (0.003) |  | – <sup>(b)</sup> | (0.001) |
|  Distributions to shareholders from net realized gains |  | – <sup>(b)</sup> |  |  | – <sup>(b)</sup> |  |  |
|  Total distributions<sup>(c)</sup> | (0.009) | (0.022) | (0.020) | (0.003) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.001) |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
|  **Total Return<sup>(d)</sup>** | 0.92% | 2.23% | 2.04% | 0.25% | 0.01% | – %<sup>(e)</sup> | 0.12% |
|  Net assets, end of period (in 000's) | $10 | $9 | $9 | $9 | $9 | $29 | $29 |
|  Ratio of net expenses to average net assets | 1.18 %<sup>(f)</sup> | 1.19% | 1.18% | 0.66% | 0.04% | 0.13 %<sup>(f)</sup> | 0.55% |
|  Ratio of total expenses to average net assets | 1.19 %<sup>(f)</sup> | 1.20% | 1.19% | 1.21% | 1.20% | 1.23 %<sup>(f)</sup> | 1.20% |
|  Ratio of net investment income to average net assets | 1.88 %<sup>(f)</sup> | 2.21% | 1.96% | 0.25% | – %<sup>(e)</sup> | 0.01 %<sup>(f)</sup> | 0.14% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **37** |

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** |
|  | **Class I Shares** | **Class I Shares** | **Class I Shares** | **Class I Shares** | **Class I Shares** | **Class I Shares** | **Class I Shares** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the<br>Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended<br>August 31, 2020** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **For the<br>Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended<br>August 31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.014 | 0.032 | 0.030 | 0.008 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.007 |
|  Net realized gain (loss) | – <sup>(b)</sup> | – <sup>(b)</sup> |  | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total from investment operations | 0.014 | 0.032 | 0.030 | 0.008 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.007 |
|  Distributions to shareholders from net investment income | (0.014) | (0.032) | (0.030) | (0.008) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.007) |
|  Distributions to shareholders from net realized gains |  | – <sup>(b)</sup> |  |  | – <sup>(b)</sup> |  |  |
|  Total distributions<sup>(c)</sup> | (0.014) | (0.032) | (0.030) | (0.008) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.007) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 1.43% | 3.26% | 3.06% | 0.76% | 0.01% | – %<sup>(e)</sup> | 0.75% |
|  Net assets, end of period (in 000's) | $2678122 | $2367990 | $2077493 | $2046960 | $1559836 | $1361639 | $1511106 |
|  Ratio of net expenses to average net assets | 0.18 %<sup>(f)</sup> | 0.19% | 0.18% | 0.16% | 0.04% | 0.13 %<sup>(f)</sup> | 0.18% |
|  Ratio of total expenses to average net assets | 0.19 %<sup>(f)</sup> | 0.20% | 0.19% | 0.21% | 0.20% | 0.23 %<sup>(f)</sup> | 0.20% |
|  Ratio of net investment income to average net assets | 2.84 %<sup>(f)</sup> | 3.21% | 3.01% | 0.80% | 0.01% | 0.01 %<sup>(f)</sup> | 0.73% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 38 | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the<br>Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended<br>August 31, 2020** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **For the<br>Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended<br>August 31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.012 | 0.027 | 0.024 | 0.004 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.005 |
|  Net realized gain (loss) | – <sup>(b)</sup> | – <sup>(b)</sup> |  | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.001) |
|  Total from investment operations | 0.012 | 0.027 | 0.024 | 0.004 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.004 |
|  Distributions to shareholders from net investment income | (0.012) | (0.027) | (0.024) | (0.004) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.004) |
|  Distributions to shareholders from net realized gains |  | – <sup>(b)</sup> |  |  | – <sup>(b)</sup> |  |  |
|  Total distributions<sup>(c)</sup> | (0.012) | (0.027) | (0.024) | (0.004) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.004) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 1.17% | 2.74% | 2.55% | 0.44% | 0.01% | – %<sup>(e)</sup> | 0.39% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18652 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21794 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818 |
|  Ratio of net expenses to average net assets | 0.68 %<sup>(f)</sup> | 0.69% | 0.68% | 0.48% | 0.04% | 0.13 %<sup>(f)</sup> | 0.56% |
|  Ratio of total expenses to average net assets | 0.69 %<sup>(f)</sup> | 0.70% | 0.69% | 0.71% | 0.70% | 0.73 %<sup>(f)</sup> | 0.70% |
|  Ratio of net investment income to average net assets | 2.35 %<sup>(f)</sup> | 2.45% | 2.37% | 0.44% | 0.01% | 0.01 %<sup>(f)</sup> | 0.45% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **39** |

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** |
|  | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the<br>Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended<br>August 31, 2020** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **For the<br>Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended<br>August 31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.014 | 0.031 | 0.028 | 0.007 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.005 |
|  Net realized gain (loss) | – <sup>(b)</sup> |  |  | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.002 |
|  Total from investment operations | 0.014 | 0.031 | 0.028 | 0.007 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.007 |
|  Distributions to shareholders from net investment income | (0.014) | (0.031) | (0.028) | (0.007) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.007) |
|  Distributions to shareholders from net realized gains |  | – <sup>(b)</sup> |  |  | – <sup>(b)</sup> |  |  |
|  Total distributions<sup>(c)</sup> | (0.014) | (0.031) | (0.028) | (0.007) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.007) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 1.38% | 3.15% | 2.96% | 0.68% | 0.01% | – %<sup>(e)</sup> | 0.66% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |
|  Ratio of net expenses to average net assets | 0.28 %<sup>(f)</sup> | 0.29% | 0.28% | 0.24% | 0.04% | 0.13 %<sup>(f)</sup> | 0.26% |
|  Ratio of total expenses to average net assets | 0.29 %<sup>(f)</sup> | 0.30% | 0.29% | 0.31% | 0.30% | 0.33 %<sup>(f)</sup> | 0.30% |
|  Ratio of net investment income to average net assets | 2.72 %<sup>(f)</sup> | 3.11% | 2.84% | 1.01% | 0.01% | 0.01 %<sup>(f)</sup> | 0.45% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 40 | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** |
|  | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **For the<br>Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended<br>August 31, 2020** |
|  | **Six Months Ended**<br> **May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **For the<br>Period Ended<br>November 30, 2020<sup>†</sup>** | **For the Fiscal<br>Year Ended<br>August 31, 2020** |
| Per Share Data |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.013 | 0.030 | 0.026 | 0.006 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.006 |
|  Net realized gain (loss) | – <sup>(b)</sup> |  |  | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total from investment operations | 0.013 | 0.030 | 0.026 | 0.006 | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.006 |
|  Distributions to shareholders from net investment income | (0.013) | (0.030) | (0.026) | (0.006) | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.006) |
|  Distributions to shareholders from net realized gains |  | – <sup>(b)</sup> |  |  | – <sup>(b)</sup> |  |  |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(c)</sup>** | 1.30% | 3.00% | 2.80% | 0.58% | 0.01% | – %<sup>(d)</sup> | 0.55% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3677 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 |
|  Ratio of net expenses to average net assets | 0.43 %<sup>(e)</sup> | 0.44% | 0.43% | 0.38% | 0.04% | 0.13 %<sup>(e)</sup> | 0.37% |
|  Ratio of total expenses to average net assets | 0.44 %<sup>(e)</sup> | 0.45% | 0.44% | 0.46% | 0.45% | 0.48 %<sup>(e)</sup> | 0.45% |
|  Ratio of net investment income to average net assets | 2.60 %<sup>(e)</sup> | 2.96% | 2.61% | 0.70% | 0.01% | 0.01 %<sup>(e)</sup> | 0.55% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to November 30.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **41** |

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT NEW YORK MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Investor Tax-Exempt New York Money<br>Market Fund** | **Investor Tax-Exempt New York Money<br>Market Fund** |
|  | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended<br>May 31, 2025<br>(Unaudited)** | **Period Ended<br>November 30, 2024<sup>(a)</sup>** |
| Per Share Data |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup> | 0.012 | 0.006 |
|  Net realized gain (loss) | – <sup>(c)</sup> |  |
|  Total from investment operations | 0.012 | 0.006 |
|  Distributions to shareholders from net investment income | (0.012) | (0.006) |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
|  **Total Return<sup>(d)</sup>** | 1.24% | 0.63% |
|  Net assets, end of period (in 000's) | $51 | $50 |
|  Ratio of net expenses to average net assets | 0.43 %<sup>(e)</sup> | 0.43 %<sup>(e)</sup> |
|  Ratio of total expenses to average net assets | 2.39 %<sup>(e)</sup> | 10.95 %<sup>(e)</sup> |
|  Ratio of net investment income to average net assets | 2.47 %<sup>(e)</sup> | 2.83 %<sup>(e)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on September 10, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 42 | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT NEW YORK MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Investor Tax-Exempt New York Money<br>Market Fund** | **Investor Tax-Exempt New York Money<br>Market Fund** |
|  | **Class I Shares** | **Class I Shares** |
|  | **Six Months Ended<br>May 31, 2025<br>(Unaudited)** | **Period Ended<br>November 30, 2024<sup>(a)</sup>** |
| Per Share Data |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup> | 0.014 | 0.007 |
|  Net realized gain (loss) | – <sup>(c)</sup> |  |
|  Total from investment operations | 0.014 | 0.007 |
|  Distributions to shareholders from net investment income | (0.014) | (0.007) |
|  Net asset value, end of period | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 1.36% | 0.69% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26876 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5506 |
|  Ratio of net expenses to average net assets | 0.18 %<sup>(e)</sup> | 0.18 %<sup>(e)</sup> |
|  Ratio of total expenses to average net assets | 2.14 %<sup>(e)</sup> | 10.70 %<sup>(e)</sup> |
|  Ratio of net investment income to average net assets | 2.71 %<sup>(e)</sup> | 3.07 %<sup>(e)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on September 10, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **43** |

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT NEW YORK MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Investor Tax-Exempt New York Money<br>Market Fund** | **Investor Tax-Exempt New York Money<br>Market Fund** |
|  | **Service Shares** | **Service Shares** |
|  | **Six Months Ended<br>May 31, 2025<br>(Unaudited)** | **Period Ended<br>November 30, 2024<sup>(a)</sup>** |
| Per Share Data |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup> | 0.011 | 0.006 |
|  Net realized gain (loss) | – <sup>(c)</sup> |  |
|  Total from investment operations | 0.011 | 0.006 |
|  Distributions to shareholders from net investment income | (0.011) | (0.006) |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
|  **Total Return<sup>(d)</sup>** | 1.11% | 0.58% |
|  Net assets, end of period (in 000's) | $51 | $50 |
|  Ratio of net expenses to average net assets | 0.68 %<sup>(e)</sup> | 0.68 %<sup>(e)</sup> |
|  Ratio of total expenses to average net assets | 2.64 %<sup>(e)</sup> | 11.20 %<sup>(e)</sup> |
|  Ratio of net investment income to average net assets | 2.22 %<sup>(e)</sup> | 2.57 %<sup>(e)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on September 10, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 44 | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT NEW YORK MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Investor Tax-Exempt New York Money<br>Market Fund** | **Investor Tax-Exempt New York Money<br>Market Fund** |
|  | **Preferred Shares** | **Preferred Shares** |
|  | **Six Months Ended<br>May 31, 2025<br>(Unaudited)** | **Period Ended<br>November 30, 2024<sup>(a)</sup>** |
| Per Share Data |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup> | 0.013 | 0.007 |
|  Net realized gain (loss) | – <sup>(c)</sup> |  |
|  Total from investment operations | 0.013 | 0.007 |
|  Distributions to shareholders from net investment income | (0.013) | (0.007) |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
|  **Total Return<sup>(d)</sup>** | 1.31% | 0.67% |
|  Net assets, end of period (in 000's) | $51 | $50 |
|  Ratio of net expenses to average net assets | 0.28 %<sup>(e)</sup> | 0.29 %<sup>(e)</sup> |
|  Ratio of total expenses to average net assets | 2.24 %<sup>(e)</sup> | 10.80 %<sup>(e)</sup> |
|  Ratio of net investment income to average net assets | 2.62 %<sup>(e)</sup> | 2.97 %<sup>(e)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on September 10, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these consolidated financial statements. | **45** |

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT NEW YORK MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Investor Tax-Exempt New York Money<br>Market Fund** | **Investor Tax-Exempt New York Money<br>Market Fund** |
|  | **Administration Shares** | **Administration Shares** |
|  | **Six Months Ended<br>May 31, 2025<br>(Unaudited)** | **Period Ended<br>November 30, 2024<sup>(a)</sup>** |
| Per Share Data |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup> | 0.012 | 0.006 |
|  Net realized gain (loss) | – <sup>(c)</sup> |  |
|  Total from investment operations | 0.012 | 0.006 |
|  Distributions to shareholders from net investment income | (0.012) | (0.006) |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
|  **Total Return<sup>(d)</sup>** | 1.24% | 0.63% |
|  Net assets, end of period (in 000's) | $51 | $50 |
|  Ratio of net expenses to average net assets | 0.43 %<sup>(e)</sup> | 0.43 %<sup>(e)</sup> |
|  Ratio of total expenses to average net assets | 2.39 %<sup>(e)</sup> | 10.95 %<sup>(e)</sup> |
|  Ratio of net investment income to average net assets | 2.47 %<sup>(e)</sup> | 2.83 %<sup>(e)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on September 10, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 46 | **The accompanying notes are an integral part of these consolidated financial statements.** |

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------

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *May 31, 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;1. ORGANIZATION

Goldman Sachs Trust (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund"), along with their corresponding share classes and respective diversification status under the Act:

---

| | | |
|:---|:---|:---|
| **Fund** | **Share Classes Offered** | **Diversified/ Non-Diversified** |
| Goldman Sachs Investor Money Market Fund | A, C, D, I, Service, Administration and Cash Management | Diversified |
| Goldman Sachs Investor Tax-Exempt California Money Market Fund<sup>(a)</sup> | A, I, Service, Preferred and Administration | Diversified |
| Goldman Sachs Investor Tax-Exempt Money Market Fund | A, C, I, Service, Preferred and Administration | Diversified |
| Goldman Sachs Investor Tax-Exempt New York Money Market Fund<sup>(a)</sup> | A, I, Service, Preferred and Administration | Diversified |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operation on September 10, 2024.

Class C Shares may typically be acquired only in an exchange for Class C Shares of another Goldman Sachs Fund. Class C Shares may be subject to a contingent deferred sales charge ("CDSC") of 1.00% during the first 12 months, measured from the time the original shares subject to the CDSC were acquired.

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 (the "Agreements") with the Trust.

The Funds have adopted policies and procedures that allow the Trust's Board of Trustees ("Trustees") (or their delegate) to impose a liquidity fee if the Trustees (or their delegate) determine that it is in the best interests of a Fund to do so.

&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 investment valuation policy of the Funds is to use the amortized-cost method permitted by Rule 2a-7 under the Act for valuing portfolio securities. The amortized-cost method of valuation involves valuing a security at its cost and thereafter applying a constant accretion or amortization to maturity of any discount or premium. Normally, a security's amortized cost will approximate its market value. Under procedures and tolerances approved by the Trustees, GSAM evaluates daily the difference between each Fund's net asset value ("NAV") per share using the amortized costs of its portfolio securities and the Fund's NAV per share using market-based values of its portfolio securities. The market-based value of a portfolio security is determined, where readily available, on the basis of market quotations provided by pricing services or securities dealers, or, where accurate market quotations are not readily available, on the basis of the security's fair value as determined in accordance with the Valuation Procedures. The pricing services may use valuation models or matrix pricing, which may consider (among other things): (i) yield or price with respect to debt securities that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost.

&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. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution, Service, Distribution and Service, Administration, Service and Administration, and Shareholder Administration fees and Transfer Agency fees. Non-class specific expenses directly

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**47**

------

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *May 31, 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)

incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the respective Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses.

&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 (mutual funds) and to distribute each year substantially all of its investment company taxable and tax-exempt 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 declared and recorded daily and paid monthly by the Funds and may include short-term capital gains. Long-term capital gain distributions, if any, are declared and paid annually. A Fund may defer or accelerate the timing of the distribution of short-term capital gains (or any portion thereof).

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. 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. Forward Commitments — A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of forward commitments prior to settlement which may result in a realized gain or loss.

&nbsp;&nbsp;&nbsp;&nbsp;F. Offering Costs — Offering costs paid in connection with the offering of shares of the Investor Tax-Exempt California Money Market Fund and the Investor Tax-Exempt New York Money Market Fund are being amortized on a straight-line basis over 12 months from the date of commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;G. Tender Option Bonds — A tender option bond is a municipal obligation having a relatively long maturity and bearing interest at rates that are typically higher than prevailing short-term, tax-exempt rates. The bond is typically issued in conjunction with the agreement of a third party, such as a bank, broker-dealer or other financial institution, pursuant to which the institution grants the security holder the option, at periodic intervals, to tender its securities to the institution.

&nbsp;&nbsp;&nbsp;&nbsp;H. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller's agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement ("MRA"). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds' custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default, and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund's costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund's interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission ("SEC") and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements' counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

48.0 ------

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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 Trustees have 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 Investment Company Act of 1940 (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation (including both the amortized cost and market-based methods of valuation) of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies related to the market-based method of valuation, 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.

As of May 31, 2025, all investments are classified as Level 2 of the fair value hierarchy. Please refer to the Schedules of Investments for further detail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreements, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreements, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;B. Administration, Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Administration, Service and/or Shareholder Administration Plans (the "Plans") to allow Class C, Preferred, Administration, Service and Cash Management Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of account administration and/or personal and account maintenance services to their customers who are beneficial owners of such shares. The Plans provide for compensation to the service organizations equal to an annual percentage rate of the average daily net assets of such shares.

&nbsp;&nbsp;&nbsp;&nbsp;C. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**49**

------

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *May 31, 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. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Trust, on behalf of Class C and Cash Management Shares of each applicable Fund, has adopted Distribution Plans subject to Rule 12b-1 under the Act. Under the Distribution Plans, 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 and Cash Management Shares of the Funds, as set forth below.

The Trust, on behalf of the Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;D. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class C Shares' CDSC. During the six months ended May 31, 2025, Goldman Sachs did not retain any CDSCs with respect to Class C Shares of the Investor Money Market and Investor Tax-Exempt Money Market 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 a Transfer Agency Agreement. The fee charged for such transfer agency services is accrued daily and paid monthly and is equal to an annual percentage rate of each Fund's average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Agreements — GSAM has agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, administration fees (as applicable), service fees (as applicable), 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, 0.014% of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. These Other Expense limitations will remain in place through at least March 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 custodian, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above.

&nbsp;&nbsp;&nbsp;&nbsp;G. Total Fund Expenses

Fund Contractual Fees

The contractual management fee rate and the transfer agency fee rate is 0.16% and 0.01%, respectively, for the Investor Money Market, Investor Tax-Exempt California Money Market, Investor Tax-Exempt Money Market and Investor Tax-Exempt New York Money Market Funds.

Other contractual annualized rates for each of the Funds are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A Shares** | **Class C Shares** | **Service Shares** | **Preferred<br>Shares<sup>(a)</sup>** | **Administration<br>Shares** | **Cash<br>Management<br>Shares** |
| Administration, Service and/or Shareholder Administration Fees\* | N/A | 0.25% | 0.25% | 0.10% | 0.25% | 0.50% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.75%<sup>(b)</sup> | 0.25%<sup>(c)</sup> | N/A | N/A | 0.30%<sup>(b)</sup> |

---

N/A – Fees not applicable to respective share class

\* Class I Shares and Class D Shares have no Administration, Service, Shareholder Administration or Distribution and/or Service (12b-1) fees.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Investor Tax-Exempt California Money Market, Investor Tax-Exempt Money Market and Investor Tax-Exempt New York Money Market Funds only.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Distribution (12b-1) fee only.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Service (12b-1) fee only.

Fund Effective Net Expenses (After Waivers and Reimbursements)

The investment adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. The investment adviser may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice.

For the six months ended May 31, 2025, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

50.0 ------

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | |
|:---|:---|:---|
| **Fund** | **Other Expense Reimbursements** | **Total Expense Reductions** |
| Investor Money Market Fund | $93 | $93 |
| Investor Tax-Exempt California Money Market Fund | 236 | 236 |
| Investor Tax-Exempt Money Market Fund | 76 | 76 |
| Investor Tax-Exempt New York Money Market Fund | 236 | 236 |

---

For the six months ended May 31, 2025, the net effective management fee rate was 0.16% for the Investor Money Market, Investor Tax-Exempt California Money Market, Investor Tax-Exempt Money Market and Investor Tax-Exempt New York Money Market Funds.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates —A Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common Trustees.

For the six months ended May 31, 2025, the purchase and sale transactions and related net realized gain (loss) for the Funds with affiliated funds in compliance with Rule 17a-7 under the Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Net Realized Gain/(Loss)** |
| Investor Money Market Fund | $18000000 | $11155000 | $— |
| Investor Tax-Exempt California Money Market Fund |  |  |  |
| Investor Tax-Exempt Money Market Fund | 15155000 | 18000000 |  |
| Investor Tax-Exempt New York Money Market Fund |  |  |  |

---

As of May 31, 2025, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of the outstanding share classes of the following Funds:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class A Shares** | **Class C Shares** | **Class I Shares** | **Service Shares** | **Preferred Shares** | **Administration<br>Shares** |
| Investor Money Market Fund | –% | 21% | –% | –% | –% | –% |
| Investor Tax-Exempt California Money Market Fund | 100 |  | 75 | 100 | 100 | 100 |
| Investor Tax-Exempt Money Market Fund |  | 100 |  |  | 100 |  |
| Investor Tax-Exempt New York Money Market Fund | 100 | – | 18 | 100 | 100 | 100 |

---

&nbsp;&nbsp;&nbsp;&nbsp;I. Line of Credit Facility — As of May 31, 2025, the Funds participated in a $1,300,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended May 31, 2025, the Funds did not have any borrowings under the facility. Prior to April 14, 2025, the facility was $1,150,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. TAX INFORMATION

As of the Funds' most recent fiscal year end, November 30, 2024, the Funds' capital loss carryforward and certain timing differences on a tax basis were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**51**

------

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *May 31, 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. TAX INFORMATION (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investor Money<br>Market Fund** | **Investor Tax-<br>Exempt California<br>Money Market<br>Fund** | **Investor Tax-<br>Exempt Money<br>Market Fund** | **Investor Tax-<br>Exempt New York<br>Money Market<br>Fund** |
|  Capital loss carryforwards: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | $— | $— | $(26) | $— |
|  Timing differences — |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Payable | (1041620) |  | (3855686) | (1) |

---

The aggregate cost for each Fund stated in the accompanying Statements of Assets and Liabilities also represents aggregate cost for U.S. federal income tax purposes.

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior three tax 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;6. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

Credit/Default Risk — An issuer or guarantor of a security held by a Fund, or a bank or other financial institution that has entered into a repurchase agreement with the Fund, may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair a Fund's liquidity and cause significant deterioration in NAV.

Interest Rate Risk — When interest rates increase, a Fund's yield will tend to be lower than prevailing market rates, and the market value of its investments will generally decline. 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. A low interest rate environment poses additional risks to a Fund, because low on the Fund's portfolio holdings may have an adverse impact on the Fund's ability to provide a positive yield to its shareholders, pay expenses out current income, or minimize the volatility of the Fund's NAV per share and/or achieve its investment objective. Fluctuations in interest rates may also affect the liquidity of the Fund investments.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as financial intermediaries (who may make investment decisions on behalf of underlying clients) and individuals, 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 the Fund's NAV and liquidity. 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. 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.

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. The liquidity of portfolio securities can deteriorate rapidly due to credit events affecting issuers or guarantors, such as a credit rating downgrade, or due to general market conditions or a lack of willing buyers. An inability to sell one or more portfolio positions, or selling such positions at an unfavorable time and/or under unfavorable conditions, can adversely affect a Fund's ability to maintain a stable $1.00 share price. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

52.0 ------

GOLDMAN SACHS FUNDS — INVESTOR 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;6. OTHER RISKS (continued)

be magnified by a rising interest rate environment or other circumstances where investor redemptions from money market and other fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market and Credit Risks — In the normal course of business, the Funds 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 the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/ or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats 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.

Municipal Securities Risk — Municipal securities are subject to credit/default risk, interest rate risk and certain additional risks. A Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the debt securities of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds). A Fund may also invest in municipal securities indirectly (including by investing in tender option bonds). While interest earned on municipal securities is generally not subject to federal tax, any interest earned on taxable municipal securities is fully taxable at the federal level and may be subject to tax at the state level.

Stable NAV Risk — The Funds may not be able to maintain a stable $1.00 share price at all times. If any money market fund that intends to maintain a stable NAV fails to do so (or if there is a perceived threat of such a failure), other such money market funds, including the Funds, could be subject to increased redemption activity, which could adversely affect the Fund's NAV. Shareholders of the Funds should not rely on or expect the Investment Adviser or an affiliate to purchase distressed assets from the Fund, make capital infusions into the Fund, enter into capital support agreements with the Fund or take other actions to help the Fund maintain a stable $1.00 share price.

U.S. Government Securities Risk — The U.S. government may not provide support to U.S. government agencies, instrumentalities or sponsored enterprises if it not obligated to do so by law. U.S. Government Securities issued by those agencies, instrumentalities or sponsored enterprises, including those issued by the Federal National Mortgage Association, Federal Home Loan mortgage corporation and the Federal Home Loan Banks, are neither issued not guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. 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;8. OTHER MATTERS

Exemptive Orders — Pursuant to SEC exemptive orders, the Funds may enter into certain principal transactions, including repurchase agreements, with Goldman Sachs.

The Funds adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment, is consistent with that presented within the fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**53**

------

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *May 31, 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;9. 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;10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE)<br>

Share activity is as follows:

---

| | | |
|:---|:---|:---|
|  | **Investor Money Market Fund**  | **Investor Money Market Fund**  |
|  | **For the Six Months Ended<br>May 31, 2025**<br> (Unaudited) | **For the Fiscal Year Ended<br>November 30, 2024** |
|  | **Shares** | **Shares** |
|  **Class A Shares** |  |  |
|  Shares sold | 2039501874 | 3159692796 |
|  Reinvestment of distributions | 65994681 | 114102274 |
|  Shares redeemed | (1570232165) | (2058462473) |
|  | 535264390 | 1215332597 |
|  **Class C Shares** |  |  |
|  Shares sold |  | 43641 |
|  Reinvestment of distributions | 930 | 557 |
|  Shares redeemed | (736) | (88) |
|  | 194 | 44110 |
|  **Class D Shares** |  |  |
|  Shares sold | 33523981 | 50241502 |
|  Reinvestment of distributions | 317451 | 595093 |
|  Shares redeemed | (29631558) | (45213025) |
|  | 4209874 | 5623570 |
|  **Class I Shares** |  |  |
|  Shares sold | 4439750670 | 6798396504 |
|  Reinvestment of distributions | 151616046 | 325551347 |
|  Shares redeemed | (4089923027) | (6680333578) |
|  | 501443689 | 443614273 |
|  **Service Shares** |  |  |
|  Shares sold | 39973593 | 59384690 |
|  Reinvestment of distributions | 368977 | 839756 |
|  Shares redeemed | (46247519) | (80653728) |
|  | (5904949) | (20429282) |
|  **Administration Shares** |  |  |
|  Shares sold | 327450316 | 456798165 |
|  Reinvestment of distributions | 9192405 | 16600346 |
|  Shares redeemed | (221529486) | (378549862) |
|  | 115113235 | 94848649 |
|  **Cash Management Shares** |  |  |
|  Shares sold | 58497003 | 107903587 |
|  Reinvestment of distributions | 532263 | 1111563 |
|  Shares redeemed | (63517046) | (108798342) |
|  | (4487780) | 216808 |
|  **NET INCREASE IN SHARES** | 1145638653 | 1739250725 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

54.0 ------

GOLDMAN SACHS FUNDS — INVESTOR 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;10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) (continued)<br>

Share activity is as follows:

---

| | | |
|:---|:---|:---|
|  | **Investor Tax-Exempt California Money Market Fund** | **Investor Tax-Exempt California Money Market Fund** |
|  | **For the Six Months Ended<br>May 31, 2025**<br> (Unaudited) | **For the Period September<br>10, 2024<sup>\*</sup> to**<br> **November 30, 2024** |
|  | **Shares** | **Shares** |
|  **Class A Shares** |  |  |
|  Shares sold |  | 50000 |
|  Reinvestment of distributions | 558 | 269 |
|  | 558 | 50269 |
|  **Class I Shares** |  |  |
|  Shares sold | 4624895 | 4800041 |
|  Reinvestment of distributions | 64878 | 28534 |
|  Shares redeemed | (2986410) | (41) |
|  | 1703363 | 4828534 |
|  **Service Shares** |  |  |
|  Shares sold |  | 50000 |
|  Reinvestment of distributions | 495 | 241 |
|  | 495 | 50241 |
|  **Preferred Shares** |  |  |
|  Shares sold |  | 50000 |
|  Reinvestment of distributions | 596 | 286 |
|  | 596 | 50286 |
|  **Administration Shares** |  |  |
|  Shares sold |  | 50000 |
|  Reinvestment of distributions | 558 | 269 |
|  | 558 | 50269 |
|  **NET INCREASE IN SHARES** | 1705570 | 5029599 |

---

<sup>\*</sup> Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**55**

------

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *May 31, 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;10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) (continued)<br>

Share activity is as follows:

---

| | | |
|:---|:---|:---|
|  | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** |
|  | **For the Six Months Ended**<br> **May 31, 2025**<br> (Unaudited) | **For the Fiscal Year Ended<br>November 30, 2024** |
|  | **Shares** | **Shares** |
|  **Class A Shares** |  |  |
|  Shares sold | 100615939 | 84533905 |
|  Reinvestment of distributions | 1324299 | 1764930 |
|  Shares redeemed | (43044532) | (56972059) |
|  | 58895706 | 29326776 |
|  **Class C Shares** |  |  |
|  Shares sold | 89 |  |
|  Reinvestment of distributions | (2) | 207 |
|  | 87 | 207 |
|  **Class I Shares** |  |  |
|  Shares sold | 1809541651 | 2915891679 |
|  Reinvestment of distributions | 13348853 | 19277142 |
|  Shares redeemed | (1541495446) | (2644659215) |
|  | 281395058 | 290509606 |
|  **Capital Shares** |  |  |
|  Reinvestment of distributions |  | 3 |
|  Shares redeemed |  | (1072) |
|  |  | (1069) |
|  **Service Shares** |  |  |
|  Shares sold | 27303518 | 22293135 |
|  Reinvestment of distributions | 200019 | 34687 |
|  Shares redeemed | (32368883) | (773226) |
|  | (4865346) | 21554596 |
|  **Preferred Shares** |  |  |
|  Shares sold | 225432 | 1185178 |
|  Reinvestment of distributions | 1643 | 9099 |
|  Shares redeemed | (897871) | (777376) |
|  | (670796) | 416901 |
|  **Select Shares** |  |  |
|  Reinvestment of distributions |  | 3 |
|  Shares redeemed |  | (1080) |
|  |  | (1077) |
|  **Administration Shares** |  |  |
|  Shares sold | 3435993 | 8150 |
|  Reinvestment of distributions | 34302 | 17931 |
|  Shares redeemed | (552866) | (1757875) |
|  | 2917429 | (1731794) |
|  **Cash Management Shares** |  |  |
|  Shares sold |  |  |
|  Reinvestment of distributions |  | 2 |
|  Shares redeemed |  | (1635) |
|  |  | (1633) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

56.0 ------

GOLDMAN SACHS FUNDS — INVESTOR 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;10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) (continued)<br>

---

| | | |
|:---|:---|:---|
|  | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** |
|  | **For the Six Months Ended**<br> **May 31, 2025**<br> (Unaudited) | **For the Fiscal Year Ended<br>November 30, 2024** |
|  | **Shares** | **Shares** |
|  **Premier Shares** |  |  |
|  Reinvestment of distributions |  | 3 |
|  Shares redeemed |  | (1062) |
|  |  | (1059) |
|  **NET INCREASE IN SHARES** | 337672138 | 340071454 |

---

<sup>\*</sup> Capital, Premier, Select and Cash Management Shares liquidated on January 12, 2024.

Share activity is as follows:

---

| | | |
|:---|:---|:---|
|  | **Investor Tax-Exempt New York Money Market Fund** | **Investor Tax-Exempt New York Money Market Fund** |
|  | **For the Six Months Ended**<br> **May 31, 2025**<br> (Unaudited) | **For the Period September<br>10, 2024<sup>\*</sup> to<br>November 30, 2024** |
|  | **Shares** | **Shares** |
|  **Class A** |  |  |
|  Shares sold |  | 50000 |
|  Reinvestment of distributions | 522 | 317 |
|  | 522 | 50317 |
|  **Class I** |  |  |
|  Shares sold | 40557147 | 5475387 |
|  Reinvestment of distributions | 207998 | 36550 |
|  Shares redeemed | (19395230) | (5711) |
|  | 21369915 | 5506226 |
|  **Service Shares** |  |  |
|  Shares sold |  | 50000 |
|  Reinvestment of distributions | 469 | 289 |
|  | 469 | 50289 |
|  **Preferred Shares** |  |  |
|  Shares sold |  | 50000 |
|  Reinvestment of distributions | 554 | 334 |
|  | 554 | 50334 |
|  **Administration Shares** |  |  |
|  Shares sold |  | 50000 |
|  Reinvestment of distributions | 522 | 317 |
|  | 522 | 50317 |
|  **NET INCREASE IN SHARES** | 21371982 | 5707483 |

---

<sup>\*</sup> Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**57**

------

![LOGO](g892176page058.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 GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent TRUSTEES (continued) 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 ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282© 2025 Goldman Sachs. All rights reserved. IMMITEMMSAR-25

------

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The aggregate remuneration paid to the Funds' trustees, officers and others, if any, is included in Item 7 of this report.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Not applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.  |

---

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

------

ITEM 16. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a) Not applicable.

(b) Not applicable.

ITEM 19. EXHIBITS.

---

| | |
|:---|:---|
| (a)(1) | [Goldman Sachs Trust's Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant's Form N-CSR filed on August 26, 2022.](http://www.sec.gov/Archives/edgar/data/822977/000119312522230661/d320037dex99code.htm) |
| (a)(2) | Not Applicable. |
| (a)(3) | [Exhibit 99.CERT. Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.](d892174dex99cert.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.](d892174dex99906cert.htm) |
| (101) | Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |

---

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | Goldman Sachs Trust |
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs Trust |
| Date: | August 1, 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 1, 2025 |
| By: | /s/ Joseph F. DiMaria |
|  | Joseph F. DiMaria |
|  | Principal Financial Officer |
|  | Goldman Sachs Trust |
| Date: | August 1, 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 1, 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 1, 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 May 31, 2025 (the "Form N-CSR") fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| 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 1, 2025 | Date: August 1, 2025 |

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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.